Fifth Third Bancorp (FITB) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Fifth Third's third quarter earnings conference call. (Operator Instructions) I will now hand the conference over to Matt Curoe, Director of Investor Relations. Please go ahead.

各位好。感謝各位加入我們，歡迎參加 Fifth Third 2026 年第三季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係總監 Matt Curoe。請開始。

Good morning, everyone. Welcome to Fifth Third's third quarter 2026 earnings call. This morning, our Chairman, CEO and President, Tim Spence; and CFO, Bryan Preston, will provide an overview of our third quarter results and outlook. Please review the cautionary statements in our materials, which can be found in our earnings release and presentation.

各位早安。歡迎參加 Fifth Third 2026 年第三季財報電話會議。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，將就第三季業績與展望提供概述。請各位查閱我們資料中的警示性聲明，相關內容可在我們的財報新聞稿與簡報中找到。

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 October 19, 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. With that, let me turn it over to Tim.

這些資料包含有關非 GAAP 指標的使用及其與 GAAP 結果之調節資訊，以及關於 Fifth Third 營運表現的前瞻性陳述。這些陳述僅截至 2026 年 10 月 19 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。接下來，我把時間交給 Tim。

Hello, everyone, and thank you for joining us. It's my custom to start these calls with a comment on great banks and navigating uncertainty. But today, I want to start with something else that distinguishes great banks: their people. This quarter was a defining moment in the history of our company. I am humbled by and exceptionally grateful for the commitment our people show to our clients, our shareholders and to one another.

各位好，感謝各位加入我們。我通常會以「卓越銀行」以及如何在不確定性中前行作為開場。但今天，我想先從另一個能區分卓越銀行的要素談起：人才。本季是我們公司歷史上的關鍵時刻。我對同仁們對客戶、股東以及彼此所展現的承諾深感謙卑，也格外感激。

We announced the acquisition of Comerica one year and 13 days ago. And throughout that time, all our people hustled and collaborated to complete the largest and most complicated conversion in our 168-year history.

我們在一年前又 13 天前宣布收購 Comerica。在這段期間，我們所有同仁全力以赴、密切協作，完成了我們 168 年歷史中規模最大、也最複雜的系統轉換。

Following Legal Day one, you welcomed new colleagues on your teams and introduced Fifth Third to new communities. You made the tough decisions necessary to achieve our expense commitments and work together to identify and pursue revenue opportunities.

在法律合併生效日（Legal Day one）之後，你們在團隊中迎來新同事，並將 Fifth Third 介紹給新的社區。你們做出了為達成我們費用承諾所必須的艱難決策，並共同合作辨識與把握營收機會。

You invested more than 4 million hours in preparation for conversion and you gave new meaning to the word labor in Labor Day weekend when you onboarded approximately 600,000 accounts and 293 banking centers while decommissioning 82 others.

你們投入超過 400 萬小時為轉換做準備；在勞動節週末，你們為「勞動」一詞賦予了新的意義：在汰除另外 82 個據點的同時，完成約 60 萬個帳戶與 293 個銀行據點的上線導入。

Since then, you have continued to work tirelessly to welcome new customers to the bank, to get their accounts configured the way they want them, and to ensure customers experience the benefits of banking with our combined company.

此後，你們仍持續不懈地努力，歡迎新客戶加入本行，依照他們的需求完成帳戶設定，並確保客戶能體驗與我們合併後公司往來的各項優勢。

Your advice is what improves our clients' personal lives and their businesses. Your creativity is what wins awards for innovation and your commitment to excellence is what produces peer-leading financial results.

你們的建議改善了客戶的個人生活與其企業經營。你們的創意讓我們在創新方面屢獲獎項，而你們對卓越的承諾，則帶來同業領先的財務成果。

Thank you for keeping our customers at the center of everything you do. This morning, we reported earnings per share of $0.90 or $1.13, excluding certain items outlined on page 2 of the release. Adjusted PPNR grew 8% over the second quarter as adjusted revenue grew 2%, while adjusted expenses fell 2%.

感謝各位始終把客戶放在一切工作的核心。今天早上，我們公布每股盈餘為 0.90 美元；若排除新聞稿第 2 頁所列的特定項目，則為 1.13 美元。調整後 PPNR（稅前、提存前淨收益）較第二季成長 8%，其中調整後營收成長 2%，調整後費用下降 2%。

In an increasingly competitive environment, core deposits grew 3% sequentially and loans grew 1%. Net charge-offs remained stable at 31 basis points. Despite the conversion occurring a full 10 weeks into the quarter, we've already exceeded two of the 3 2027 profitability targets spelled out in our deal announcement. Our adjusted return on tangible common equity was 20.6%. Our adjusted return on assets was 1.41% and our adjusted efficiency ratio was 54.6%.

在競爭日益激烈的環境下，核心存款較前一季成長 3%，放款成長 1%。淨沖銷維持穩定，為 31 個基點。儘管系統轉換在本季進行到第 10 週才發生，我們已經超越當初交易公告中所列 2027 年三項獲利目標中的兩項。我們的調整後有形普通股權益報酬率（ROTCE）為 20.6%；調整後資產報酬率（ROA）為 1.41%；調整後效率比率為 54.6%。

Even with the largest acquisition in our company's history and the 10-year Treasury increasing 114 basis points in the past year, our tangible book value per share grew 2% year-over-year, and our TCE ratio was flat.

即便完成公司史上最大規模的收購，且過去一年 10 年期美國公債殖利率上升 114 個基點，我們的每股有形帳面價值仍年增 2%，有形普通股權益（TCE）比率則持平。

With technical conversion and the work on expense synergies now behind us, our primary task going forward is to leverage the power of our combined company to drive organic growth and market share.

隨著技術轉換以及費用綜效相關工作已告一段落，接下來我們的首要任務，是運用合併後公司的整體實力，推動內生成長與市占提升。

The FDIC Summary of Deposits data set is one mechanism we use to measure progress, and the 2026 release became available in September. Using a capped branch deposit methodology to focus on retail deposits, I am pleased that Fifth Third ranked number one in our retail footprint and number three nationally in year-over-year retail deposit growth.

FDIC《存款摘要》（Summary of Deposits）資料集是我們用來衡量進展的工具之一，而 2026 年度資料已於 9 月公布。採用「分行存款上限」的方法以聚焦零售存款後，我很高興地表示，Fifth Third 在我們的零售版圖中零售存款年增排名第一，在全美零售存款年增排名第三。

In Texas, we came straight out of the chute in February. Retail deposits in Dallas and Houston grew more than 20% over the prior year, and we gained more than 40 basis points of market share. We now rank number seven and number eight in Dallas and Houston, respectively, and that is prior to opening any of our 150 de novo branches in Texas over the next three years, starting with the first one in the third quarter next year.

在德州，我們於 2 月便迅速展開布局。達拉斯與休士頓的零售存款較前一年成長超過 20%，市占提升超過 40 個基點。目前我們在達拉斯與休士頓的排名分別為第七與第八；而這還是在未來三年於德州新設 150 家分行（de novo）尚未開出任何一家之前——第一家預計於明年第三季開業。

In our Southeast footprint, we again ranked number six in retail market share. Retail deposits continue to grow at a rate more than 5 times the rate of the Southeast overall, and they have grown at an 11% compound annual rate over the past five years.

在我們的美國東南部版圖，我們的零售市占再次排名第六。零售存款持續以超過東南部整體 5 倍的速度成長，且在過去五年以 11% 的年複合成長率成長。

Our Southeast de novo program continued to be a big part of the growth story, but it is not all of it. We ranked number two in total new branches built and number two in average deposits per branch after three years, but we are also number two in same branch deposit growth for legacy branches over the same period. Our total cost of Southeast consumer deposits remains 207 basis points below Fed funds.

我們在東南部的新設分行（de novo）計畫仍是成長故事的重要一環，但並非全部。我們在新建分行總數排名第二，且在三年後每家分行平均存款排名第二；同時，在相同期間內，我們既有分行（legacy branches）的同店存款成長也排名第二。我們東南部消費者存款的總成本仍比聯邦基金利率低 207 個基點。

We've already opened 35 additional branches in the Southeast in 2026 and remain on track to open the full 55 that we committed for the full year. One other strategic item I would like to note from the quarter was the formal launch of Fifth Third Innovation Banking, a business focused on startup and growth stage companies, their founders and the investors who back them.

2026 年我們已在東南部額外開設 35 家分行，並仍按計畫在全年達成承諾的 55 家。本季另一項我想特別提及的策略重點，是 Fifth Third Innovation Banking 的正式啟動；該業務聚焦新創與成長期公司、其創辦人，以及支持他們的投資人。

Innovation Banking pairs Comerica's 34-year-old tech and life sciences vertical with Fifth Third's payments, digital, investment banking and wealth management capabilities. It will be built around hub cities where venture capital flows are concentrated and the industry verticals where we can bring unique expertise, starting with our recently launched fintech vertical.

Innovation Banking 結合了 Comerica 具 34 年歷史的科技與生命科學垂直領域專長，以及 Fifth Third 在支付、數位、投資銀行與財富管理方面的能力。該業務將以創投資金流量集中的樞紐城市為核心，並聚焦我們能提供獨特專業的產業垂直領域，首先從我們近期推出的金融科技（fintech）垂直領域開始。

We will spend more time dimensioning this business for you in the coming months, but we see it as a $10 billion deposit opportunity by 2030 in addition to other avenues for revenue growth. Now let me close where I usually begin.

未來幾個月我們會花更多時間為各位界定這項業務的規模與輪廓；但我們認為，除其他營收成長途徑外，該業務到 2030 年可帶來 100 億美元的存款機會。現在，讓我以我通常的開場方式作結。

At Fifth Third, we believe great banks distinguish themselves not by how they perform in benign environments, but by how they navigate uncertain ones. While our clients tell us the underlying economy remains strong, this is a fluid operating environment, as evidenced by the recent sharp spike in interest rates. When things change, the factors that dictate success change along with them. Discipline and optionality become very important.

在 Fifth Third，我們相信卓越銀行的差異不在於其在順風環境中的表現，而在於其如何在不確定環境中前行。儘管客戶告訴我們基本面經濟仍然強勁，但近期利率急升顯示，這是一個變動快速的營運環境。當情勢改變，決定成功的因素也會隨之改變。紀律與選擇權（optionalitiy）將變得非常重要。

In this environment, our priorities are to be strongly differentiated in core deposit growth, broadly diversified in loans and other earning assets with limited exposure to unproven high-growth categories and the interest rate-sensitive borrowers, balanced across recurring fee businesses and less exposed to market-sensitive revenue streams and to have the profitability to sustain the long-term investments in growth and AI without compromising return targets.

在此環境下，我們的優先事項是：在核心存款成長上建立明顯差異化；在放款與其他生息資產上維持廣泛分散，並限制對尚未驗證的高成長類別及對利率敏感借款人的曝險；在經常性手續費業務與較不受市場敏感型營收來源影響的業務之間取得平衡；並具備足以支撐長期成長與 AI 投資的獲利能力，同時不犧牲報酬目標。

While we will always have opportunities to get 1% better, I feel great about how Fifth Third is positioned and in our ability to deliver an even better 2027. After all, you can't spell flexibility without F, I, T and B.

雖然我們永遠都有機會再進步 1%，但我對 Fifth Third 的定位以及我們交出更出色 2027 年成績的能力感到非常有信心。畢竟，flexibility（彈性）這個字少不了 F、I、T 和 B。

With that, I'll hand it over to Bryan to provide more detail on the quarter and on our outlook for the remainder of the year.

接下來，我把時間交給 Bryan，請他就本季表現以及我們對今年剩餘期間的展望提供更多細節。

Thanks, Tim, and good morning. Our third quarter results show the profitability of the combined company, even with the expense synergies not yet fully in the run rate. The conversion over Labor Day weekend was the last major step of the technical integration and the remaining expense synergies will follow.

謝謝你，Tim，大家早安。我們第三季的業績展現了合併後公司的獲利能力，即使費用協同效益尚未完全反映在常態化的費用水準中。勞動節週末的系統轉換是技術整合的最後一個主要步驟，其餘的費用協同效益將陸續到位。

Additionally, the rate environment tested the balance sheet. Rates moved sharply higher in the quarter that weighed on capital markets fees and on AOCI, but it will drive NII growth and provide attractive entry points to reduce the increased asset sensitivity we've carried since closing the acquisition.

此外，利率環境也考驗了資產負債表。本季利率大幅上升，對資本市場手續費收入與 AOCI 造成壓力，但也將帶動淨利息收入（NII）成長，並提供具吸引力的進場點，以降低我們自完成收購以來所承擔的較高資產敏感度。

Through the conversion and the rate volatility, the business has kept growing in both the Fifth Third and Comerica footprints and credit performance remained stable. As Tim mentioned, adjusted PPNR grew 8% to $1.5 billion. Of the $113 million sequential increase, over half came from revenue with net interest income up 3% and fees up 1%. The realization of expense synergies was the primary driver of the $45 million decrease in adjusted expenses.

在完成系統轉換與面對利率波動之際，業務在 Fifth Third 與 Comerica 的營運版圖內仍持續成長，且信用表現維持穩定。如 Tim 所提，調整後 PPNR 成長 8% 至 15 億美元。在 1.13 億美元的季增額中，超過一半來自營收，其中淨利息收入成長 3%，手續費成長 1%。費用協同效益的實現是調整後費用下降 4,500 萬美元的主要驅動因素。

Page 2 of our release details the certain items excluded from these adjusted figures. The PPNR growth drove the approximately 160 basis point improvement in our adjusted ROTCE and the 250 basis point improvement in our adjusted efficiency ratio. The step-up in profitability is sustainable. In the fourth quarter, the expense base comes down further as the remaining expense synergies are realized and revenue continues to grow organically.

