FNB Corp (FNB) 2025 Q3 法說會逐字稿

Good day, and welcome to the F.N.B. third quarter 2020 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

大家好，歡迎參加F.N.B. 2020年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。

I'd now like to turn the conference over to Lisa Hajdu, Manager of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係經理 Lisa Hajdu。請繼續。

Good morning, and welcome to our earnings call. This conference call of F.N.B. and reported files with the Securities and Exchange Commission often contain forward-looking statements and non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not in this alternative for our reported results prepared in accordance with GAAP.

早上好，歡迎參加我們的財報電話會議。F.N.B. 的此次電話會議以及向美國證券交易委員會提交的文件通常包含前瞻性陳述和非 GAAP 財務指標。非GAAP財務指標應作為補充訊息，而不是作為我們根據GAAP編制的報告業績的替代方案。

A reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in our presentation materials and in our earnings release. Please refer to these non-GAAP and forward-looking statement disclosures contained in our related materials, reports and registration statements filed with the Securities and Exchange Commission and available on our corporate website.

我們的簡報資料和獲利報告中包含了 GAAP 與非 GAAP 營運指標與最直接可比較的 GAAP 財務指標的調整表。請參閱我們向美國證券交易委員會提交的相關資料、報告和註冊聲明中所包含的非公認會計準則和前瞻性聲明揭露，這些資料、報告和註冊聲明可在我們公司網站上查閱。

A replay of this call will be available until Friday, October 24, and the webcast link will be posted to the About Us, Investor Relations section of our corporate website.

本次電話會議的錄音回放將持續到 10 月 24 日星期五，網路直播連結將發佈在我們公司網站的「關於我們」和「投資者關係」部分。

I will now turn the call over to Vince Delie, Chairman, President and CEO.

現在我將把電話交給董事長、總裁兼執行長文斯·德利。

Thank you, and welcome to our third quarter earnings call. Joining me today are Ms. Calabrese, our Chief Financial Officer; and Gary Guerrieri, our Chief Credit Officer.

謝謝大家，歡迎參加我們第三季財報電話會議。今天與我一同出席的有我們的財務長卡拉布雷塞女士和我們的首席信貸官加里·格里埃里。

F.N.B.'s third quarter earnings per share grew 14% linked quarter to a record $0.41 and reported net income available to common shareholders increased to $150 million. Operating pre-provision net revenue increased 18% from the year-ago quarter, contributing to positive operating leverage and a peer-leading efficiency ratio at 52%. F.N.B. produced another quarter of record revenue, totaling $457 million, with strong contributions from fee-based businesses, most notably in capital markets, and mortgage banking, driving total noninterest income to a record $98.2 million.

F.N.B. 第三季每股盈餘較上季成長 14%，達到創紀錄的 0.41 美元，歸屬於普通股股東的淨利增至 1.5 億美元。營業撥備前淨收入較上年同期成長 18%，從而實現了積極的經營槓桿效應，並使公司效率比率達到同業領先的 52%。F.N.B. 又創下了一個季度的收入紀錄，總計 4.57 億美元，其中收費業務貢獻強勁，尤其是在資本市場和抵押貸款銀行業務方面，推動非利息收入總額達到創紀錄的 9820 萬美元。

F.N.B.'s capital position has reached record levels with tangible common equity at 8.7% in CET1 at 11%. Our growing capital base provided our company with flexibility to return to $162 million to shareholders year-to-date through our active share repurchase program and quarterly dividends. The company's profitable quarter resulted in a return on average tangible common equity of 15% and tangible book value per share growth of 11% to $11.48.

F.N.B. 的資本狀況已達到創紀錄水平，有形普通股權益佔比為 8.7%，CET1 佔比為 11%。我們不斷增長的資本基礎使我們公司能夠靈活地透過積極的股票回購計劃和季度分紅，在今年迄今向股東返還 1.62 億美元。該公司獲利的季度帶來了平均有形普通股股東權益回報率 15%，每股有形帳面價值成長 11% 至 11.48 美元。

Period-end loans increased 3% on an annualized linked quarter basis with growth led by equipment finance, consumer lending and seasonal residential mortgage production. Commercial and industrial loans grew 2% annual last linked quarter, impacted by lower line utilization and higher than normal attrition driven by outsized customer M&A activity. Equipment finance had a strong quarter with 21% annualized loan growth, reflecting activity across our footprint, likely driven by fiscal policy.

期末貸款金額年增 3%，成長主要由設備融資、消費貸款和季節性房屋抵押貸款帶動。受信貸額度利用率下降和客戶併購活動規模過大導致的正常流失率上升的影響，商業和工業貸款上季度年增 2%。設備融資業務本季表現強勁，年化貸款成長率達 21%，反映了我們業務覆蓋範圍內的活躍度，這很可能是受到財政政策的推動。

We continue to maintain our strict credit discipline with a primary focus on traditional C&I lending. We are not in the business of lending to private capital providers particularly entities that engage in direct consumer and small business lending. As we've indicated on prop polls, two areas of focus that position F.N.B. for future growth are continuing to grow low-cost deposits and reducing our CRE concentration. This quarter, we made good progress on both fronts with a loan-to-deposit ratio ending the quarter at 90.9%, and our CRE concentration improving to 214%.

我們繼續保持嚴格的信貸紀律，主要專注於傳統的工商貸款。我們不從事向私人資本提供者放款的業務，特別是那些直接從事消費者和小型企業貸款的實體。正如我們在民意調查中指出的那樣，F.N.B. 未來發展的兩大重點領域是繼續增加低成本存款和降低我們的商業房地產集中度。本季度，我們在兩個方面都取得了良好進展，貸款存款比率在本季末達到 90.9%，商業房地產集中度提高到 214%。

Our business model and its emphasis on a diverse and attractive footprint is contributing factor to grow deposits at a favorable level. Annualized linked quarter deposit growth of 7% outpaced the industry and reflected continued commercial client acquisition. The FDIC deposit market share data released in September revealed that F.N.B. grew in nearly 75% of the MSAs we operate in. We now rank in the top 5 in nearly 50% of our MSAs and in the top 3 market share in nearly 30%.

我們的商業模式及其對多元化和有吸引力的業務佈局的重視，是存款以良好水平增長的促成因素。年化季度存款成長率為 7%，超過產業平均水平，反映出商業客戶的持續成長。FDIC 9 月發布的存款市佔率數據顯示，F.N.B. 在我們營運的 MSA 中，近 75% 的 MSA 實現了成長。在近 50% 的 MSA 中，我們的排名排名前 5 名；在近 30% 的 MSA 中，我們的市佔率位列前 3 名。

Noninterest-bearing deposits comprised 26% of total deposits stable to the prior quarter with favorable total deposit cost of [1.93%] at quarter end. Our strategy has been to price our deposits competitively to support our client base while protecting our net interest margin by leveraging our digital capabilities and data analytics. We have successfully executed on broadening our household penetration and becoming the primary bank for new and existing clients through our streamlined digital customer experience in our proprietary store and common application.