我們新聞稿第 2 頁詳列了自這些調整後數字中排除的特定項目。PPNR 的成長帶動我們調整後 ROTCE 約提升 160 個基點，以及調整後效率比率提升 250 個基點。獲利能力的躍升具有可持續性。在第四季，隨著其餘費用協同效益逐步實現，費用基礎將進一步下降，而營收也將持續有機成長。

With the systems conversion complete and the expense base where it will be, the fourth quarter gives you the first full view of the combined company's profitability and the baseline from which we will grow. Net interest income was $2.28 billion, up $56 million from the second quarter. The increase was driven by organic loan growth, investment portfolio activity and continued fixed rate asset repricing, partially offset by higher deposit costs and tighter spreads in C&I and auto.

隨著系統轉換完成且費用基礎已達到預期水準，第四季將讓各位首次完整看見合併後公司的獲利能力，以及我們未來成長的基準。淨利息收入為 22.8 億美元，較第二季增加 5,600 萬美元。增幅主要來自有機貸款成長、投資組合操作以及固定利率資產持續重定價，但部分被存款成本上升以及 C&I 與汽車業務利差收窄所抵銷。

Net interest margin was 3.34%, down 2 basis points. In order to simplify certain conversion-related activities, we intentionally migrated Comerica off-balance sheet investment sweep products onto the balance sheet into deposit products, which resulted in elevated cash.

淨利差為 3.34%，下降 2 個基點。為了簡化部分與轉換相關的作業，我們刻意將 Comerica 的表外投資掃描（investment sweep）產品移轉至表內、改以存款產品承接，因而造成現金水位偏高。

As a result, average short-term investments rose $3.1 billion and reduced net interest margin by approximately 4 basis points, but had no material impact on NII. Excluding this cash build, the margin would have expanded about 2 basis points over the prior quarter.

因此，平均短期投資增加 31 億美元，使淨利差約下降 4 個基點，但對淨利息收入（NII）沒有重大影響。若排除這次現金累積，淨利差相較前一季約可擴張 2 個基點。

The higher market rates during the quarter provided attractive entry points to begin reducing our asset sensitivity. We added $2.5 billion to the held-to-maturity portfolio at an average yield of 4.9%, and we added $7 billion of receive-fixed cash flow hedges.

本季市場利率走高，提供了具吸引力的進場點，讓我們開始降低資產敏感度。我們將 25 億美元納入持有至到期（HTM）投資組合，平均殖利率為 4.9%，並新增 70 億美元的收固定（receive-fixed）現金流避險。

The third quarter taxable securities yield increased 13 basis points to 3.68%. As a result of the investment portfolio actions, period end short-term investments declined $2.8 billion. Even with these actions, we remain asset sensitive and expect to benefit from further potential rate hikes.

第三季應稅證券殖利率上升 13 個基點至 3.68%。由於投資組合的相關操作，期末短期投資下降 28 億美元。即便採取這些措施，我們仍屬資產敏感型，並預期可受惠於未來可能的進一步升息。

Loan growth in the quarter were commercial-led with production diversified across the combined footprint and verticals. Total commercial loan production in the third quarter was double the production generated in the year ago quarter.

本季貸款成長以商業貸款為主，放款產出分布於合併後的各營運版圖與各產業垂直領域。第三季商業貸款總放款產出為去年同期的兩倍。

Among regions, Chicago, Indiana and Michigan continue to generate meaningful activity in the Midwest, while the Carolinas and Florida were the standout regions in the Southeast. While vertical production was also very broad-based, consumer retail, health care, energy and renewables, media and entertainment, FIG and dealer finance all delivered strong production growth, both sequentially and year-over-year.

就區域而言，芝加哥、印第安納州與密西根州在中西部持續帶來顯著動能，而卡羅來納州與佛羅里達州則是東南部表現最突出的地區。在產業垂直領域方面，放款產出同樣相當廣泛；消費零售、醫療保健、能源與再生能源、媒體與娛樂、FIG（金融機構集團）以及經銷商融資皆呈現強勁的放款成長，無論是季比或年比。

Our gross production pipelines remain at record levels as we enter the fourth quarter. Average portfolio loans increased 1% sequentially to $179 billion, and period-end loans were also up 1% to $180 billion. Average commercial loan growth of approximately $1.5 billion was concentrated in C&I and construction. Commercial line utilization was 38%, down 50 basis points from the prior quarter, partially offsetting the production.

進入第四季之際，我們的總放款管線仍維持在歷史高位。平均投資組合貸款季增 1% 至 1,790 億美元，期末貸款亦上升 1% 至 1,800 億美元。平均商業貸款約增加 15 億美元，主要集中在 C&I 與營建。商業授信額度動用率為 38%，較前一季下降 50 個基點，部分抵銷了放款產出。

Average consumer loans were stable as home equity grew 3% and resi mortgage grew 1%, offsetting runoff in solar and modestly lower auto balances. The mix remains consistent with our strategy, relationship-based commercial growth and consumer categories where we have long underwriting experience and attractive risk-adjusted returns.

平均消費貸款維持穩定，其中房屋淨值貸款成長 3%、住宅房貸成長 1%，抵銷了太陽能貸款的自然流失以及汽車貸款餘額的小幅下降。組合結構仍符合我們的策略：以關係為基礎的商業成長，以及我們具備長期承作經驗且風險調整後報酬具吸引力的消費類別。

Core deposits funded the quarter's loan growth and continued to replace wholesale borrowings. Average core deposits increased 3% sequentially to $236 billion, led by retail deposit campaigns and payments-linked operational deposit growth.

核心存款為本季貸款成長提供資金，並持續取代批發融資。平均核心存款季增 3% 至 2,360 億美元，主要由零售存款活動以及與支付連結的營運性存款成長所帶動。

The previously mentioned migration of Comerica investment sweeps onto the balance sheet added $3 billion in deposits. Additionally, we simplified some of Comerica's legacy deposit products into more modern interest checking product structures, resulting in a shift from commercial savings and money market into interest checking, which grew 6%.

前述將 Comerica 投資掃描移轉至表內的作法，新增了 30 億美元存款。此外，我們也將 Comerica 部分傳統存款產品簡化為較現代化的計息支票產品架構，使資金自商業儲蓄與貨幣市場轉向計息支票；計息支票成長 6%。

Money markets still grew 5%, thanks to the success of our retail deposit campaigns, while savings and retail CDs each declined 2%. Consumer deposit growth was 5% sequentially in the Southeast and 23% in the Southwest.

貨幣市場存款仍成長 5%，主要受惠於我們零售存款活動的成功；而儲蓄存款與零售定存（CD）則各下降 2%。消費者存款在東南部季增 5%，在西南部季增 23%。

At the end of the first quarter, the Southwest represented 7.6% of our consumer deposits. At September 30, that increased to 10.4% of our consumer deposits. When we announced the merger last year, we believed our consumer deposit growth strategies would be replicable in new markets.

在第一季末，西南部占我們消費者存款的 7.6%。截至 9 月 30 日，該比重提升至消費者存款的 10.4%。去年我們宣布合併時，我們相信消費者存款成長策略可在新市場複製。

Our early campaign performance continues to support our belief in this $10 billion-plus growth opportunity in the Southwest. Average noninterest-bearing deposits were up slightly sequentially and represent 27% of core deposits.

我們早期活動的表現持續支持我們對西南部逾 100 億美元成長機會的信心。平均無息存款較前一季小幅上升，占核心存款的 27%。

Total deposit costs rose 9 basis points sequentially to 1.64%, reflecting promotional pricing from the successful retail campaigns and the impact of the Comerica investment sweep migration to the balance sheet. Excluding the investment sweep impact, deposit costs rose 7 basis points.

總存款成本季增 9 個基點至 1.64%，反映成功零售活動帶來的促銷定價，以及 Comerica 投資掃描移轉至表內的影響。若排除投資掃描的影響，存款成本上升 7 個基點。

The deposit growth allowed us to reduce average wholesale funding 10%, including a $1.3 billion reduction in long-term debt and a $1.1 billion reduction in FHLB advances. With that mix shift, the rate on total interest-bearing liabilities rose 6 basis points and only 4 basis points, excluding the Comerica investment sweeps impact.

存款成長使我們得以將平均批發資金降低 10%，其中包括長期負債減少 13 億美元，以及 FHLB（聯邦住房貸款銀行）預付款減少 11 億美元。在此組合轉換下，總計息負債成本上升 6 個基點；若排除 Comerica 投資掃描的影響，則僅上升 4 個基點。

Our loan-to-core deposit ratio was 76%, down 1% from the prior quarter. Our approach has not changed, granular deposit funding, meaningful liquidity buffers and active management of overall funding costs.

我們的貸款對核心存款比率為 76%，較前一季下降 1%。我們的方法沒有改變：以分散的存款資金來源為主、維持充足的流動性緩衝，並積極管理整體資金成本。

Shifting to fees. Adjusted noninterest income, excluding the items listed on page 4 of the release, was $1.05 billion, up 1% sequentially and 33% from the prior year. Sequential growth in wealth, commercial banking and mortgage more than offset a $7 million decline in capital markets fees.

接著談手續費。調整後非利息收入（不含新聞稿第 4 頁所列項目）為 10.5 億美元，季增 1%，較去年同期成長 33%。財富管理、商業銀行與房貸業務的季增，足以抵銷資本市場手續費收入減少 700 萬美元的影響。

The late quarter rate move pushed out some expected capital markets activity as well as having a negative impact on mortgage fees. Wealth and asset management revenue was $259 million, up 1% sequentially, reflecting higher institutional trust and personal asset management revenue. Total assets under management were $125 billion at quarter end.

季末利率的變動使部分原本預期的資本市場活動延後，同時也對房貸手續費造成負面影響。財富與資產管理收入為 2.59 億美元，季增 1%，反映機構信託與個人資產管理收入增加。季末資產管理規模（AUM）為 1,250 億美元。

Retail brokerage revenue was $60 million in the quarter, up 7% from a year ago. Commercial payments revenue was $256 million, up 1% sequentially with growth in deposit fees partially offset by higher earnings credits.

本季零售經紀業務收入為6,000萬美元，較去年同期成長7%。商業支付收入為2.56億美元，較前一季成長1%，存款手續費成長部分被較高的收益抵減（earnings credits）所抵銷。

Capital markets fees were $147 million, down 5% as lower M&A advisory and loan syndication activity more than offset higher corporate bond fees. Commercial banking revenue rose 2% to $128 million on higher lease remarketing and syndication revenue and mortgage banking revenue was $47 million, up $8 million as the prior quarter loss on net servicing valuation did not repeat in the third quarter. Consumer banking revenue was $158 million, down 2%.

資本市場手續費為1.47億美元，下降5%，因較低的併購（M&A）顧問與貸款聯貸活動，超過較高的公司債手續費所帶來的增益。商業銀行收入因租賃資產再行銷與聯貸收入增加而上升2%至1.28億美元；房貸銀行業務收入為4,700萬美元，增加800萬美元，因前一季淨服務權估值損失於第三季未再發生。消費金融收入為1.58億美元，下降2%。

With five fee categories each generating more than $500 million in annual run rate revenue and each representing at least 10% of our total fees, our diversified fee engines kept total fees growing despite the 5% decrease in capital markets.

在五個手續費類別中，每一類的年化運行率收入均超過5億美元，且各自占我們總手續費至少10%；因此，儘管資本市場手續費下降5%，我們多元化的手續費引擎仍使總手續費持續成長。

Now to expenses, where the integration progress shows most clearly. Adjusted noninterest expense was $1.82 billion, down 2% sequentially, driven by lower compensation and benefits expense as synergies were realized.

接著談費用，整合進展在此最為明顯。調整後非利息費用為18.2億美元，較前一季下降2%，主要因協同效益實現帶動薪酬與福利費用降低。

Adjusted expenses exclude certain items listed on page 2 of our release and the nonqualified deferred compensation mark-to-market. The adjusted efficiency ratio improved 250 basis points, and we generated approximately 450 basis points of sequential positive operating leverage.

調整後費用排除我們新聞稿第2頁所列的特定項目，以及不合格遞延薪酬的按市價評價（mark-to-market）。調整後效率比率改善250個基點，我們亦產生約450個基點的連續正向營運槓桿。

Remaining synergies will be realized from the system decommissioning, staffing changes and branch consolidations that followed conversion weekend, including the 82 banking centers consolidated and will take effect in the fourth quarter.

剩餘協同效益將來自系統除役、人員調整與分行整併，這些措施在轉換週末之後陸續推進，包括已整併的82個銀行據點，並將於第四季生效。

Merger-related charges recognized in noninterest expense were $215 million in the quarter, primarily associated with the systems conversion and total approximately $1.1 billion year-to-date, consistent with our integration time line.

本季於非利息費用中認列的併購相關費用為2.15億美元，主要與系統轉換相關；年初至今合計約11億美元，符合我們的整合時程。

We continue to expect total merger-related charges of approximately $1.3 billion, with substantially all remaining charges anticipated in the fourth quarter. On credit, performance remained in line with our expectations.

我們仍預期併購相關費用總額約為13億美元，且幾乎所有剩餘費用預計將於第四季認列。就信用而言，表現仍符合我們的預期。

Net charge-offs were $139 million or 31 basis points, up 1 basis point sequentially and at the low end of our 30 to 35 basis point range we guided to in July. Commercial net charge-offs were 22 basis points, up 1 basis point, while consumer net charge-offs improved 1 basis point to 52 basis points.