不計息存款佔總存款的 26%，與上一季持平，季末總存款成本為 [1.93%]，較為有利。我們的策略是，透過利用我們的數位化能力和數據分析，以具有競爭力的價格為存款產品定價，從而支持我們的客戶群，同時保護我們的淨利差。我們透過自主研發的網路銀行和通用應用程式提供的精簡的數位化客戶體驗，成功擴大了家庭客戶覆蓋範圍，成為新舊客戶的主要銀行。

Since our in-branch Common App pilot concluded in May 2025, the percentage of applications originated through the common app has nearly tripled. Our data analytics team now mines the data and leverages AI to provide our customer-facing team with quality leads to accelerate sales and grow revenue. We have been able to gain insight on our customers' references and competitor pricing from data points housed in our enterprise data warehouse system and through external data aggregation. This allows us to strategically price our deposits and analyze the relationship holistically.

自 2025 年 5 月我們分行的通用申請試點計畫結束後，透過通用申請系統提交的申請比例幾乎增加了三倍。我們的數據分析團隊現在挖掘數據並利用人工智慧為我們的客戶服務團隊提供高品質的銷售線索，以加速銷售並增加收入。我們能夠從企業資料倉儲系統中儲存的資料點以及外部資料聚合中獲得有關客戶參考和競爭對手定價的資訊。這使我們能夠有策略地為存款定價，並從整體上分析雙方關係。

Implementing this pricing approach contributed to our net interest margin expanding 6 basis points linked quarter. Our newly formed AI and innovation team is actively reviewing and prioritizing high-impact use cases from across the organization. I am energized by the transformative potential of AI elevate operational efficiency, accelerate revenue growth and deepen client engagement. As we grow our AI footprint, we remain committed to strong risk management framework and controls, ensuring our innovation is both responsible and sustainable.

實施此定價策略使我們的淨利差較上季成長了 6 個基點。我們新成立的人工智慧和創新團隊正在積極審查和優先考慮來自整個組織的高影響力用例。人工智慧的變革潛力令我充滿活力，它能夠提升營運效率、加速收入成長並加深客戶互動。隨著我們在人工智慧領域的不斷拓展，我們始終致力於建立強大的風險管理框架和控制措施，確保我們的創新既負責任又永續。

With that, I would now like to turn the call over to Gary to discuss the strong credit results for the quarter. Gary?

接下來，我想把電話交給 Gary，讓他來討論本季強勁的信貸業績。加里？

Thank you, Vince, and good morning, everyone. We ended the quarter with our asset quality metrics remaining at solid levels. Total delinquency ended the quarter at 65 basis points, up 3 bps from the prior quarter with NPLs and OREO up 3 bps remaining at a solid 37 basis points. Net charge-offs totaled 22 basis points, bringing the year-to-date results to 21 bps, reflecting good performance despite the continuation of a somewhat volatile economic environment.

謝謝你，文斯，大家早安。本季末，我們的資產品質指標維持在穩健水準。本季末，總違約率為 65 個基點，比上一季上升 3 個基點，不良貸款和已收回房產的違約率上升 3 個基點，維持在 37 個基點的穩定水平。淨沖銷總額為 22 個基點，使年初至今的沖銷額達到 21 個基點，反映出儘管經濟環境持續波動，但績效仍良好。

Criticized loans were down 7.3% or $113 million on a linked-quarter basis, with decreases observed throughout all of the commercial segments. We were pleased with the stability and improvements we saw during the quarter and were successful in removing some risk from the loan portfolio. Total funded provision expense for the quarter stood at $24.9 million, supporting loan growth and charge-offs.

受批評貸款季減 7.3% 或 1.13 億美元，所有商業貸款部門均下降。我們對本季所看到的穩定性和改善感到滿意，並成功地消除了貸款組合中的一些風險。本季撥備總額為 2,490 萬美元，用於支援貸款成長和核銷。

Our ending funded reserve stands at $437 million, an increase of $5.2 million, ending at 1.25%, unchanged from the prior quarter. When including acquired unamortized loan discounts, our reserve stands at 1.32%, and our NPL coverage position remained strong at 368%, inclusive of the discounts.

本季末資金儲備為 4.37 億美元，增加 520 萬美元，佔 1.25%，與上一季持平。如果將收購的未攤銷貸款折扣計入，我們的準備金為 1.32%，我們的不良貸款覆蓋率（包括折扣在內）仍保持在 368% 的強勁水平。

Regarding tariffs, we continue to monitor line utilization and industry concentrations especially customers with a higher potential impact over the longer term. Since Q1, we have not seen any material impacts on the loan portfolio and have, in fact, experienced positive credit migration, as I mentioned earlier. Also of note, our overall C&I line utilization was down again in the quarter, including sectors that could potentially be impacted by higher tariffs, remaining at stable levels.

關於關稅問題，我們將繼續關注線路利用率和行業集中度，特別是那些在長期內可能產生更大影響的客戶。自第一季以來，我們沒有看到貸款組合受到任何實質影響，事實上，正如我之前提到的，我們已經經歷了積極的信貸遷移。值得注意的是，本季我們的整體工商業生產線利用率再次下降，包括可能受到關稅上漲影響的產業，仍保持穩定水準。

The government shutdown remains a fluid situation. We are monitoring the portfolio closely and are having discussions with our customers that are potentially impacted to support them in what should be a temporary event. Each quarter, we continue to run a lot of sensitivities in a full portfolio stress test. Our stress test results were stable with our current ACL more than covering projected charge-offs in a severe economic downturn.

政府停擺的情況仍然瞬息萬變。我們正在密切關注投資組合，並與可能受到影響的客戶進行討論，以支持他們度過這一暫時性事件。每個季度，我們都會持續進行大量的敏感度分析，以進行全面的投資組合壓力測試。我們的壓力測試結果穩定，目前的ACL足以涵蓋嚴重經濟衰退期間預期的壞帳損失。

Regarding the nonowner CRE portfolio, credit metrics also improved, contributing to the criticized decline I mentioned earlier with delinquency and NPLs at 53 and 50 basis points, respectively. This reflects an improvement from 64 and 62 bps at the prior quarter end. We continue to aggressively manage this portfolio as we have throughout this interest rate cycle with a nonowner exposure declining by another $226 million in the quarter, bringing the year-to-date decline to $646 million, ending at 214% of capital.