淨沖銷為1.39億美元（31個基點），較前一季上升1個基點，且位於我們7月所指引30至35個基點區間的低端。商業淨沖銷為22個基點，上升1個基點；消費淨沖銷改善1個基點至52個基點。

The NPL ratio increased 1 basis point to 59 basis points. The NPA ratio increased 4 basis points to 64 basis points, reflecting the impact of a $58 million increase in branch and other corporate real estate that were consolidated as part of the integration.

不良貸款（NPL）比率上升1個基點至59個基點。不良資產（NPA）比率上升4個基點至64個基點，反映整合過程中合併入帳的分行及其他公司不動產增加5,800萬美元所帶來的影響。

Excluding this merger-related real estate impact, the NPA ratio was up 1 basis point. Early-stage delinquencies improved with the 30 to 89-day balances down $21 million sequentially to 30 basis points driven by improvement in the commercial loan portfolio.

若排除此併購相關不動產影響，NPA比率僅上升1個基點。早期逾期情況改善，30至89天逾期餘額較前一季減少2,100萬美元至30個基點，主要由商業貸款組合改善所帶動。

The allowance for credit losses was $3.1 billion or 1.74% of portfolio loans, down 2 basis points sequentially reflecting stable loss performance and improvement in the commercial portfolio risk profile. The allowance covered nonperforming loans 294% and nonperforming assets 271%.

信用損失準備金為31億美元，占投資組合貸款的1.74%，較前一季下降2個基點，反映損失表現穩定及商業組合風險輪廓改善。準備金對不良貸款覆蓋率為294%，對不良資產覆蓋率為271%。

Provision expense was $122 million compared with $129 million in the second quarter. We made no changes to our macroeconomic scenario weightings during the quarter. Our baseline and downside cases assume unemployment reaching 4.7% and 8.3%, respectively, in 2027.

提存費用為1.22億美元，第二季為1.29億美元。本季我們未調整宏觀經濟情境權重。我們的基準與下行情境分別假設失業率於2027年達到4.7%與8.3%。

The credit results are consistent with the disciplined and diversified portfolio construction Tim described. We are focused on limiting exposures most sensitive to higher rates and continue to grow in categories where we have long underwriting histories, and structural protections.

信用結果與Tim所描述的嚴謹且多元化的投資組合建構一致。我們聚焦於限制對利率上升最敏感的曝險，並持續在我們具備長期承作與核貸歷史、且具結構性保護的類別中擴張。

Our exposure to nondepository financial institutions was 8% of total loans at quarter end, concentrated in subscription and capital call facilities, corporate facilities to traditional financial institutions and secured lending to mortgage-related entities with private credit exposures representing less than 1% of total loans.

截至季末，我們對非存款類金融機構的曝險占總貸款的8%，主要集中於認購額度與資本催繳（capital call）融資、對傳統金融機構的公司融資，以及對與房貸相關機構的擔保放款；其中私募信貸曝險占總貸款不到1%。

Moving to capital. CET1 ended the quarter at 10%, up 9 basis points as earnings more than offset risk-weighted asset growth of 1% and the impact of $211 million of after-tax charges related to the integration and other items. That places us within our 10% to 10.5% operating range.

接著談資本。普通股權益第一類資本（CET1）季末為10%，上升9個基點，因獲利足以抵銷風險加權資產成長1%以及與整合及其他項目相關的2.11億美元稅後費用影響。這使我們位於10%至10.5%的營運區間內。

The increase in longer-term interest rates impacted AOCI by $1.6 billion during the quarter. Given the bullet locked-out structure in the investment portfolio, which represents approximately 57% of fixed rate securities and available for sale, we have a high degree of certainty into the timing of the AOCI accretion back into capital given the scheduled nature of the principal cash flows.

較長天期利率上升使本季AOCI減少16億美元。鑑於投資組合採用子彈型（bullet）且鎖定不提前償還（locked-out）的結構，約占固定利率且可供出售（AFS）證券的57%；由於本金現金流具排程性，我們對AOCI回沖（accretion）回到資本的時點具有高度確定性。

Using the forward curve at the start of October, we project AOCI accretion to generate 27 basis points of marked CET1 and 4% growth in tangible book value per share by year-end 2027 before considering any future earnings contributions to capital.

以10月初的遠期曲線為基礎，我們預估AOCI回沖至2027年底可帶來標記後（marked）CET1增加27個基點，且每股有形帳面價值成長4%，尚未計入任何未來獲利對資本的貢獻。

We estimate our fully phased-in Basel III capital ratio to be 9.2%. Given the speed and magnitude of rate increases during the quarter, we deferred restarting our share repurchase program, which delayed a small repurchase planned for September.

我們估計完全逐步到位（fully phased-in）的巴塞爾協定三（Basel III）資本比率為9.2%。鑑於本季升息速度與幅度，我們延後重啟庫藏股回購計畫，因而推遲原訂9月進行的一小部分回購。

Future share repurchase activity will be based on capital needed to support organic loan growth and overall industry capital levels. In September, we raised the quarterly common dividend 5% to $0.42 per share. Our capital return priorities are unchanged: pay a strong dividend, support organic growth to deliver the best long-term returns for our shareholders and then share repurchases.

未來回購將取決於支持有機貸款成長所需的資本，以及整體產業資本水準。9月我們將季度普通股股利上調5%至每股0.42美元。我們的資本回饋優先順序不變：支付穩健股利、支持有機成長以為股東帶來最佳長期報酬，然後才是股票回購。

Moving to our outlook. Tim highlighted we grew across the combined footprint and delivered returns ahead of the targets we set for 2027 in the third quarter. Those trends should continue in the fourth. We expect average loan growth of 1% to 2% sequentially, led by continued commercial loan growth, primarily in C&I and CRE.

接著談展望。Tim強調，我們在合併後的整體版圖均實現成長，且第三季的報酬表現已超越我們為2027年設定的目標。這些趨勢在第四季應可延續。我們預期平均貸款較前一季成長1%至2%，由持續的商業貸款成長帶動，主要在工商業貸款（C&I）與商用不動產（CRE）。

We expect net interest income to be up 2.5% to 3.5% sequentially, driven by higher yields on floating rate loans, a full quarter impact of the securities deployment and continued fixed rate asset repricing, partially offset by higher deposit costs.

我們預期淨利息收入較前一季成長2.5%至3.5%，主要受浮動利率貸款收益率提高、證券配置的完整季度效應，以及固定利率資產持續重訂價所帶動，部分被存款成本上升所抵銷。

This outlook reflects the forward curve at the start of October, which assumes a 25 basis point rate hike in December. With the current rate outlook, we see fourth quarter net interest margin at or above the 3.40% level.

此展望反映10月初的遠期曲線，該曲線假設12月升息25個基點。在目前利率展望下，我們預期第四季淨利差將達到或高於3.40%。

Adjusted noninterest income is expected to be up 2% to 4%, reflecting seasonally strong capital markets activity and continued growth in wealth and commercial payments. We expect the remaining synergy realization to take adjusted noninterest expense down 2% to 3%, partially offset by compensation associated with seasonal fee strength and occupancy expense growth associated with fourth quarter branch openings.

調整後非利息收入預期成長2%至4%，反映資本市場活動的季節性強勁，以及財富管理與商業支付的持續成長。我們預期剩餘協同效益的實現將使調整後非利息費用下降2%至3%，但部分會被與季節性手續費強勁相關的薪酬，以及與第四季分行開設相關的占用費用成長所抵銷。

In total, our guide implies adjusted PPNR to grow 9% to 10% from the third quarter. It also places net interest income and the implied PPNR for the full year to be at the high end of the range we provided back in January for the combined company. The fourth quarter is typically our best quarter for ROTCE and the efficiency ratio.

整體而言，我們的指引意味著調整後稅前撥備前淨收益（PPNR）將較第三季成長9%至10%。同時也使全年淨利息收入及隱含的PPNR落在我們今年1月針對合併後公司所提供區間的高端。第四季通常是我們ROTCE與效率比率表現最佳的季度。

Even after adjusting for normal seasonal strength, our guide delivers the 2026 exit rate profitability at or better than the 19% ROTCE and 53% efficiency ratio we set at the deal announcement and on the time line we committed to in January.

即使在調整一般季節性強勁因素後，我們的指引仍可在我們於1月承諾的時程內，使2026年期末（exit rate）獲利能力達到或優於我們在交易公告時設定的19% ROTCE與53%效率比率。

As is our custom, we will provide our full 2027 outlook in January on the fourth quarter earnings call. For credit, we expect net charge-offs of 30 to 35 basis points in the fourth quarter. On capital, we expect CET1 to remain within our 10% to 10.5% operating range, and we expect to repurchase $200 million to $300 million of stock in the fourth quarter, depending on the strength of our organic loan growth.

依照我們一貫的做法，我們將在一月的第四季財報電話會議上提供完整的 2027 年展望。在信用方面，我們預期第四季淨沖銷（net charge-offs）為 30 至 35 個基點。在資本方面，我們預期 CET1 將維持在 10% 至 10.5% 的營運區間內，且我們預期第四季將回購 2 億至 3 億美元的股票，視我們內生性貸款成長的強度而定。

The third quarter showed the profitability of the combined company with the synergies not yet fully realized. The fourth quarter brings the rest of the synergies into a business that is already growing. We exit 2026 as one bank, with the value of the Comerica combination no longer a projection, but a run rate and with the organic growth momentum that carries it from here.

第三季展現了合併後公司的獲利能力，儘管協同效益尚未完全實現。第四季將把其餘的協同效益帶入一個已在成長的業務之中。我們在 2026 年結束時將以「一家銀行」的姿態收官；Comerica 合併的價值不再只是預測，而是已成為可持續的運行水準（run rate），並且具備能從此延續的內生性成長動能。

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

接下來，我把電話會議交給 Matt，開始進入問答。

Thanks, Bryan. Before we start Q&A, given the time we have this morning, we ask that you limit yourself to one question and one follow-up and then return to the queue if you have additional questions. Operator, please open the call for Q&A.

謝謝，Bryan。在開始問答之前，考量今天上午的時間安排，我們請各位每次僅提一個問題並加上一個追問；若還有其他問題，請回到隊列重新排隊。接線員，請開放電話會議進入問答。

(Operator Instructions)

（接線員指示）

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛。

Maybe just to kick off where Bryan had left off regarding the 2027 expectations of 53% efficiency in 19% ROTCE. Obviously, a lot of things have moved around. I know that we'll get an update in January. But maybe just broad strokes on how you're thinking about some of the key drivers? What's really changed since the initial guide came out?

也許先從 Bryan 剛才提到的 2027 年預期談起：效率比率 53%、ROTCE 19%。顯然，很多事情都已經有所變動。我知道我們會在一月得到更新。但能否先用較宏觀的方式談談你們如何看待一些關鍵驅動因素？自最初指引發布以來，真正改變的是什麼？

And also just how you think about reinvestment in the business versus letting maybe some of the upside hit the bottom line?

另外，你們如何看待對業務再投資，與讓部分上行空間直接反映到最終盈餘之間的取捨？

Yes. I mean I have the adage in my household, Ryan, as good things come to those who wait. So we're not going to talk about 2027 guidance today. But Bryan walked through a few of the moving parts in his script, and I'm going to let him talk a little bit about just the framework we're using to think through as we see revenue growth based on sources and otherwise, what it means for efficiency and reinvestment.

是的。我家裡有句話，Ryan：好事多磨。所以我們今天不會談 2027 年的指引。不過 Bryan 在他的講稿裡已經梳理了幾個變動因素；我會請他再多談一點我們用來思考的框架：當我們看到營收成長（不論來源為何）時，這對效率與再投資意味著什麼。

Yes. Thanks, Tim. Ryan, the main thing I would tell you that has changed since the deal model is just the rate environment. Obviously, we've had carried an asset-sensitive balance sheet that's benefiting quite a bit from the changing rate outlook. No one was anticipating 100-plus basis points of hikes over the 24-month horizon post the deal when we closed the deal.

好的，謝謝你，Tim。Ryan，我想告訴你，自交易模型以來最大的改變就是利率環境。很明顯，我們一直維持資產敏感型（asset-sensitive）的資產負債表，因此相當受惠於利率展望的變化。在我們完成交易交割後的 24 個月期間，沒有人預期會出現超過 100 個基點的升息。

So certainly, that has been a big difference that's created a lot of earnings power for us as a company, which we're -- we feel very good about from a positioning perspective. We've been able to deliver on the $850 million synergy target. We've actually outperformed that a bit from a gross perspective.

因此，這確實是一個重大差異，為我們公司帶來了很強的獲利能力；就定位而言，我們對此感到非常滿意。我們已經達成 8.5 億美元的協同效益目標。從毛額（gross）角度來看，我們其實還略有超標。

That number is really low 900s from a gross perspective, but we've used some to reinvest back in the business, whether it's marketing expense to grow households or even just continuing to accelerate sales force hiring in the newly expanded markets. Those are the main areas that we're looking at from a reinvestment perspective.

從毛額角度看，這個數字其實是在 9 億美元出頭，但我們也把其中一部分用於回投資到業務中，例如用於行銷費用以擴大家戶（households）數，或是在新擴張市場持續加速招募銷售人員。這些是我們在再投資方面主要關注的領域。

From a longer-term perspective, 53% efficiency is where we want to run the company. We think that is a good prudent place and it's going to allow us to deliver those 19% ROTCE that we've been talking about. But we also recognize that we do want to continue to invest in growth, and we're going to do that in a very, very prudent way.