至於非業主商業房地產投資組合，信貸指標也有所改善，導致我先前提到的違約率和不良貸款率分別下降了 53 個基點和 50 個基點，這加劇了人們的批評。這比上一季末的 64 和 62 個基點有所改善。我們繼續積極管理該投資組合，正如我們在整個利率週期中所做的那樣，本季非所有者敞口又減少了 2.26 億美元，使年初至今的降幅達到 6.46 億美元，最終佔資本的 214%。

In closing, we continue to be pleased with the performance of our loan portfolio. We look forward to increasing levels of activity with the fiscal policies that have been enacted which are already driving our equipment finance portfolio growth. As uncertainty eases, we expect broad-based growth in a potentially more robust and business-friendly environment. Our consistent credit results through many cycles and uncertain times continue to be driven by our credit risk appetite and credit selection.

最後，我們對貸款組合的表現依然感到滿意。我們期待隨著已實施的財政政策的出台，業務活動水準能夠不斷提高，這些政策已經推動了我們設備融資組合的成長。隨著不確定性的緩解，我們預計在可能更加穩健和有利於商業發展的環境中，將出現全面成長。我們在多個經濟週期和不確定時期中始終保持良好的信貸業績，這主要得益於我們的信貸風險承受能力和信貸選擇。

Our robust concentration risk management framework and our 360-degree view of our customer activity and performance. As Vince referenced earlier, our credit philosophy continues to be focused on core C&I lending activity, which has and will continue to drive our growth into the future.

我們健全的集中風險管理框架以及對客戶活動和績效的360度全方位視角。正如 Vince 之前提到的，我們的信貸理念仍然專注於核心的工商貸款業務，這已經並將繼續推動我們未來的成長。

I will now turn the call over to Vince Calabrese, our Chief Financial Officer, for his remarks.

現在我將把電話交給我們的財務長文斯·卡拉布雷斯，請他發言。

Thanks, Gary, and good morning. Today, I will review the third quarter's financial results and walk through our updated full year guidance. Third quarter operating net income totaled $147.7 million or $0.41 per share. Total revenues were a quarterly record at $457 million with both net interest and noninterest income exceeding the high end of our prior quarterly guidance ranges. As a result, third quarter operating pre-provision net revenues grew 18.3% in the year-ago period.

謝謝你，加里，早安。今天，我將回顧第三季的財務業績，並詳細介紹我們更新後的全年業績預期。第三季營業淨收入總計 1.477 億美元，即每股 0.41 美元。總收入創季度新高，達到 4.57 億美元，淨利息收入和非利息收入均超過了我們先前季度預期範圍的上限。因此，第三季營業稅前淨收入年增 18.3%。

Third quarter average loans and leases totaled $34.8 billion, a 3.6% annualized linked quarter increase. Average consumer loans increased $431 million on strong residential mortgage and home equity lending growth as seasonality and a drop in interest rates provided a favorable environment for consumer lending. Average commercial balances declined $119 million linked quarter due primarily to a planned reduction in commercial real estate balances, offset by growth in C&I.

第三季平均貸款和租賃總額為 348 億美元，季增 3.6%。由於季節性因素和利率下降為消費貸款提供了有利環境，強勁的房屋抵押貸款和房屋淨值貸款成長帶動了平均消費貸款額增加 4.31 億美元。由於計劃減少商業房地產餘額，平均商業餘額環比下降 1.19 億美元，但被工商業餘額的增長所抵消。

Average deposits totaled $37.9 billion, a strong 8.2% annualized linked quarter increase, reflecting organic growth in new and existing customer relationships. [Bond] noninterest-bearing demand deposits grew 1% linked quarter and were stable at 26% of total deposits. The loan-to-deposit ratio declined nearly 1% in the second quarter level to 90.9%. The cumulative total deposit beta since the interest rate cuts began in September of last year was 24% at quarter end, reflecting the timing of the most recent Fed cut late in the third quarter.

平均存款總額達379億美元，較上季年增8.2%，強勁成長，反映了新舊客戶關係的自然成長。 [債券]無息活期存款年增1%，佔總存款的比例穩定在26%。第二季貸款存款比率下降近1%，至90.9%。自去年 9 月開始降息以來，累計存款總額貝塔係數在季度末為 24%，反映了聯準會最近一次降息的時間（第三季末）。

Record net interest income of $359.3 million grew 3.5% from the prior quarter and over 11% from the year ago period, attributable in part to our diligent management of deposit costs. The third quarter's net interest margin of 3.25% was up 6 basis points sequentially and 17 basis points from last year's third quarter. Earning asset yields increased 3 basis points linked quarter to 5.36% driven by higher yields on the investment securities portfolio, with reinvestment rates on securities remaining well above the average portfolio rate and higher yields on new fixed rate loans compared to maturing loans. The average loan yield held steady sequentially even with lower mortgage rates and the Fed cut late in the quarter.

淨利息收入創歷史新高，達到 3.593 億美元，比上一季成長 3.5%，比去年同期成長超過 11%，部分原因是我們對存款成本的認真管理。第三季淨利差為 3.25%，較上季上升 6 個基點，較去年同期上升 17 個基點。受投資證券組合收益率上升的推動，獲利資產收益率環比上升 3 個基點至 5.36%，證券再投資率遠高於平均投資組合利率，且新發放的固定利率貸款收益率高於到期貸款收益率。即使抵押貸款利率走低，聯準會在本季末降息，平均貸款收益率仍保持穩定。

On the funding side, the cost of total deposits and borrowings was down 3 basis points linked quarter as a result of a 7 basis point decline in the cost of borrowings and the funding mix shift towards deposits. Average borrowings were down $424 million linked quarter, primarily due to the $350 million of 5.15% senior notes that matured in August of 2025 and the growth recorded in deposits.

在資金方面，由於借款成本下降 7 個基點以及資金結構向存款轉移，存款和借款總成本較上季下降 3 個基點。平均借款額較上季下降 4.24 億美元，主要原因是 3.5 億美元的 5.15% 優先票據於 2025 年 8 月到期，以及存款成長。

Noninterest income totaled a record $98.2 million, up 9.5% in the year-ago period. Capital markets income grew 27% on a record debt capital markets and international banking income as well as contributions from customer swap activity, syndications, public finance and advisory services. Wealth Management revenues increased 8% year-over-year on solid trust income and double-digit growth securities commissions and fees. Mortgage banking income increased $3.6 million from last year to the strong sold loan volumes, net positive fair value adjustments from pipeline hedging activity and the $2.8 million MSR impairment in the third quarter of 2024.

非利息收入總額達到創紀錄的 9,820 萬美元，比上年同期成長 9.5%。資本市場收入成長了 27%，這主要得益於創紀錄的債務資本市場和國際銀行業務收入，以及客戶互換活動、銀團貸款、公共融資和諮詢服務的貢獻。財富管理收入年增 8%，主要得益於穩健的信託收入以及證券佣金和費用的兩位數增長。由於強勁的貸款銷售量、管道套期保值活動帶來的淨正公允價值調整以及 2024 年第三季 280 萬美元的抵押貸款服務權減值，抵押貸款銀行業務收入比去年增加了 360 萬美元。

Other noninterest income increased $5.3 million, primarily due to a $5.4 million recovery on an asset previously written off through purchase accounting as part of a 2017 acquisition. Operating noninterest expense totaled $245.8 million, up 5% from the third quarter of 2024. Salaries and employee benefits increased $5.5 million or 4.4%, primarily reflecting strategic hiring, continued investments in our risk management infrastructure and higher production-related compensation.

其他非利息收入增加了 530 萬美元，主要是由於收回了 540 萬美元，這筆款項來自先前在 2017 年收購中透過購買會計處理註銷的資產。經營性非利息支出總額為 2.458 億美元，較 2024 年第三季成長 5%。薪資和員工福利增加了 550 萬美元，增幅為 4.4%，主要反映了策略性招聘、對風險管理基礎設施的持續投資以及更高的生產相關補償。

Outside services increased $1.7 million due to higher volume-related technology and third-party costs. Other noninterest expense increased $3.7 million primarily reflecting our mortgage down payment assistance program.

由於業務量增加，技術和第三方成本上升，外部服務費用增加了 170 萬美元。其他非利息支出增加了 370 萬美元，主要反映了我們的抵押貸款首付援助計劃。

Year-over-year operating revenue growth of 10.7% was more than twice the 5% increase in operating expenses. As a result, the efficiency ratio reflected strong improvements and declined nearly 280 basis points from the third quarter of last year to 52.4%. We expect continued strength in operating leverage performance in the fourth quarter and positive operating leverage for the full year of 2025.

營業收入年增 10.7%，是營業支出 5% 增幅的兩倍多。因此，效率比率得到了顯著改善，較去年第三季下降了近 280 個基點，至 52.4%。我們預期第四季經營槓桿表現將持續強勁，2025 年全年營運槓桿將維持正成長。

We are in the process of developing our annual cost savings target for 2026 and to maintain our positive operating leverage momentum moving forward by renegotiating vendor relationships and leveraging investments in AI, data science and machine learning.

我們正在製定 2026 年年度成本節約目標，並透過重新談判供應商關係和利用在人工智慧、數據科學和機器學習方面的投資，保持積極的營運槓桿勢頭。

F.N.B. continues to actively manage our capital position for ample flexibility to support balance sheet growth and optimize shareholder returns while appropriately managing risk. Our financial performance and capital management strategies resulted in our CET1 ratio, reaching 11% and our TCE ratio reaching 8.7%, both record levels. Tangible book value was $11.48 per share at quarter end, an increase of $1.15 or 11.1% compared to last year.

F.N.B. 繼續積極管理我們的資本狀況，以保持充足的靈活性，從而支持資產負債表的增長並優化股東回報，同時適當管理風險。我們的財務表現和資本管理策略使我們的 CET1 比率達到 11%，TCE 比率達到 8.7%，均創歷史新高。截至季末，每股有形帳面價值為 11.48 美元，比去年同期成長 1.15 美元，增幅達 11.1%。

Let's now look at updated guidance for the full year of 2025. All guidance is based on current expectations, while remaining cognizant of operating in an uncertain economic environment. We are maintaining our balance sheet guidance for spot balances, projecting period-end loans and deposits to grow mid-single digits on a full year basis as we increased our market share across a diverse geographic footprint. For loans, we expect to be towards the lower end of the mid-single-digit guide given continued expectations for secondary market activity and our continued active management of CRE exposures.

現在讓我們來看看2025年全年的最新指導。所有指導意見均基於當前預期，同時充分考慮到在不確定的經濟環境下運作。我們維持即期餘額的資產負債表指引，預計隨著我們在多元化的地域範圍內擴大市場份額，期末貸款和存款將實現全年中位數個位數成長。對於貸款而言，鑑於對二級市場活動的持續預期以及我們對商業房地產風險敞口的持續積極管理，我們預計利率將接近個位數中段指導值的下限。

We are raising our 2025 net interest income guidance for the second consecutive quarter to incorporate the strong performance in the third quarter and our fourth quarter outlook. Our revised full year net interest income guidance range is $1.39 billion to $1.405 billion. This guidance includes an expectation for a 25 basis point rate cut in October compared to our previous expectation for a cut in December.

我們連續第二季上調了 2025 年淨利息收入預期，以反映第三季的強勁表現和我們對第四季的展望。我們修訂後的全年淨利息收入預期範圍為 13.9 億美元至 14.05 億美元。該指引將利率下調幅度從先前預期的12月下調25個基點調整為10月下調25個基點。

The noninterest income full year guidance range has been revised to $365 million to $370 million, with fourth quarter levels expected to approximate $90 million. Full year guidance for noninterest expense has been maintained at $975 million to $985 million. The revised full year provision guidance range of $85 million to $95 million reflects a $5 million decrease on the high end, given our year-to-date performance and strong asset quality metrics. As always, provision will be dependent on net loan growth and charge-off activity, and we continue to monitor risks posed by the current economic environment.

全年非利息收入預期範圍已調整為 3.65 億美元至 3.7 億美元，預計第四季水準約為 9,000 萬美元。全年非利息支出預期維持在 9.75 億美元至 9.85 億美元之間。鑑於我們年初至今的業績和強勁的資產品質指標，修訂後的全年撥備指引範圍為 8500 萬美元至 9500 萬美元，高端減少了 500 萬美元。與以往一樣，撥備將取決於淨貸款成長和核銷活動，我們將繼續關注當前經濟環境帶來的風險。

The full year effective tax rate should be between 21% and 22%, which does not assume any investment tax credit activity that may occur. Lastly, we also remain opportunistic and disciplined in our approach to buybacks, taking advantage of attractive valuation levels.

全年實際稅率應在 21% 至 22% 之間，這還不包括可能發生的任何投資稅收抵免活動。最後，我們仍然保持機會主義和嚴謹的股票回購策略，並利用具吸引力的估值水準。

With that, I will turn the call back to Vince.