從較長期的角度來看，53% 的效率比率是我們希望公司運行的水準。我們認為這是良好且審慎的位置，並將使我們能夠實現我們一直在談的 19% ROTCE。但我們也認知到，我們確實希望持續投資成長，而且我們會以非常、非常審慎的方式來做。

But when you see the kind of rate environment changes we've seen, there's never -- we're not going to have the ability to invest as quickly as you may like with those changing rate environment changes. So there is an opportunity for us to outperform that 53% in the near term.

但當你看到我們所經歷的這種利率環境變化時，我們不可能——也不會有能力——以你可能期望的速度，隨著利率環境變動而同樣快速地加大投資。因此，在短期內我們有機會把效率比率表現得優於 53%。

Got you. And then, Tim -- no, no, go ahead.

了解。然後，Tim——不，不，你先請。

No, I just was saying agreed on everything Bryan said.

沒有，我只是說我同意 Bryan 所說的一切。

Got you. You guys had really successful deposit growth this quarter. Maybe just unpack some of the growth, how much is due to the campaigns you've been running across the Southwest markets. And now that the conversion is behind you, how do you think this changes the curve in terms of deposit gathering?

了解。你們本季的存款成長非常成功。能否拆解一下這些成長，有多少是來自你們在美國西南市場推動的行銷活動？另外，現在轉換（conversion）已經完成，你們認為這會如何改變存款募集（deposit gathering）的曲線？

Yes. Good one. It's fun right now to spend time thinking about the deposit franchise. The old adage here at Fifth Third was loans are for show, deposits are for dough, right? We went through a period where both in terms of the shape of the curve and absolute levels of interest rates, loans were show and dough.

是的，問得好。現在花時間思考存款特許經營（deposit franchise）其實很有意思。在 Fifth Third 這裡有句老話：貸款是用來「做面子」（for show），存款才是用來「賺錢」（for dough），對吧？我們曾經歷一段時期，無論是殖利率曲線的形狀或利率的絕對水準，貸款同時兼具「面子」與「裡子」。

But we're back to a place where I think the ability to grow high-quality, low-cost deposits is going to be like the determinant of your ability to generate really strong returns in an environment where if the economy continues to clip along at 6%, 7% nominal GDP, we should have pretty good loan growth across the board.

但我們又回到一個我認為「能否成長高品質、低成本存款」將成為決定因素的位置：在一個如果經濟持續以 6%、7% 的名目 GDP 速度前進的環境下，我們整體應該會有不錯的貸款成長。

The composition of deposits at Fifth Third, it's so radically different today than what it was previously. Like if you look at the breakdown now, deposit balances are like 50% Midwest, 25% coming from the high-growth Southeast and Southwest markets and then 25% national, whether that's corporate banking or deposits we're able to source via our fintech platforms, provide and otherwise. As Bryan referenced in his remarks, about 45% of the deposit growth in the quarter was the decision we made to move Comerica sweep deposits back on balance sheet.

Fifth Third 的存款組成，如今與過去相比已經截然不同。例如你看現在的拆分：存款餘額大約 50% 來自中西部，25% 來自高成長的東南與西南市場，另外 25% 來自全國性來源，無論是企業銀行業務，或是我們透過金融科技平台所能取得的存款來源、以及其他管道。如 Bryan 在談話中提到，本季約 45% 的存款成長，來自我們決定將 Comerica 的 sweep 存款移回資產負債表。

I do expect that some of those deposits may go back into other forms of liquidity now that we're through the conversion and things are stable. But we also had some more modern hybrid account structures that I think will be appealing to some of those clients. The unique thing now is going to be where the growth comes from going forward, right? I think we had seen in the last couple of quarters, folks have varying degrees of success in driving deposit growth.

我確實預期，隨著我們完成轉換且一切趨於穩定，其中一部分存款可能會回到其他形式的流動性配置。但我們也有一些更現代的混合型帳戶結構，我認為對其中一些客戶會很有吸引力。接下來真正獨特之處在於，未來成長將來自哪裡，對吧？我想在過去幾季，我們看到各家在推動存款成長方面的成功程度不一。

And our view is if you're going to get low-cost deposits, it has to come from some structural investment that accumulates over time. And whether that is the continued power of the build-out of the Southeast, which we've talked about is in excess of a $10 billion incremental opportunity or the $10 billion opportunity we think exists in Texas, if anything.

而我們的看法是：如果你要取得低成本存款，就必須來自某種會隨時間累積的結構性投資。無論是我們持續擴建東南市場的力道——我們談過那裡有超過 100 億美元的增量機會——或是我們認為在德州存在的 100 億美元機會（甚至可能更多）。

I think we're probably more emboldened on given the early success that we've had here or the success that we continue to have driving operating accounts in small business and from commercial payments. And then now the innovation banking platform, which is at a minimum a $10 billion opportunity in the next handful of years. Those are going to be the places that we go to find the incremental growth.

我想基於我們早期取得的成功——或我們持續取得的成功——我們可能更有信心去推動小型企業的營運帳戶，以及來自商業支付的存款。此外，現在還有創新銀行（innovation banking）平台，未來幾年內至少是一個 100 億美元的機會。這些將是我們尋找增量成長的主要領域。

Scott Siefers, TD Cowen Securities.

Scott Siefers，TD Cowen Securities。

So I guess now that the cost savings look increasingly like a lock, I think the market's focus sort of begins to shift more visibly to the revenue side. You've had, I guess, the benefit of even more time since the closing and conversion.

所以我想，既然成本節省看起來愈來愈像是已經板上釘釘，我認為市場的焦點就開始更明顯地轉向營收端。自交割與轉換完成以來，你們也算是又多了一些時間來觀察與推進。

Maybe if you could speak sort of broadly about how you're feeling about the revenue synergies you guys have articulated in the past. And as you sort of think about timing and magnitude, which of these at this point, feel like sort of the easiest pickings, which could take more time to marinate or require more investment, et cetera?

也許你可以比較概括地談談，你們對過去所闡述的營收綜效目前的感受如何。以及當你們思考時點與規模時，到目前為止，哪些看起來像是最容易摘取的果實，哪些可能需要更多時間醞釀或需要更多投資等等？

Yes. Bryan and I were commenting this morning, Scott, that one of the fun things about this acquisition is pretty much everywhere where we thought there was opportunity, we're finding opportunities. So what I think we have said from the outset was the revenue synergies that we could get at with structural levers were going to be the ones that would materialize the fastest.

是的。Bryan 和我今天早上還在聊，Scott，這筆收購有趣的一點是，幾乎在我們原本以為有機會的每個地方，我們都正在找到機會。所以我想我們從一開始就說過，能透過結構性槓桿取得的營收綜效，會是最快實現的那一類。

The stuff that involves either teaching people, new products and services or building new connectivity inside the company would be the sort of intermediate and then the stuff that required the investment in physical plant like the branches would be what took us the longest.

那些涉及教導員工新的產品與服務，或是在公司內部建立新的連結性的事情，會屬於中期；而需要投資實體據點（例如分行）那類，則會是花我們最久時間的。

That's more or less how it's playing out. Like obviously, the success we've had with the deposit campaigns in the second quarter and carrying over to the beginning of the third quarter is evidence of the ability for us to deploy the tactics that we have utilized to drive consumer deposit growth through Comerica's Southwestern markets. And I only anticipate that will get better as we get now checking account and marketing online with the technology conversion behind us.

目前的進展大致就是這樣在發生。例如，我們在第二季的存款活動取得的成功，並延續到第三季初，證明我們有能力把過去用來推動消費者存款成長的策略，部署到 Comerica 的美國西南市場。而且我預期，隨著技術轉換完成、支票帳戶與行銷上線，這只會變得更好。

So quite excited about our ability to even grow faster than the 8% household growth that we generated in the Southeast in the third quarter -- I'm sorry, Southeast and the Southwest in the third quarter. Second structural level was just balance sheet capacity, as we talked about for commercial lending.

因此，我們對於成長速度甚至能快於第三季在東南與西南地區所達成的 8% 家戶成長率感到相當興奮——抱歉，是第三季在東南與西南地區。第二個結構性層面就是資產負債表的承載能力，如同我們在商業放款方面所談到的。

So when we announced the acquisition, the big question we got was would we be able to maintain Fifth Third's prior pace of growth? I think C&I growth last year annualized out to something on the order -- sorry, in the third quarter last year, like 4%, 4.5% for Fifth Third, and 4.7% in the third quarter this year. So asked and answered in terms of our ability to get Comerica's specialty verticals and markets running at the pace of growth that Fifth Third legacy was doing.

所以當我們宣布這項收購時，大家問的最大問題是：我們是否能維持 Fifth Third 先前的成長步調？我想去年第三季 Fifth Third 的 C&I 成長年化大概在 4%、4.5% 左右，而今年第三季是 4.7%。因此，關於我們是否能讓 Comerica 的專業垂直領域與市場，以 Fifth Third 既有業務同樣的成長速度運轉，這個問題算是問了也答了。

And I think there should be more upside from there as we add bankers. We actually have more bankers in Texas today than we did in February 1 when the deal closed just as an example. And that's just now -- we're just now scratching the surface on our ability to utilize the ABL products, the leasing products, some of the other things Fifth Third had in the specialty lending categories through Comerica's markets.

而且我認為在此之上還有更多上行空間，因為我們正在增聘銀行家。舉例來說，今天我們在德州的銀行家人數，已經比交易在 2 月 1 日完成時還多。而且這才剛開始——我們才剛觸及表面，開始運用 Fifth Third 在 Comerica 市場中的專業放款品類，例如 ABL 產品、租賃產品，以及其他一些項目。

Lastly then, I think wealth, really nice early progress there. We expected wealth to materialize a little more slowly because we have to repaper all of those clients. And typically, you got to get through a conversion before you can do a lot of deepening.

最後，我認為財富管理方面也有非常不錯的早期進展。我們原本預期財富管理的綜效會慢一些實現，因為我們必須把那些客戶的文件重新簽署（repaper）。而且通常你得先完成一次系統轉換，才能做很多深耕。

But we have already seen about $100 million in new ATM -- AUM added from Comerica private banking clients and $100 million in mandates for our institutional business from commercial clients, we're moving retirement plans and pensions over on to these new platforms.

但我們已經看到大約 1 億美元的新 ATM——我是說 AUM——由 Comerica 私人銀行客戶帶入；另外也看到來自商業客戶、我們機構業務的約 1 億美元委任（mandates），我們正在把退休計畫與退休金轉移到這些新平台上。

So very excited about the energy that -- now that we're through conversion and that we can focus on new business and not just taking care of existing client relationships about what we're going to be able to do.

所以我們非常興奮：現在既然已經完成轉換，我們可以把重心放在新業務上，而不只是維繫既有客戶關係，接下來我們能做的事情會很多。

Perfect. And then Bryan, I appreciate the fourth quarter repurchase commentary. And I know how you think about capital management sort of thematically from your remarks. But as I think about things, there's just going to be so much capital creation over -- especially the coming year, even if you -- or as you reinvest, there should still be a lot of excess developed over time. Any thoughts to maybe help kind of narrow the cone of potential magnitude as we look out a few quarters?

很好。然後 Bryan，我很感謝你對第四季回購的評論。我也知道從你的談話中，你在資本管理上的主題性思考方式。但當我在想這些事情時，未來——尤其是接下來一年——資本創造會非常多，即使你再投資，隨著時間推移仍應該會累積大量超額資本。你是否有任何想法，能幫助我們在往後幾季展望時，把可能的規模範圍稍微縮小一些？

Thanks, Scott. I think you're right. The profitability of the company is driving a lot of capital creation every quarter. I mean, rough math, it's north of $1 billion a quarter, just from earnings contribution to the company, about 45 basis points on average. Think about a third of that goes into the dividend.

謝謝，Scott。我想你說得對。公司的獲利能力每一季都在推動大量的資本創造。粗略算一下，光是盈餘對公司的貢獻，每季就超過 10 億美元，平均大約 45 個基點。其中大概三分之一會用在股利。

So that's still 30 basis points of capital every quarter then to support growth or for share repurchases. And you think a normal growth rate, we talk a lot about high single-digit normal GDP plus 1 point or 2 from a growth perspective.

所以每季仍有 30 個基點的資本，可用來支持成長或用於股票回購。而你再想想正常的成長率，我們常談到從成長角度看，正常情況是高個位數的名目 GDP，再加 1 到 2 個百分點。

That's only $250 million, $400 million, $500 million capital from a retention perspective, which leaves $300 million to $500 million a quarter available for share repurchases if we were wanting to execute that. So there is a lot of optionality on that.

從留存（retention）的角度看，那只需要 2.5 億、4 億、5 億美元的資本，這就讓每季有 3 億到 5 億美元可用於股票回購，如果我們想要執行的話。所以在這方面有很大的選擇性（optionality）。

And even with the higher rates, yes, the higher rates has an impact on AOCI, but it also helps us generate more income and more profitability over that same horizon. So we've got a lot of capital flexibility from here as we continue to navigate this environment.

而且即使利率較高，是的，較高利率會影響 AOCI，但同時也會幫助我們在同一期間產生更多收入與更高獲利。因此，從現在起，在我們持續因應這個環境的同時，我們有很大的資本彈性。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，Morgan Stanley。

Tim, a lot of conversation and debate through the quarter on the potential risk to deposit from AI-driven cash optimization tools. I was wondering if you can give your perspective on what that could mean for the banking industry and how Fifth Third might choose to respond over time?

Tim，本季市場對於 AI 驅動的現金最佳化工具可能帶來的存款風險，有很多討論與辯論。我想請你分享你的觀點：這對銀行業可能意味著什麼，以及 Fifth Third 可能會如何隨時間推移選擇因應？

Yes, sure. We maybe make a broad comment, and I just -- I'll give you some data on what we see because I think there's more sorting that goes on in the banking sector today than people maybe broadly appreciate. My own view on this one is that this is the right question to ask. Like every time you have a new technology platform that either reduces friction or increases transparency. You should be asking the question about what that means for margins.I just think that you're asking it about the wrong companies.

好的，當然。我們先做一個比較宏觀的評論，然後我也提供一些我們看到的數據，因為我認為如今銀行業內部的「分流／排序」程度，可能比大家普遍認知的還要高。我個人對這件事的看法是：這確實是該問的問題。每當出現一個新的技術平台，能降低摩擦或提高透明度時，你就應該問：這對利差／利潤率意味著什麼。我只是覺得，你把這個問題問錯了公司。

Like what history has shown us over and over again is that the groups that are most exposed to this sort of change are the ones that have nothing but pricing defining their value propositions, which again, I think in our world, in the case of deposits would mean the online-only banks who have to lead with rate or who don't have any distribution and therefore, have to buy liquidity through aggregators or the wealth platforms that are pricing sweep deposits at inferior yields to market rates where there are equivalents and not the folks who have either distribution or product advantages or relationship advantages, as I certainly believe that we do because those are the things that justify incremental margins.

歷史一再告訴我們，最暴露在這類變化下的族群，是那些其價值主張除了價格之外沒有其他差異化的業者；再回到我們的世界，以存款為例，這會是指那些只能靠利率領先的純線上銀行，或是沒有任何通路、因此必須透過聚合平台（aggregators）去買流動性的業者；或是那些財富平台以低於市場利率的殖利率去定價掃入存款（sweep deposits），在市場上有等效替代品的情況下——而不是那些擁有通路優勢、產品優勢或關係優勢的人。我確實相信我們屬於後者，因為正是這些因素，才能合理化額外的利潤率。

It's just -- it's the sweep deposits of the world, the online-only deposits are going to go from being low-margin products to even lower-margin products. And I think for the rest of us, there's enough interplay here, whether it's proprietary distribution like we have been building across the Southeast and the Southwest through the direct marketing capabilities we have and then the unique value that's embedded in the products themselves or in broader relationship pricing on both the consumer and the commercial side of the equation.

簡單說——市場上的掃入存款、純線上存款，將會從低利潤產品變成更低利潤的產品。而對我們其他人而言，這裡有足夠的互動空間：不論是我們正在東南與西南地區建立的自有通路（例如我們的直效行銷能力），或是產品本身所內嵌的獨特價值，或是在消費端與商業端更廣泛的關係定價。

So our estimate is that something on the order of $2.5 billion of deposits on our platform are sorted every month, okay, meaning they either move from a paycheck that comes into a deposit account or out of the equities markets into cash or come off of promotional pricing or in an MMDA or move out of a CD product and then move somewhere else, okay?

所以我們的估計是，在我們的平台上，每個月大約有 25 億美元的存款會被「排序／重新配置」，好嗎？也就是說，它們可能從薪資匯入的存款帳戶移動，或從股票市場轉成現金，或是從促銷定價到期後移動，或是在 MMDA 裡移動，或是從定存（CD）產品移出，然後再移到其他地方，好嗎？

In our case, we have been successful in retaining about 80% of those deposits. 90% of that tends to go back into a deposit, about 10% of it hits a liquidity portal either on the consumer or the commercial side of the equation or goes into an investment account.

就我們的情況而言，我們成功留住了約 80% 的那些存款。其中約 90% 往往會回流到存款，約 10% 則會進入流動性入口（無論是在消費端或商業端的情境），或轉入投資帳戶。

So the mechanisms that need to be in place to ensure that money that's there for investment and at rest versus money that is in motion, like basically money that's on a layover in a checking account because it came in through a paycheck and then it's going to move out in the next two to four weeks in the form of some sort of expenses.

因此，需要建立的機制，是要確保那些用於投資、處於靜置狀態的資金，與那些正在流動中的資金能被區分並妥善處理；例如，基本上就是資金因薪資入帳而在支票帳戶短暫停留，接著在未來兩到四週內以各種支出形式流出。

That settles in the accounts where it should settle. The advantage banks like us who have these branch networks and the checking-led proposition on the consumer side of the equation, and then a heavily operational commercial deposit base led by all the stuff that we do in commercial payments is that the money is operational. It needs to be here.

讓它落在應該落定的帳戶裡。像我們這種擁有分行網路、在消費端以支票帳戶為主導的主張，再加上在商業端由我們在商業支付所做的一切所帶動、且高度作業性的商業存款基礎，其優勢在於這些資金是作業性資金。它必須在這裡。

The median checking account at Fifth Third is like $3,100, right? So there's just not a lot of value there. I think the last point, I just want to make sure that I make is like -- every time you have a new platform like this, the battle for a market comes down to whether incumbents get the innovation faster than the insurgents get distribution. I think that's an old [Andreessen Horowitz] line, it's definitely not mine.

Fifth Third 的支票帳戶中位數大概是 3,100 美元，對吧？所以那裡其實沒有太多價值。我想最後一點我想確認我有講到的是——每當出現這樣的新平台，市場之爭歸根結底取決於：既有業者能否比新進者更快取得創新，或新進者能否比既有業者更快取得通路。我想那是句老話（[Andreessen Horowitz] 的說法），肯定不是我發明的。

But we're going to take every valuable service that you can get done on views, whether that's looking at subscriptions and finding opportunities to generate savings or budgeting or otherwise. And we're all going to build them into our apps and the benefit you'll get then is investment-grade or bank-grade information security as a perimeter.

但我們會把你能在介面上完成的每一項有價值的服務——不論是檢視訂閱並找出節省機會、做預算規劃或其他——全部整合進我們的 App，而你因此得到的好處是：以投資等級或銀行等級的資訊安全作為外圍防護。

And no blending between the information that exists in your financial graph with the information that exists in your social graph, which today is monetized by basically selling you to third parties for ad purposes and otherwise. And I just think the incumbents have a lot of leverage here provided that we respond.

而且不會把你金融關係圖譜中的資訊，與你社交關係圖譜中的資訊混在一起；後者在今天基本上是透過把你賣給第三方做廣告等用途來變現。我只是認為，只要我們做出回應，既有業者在這裡有很大的籌碼。

That's great color. I really appreciate the thorough response. Bryan, maybe to switch over to the other side. I think you noted that loan pipelines are at record levels right now. Are you seeing any impact from high rates at all?

這些觀察很有幫助。非常感謝你如此詳盡的回覆。Bryan，也許我們切換到另一邊來談。我想你提到目前貸款管線處於歷史高位。你有看到高利率帶來任何影響嗎？

Is that part of the conversations? Are there any projects that clients are pulling back on in the high rate environment? Or on the flip side, are you reducing your appetite to lend in any specific industries or for any projects?

這是否成為對話的一部分？在高利率環境下，有沒有客戶正在縮減某些專案？或者反過來說，你們是否在任何特定產業或特定專案上降低放款意願？

Yes. I mean clients are still very, very productive in their conversations right now. Certainly, as people talk about high rates, it influences how they think about the world. But I think in general, the feedback that we're hearing overwhelmingly is that it is still a growing economy. And high rates are not a meaningful driver of decision-making from here.

有的。我的意思是，客戶目前在對話上仍然非常、非常積極。當然，大家談到高利率時，會影響他們看待世界的方式。但我認為整體而言，我們聽到的回饋壓倒性地是：經濟仍在成長。而高利率從現在起並不是決策的重要驅動因素。

It's like they need investment because they're worried about continued inflation and input costs and things where they know they need to make this investment. They want to go ahead and get it done. Another 50 to 100 basis points on rates does not impact their view.

他們需要投資，因為他們擔心通膨持續、投入成本等因素，並且知道必須做這項投資。他們希望直接把它做完。利率再上升 50 到 100 個基點並不會影響他們的看法。

They do worry about demand from here if there were a broader slowdown because of rates. But in general, most of our clients are saying that they are going to continue to move forward with investment.

如果因為利率導致更廣泛的放緩，他們確實會擔心接下來的需求。但整體而言，我們的大多數客戶都表示會繼續推進投資。

The things that we are focused on right now, clearly, consumer discretionary is a category that we're paying a lot of attention to between the combination of the rate environment and continued inflation. And anything that we think is interest rate sensitive, we are paying particular attention to. We've continued to be very disciplined on leverage lending.

我們目前關注的重點，顯然是非必需消費（consumer discretionary）這一類別；在利率環境與持續通膨的雙重影響下，我們對此非常留意。任何我們認為對利率敏感的領域，我們都會特別關注。我們在槓桿貸款方面也持續保持非常嚴謹的紀律。

Our leverage portfolio continues to be a very small portion of our balance sheet at about 2%. That's not an area that we've been looking to grow. And we just think that there's areas where the unproven asset classes are continuing to be very cautious around.

我們的槓桿貸款投資組合在資產負債表中的占比仍然很小，約 2%。這不是我們尋求成長的領域。而且我們認為，對於那些尚未被驗證的資產類別，仍需要保持非常謹慎。

So in general, most of the core middle market banking that we've been doing and the industry specialties where we have real expertise, we're seeing a lot of opportunity, and that's the spot where we're going to continue to lean into.

因此整體而言，在我們一直在做的核心中型市場（middle market）銀行業務，以及我們具備真正專業能力的產業專精領域，我們看到很多機會；這也是我們將持續加碼投入的地方。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

So maybe first question, Bryan, just wanted to -- just wanted to circle back. I think you mentioned the efficiency ratio long term, still 53% seems like a number you like with the balance between investments and efficiency is kind of what management is targeting, could be lower in the near term. But one, I just want to make sure I heard that right.

那也許第一個問題，Bryan，我想——我想回頭確認一下。我記得你提到長期的效率比率（efficiency ratio），53% 仍然是你喜歡的數字，管理層在投資與效率之間的平衡大致以此為目標，短期可能會更低。但第一點，我只是想確認我聽得沒錯。

But maybe bigger picture, just about areas of investment spend. And when we think about AI, you're adding scale and density, should we expect the bank to be incrementally more efficient, either you look at it unit cost economics or medium-term efficiency ratio, could that be headed towards the 50%? Or is that just unreasonable given the investment spend that you have ahead?

但從更宏觀的角度來看，關於投資支出的領域。當我們思考 AI 時，你正在增加規模與密度，我們是否應該預期銀行會逐步變得更有效率——不論是從單位成本經濟（unit cost economics）或中期效率比率來看，是否可能朝 50% 靠近？或者考量你們接下來的投資支出，這樣的期待是否不太合理？

Yes. I think certainly, there is going to be opportunity to leverage AI to get the company more efficient over time. That is something that I think is a little bit longer term out. And obviously, that is the big question as we're sitting here talking about use and the impact on deposit costs.

是的。我認為，確實會有機會運用 AI 讓公司隨時間推進而更有效率。我認為那會是比較長期的事情。而且顯然，當我們坐在這裡談使用情境以及其對存款成本的影響時，這就是最大的問題。

If AI is so effective that it actually gives you the ability from a cost-effective perspective to optimize low balance deposit accounts, it's going to create a lot of opportunity for us to get efficiency in how we operate as a company.

如果 AI 的效果好到能讓你從成本效益的角度，去最佳化低餘額存款帳戶，那將為我們在公司營運方式上提升效率創造大量機會。

So those are all the trade-offs we're thinking about from a longer-term perspective. And as cost structures change and those opportunities come, we'll take advantage of it. But it does take near-term investment to get there, near-term investment in compute capacity and infrastructure associated with deployment of AI. I would tell you that from a near-term perspective, when we talk about investing, it is a continuation of the strategies that you have heard us talk about for a long time.

所以，這些都是我們從長期角度在思考的取捨。隨著成本結構改變、機會出現，我們會加以利用。但要走到那一步，需要短期投資：包括運算能力與 AI 部署相關的基礎設施。我會告訴你，從短期角度來看，當我們談投資時，其實是延續你們長期以來聽我們談的那些策略。

It's investment in retail distribution and marketing to grow households. It's investment in middle market bankers and product partners and capital markets and treasury management and wealth. And it's investment in product and product from a consumer banking perspective, continuing to advance our Momentum Banking consumer product as well as continuing to invest in our payments business.

包括在零售通路與行銷上的投資，以增加家庭客戶數（households）。包括在中型市場銀行家、產品合作夥伴、資本市場、財資管理（treasury management）以及財富管理上的投資。也包括在產品上的投資；以消費金融的角度來看，持續推進我們的 Momentum Banking 消費者產品，同時也持續投資我們的支付業務。

Now that's such an incredible portion -- driver of future growth for us, both from a deposit and operational deposit perspective as well as fees. And so those are the near-term places that we're looking at that keep us in that kind of 53% range. But certainly, as technology and other structural investments change, it does give us an opportunity to continue to evolve our expense base.

而那是——對我們而言——未來成長極其重要的組成部分與驅動因素，無論是從存款與作業性存款（operational deposit）的角度，還是從手續費收入的角度。因此，這些就是我們短期關注的投資方向，使我們維持在大約 53% 的區間。但當然，隨著科技與其他結構性投資的變化，確實也會給我們機會持續調整並演進我們的費用基礎。

Yes. If I can just put a point on a couple of things there. You touched on it and admittedly, I haven't done this analysis in a while. But historically, average deposits per branch were basically the one metric that positively correlated with the efficiency ratio. Agreement was never scale, again, controlling at least to some extent for some of the oddities that are out there in terms of business mix.