這樣，我就把電話轉回給文斯了。

Thanks, Vince. Last month, we announced plans to further deploy our organic growth strategy by adding 30 new branches to our network by 2003, focused primarily in the high-growth Carolina and the Mid-Atlantic markets. This expansion will build upon our commitment to client service and will incorporate the modern concept design and latest technology including our AI-driven e-store platform, now found in all branches throughout F.N.B.'s multistate footprint.

謝謝你，文斯。上個月，我們宣布計劃進一步實施有機成長策略，到 2003 年在我們的網路中增加 30 個新分支機構，主要集中在高成長的卡羅萊納州和大西洋中部市場。此次擴張將鞏固我們對客戶服務的承諾，並將融入現代概念設計和最新技術，包括我們人工智慧驅動的電子商店平台，該平台目前已在 F.N.B. 遍布多個州的各分行投入使用。

We also recently announced a leadership transition for the consumer bank with the hiring Alfred Cho as Chief Consumer Banking Officer, succeeding Barry Robinson upon his retirement. Over his 15 years at F.N.B., Barry has been a valued leader during a period of prolific growth for our company and has contributed to the build-out of our mortgage banking operations, the rollout of our retail scorecards and the expansion of our distribution network. I am grateful to Barry for his many years and dedicated service and contributions to FNB, and we wish him well in his retirement.

我們最近也宣布了消費者銀行的領導過渡，聘請 Alfred Cho 擔任首席消費者銀行官，接替退休的 Barry Robinson。在巴里擔任 F.N.B. 首席執行官的 15 年間，公司經歷了蓬勃發展的時期，巴里一直是公司一位備受重視的領導者，並為公司抵押貸款業務的建立、零售評分卡的推廣以及分銷網絡的擴張做出了貢獻。我感謝巴里多年來對FNB的盡心服務和貢獻，我們祝福他退休生活一切順利。

Throughout the company, we have continued to attract the line with our world culture and key strategic initiatives to drive growth and a superior client experience. As we continue to expand the depth of our strategic management team, we recently hired Frank Schiraldi as Director of Corporate Strategy, who joined us with 20 years' experience as a prominent New York-based sell-side analyst. I welcome Alfred Frank and other recent strategic hires to Pittsburgh and look forward to working alongside them and our current team to create value for all of our stakeholders.

公司上下始終致力於透過我們的全球文化和關鍵策略舉措來吸引客戶，從而推動成長並提供卓越的客戶體驗。隨著我們不斷擴大策略管理團隊的深度，我們最近聘請了 Frank Schiraldi 擔任企業策略總監，他擁有 20 年在紐約擔任著名賣方分析師的經驗。我歡迎阿爾弗雷德·弗蘭克和其他近期加入的戰略要員來到匹茲堡，並期待與他們以及我們現有的團隊一起努力，為我們所有的利益相關者創造價值。

F.N.B. remains dedicated to advancing our technology, people and delivery channels to gain scale and operational efficiency. This happens by cultivating meaningful lasting relationships with our clients and communities, while simultaneously creating value for our shareholders.

F.N.B. 將繼續致力於提升我們的技術、人才和交付管道，以實現規模化和營運效率。這是透過與客戶和社區建立有意義的持久關係來實現的，同時為我們的股東創造價值。

With that, I would like to turn the call over to the operator for questions.

那麼，我將把電話轉交給接線員，回答大家的問題。

(Operator Instructions)

（操作說明）

Kelly Motta, KBW.

Kelly Motta，KBW。

So loan growth has been really solid. I know it's now expected to be sort of on the lower end of the mid-single digit. Wondering just as a high level, you're one of the few banks who had some really nice growth in residential mortgage. I'm wondering -- you mentioned the secondary markets, but wondering as we've had a look ahead here with rates coming down, if you see any sort of headwind from refi risk of your existing book that was put on at higher rates.

因此，貸款成長一直非常穩健。我知道現在預計會接近個位數中段的較低水準。僅從宏觀層面來看，貴行是少數幾家在房屋抵押貸款方面取得非常可觀增長的銀行之一。我想問的是——您提到了二級市場，但鑑於我們已經展望了利率下降的未來，您是否認為以較高利率發行的現有貸款組合的再融資風險會帶來任何不利影響。

Yeah, obviously, we analyze the mortgage book. We spent a lot of time looking at it. I think we shifted strategically a while ago in terms of pricing more aggressively in the conforming space. So we've been moving assets off the balance sheet through origination for a little bit here. I would expect that to continue. So we don't -- our cost things shift that we're able to reduce our -- I don't think the prepayment speeds accelerating in the mortgage book is a negative, even though there's a margin impact, we can redeploy that capital in the commercial book and get deposits and really drive return on equity at the company. I think that's really the strategy in the long run.

是的，我們當然會分析抵押貸款帳簿。我們花了很多時間研究它。我認為我們早在一段時間前就調整了策略，在合規領域採取了更積極的定價策略。所以，我們已經透過貸款發放的方式將資產從資產負債表上轉移出去一段時間了。我預計這種情況還會持續下去。因此，我們的成本轉移使我們能夠降低成本——我不認為抵押貸款提前還款速度加快是件壞事，即使這會對利潤率產生影響，我們也可以將這些資金重新部署到商業貸款中，獲得存款，並真正推動公司的股本回報率。我認為這才是長遠來看的真正策略。

Most of the production that's coming online for us is they're very wealthy individuals that do jump up mortgage loans and physicians. So we're bringing that on our book, which has tremendously good credit metrics. Maybe they're priced a little thinner because it's a pretty competitive space to begin with. So that's the book I would see maybe turning over a little bit.

我們目前的客戶大多是非常富有的個人，他們會申請抵押貸款，而且他們還是醫生。所以我們會把這筆貸款納入我們的貸款組合，該組合的信用指標非常好。或許是因為這個領域競爭本身就很激烈，所以它們的價格才會稍微低一點。所以我覺得這本書可能會稍微翻頁。

But again, that's not a terribly negative thing because we're using data analytics on those customers to try to cross-sell wealth and other products and services. And we've retained the servicing, we try to refinance it if we can get it into a conforming product and then retain the searching and retain the customer over time. So we're not that concerned about that. I think you'll see a shifting in production over time, less consumer-centric, more commercially oriented as we move through this choppy period.