是的。如果我可以就其中幾點再補充一下。你提到了，而且坦白說，我有一段時間沒做這個分析了。但從歷史上看，每家分行的平均存款基本上是唯一一個與效率比率呈正相關的指標。共識從來不是規模本身——當然，至少在某種程度上控制了因業務組合不同而出現的一些異常情況。

So as we get more dense, you should expect the existing business to continue to improve its efficiency. The question is just always where you get the leverage on the marginal dollar? Like are we better off where we're positioned at this level of profitability, trying to grind out a little bit more in the way of return, are we better off trying to compound tangible book value per share.

因此，隨著我們的密度提高，你應該預期既有業務會持續提升效率。問題永遠在於：邊際新增的每一美元，你要從哪裡取得槓桿效益？例如，在目前這個獲利水準的定位下，我們是更適合再多榨出一點報酬率，還是更適合去複利累積每股有形帳面價值（TBV）。

And we have done that math recently. And we just are of the belief that sustaining peer-leading returns and driving up TBV per share growth is a more powerful lever for long-term investors than trying to go from peer-leading returns to even more peer-leading position.

而我們最近也做過那個計算。我們的看法是：對長期投資人而言，維持同業領先的報酬並推升每股TBV的成長，比起試圖從同業領先再變得「更」同業領先，是更有力的槓桿。

Got it. And maybe just sticking with sort of density deposits per branch. So Comerica seems to have gone relatively smoothly. You have a playbook on bank M&A. Like as we think about the next 6, 12 months, like how do you think about potential opportunities that could accelerate some of what you plan to achieve through de novo branch openings via an acquisition?

了解。那也許就延續「每家分行的存款密度」這個話題。Comerica 看起來整合得相對順利。你們有一套銀行併購（M&A）的作戰手冊。若看未來6到12個月，你們如何看待可能的機會：透過收購來加速你們原本打算靠新設（de novo）分行開點所要達成的一些目標？

Yes, I thought we might get that one. So I spent some time staring at the data that comes out of my Oura Ring this morning. And it says I'm still operating with a moderately high sleep deficit. So I think -- and from Fifth Third's perspective, we got to get back into balance on sleep deficit and otherwise, before we would look at anything else. We have a lot of opportunity in front of us organically.

是的，我想我們可能會被問到這題。所以我今天早上花了一些時間盯著我的 Oura Ring（睡眠追蹤戒指）輸出的數據。它顯示我仍處於中度偏高的睡眠赤字。所以我想——以 Fifth Third 的角度來看，我們得先把睡眠赤字以及其他面向都調回平衡，之後才會去看任何其他事情。我們在有機成長方面眼前就有很多機會。

I think the playbook has worked well. But part of the reason that the playbook has worked well is because we had discipline in terms of what we elected to do, and then we committed ourselves to getting it done entirely before we got distracted with the next thing. And that ethos is just an ethos here, whether it's organic investment or inorganic investment.

我認為這套作戰手冊運作得很好。但它之所以有效，部分原因在於：我們對於要做什麼很有紀律，做了選擇之後，就全力把它徹底完成，才不會被下一件事分心。而這種精神在這裡就是一種文化，不論是有機投資或無機投資皆然。

Yes, but accuracy of the Oura Ring I suspect you might be sleeping better than you think.

是的，但我懷疑 Oura Ring 的準確度——你可能睡得比你以為的還好。

Well, I still want to see a crown before I get too excited about anything.

嗯，在我對任何事情太興奮之前，我還是想先看到一個「皇冠」（crown）。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC Capital Markets。

Question for you both. On the investment portfolio, you folks have about 70% in available for sale and 30% in held to maturity. And when we think about Basel 3 Endgame, when it's finalized, we all know about the AOCI being included in CET1. Can you guys give us some thoughts on how you might change that mix over the next couple of years to manage the AOCI volatility?

我有個問題想請教你們兩位。在投資組合方面，你們大約70%是可供出售（AFS），30%是持有至到期（HTM）。當我們思考 Basel 3 Endgame 最終定案時，我們都知道 AOCI 會被納入 CET1。你們能否談談，未來幾年你們可能如何調整這個配置比例，以管理 AOCI 的波動？

Yes. Gerard, thanks. Great question. There is no doubt as the capital rules are finalized, we will be using more HTM as part of our investment portfolio. The thing that we have been cautious around is, has honestly been waiting for the final liquidity rules because we wanted to make sure that we weren't making this decision without understanding if there were going to be some limits on the amount of HTM securities that will qualify as liquidity.

好的。Gerard，謝謝。問得很好。毫無疑問，隨著資本規則最終定案，我們會在投資組合中使用更多 HTM。我們一直比較謹慎的點，坦白說，是在等待最終的流動性規則，因為我們想確保在不了解是否會對可被認定為流動性的 HTM 證券占比設限之前，不會先做出這個決定。

But I think it's fair to say that as long as there's nothing meaningfully unexpected in those rules that we're probably going to be operating at a closer to 50-50 split between AFS and HTM going forward. So we do think as we continue to invest cash flows over the next couple of years, you're going to see that mix continue to head into the HTM direction.

但我想可以合理地說，只要那些規則沒有出現任何重大且出乎意料的內容，往後我們大概會更接近 AFS 與 HTM 各半（50-50）的配置。因此我們確實認為，隨著未來幾年持續把現金流再投資，你會看到這個組合比例持續往 HTM 的方向移動。

And what -- from a broader balance sheet perspective, then what will happen is the AFS portfolio will manage with a slightly lower duration than the HTM portfolio. And that in general, our balance sheet has needed a security portfolio with a four to five year duration. And so we'll try to blend that with a little bit longer duration stuff in HTM to help manage that capital volatility risk.

而從更廣泛的資產負債表角度來看，接下來會是：AFS 投資組合的存續期間會管理得比 HTM 略短一些。整體而言，我們的資產負債表需要一個存續期間約4到5年的證券投資組合。因此我們會嘗試把 HTM 中稍長存續期間的部位混合進來，以協助管理資本波動風險。

Very good. Tim, I might regret asking this question, especially for somebody like me. Credit quality for you folks and your peers is very good. It's been very resilient, maybe surprisingly so for all of us to see. And here's maybe the regrettable question.

非常好。Tim，我可能會後悔問這個問題，尤其像我這種人。你們以及同業的資產品質都非常好。而且一直很有韌性，甚至可能讓我們所有人都意外。接下來可能就是那個會讓人後悔的問題。

Has the credit picture for the industry and you guys specifically changed in the sense that either you're better underwriters or more conservative underwriters. We know what's happened post financial crisis with the derisking of the industry? Or is it just the economic environment is much better than we all thought and don't get over your skis to think that the banking industry is smarter now on credit?

就產業整體以及你們公司而言，信用面是否已經出現變化：也就是你們的承作（underwriting）能力更好，或承作更保守？我們知道金融危機後整個產業去風險化（derisking）發生了什麼。或者只是經濟環境比我們原先想像的好得多，而我們不該太得意忘形，以為銀行業現在在信用風險上變得更聰明？

I think that's the first time I've ever gotten a question where the asker expressed regret twice. We got to the end of it. Listen, I think there are a few things that are going on here. There's no question that coming out of the financial crisis, there was a huge investment made inside the banking sector to get smarter on credit. And in particular, I think to get smarter on early warning signals.

我想這是我第一次遇到提問者在同一個問題裡表達了兩次後悔。我們終於問完了。聽著，我認為這裡有幾件事同時在發生。毫無疑問，金融危機之後，銀行業內部投入了大量資源，讓自己在信用風險上變得更聰明。尤其是，我認為在「早期預警訊號」方面變得更精進。

Certainly, that's the case here at Fifth Third. There's an apparatus around early warning that supports the continuous monitoring that we do in commercial. There's a lot more behavioral data utilized in the underwriting process in consumer and then in small business and otherwise, which has proven to be very useful as a complement to conventional scored underwriting.

在 Fifth Third 這裡確實如此。我們有一套早期預警的機制，支援我們在商業金融上所做的持續監控。在消金、以及小型企業等領域，承作流程中也運用了更多行為數據；事實證明，這些數據作為傳統評分式承作的補充非常有用。

So I think we've gotten better. Clearly, the -- some of the risk has migrated out of the banking system, just given the growth in the NBFI world. Now that obviously has come back in through back leverage and otherwise. But with enhancements that didn't exist previously.

所以我認為我們確實變得更好。很明顯地——部分風險已經從銀行體系移出，主要是因為非銀行金融機構（NBFI）世界的成長。當然，那些風險又透過回流槓桿等方式回來了。但回來的同時，也伴隨著過去不存在的一些強化與改良。

So I do think that the higher leverage points, the more rate-sensitive borrowers and otherwise are more prominently supported by nonbanks today than certainly they were in the past. So those things are good. That said, like you know this better than I do.

因此我確實認為，如今較高槓桿的部位、對利率更敏感的借款人等，相較過去更明顯地由非銀行機構來支撐。所以這些都是好事。不過，這點你可能比我更清楚。

The history is that the big credit cycles are not driven by the sort of normal economic cycle in mature industries. They're driven by relatively not well understood, high-growth asset classes or new channels that turn out to drive negative select or otherwise.

歷史經驗是：大型的信用循環並不是由成熟產業中的一般景氣循環所驅動。它們往往是由一些相對不那麼被理解的高成長資產類別，或新的通路所驅動，而這些最後會導致負向選擇（negative selection）之類的問題。

So while I think we're better at the stuff we've always known, as you know, we tend to be a little bit more reticent to dip our toe into areas of the credit markets that are not proven or where it's hard for us to see that they're being accurately priced.

所以，雖然我認為我們在自己一直熟悉的領域做得更好，但如你所知，對於那些尚未被驗證、或我們很難判斷其是否被正確定價的信用市場領域，我們往往會更保守、更不願意輕易涉入。

Like that is the reason that we have essentially sat out the data center construction lending to the data center sponsors. It is the reason that I think we have the lowest exposure combined -- with our combined balance sheet to private credit and BDCs relative to the others.

例如，這就是我們基本上選擇不參與由資料中心贊助商主導的資料中心建設融資的原因。這也是為什麼我認為，相較其他同業，我們合併資產負債表對私募信貸（private credit）與 BDC 的曝險合計是最低的。

It may well be that we were wrong there to be worried about credit and right to be worried about just being priced appropriately. But in my mind, those are two sides of the same coin. So yes, I think we're better and new risks will continue to materialize as long as human beings are continuing to find new ways to take risk.

也許我們在那裡擔心信用風險是錯的，而擔心是否有被合理定價才是對的。但在我看來，這兩者其實是一體兩面。所以是的，我認為我們變得更好；而只要人類持續找到新的方式去承擔風險，新的風險也會持續浮現。

Chris McGratty, KBW.

Chris McGratty，KBW。

Tim, in the past, you've talked about the Midwest being one of the more competitive markets, whereas I think some of your peers have talked about the Southeast. You gave an interesting stat in your prepared remarks. I think it was -- the Southeast was, I think, a little over 200 basis points. The pricing was a little bit 200 below the Fed funds. Do you have those same stats by market?

Tim，過去你曾談到中西部是競爭較激烈的市場之一，而我認為你的一些同業則談到東南部。你在事先準備的發言中提供了一個很有意思的統計數據。我想是——東南部大概是略高於200個基點。定價大概比聯邦基金利率低200個基點。你是否也有按市場劃分的相同統計數據？

Like I guess what I'm after is deposit -- incremental deposit costs by your 3 big markets.

我的意思是，我想了解的是存款——你們三大市場的邊際存款成本。

Yes. Chris, it's Bryan. What I would tell you on that front is you have to be careful when you look at those numbers because the seasoning of the book matters as well. And so what you're going to see is that the Midwest market is our highest margin market because it has the oldest book. And part of that is the legacy checking accounts, in particular, are just higher balance on average.

是的。Chris，我是Bryan。在這方面我想告訴你的是，你在看這些數字時必須小心，因為資產組合的「存續期／成熟度」（seasoning）也很重要。因此你會看到，中西部市場是我們利差最高的市場，因為它的存款組合最老。其中一部分原因是既有的支票帳戶，特別是平均餘額就是比較高。

The Southeast has a higher percentage of promotional offers then as a percentage of the deposit book. And even with that, you still have 200 basis points of spread relative to the Fed funds rate. And then the Southwest book will have the absolute highest rate of promotional offers as a percentage of their book.

東南部在整體存款組合中，促銷型優惠的占比更高。即便如此，相對於聯邦基金利率，你仍有200個基點的利差。而西南部的存款組合，其促銷型優惠占比會是最高的。

So it will have the lowest margins right now relative to Fed funds. In general, I don't have the exact numbers in front of me for the Midwest and the Southeast, but I would expect that the Midwest at this point is probably about 50 basis points better than the Southeast.

所以就目前相對於聯邦基金利率而言，它的利差會最低。一般來說，我手邊沒有中西部和東南部的精確數字，但我預期此時中西部大概會比東南部好約50個基點。

And the Southwest is going to be probably 50 to 100 basis points worse. But it is just a function of the percentage of promo offers as a percent of the aggregate deposit base.

而西南部可能會差約50到100個基點。但這純粹是促銷優惠占整體存款基礎比例的函數。

Yes. And then the measure of competition in my mind is not sort of what is the price on the seasoned portfolio. It's what is it cost to grow the marginal deposit in each of those markets. So when we talk about the Midwest being more competitive, it's at the margin if you wanted to grow another dollar of deposits. It is tougher to do it just when you look at the promotional offers that are in the market in the Midwest than it is in the Southeast today.

是的。然後在我看來，衡量競爭程度的方式並不是看已成熟存款組合的定價是多少。而是看在各個市場要成長邊際存款的成本是多少。所以當我們說中西部競爭更激烈時，是指在邊際上——如果你想再多增加一美元的存款。就目前中西部市場上的促銷優惠來看，要做到這件事比在今天的東南部更難。

I think the other dynamic that's worth mentioning is the more consolidated market structures tend to be less competitive in terms of the bleeding edge offer, the less consolidated market structures.

我認為另一個值得一提的動態是：市場結構越集中，通常在最激進的優惠方案方面競爭就越不激烈；相對地，市場結構越不集中，競爭就越激烈。

And the Southeast and the Southwest have both historically been more consolidated market structures than you see in the Midwest, which is part of the other reason that we're, I think, quite optimistic about our ability to continue to gain share in both of those places. And frankly, that the tactics that have worked so well over the past several years in the Southeast are portable to the Southwest.

而東南部與西南部在歷史上都屬於比中西部更集中的市場結構，這也是我們之所以（我認為）對於在這兩個地區持續提升市占相當樂觀的另一個原因。坦白說，過去幾年在東南部非常奏效的策略，也可以移植到西南部。

And just one simple statistic, four out of the five largest banks by market share in Dallas, as an example, do not offer a totally free checking product, right? And that is I think four out of the five -- the largest banks by market share in literally every Midwest market would have a totally free checking product.

再舉一個簡單的統計：以達拉斯為例，按市占率計算的前五大銀行中，有四家並不提供完全免手續費的支票帳戶產品，對吧？而我認為在幾乎每一個中西部市場，按市占率計算的最大銀行中，會有四家（前五大中的四家）提供完全免手續費的支票帳戶產品。

Okay. Interesting. And then maybe a comment or an update on Direct Express post conversion.

好的。有意思。另外，能否談談或更新一下Direct Express在轉換後的情況？

Yes. Thank you. Good progress there. As you'll remember, we launched our new platform in -- at the beginning of the second quarter. Every one of the participating agencies inside the federal government is issuing cards on that platform.

好的，謝謝。那邊進展良好。如你所記得，我們在第二季初推出了新平台。聯邦政府內所有參與的機構都在該平台上發卡。

And we got through the period of hyper care that we always run when we launch a new product, and we're very pleased with the outcomes. You can see it just in the -- whether it's the digital channel usage or Direct Express customers taking advantage of some of the functionality that's built into the mobile app to support things like paying rent and otherwise.

我們也度過了每次推出新產品時都會進行的密集支援期（hyper care），而且對結果非常滿意。你從一些指標就看得出來——不論是數位通路使用情況，或是Direct Express客戶利用行動App內建功能（例如支付房租等）的情況。

We also have made some changes to policies, whether it was ATM or in the branches to enable Direct Express customers to do things more easily than they were able to do at Comerica and then there is a huge benefit associated with just having a broader branch network in terms of the way that we service those folks. We anticipate initiating the full conversion of the legacy program this winter moving into next spring. So there's lots of work underway to ensure that, that is a seamless transition.

我們也在政策上做了一些調整，不論是在ATM或分行端，讓Direct Express客戶能比在Comerica時更容易完成各項操作；此外，僅僅因為我們擁有更廣的分行網路，在服務這些客群的方式上就有很大的效益。我們預計在今年冬季到明年春季之間啟動既有（legacy）方案的全面轉換。因此目前有大量工作正在進行，以確保那會是一個無縫的轉換。

This is just by definition, a population that tends to need a little bit more handholding, and therefore, we have been very concerned about executing the conversion in a way that produces the least disruption for our clients. But the Fiscal inside the US treasury has been a wonderful partner here.

就定義而言，這是一個通常需要更多手把手協助的族群，因此我們一直非常重視，以對客戶干擾最小的方式來執行轉換。不過，美國財政部內的Fiscal（財政服務單位）一直是很棒的合作夥伴。

We're very excited about the platform that Fifth Third and Fiserv offer to be able to turn this program really from a fund disbursement model for the federal government into a tool for financial health for the population that it serves. So business continues to plug away. We continue to see it as a nice growth engine for the company.

我們對於Fifth Third與Fiserv所提供的平台感到非常興奮，因為它能讓這個計畫真正從聯邦政府的資金撥付模式，轉變為提升其服務族群金融健康的工具。所以業務仍在持續推進。我們也持續將其視為公司一個不錯的成長引擎。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，Wells Fargo Securities。

My general question is simply for more granularity on what's taking place in Texas. You said you've added bankers, but deposit costs are 50 to 100 basis points more. So it seems like some cross currents there. So my long shot question is, it seems like your return on assets, firm-wide, it's 1.4%. It's probably a lot less of the Southwest. What is it in the Southwest or Texas? And what sort of gap is there?

我比較概括的問題是：想更細緻地了解德州正在發生什麼。你說你們增加了銀行家人數，但存款成本卻高了50到100個基點。所以看起來有一些相互拉扯的因素。因此我一個比較不太可能得到答案的問題是：你們全行的資產報酬率（ROA）是1.4%。西南部應該低很多。西南部或德州的ROA是多少？差距大概有多少？

And I'm not expecting an answer, but I thought I'd try since you're a line of business company. So an easier question, if you can't answer that, what time frame were you referring to? So Southwest deposits are up 23%, households are up 8%, Dallas, Houston and Austin deposits are up over 20%. Is that year-over-year? And if you can just give some of those types of metrics for loans, businesses and anything else?

我不期待你會回答，但既然你們是按業務線管理的公司，我想我就試試看。所以如果你不能回答那個，換一個比較容易的問題：你剛才指的是哪個時間區間？所以西南部存款成長23%、家庭戶數成長8%，達拉斯、休士頓和奧斯汀的存款成長超過20%。這是年增（year-over-year）嗎？另外，如果你能提供一些類似的指標，包含放款、企業數，以及其他任何項目？

Yes, sure. Let me start on that, Mike, and I'll try to answer both of your questions, and then we'll transition. So the ROAs in the business are best in markets where we have a really strong middle market commercial banking franchise that is essentially self-funded or even a net liquidity provider back to the bank with low-cost sort of checking anchored consumer deposits.

好的，當然。Mike，我先從這裡開始，我會盡量回答你兩個問題，然後我們再接著往下。就業務的ROA而言，表現最好的市場通常是我們擁有非常強的中型市場（middle market）商業銀行特許經營（franchise）的地方；這些業務基本上能自給自足，甚至還能以低成本、以支票帳戶為錨的消費者存款，向銀行回流淨流動性。

So we have a very nice middle market business in Texas through the combination of the sort of legacy Comerica, which was a very strong sort of top 5 market position in core middle market in its Texas markets and then the expansion market that Fifth Third had built there. What we don't have yet is the retail deposit funding base that we will have as we build out the branch network.

因此，透過既有的Comerica（其在德州各市場的核心中型市場業務中，原本就有非常強、約前五大的市占地位）以及Fifth Third在當地建立的擴張市場業務相結合，我們在德州擁有非常不錯的中型市場業務。但我們目前尚未擁有的是零售存款的資金基礎；隨著我們擴建分行網路，這部分才會逐步建立起來。

So the branches in Texas, with the average branch deposits for consumer small business are, I think, a little bit less than half what we would have in our Midwest markets, just as a point of comparison and about in line with what we have in the Southeast despite all the branches in Texas being seasoned already and very few of the branches in the Southeast as a percentage of the total being seasoned and still seasoning on their own.

因此，德州分行在消費者與小型企業方面的平均分行存款，我認為大概不到我們中西部市場的一半——僅作為比較基準；而且大致與我們在東南部的水準相當，儘管德州的分行都已經成熟（seasoned），但東南部的分行在總體中成熟的占比很低，仍在逐步成熟中。

So we expect the ROAs in Texas to go up from here, not to go down as we're doing the construction and as we continue to add talent in the market. So as it pertains to the statistics that I provided on retail small business, it's year-over-year pro forma. So we added Fifth Third and Comerica together, which in retail and Texas was Comerica something, Fifth Third, nothing a year ago and then the combined company today.

因此，我們預期德州的 ROA 將從現在起往上走，而不是在我們進行建設、並持續在市場上增補人才的同時往下走。至於我提供的零售小型企業統計數據，那是按年（year-over-year）的備考（pro forma）口徑。因此我們把 Fifth Third 和 Comerica 加總在一起；在零售與德州方面，一年前是「Comerica 有一些、Fifth Third 為零」，而今天則是合併後公司的合計數。

And then we capped the individual branches at $250 million to get the headquarter and wholesale deposits out. And the 20% -- the greater than 20% growth rates across the four MSAs that you mentioned are year-over-year. They would also be greater than 20% if you cap the branches at $500 million.

接著我們把單一分行的存款上限設為 2.5 億美元，以便把總部與批發存款排除在外。而你提到的四個都會統計區（MSA）中超過 20% 的成長率，是按年（year-over-year）計算。如果你把分行上限設為 5 億美元，它們也同樣會超過 20%。

So there's no game plan there. It's just you have to draw the line somewhere. So we did. The 8% household growth is year-over-year, households. So it was Comerica households a year ago, it's Comerica plus the new households we've been able to generate across the Southwest this year.

所以這裡沒有什麼「操作策略」。只是你必須在某個地方畫一條界線。所以我們就這麼做了。8% 的家庭戶數成長是按年（year-over-year）的家庭戶數。也就是說，一年前是 Comerica 的家庭戶數；今年則是 Comerica 加上我們在西南地區今年新增所帶來的家庭戶數。

And I anticipate that the growth rate there should be double digits because that is what we have demonstrated repeatedly, we're able to do in markets where we're adding to the branch footprint, where we're adding direct marketing support like we've got 8% with no checking marketing across the Southwest in terms of where we're going.

而我預期那裡的成長率應該會是雙位數，因為我們已反覆證明：在我們擴充分行據點、並增加像這樣的直效行銷支援的市場，我們有能力做到；例如在西南地區，即使沒有支票帳戶行銷，我們仍做到 8% 的成長，這也反映了我們前進的方向。

No, I think the one other stat that you didn't reference, but that I will give you is we've added, I think, something on the order of 80 or 85 middle market relationships in Texas this year from Feb 1 forward. That's a pretty good clip for us down there, and it is a faster clip.

不過，我想還有一個你沒有提到、但我可以補充的數據：今年自 2 月 1 日以來，我們在德州新增了大約 80 到 85 個中型市場（middle market）客戶關係。對我們在那邊而言，這個速度相當不錯，而且更快。

It's about at 2 times the pace per middle market banker that Comerica was adding them in the last few years. So you can see the acceleration there from both the impact of the combined teams and the additional balance sheet capacity and the new solutions that we're bringing to the market.

以每位中型市場銀行家來看，這大約是 Comerica 過去幾年新增速度的 2 倍。因此你可以看到加速效應，來自合併團隊的影響、更大的資產負債表承載能力，以及我們帶進市場的新解決方案。

And that 80 to 85 middle market is off of what sort of base? Is that kind of small? Or is that meaningful?

那 80 到 85 個中型市場客戶關係，是相對於什麼樣的基礎量？這算是偏小嗎？還是其實很有意義？

It's meaningful growth. I don't have the total number off the top of my head here, but we'll be happy to share that.

這是有意義的成長。我現在一時沒有總數，但我們很樂意之後提供。

And then just when you say they're 2 times faster per banker in that footprint -- I mean, how does that happen? I mean because you have more balance sheet because you told them to work harder because you have more accountability. I mean it's hard to just flip the switch and make that happen. So what are you doing differently that's helping them?

另外，你說在那個據點範圍內，他們以每位銀行家計算的速度快了 2 倍——我的意思是，這是怎麼做到的？是因為你們有更大的資產負債表、因為你們要求他們更努力、因為你們有更強的問責？我的意思是，很難說切換一下就能做到。所以你們做了哪些不同的事在幫助他們？

Yes. I mean what you hear when you talk to the bankers is they have more attachment points. So when you are in the markets and you talk to Comerica, like very seasoned Comerica bankers as we were actually across the Southwest over the course of the last couple of months, the anchor products Comerica had to lead with where C&I lending or maybe a personal loan through the private bank to the owner of the business historically.

是的。你跟銀行家聊時會聽到的是：他們有更多「切入點」（attachment points）。所以當你在市場上與 Comerica 交流——像我們過去幾個月實際走訪西南地區時，跟非常資深的 Comerica 銀行家談——Comerica 歷來用來作為主打的錨定產品（anchor products），是工商貸款（C&I lending），或是透過私人銀行給企業主的個人貸款。

The average C&I loan tenure at most banks is like 18 or 19 years, just when you look at the average length of the relationships. So you have to wait a long time if that's the only attachment point you have.

多數銀行的平均 C&I 貸款年限大概是 18 或 19 年，當你看關係平均維持時間時就是如此。所以如果你只有那一個切入點，你就得等很久。

Whereas at Fifth Third, as we have talked about in the past, C&I remains the primary attachment point in the middle market. But our folks lead with lease lines through the equipment leasing platform, they lead with hedges like commodity hedges or currencies through our capital markets platform.