但話說回來，這並不是一件壞事，因為我們正在利用這些客戶的數據分析來嘗試交叉銷售財富管理和其他產品及服務。我們保留了售後服務，如果我們能轉換為符合規定的產品，我們會嘗試對其進行再融資，然後保留搜尋服務，並隨著時間的推移留住客戶。所以我們並不太擔心。我認為隨著時間的推移，你會看到生產方式發生轉變，從以消費者為中心轉向以商業為導向，因為我們正經歷著這段動盪時期。

I'm pretty optimistic in certain sectors. We're a traditional lender. We're not doing anything fancy. It's block and tackling, it's going after clients in the markets, it's middle market banking. It's the hard stuff. That's why we don't produce outsized loan growth. We manage the exposures. We go after the holistic relationship and try to achieve primacy from a depository and treasury management perspective. And you can see it in the results that we have, it's very steady, very stable, there's really strong credit results. We continue to grow demand deposits and deposits overall.

我對某些領域相當樂觀。我們是一家傳統貸款機構。我們沒做什麼花俏的事。這是實戰，是開拓市場，是中階市場銀行業務。這是最難的部分。這就是為什麼我們的貸款成長不會太快的原因。我們負責管理風險敞口。我們追求整體關係，並努力從存款和資金管理的角度取得領先地位。從我們的業績結果可以看出，它非常穩定，非常穩健，信貸業績非常強勁。我們持續增長活期存款和整體存款。

So it's -- that's our business. So yes, I don't know, I probably gave you too much information, but I wouldn't get hung up on a particular asset class within our balance sheet because we're focused on all of it, from an exposure perspective and there's strategies in place to deal with margin erosion in those portfolios with acceleration of prepayment speeds.

所以，這就是──這就是我們的事。所以，是的，我不知道，我可能給你的資訊太多了，但我不會糾結於我們資產負債表中的某個特定資產類別，因為我們關注的是所有資產，從風險敞口的角度來看，並且我們已經制定了策略來應對這些投資組合中因提前還款速度加快而導致的利潤率下降。

Great. That is actually a super helpful color and underscores the strength that you guys have. Since you mentioned the deposit base, maybe I could ask a follow-up on that. I mean deposit growth was really solid and most impressively, in demand deposits, noninterest-bearing. Wondering if you could provide additional color and commentary as to how much of that is coming from your growth market, what's the drivers of that? I know you guys have been doing a lot with the DAE store in AI and just hoping to get additional color.

偉大的。這其實是一個非常有用的顏色，它突顯了你們的力量。既然你提到了存款基礎，也許我可以就此追問一下。我的意思是存款成長非常穩健，尤其令人印象深刻的是活期存款（不計息存款）。我想知道您能否提供更多細節和評論，說明其中有多少成長來自您的成長市場，以及其驅動因素是什麼？我知道你們一直在AI的DAE商店裡做了很多工作，只是希望能夠獲得更多顏色。

Yeah. I think it's across the board. I can't just point to one specific market. We've had great success growing deposits in the Carolinas. I know everybody was a little nervous with us moving in there and said it's highly competitive, but we've grown in many, many markets there, a lot of the FDIC data that we refer specifically to those markets in Carolina, where we have pretty decent share. We've been able to continue to grow.

是的。我認為這種情況普遍存在。我無法具體指出某個市場。我們在卡羅萊納州的存款成長方面取得了巨大成功。我知道大家對我們進軍那裡有點緊張，都說那裡的競爭非常激烈，但我們在很多市場都取得了增長，我們引用的很多聯邦存款保險公司（FDIC）數據都特別針對卡羅來納州的那些市場，我們在那裡擁有相當不錯的市場份額。我們得以持續發展壯大。

Pittsburgh, for example, is not a high-growth market from a deposit expansion perspective. I think deposits declined in the market overall because there's big balances that shift around with some of the -- with the custody banks that are located here.

例如，從存款擴張的角度來看，匹茲堡並不是一個高成長市場。我認為市場整體存款下降是因為一些託管銀行（位於此地）有大量資金餘額正在進行轉移。

There's large institutional deposit bases that move around here and then P&C is faced here. So it's kind of hard to say. But we've grown deposits out right here. I think on a relative basis, we've gained share, and we've solidly positioned ourselves as the number 2 retail deposit bank in Pittsburgh. That comes from a whole bunch of things. Really solid execution in the field, a technology offering that enables us to compete with large banks, the efficiency contained within the common app to bring customers in quickly and using AI to guide them into depository products right away and let them purchase those products instantly. So a lot of those things come into play.

這裡有大量的機構存款，這些存款會四處流動，然後財產和意外傷害保險也會在這裡出現。所以很難說。但我們已經在這裡開發了礦藏。我認為從相對意義上講，我們已經獲得了市場份額，並且我們已經穩固地確立了自己作為匹茲堡第二大零售存款銀行的地位。這源自於很多方面。在實際操作中表現出色，提供的技術使我們能夠與大型銀行競爭，通用應用程式的高效性可以快速吸引客戶，並利用人工智慧引導他們立即了解存款產品，並讓他們立即購買這些產品。所以很多因素都會起作用。

And then on top of all of that, the commercial bankers have really been trained to go after depository only relationships. So they do both. And that's the old traditional corporate banker, that's what I was trying to do, go after. I don't just focus on loans. I focused on whatever would drive good results for the balance sheet.

此外，商業銀行家實際上已經接受過專門訓練，只追求存款關係。所以他們兩者都做。這就是老派的傳統企業銀行家，也是我當時試圖爭取的目標。我並非只關注貸款。我專注於那些能為資產負債表帶來良好績效的事情。

And our incentive compensation plans are aligned to produce results because we incent people to originate low-cost deposits, not specialty priced. They don't get incentives to bring in high-priced deposits. It's the solid stuff. So there's a lot of block and tackling. It's not -- there's no silver bullet. It takes a lot of people that are pretty dedicated to making that happen, and you have to stay true to the model that that you've developed.

我們的激勵性薪酬計畫旨在產生業績，因為我們激勵人們進行低成本存款，而不是進行特殊定價的存款。他們沒有動力去吸引高價存款。這是真材實料。所以有很多阻擋和擒抱。並非如此——沒有萬全之策。要實現這一點，需要很多人全心投入，而且你必須堅持你所建立的模式。

And we have a very solid growth model, a very good execution in the field and a laser focus on doing what we think is best for the shareholders and then incenting people to do that. So I know that doesn't give you your answer because you were looking for one specific thing. But I don't think there is. It's a combination of things, and we have a very well thought out strategy and it's playing out -- it's played out over 15 years.

我們擁有非常穩健的成長模式，在實際操作中表現出色，並且始終專注於做我們認為對股東最有利的事情，然後激勵員工這樣做。我知道這並不能解答你的疑問，因為你想要的是一個特定的答案。但我認為並沒有。這是多種因素共同作用的結果，我們制定了一項深思熟慮的策略，而這項策略正在逐步實施——這項策略已經實施了 15 年。

I would add, too, if you look at the FDIC market share data, right, the June to June, I mean, we more than doubled the market growth in that period. We grew in 75% of the MSAs that we're in, outperformed the market in [38]. We're now with this growth and performance we had, we're top 5 and nearly 50% of our MSAs and top 3 and 30%. So it's really kind of across the footprint.