相較之下，在 Fifth Third，正如我們過去談過的，C&I 仍然是中型市場的主要切入點。但我們的人會先從設備租賃平台提供租賃額度（lease lines）切入，也會透過我們的資本市場平台，以商品避險或匯率避險等避險工具（hedges）切入。

And then they have the commercial payments business which as I think we have shared repeatedly adds almost one new relationship that's payment led for every relationship that it adds that's attached to a new C&I facility on an annual basis.

此外，我們還有商業支付業務；我想我們也多次分享過，按年度來看，它新增的「以支付為主導」的新關係，幾乎接近每新增一個連結到新的 C&I 額度（facility）的關係，就會新增將近一個支付導向的關係。

So what you hear from the bankers is they just have more arrows in the quiver. And if they can't move the working capital line that there's a lot of other things that they can do to initiate new relationships with clients.

所以你從銀行家那裡聽到的是：他們的工具箱裡有更多武器。如果他們無法撬動營運資金額度（working capital line），他們還有很多其他方式可以啟動與客戶的新往來關係。

So that's part of it. I think the other big part of it, as we've talked about it in the past, is Comerica was going out of its way to ensure that the liquidity and the capital that were available to support lending principally supported the growth of existing relationships, which is absolutely the right thing to do, if that's a constraint.

這是其中一部分。我認為另一個很大的部分，如同我們過去談過的，是 Comerica 會特別確保可用來支持放款的流動性與資本，主要用於支持既有關係的成長；如果這是一項限制，那麼這麼做絕對是正確的。

In our case, we have a larger balance sheet that. We -- as evidenced by the sequential growth during the quarter even when you strip out the incremental deposits that came from moving Comerica sweep product on balance sheet. We have ample liquidity to support more lending activity. And therefore, it's allowed them to be more front-footed in terms of what they can add to grow.

就我們而言，我們有更大的資產負債表。而且——從本季的環比成長也可看出，即便你把因將 Comerica 的 sweep 產品移回表內而帶來的增量存款剔除——我們仍有充足的流動性來支持更多放款活動。因此，這讓他們在拓展新增成長方面能更積極主動（more front-footed）。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Just wanted to clarify, Bryan, your response to Ryan's question like an hour ago. Did you say when the -- the rate environment changed a lot since the deal, so you don't have the ability to invest this quickly. Did you say it gives you a better chance to outperform the 53% efficiency or it's tougher to outperform the 53%? I just wanted to make sure that we got that right.

我只是想釐清一下，Bryan，你大概一小時前對 Ryan 問題的回覆。你是說，自從這筆交易以來利率環境變化很大，所以你們沒有能力這麼快投資。你是說這讓你們更有機會優於 53% 的效率比率，還是更難優於 53%？我只是想確認我們理解正確。

Yes, It gives you a better chance to outperform because the idea is with the asset sensitivity, it generates profitability at a clip when rate changes happen at a pace faster than we typically plan and deploy investments.

是的，這讓你更有機會優於目標；因為概念是：在資產敏感度（asset sensitivity）的帶動下，當利率變動的速度快於我們通常規劃並部署投資的節奏時，它會以相當快的速度產生獲利。

You think about the sales hiring and the branch builds, like those are multiyear strategies that we're executing. So from a near-term perspective, it's going to give us an opportunity to outperform the deal targets.

你想想銷售人員招募與分行建置，這些都是我們正在執行的多年期策略。所以從短期角度來看，這會給我們一個機會去優於交易目標。

Got it. I'm glad I clarified that. And just a follow-up, obviously, especially after Comerica, your balance sheet is more short rate sensitive, but there's also movements in the portfolio. You talked about taking down sub. You also brought on a bunch of off-balance sheet deposits that may come back off.

了解。我很高興我有釐清這點。再追問一下，顯然在併入 Comerica 之後，你們的資產負債表對短端利率更敏感，但投資組合也在變動。你提到在降低次順位（sub.）。你們也帶進了一批表外存款，之後可能又會流出表外。

As we think about the forward curve and we think about maybe the 10-year not going -- hopefully not testing [5.3] anymore, how should we think about the net interest margin trajectory from that [3.4] plus exit rate in 4Q, assuming the forward curve?

當我們看遠期曲線，並且考慮 10 年期殖利率也許不會——希望不要再測試 [5.3]——在假設遠期曲線的情況下，我們應該如何看待淨利差（net interest margin）從第 4 季 [3.4] 以上的退出水準（exit rate）之後的走勢？

Yes. I mean it's a -- obviously, we're positioned to be benefiting from continued rate increases, but there's a lot of big questions further out just in terms of what the loan environment and the deposit environment looks like in '27. And we'll give you more clarity on that at the beginning of next year when we give full guidance.

是的。我的意思是——顯然，我們的部位配置能從利率持續上升中受益，但更長期來看仍有很多重大問題，例如 2027 年的放款環境與存款環境會是什麼樣子。我們會在明年年初提供全年指引時，給你更清楚的說明。

But statically, it sounds like it should be a net positive, assuming no changes in mix and modest growth?

但如果靜態來看，在假設組合不變且溫和成長的情況下，聽起來應該是淨正面（net positive）？

Yes. I mean all else being equal, the rate environment is beneficial. We've obviously continued to generate fixed rate asset repricing. The opportunity on that $4 billion or $5 billion a quarter of repricing that occurs has actually gotten better again, closer to 100 basis points. We are sensitive to the front end.

是的。我的意思是，在其他條件相同（all else being equal）的情況下，利率環境是有利的。我們顯然也持續產生固定利率資產的再訂價（repricing）。每季大約 40 億到 50 億美元會進行再訂價，而在這部分的機會其實又變得更好，接近 100 個基點。我們對短端更敏感。

So the higher rate outlook is beneficial to us. The wildcard on all these things is just where it's deposit competition over time, but certainly a very productive environment with what we're seeing right now.

因此，較高利率的前景對我們是有利的。這些事情的最大變數在於，隨著時間推移存款競爭會如何發展，但就我們目前所看到的而言，這確實是一個非常有利於經營的環境。

Our next question is from the line of Ben Gerlinger who has disconnected. Please hold.

我們的下一個問題來自 Ben Gerlinger 的線路，但他已斷線。請稍候。

John Pancari, Evercore.

John Pancari，Evercore。

I'll try to be quick. Just on the -- related to the last question, maybe just another way to go at it with the deposit side. I mean, can you just help us with the trajectory of your expected trend in deposit costs here into the fourth quarter and into 2027.

我會盡量簡短。就——與上一個問題相關，或許換個角度從存款端來看。我的意思是，你們能否協助我們了解一下，你們對存款成本在第四季以及一路到 2027 年的預期趨勢軌跡？

And what beta are you assuming in the uprate environment? And could that differ on the down rate beta or previous uprate betas that you're seeing now that you've got the Comerica balance sheet on board?

在升息環境下，你們假設的 beta 是多少？而且，考量你們已將 Comerica 的資產負債表納入，這個 beta 是否可能不同於降息時的 beta，或你們先前所看到的升息 beta？

Yes. The beta assumption right now from a near-term perspective is a mid-50s beta for just a hike or two. Certainly, that if you were to see more persistent hikes, that could start to drift up a little bit. And you see this in, as Tim was referencing earlier, the overall deposit cost, new money cost in the consumer business. That used to be a Fed funds plus 15-ish from a promo perspective.

是的。就短期角度而言，目前的 beta 假設是中段 50%（mid-50s），對應再升一到兩次息。當然，如果看到更持續的升息，beta 可能會開始略為上移。而你也會在——如 Tim 先前提到的——整體存款成本、消費金融業務的新資金成本中看到這點。從促銷（promo）的角度來看，過去大概是聯邦基金利率加 15 個基點左右。

That has, over the last couple of quarters, shifted up closer to Fed funds plus 50. Now part of that is just the outlook from a rate expectation perspective. And when we talk about the relative competitiveness of the market, it's that Fed funds plus 50 number that we're focused on when we say the Midwest is more competitive.

在過去幾個季度，這已上移到更接近聯邦基金利率加 50 個基點。其中一部分只是利率預期展望的影響。當我們談到市場的相對競爭程度時，我們所關注的就是這個「聯邦基金利率加 50」的數字；也正因如此，當我們說中西部市場競爭更激烈時，指的就是這一點。

But you're typically in a plus or minus 10 or 15 basis point range across markets on that new market -- new money pricing. If we were to see a lower expectation of hikes we're only to get one or two more. I think you're going to see that start to rationalize again because certainly, people are acting in front of rates.

不過，通常在各市場之間，這種新市場——新資金定價大多落在正負 10 到 15 個基點的區間內。如果我們看到升息預期降低，只剩下一到兩次升息，我認為你會看到這開始再次趨於理性，因為很明顯大家都在利率變動之前先行採取行動。

With that, if new money continues to come on, on that rate, I think you would see a continued deposit cost migration that looks similar to our migration that you saw from 2Q to 3Q, excluding the impact of the off-balance sheet sweeps that we brought on balance sheet because we do intend to continue to keep growing deposits, but we'll also be able to do some things to reprice some of the prior vintages of promos to offset some of that cost.

在此情況下，如果新資金持續以那個利率進來，我認為你會看到存款成本持續遷移，其走勢會與我們從第二季到第三季所看到的遷移相似——但不包含我們把表外 sweep 帶回表內所造成的影響。因為我們確實打算持續成長存款，但同時也能透過一些作法，重新定價部分先前批次（vintages）的促銷存款，以抵銷部分成本。

It's that same strategy that we've used continuously on reinvesting interest expense, recycling it in different areas to allow us to continue to grow. And even with that, where we price things down, we're still keeping in the range of 80% of balances somehow within the framework of our company, either between deposit book or in some of our off-balance sheet investment products. So we do retain a fair amount of dollars even after we reprice those balances down.

這就是我們一直以來採用的同一套策略：把利息費用再投資，並在不同領域中循環運用，讓我們能持續成長。即便如此，在我們把某些產品利率往下調時，我們仍能讓大約 80% 的餘額以某種方式留在公司架構內——不論是在存款帳簿中，或是在我們的一些表外投資產品中。因此，即使我們把那些餘額重新定價調降，我們仍能保留相當多的資金。

Got it. Okay. And then lastly, on the credit side, I know you cited certain areas that you're watching more closely, consumer discretionary leverage lending. And are there any areas that you are seeing stress start to evolve? We've had a couple of the banks this quarter that have a couple of bumps.

了解。好。最後一個問題，在信用方面，我知道你們提到一些你們會更密切關注的領域，例如可選消費、槓桿貸款。那麼，有沒有任何領域你們看到壓力開始浮現？本季我們看到有幾家銀行出現一些小波動。

And so are you seeing anything on that front? And then the ACL ratio declined a bit this quarter, a couple of bps. How should we think about the reserve level?

所以你們在這方面有看到什麼嗎？另外，本季 ACL 比率小幅下降了幾個基點。我們應該如何看待目前的備抵水準？

Yes. Not really and in terms of any areas. As you mentioned that -- the areas of the economy where there have been transition, consumer discretionary is one. And you just -- you see the value position brands and the luxury brands doing better than the sort of the middle market brands in consumer discretionary at the moment in terms of what's going on. We were watching commodity price exposed categories really closely.

是的。就任何領域而言，其實沒有特別看到。如你所提到的——經濟中確實有一些領域正在轉變，可選消費就是其中之一。而你會看到，就目前情況而言，在可選消費領域，主打性價比（value position）的品牌與奢侈品牌表現優於所謂的中端品牌。我們也非常密切關注那些暴露於商品價格的類別。

But the margin compression this last quarter was like 1.4% in terms of their operating margins in our portfolio since we got new financials in. So they've done a very nice job of positioning themselves either to be less sensitive to movement in commodities prices or to be able to push price along to their own customers, rate-sensitive borrowers, in particular, the ones that are reaching a refinance wall are always places that we look.

但在我們拿到最新財報後，我們投資組合中這些公司的營業利潤率在上一季的利潤壓縮大約是 1.4%。因此，他們在定位上做得很好：要嘛降低對商品價格波動的敏感度，要嘛能把價格上調轉嫁給自己的客戶。至於利率敏感型借款人，特別是那些即將面臨再融資到期壓力（refinance wall）的，我們一向都會關注。

That tends to be real estate and leveraged lending. There's just not a lot in our leveraged loan book. So there's not a lot to watch in that particular case, although we always watch it closely. And then on the real estate front, I mean, you can see it in our performance this quarter and you get the stratification there.

這通常出現在不動產與槓桿貸款。我們的槓桿貸款帳簿其實不多。所以在那個特定情況下，沒有太多需要觀察的，但我們仍會一如既往地密切關注。至於不動產方面，我的意思是，你可以從我們本季的表現中看到，並且也能看到其中的分層差異。

I think we feel pretty good about what's going on, on that front. But those are going to continue to be the areas that we watch. Like is there a factor that could drive a shift in demand? Is there volatility in input costs?

我想我們對那方面的進展感覺相當不錯。但那些仍將是我們持續關注的領域。例如：是否有因素可能驅動需求出現轉變？投入成本是否有波動？

Or do you have a scenario where debt service costs become challenging for clients. Those are the things that anticipate credit stress in the portfolio. There's just not a lot of that going on really anywhere in the industry, as you referenced.

或者是否會出現債務償付成本對客戶而言變得吃力的情境。這些都是會在投資組合中預示信用壓力的因素。但如你所提到的，整體產業其實幾乎沒有太多這類情況。

There are no further questions at this time. I will now turn the call back to Matt Curoe for closing remarks.

目前沒有進一步的問題。我現在把電話交回給 Matt Curoe 作結語。

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

謝謝你，Alexandra，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。Alexandra，你現在可以中斷通話。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。你現在可以中斷連線。