我還要補充一點，如果你看一下 FDIC 的市佔率數據，對吧，從 6 月到 6 月，我的意思是，我們在那段時間裡市場成長了一倍多。我們在75%的MSA（大都會統計區）實現了成長，業績優於市場平均。[38]憑藉我們目前的成長和業績，我們在MSA中排名前5，接近50%，在MSA中排名前3，達到30%。所以它實際上覆蓋了整個區域。

Casey Haire, Autonomous.

凱西·海爾，自主。

Vince, a question for you on slide 15. So the interest-bearing deposit beta down to 35% from 40% cumulatively. Just where do you see that going through the cycle versus the 54% on the upswing?

文斯，關於第15張投影片，我有個問題想問你。因此，計息存款的β值從累計的40%下降到35%。你認為在週期性波動中，這種情況與上漲行情中的 54% 相比如何？

Yeah. I would say just as a reminder, on the way we finished the cycle with a cumulative beta, total deposit beta of 39.8%, and we outperformed our peers by 8 percentage points during that period. And meaningfully on the deposit cost, 38 basis points. As you would expect, I mean we have a very active process discussing strategy and tactics for bringing rates down and we've started to do that in anticipation of the Fed moving as we move through this cycle. So I think we have a very good game plan for how to do that as we move forward.

是的。我想提醒大家，我們以累計貝塔係數和總存款貝塔係數 39.8% 結束了本輪週期，並且在此期間，我們比同行高出 8 個百分點。而存款成本則顯著下降了 38 個基點。正如你所預料的那樣，我們正在積極討論降低利率的策略和戰術，我們已經開始這樣做，以應對聯準會在本輪經濟週期中可能採取的行動。所以我認為我們已經制定了一個很好的計劃，來指導我們接下來的工作。

Just kind of where we think it might go. I mean, we still think mid-30s terminal down beta seems reasonable for us given our historical performance. As far as year-end, I guess it depends on if you get a December cut, right, which obviously a cut late in the quarter just affects the math. So if we do get that cut, we're probably in the low 20s or so. Without a December cut, we're kind of in the, I would say, the mid-20s just for this year, but kind of mid-30s as we move forward through the cycle.

大概就是我們預想的發展方向。我的意思是，考慮到我們過去的表現，我們仍然認為 30 多度的終端下跌 beta 對我們來說是合理的。至於年末業績，我想這取決於12月份是否會被裁員，對吧？顯然，季度末的裁員會影響最終的業績計算。所以如果我們真的能砍掉那部分，我們大概可以拿到20美元左右。如果沒有 12 月的裁員，我認為今年的預期值大概在 20 多美元，但隨著週期的推進，預期值可能會達到 30 多美元。

Okay. Very good. And then switching to capital management, just to see the CET1 ratio at 11%. I don't think -- I mean that's a very big number. And I just wanted to get some updated thoughts. You guys do have an attractive stock price. You [did hit] the buy-back a little, I think you could have done it more. Just what is the go-forward strategy with a very strong capital ratio. And Vince, if you want to tell me to shut up about M&A, please take that opportunity.

好的。非常好。然後切換到資本管理，結果發現 CET1 比率為 11%。我不認為——我的意思是，那是一個非常大的數字。我只是想了解一些最新的想法。你們的股價確實很有魅力。你的回購力道確實有所提升，但我認為你還可以做得更好。在資本充足率非常高的情況下，未來的發展策略是什麼？文斯，如果你想讓我閉嘴別再談論併購，請你把握這個機會。

I'm going to reserve my comments. The M&A answer, I'll give that right away. We haven't changed our position. So we're still focused on executing our core model. and it's performing very well. So I've said it before, often would be opportunistic, but we're focused internally. And we need to be focused internally right now. I think it's paying off for us. So again, opportunistic but not looking to make any huge moves here. Go ahead, Vince.

我保留意見。關於併購方面的問題，我馬上給答案。我們的立場沒有改變。所以我們仍然專注於執行我們的核心模式，而且目前為止效果非常好。我之前說過，這樣做往往會顯得投機取巧，但我們專注於內部發展。我們現在需要專注於內部事務。我認為這對我們來說是值得的。所以，再次強調，我是在伺機而動，但我並不打算在這裡採取任何重大舉措。請繼續，文斯。

Sure. So I would just -- as far as capital management, like you mentioned, CET1 ratio at a record for us at 11%. Dividend payout ratio, 30%, below 30%. We're in a great position to deploy capital as we move forward to optimize shareholder value. And with the risk of the balance sheet, combined with -- as you look ahead, and our guidance implies higher earnings, higher capital generation. So we'll be well positioned to support the loan growth.

當然。所以，就資本管理而言，正如您所提到的，我們的 CET1 比率達到了創紀錄的 11%。股息支付率，30%，低於 30%。我們目前處於有利地位，可以部署資本，從而優化股東價值。考慮到資產負債表的風險，以及－展望未來，我們的指引意味著更高的收益、更高的資本產生。因此，我們將能夠很好地支持貸款成長。

We do expect the commercial growth to start to pick up at some point and very well positioned to be able to support that. With where the stock is trading, clearly, the valuation is very attractive. So we've been active in the last three or four quarters. I would expect it to be active again this quarter as we move forward.

我們預計商業成長將在某個時候開始加速，並且我們已做好充分準備來支持這一成長。以該股票目前的交易價格來看，其估值顯然非常有吸引力。所以，在過去的三個或四個季度裡，我們一直都很活躍。我預計本季它會再次活躍起來。

And then the dividend is another element. I mean, we have regular conversations about the dividend. In the past, we had a very elevated payout ratio for a long period of time carried a higher cash dividend. And with the sub 30% level, and it's definitely something we're actively talking about. We still like the flexibility of the buyback to be able to do that opportunistically with valuation but dividend is something that we'll continue to talk about.

此外，股利也是一個重要因素。我的意思是，我們會定期討論分紅問題。過去，我們曾長期維持非常高的派息率，並支付較高的現金股利。低於 30% 的水平，絕對是我們正在積極討論的問題。我們仍然喜歡股票回購的靈活性，可以根據估值情況擇機回購，但分紅是我們將繼續討論的話題。

Okay. Great. And just last one for me. The Investor Day upcoming in a couple of weeks here, but it's been a while since you guys -- I think it was 2019. Just you guys are a lot bigger. Just wondering what we can expect? Are you guys looking to put up profitability targets? Just a little color on what to expect.

好的。偉大的。這是我最後一個問題了。投資者日將在幾週後舉行，但距離上次舉辦已經有一段時間了——我想應該是 2019 年。你們的體型確實大得多。想知道我們能期待些什麼？你們打算設定獲利目標嗎？簡單介紹一下可能發生的情況。

Well, we -- the purpose of the Investor Day is to show off the tech to introduce you to the team. There's a lot of depth here. I think just having the ability to interact with our digital and AI people and our leadership from the field here in this building, which is brand new, I think it's going to be very impactful for the investors.

嗯，我們舉辦投資者日的目的是展示技術，並向您介紹我們的團隊。這裡有很多值得探討的地方。我認為，能夠與我們的數位和人工智慧團隊以及一線領導層在這座全新的大樓裡進行互動，這對投資者來說將具有非常大的影響。

So you hear a lot of things people talk about things when you come and experience the tangible effect of the new building and the tech that we have, and what we're doing, I think the investors will leave energized. It's very impressive. And we wanted to show it off. And I think that we pulled it off and we got the building built, and we got everybody in here. 800 people or more working in this building. It's very impressive.

所以，當你親身感受到新大樓和我們擁有的技術所帶來的實際影響，以及我們正在做的事情時，你會聽到人們談論很多事情，我認為投資者會帶著滿滿的熱情離開。非常令人印象深刻。我們想炫耀一下。我認為我們成功了，大樓建好了，所有人都搬進來了。現在有800多人在這棟大樓工作。非常令人印象深刻。

And employees are very, very proud of it. And I thought it would be a great opportunity to bring investors in to show them what we've built for them, right? This is all about us driving business. So you'll see when you come through the entire building designed to entertain clients and to drive business to grow revenue and earnings. You'll see that when you come.

員工們都為此感到非常非常自豪。我認為這是一個絕佳的機會，可以邀請投資者來參觀，向他們展示我們為他們打造的成果，對吧？這一切都是為了推動業務發展。所以當你參觀整棟大樓時，你會看到它的設計宗旨是招待客戶、推動業務成長、增加收入和利潤。你來了就知道了。

It's collaboration.

這是合作。

It's collaboration. It's an awesome space and should bode well for us as we move into the future.

這是合作。這是一個很棒的空間，對我們邁向未來應該是一個好兆頭。

Russell Gunther, Stephens.

Russell Gunther，史蒂芬斯。

A question on the expense side of things. So nice to see the revenue guide up and expenses flat and efficiency come down nicely for the quarter, and it sounds like guided to continue to improve in I think for the year, that would still kind of get you towards the higher end of what I believe an internal target has been a 50% to 55%. So is that still the right range to think about for F.N.B. if you see you guys making some progress on that ratio going forward? I guess, can that back half of the year efficiency sustain in 2026? How do we think about it?

關於費用方面的問題。很高興看到本季營收預期上調，支出持平，效率顯著提升，而且預計全年業績將繼續改善，我認為這仍然會接近內部目標的上限，即 50% 到 55%。那麼，如果你們看到F.N.B.在這個比例上取得一些進展，這個範圍對於F.N.B.來說仍然是合適的嗎？我想問，這種下半年的效率能否在 2026 年維持下去？我們如何看待這個問題？

Let me -- can I answer quickly, and I'll turn it over to you, Vince.

讓我－我能快速回答一下嗎？然後我就把問題交給你，文斯。

Yeah, of course.

當然。

We're very cognizant about the expenses here at this company, we spend a lot of time focused on it. We actually have a team that reports up through Vince that focuses exclusively on our line expense line items, right? We have meetings and talk about it. But there's an expense initiative moving into next year that's fairly sizable. Vince mentioned it in his prepared remarks. We have, over time, taking picking expense out run rate expense out historically at a pretty healthy [clip], $20 billion per year for consecutive years. We're planning on reengaging and working to optimize our expense base, right?

我們公司非常重視各項開支，並投入大量時間關注這方面。我們實際上有一個團隊直接向 Vince 匯報，專門負責我們的各項費用明細，對吧？我們會開會討論這個問題。但明年將推出一項規模相當大的支出計畫。文斯在事先準備好的發言稿中提到了這一點。隨著時間的推移，我們一直在以相當健康的增速（連續多年每年 200 億美元）剔除日常開支。我們計劃重新投入運營，並努力優化我們的支出結構，對嗎？

There are certain things that are coming from an efficiency perspective, which is helping us the common app over time will help us because that's a very, very efficient onboarding process with a lot of digital components to it. So we're already starting to see benefits from an operational perspective by using that those digital work streams and using that software application to origin across a variety of product areas. That's all part of the evolution.

從效率的角度來看，有些事情正在發生，這對我們有幫助。隨著時間的推移，通用應用程式將幫助我們，因為它是一個非常有效率的新用戶註冊流程，其中包含許多數位化元件。因此，從營運角度來看，我們已經開始看到使用這些數位工作流程和使用該軟體應用程式在各種產品領域中產生的好處。這一切都是進化的一部分。

And then the other part of this is approaching $50 billion in assets. We have spent a lot of money, okay, invested a lot in our risk infrastructure. So we have automation like you couldn't believe. We're tracking thousands of metrics internally using AI in our data science. We did process mapping across our entire operations area. So we're very, let's say, well prepared to move through a cycle and to benefit from that study from an efficiency perspective. But go ahead, Vince, you can answer that.

另一方面，該公司的資產總額接近 500 億美元。我們已經投入了大量資金，或者說，我們在風險管理基礎設施方面投入了大量資金。我們擁有你難以置信的自動化程度。我們正在利用人工智慧技術，在數據科學領域內部追蹤數千個指標。我們對整個營運區域進行了流程梳理。所以可以說，我們已經做好了充分的準備來應對這個週期，並從效率的角度受益於這項研究。不過，文斯，你可以回答這個問題。

Yes, which is all I would really ask that is as we planned for '26, I mean the focus, we're always a disciplined manager of expenses. So it's -- the focus isn't just on cost savings, but on efficiency, scalability, kind of leveraging the stuff that Vince was talking about. We'll continue to focus on renegotiating vendor contracts. We're going after that pretty hard.

是的，這正是我真正想要求的，就像我們為 2026 年所做的計劃一樣，我的意思是重點，我們一直都是嚴格控制開支的管理者。所以重點不僅在於節省成本，還在於效率、可擴展性，以及利用文斯剛才提到的那些東西。我們將繼續專注於重新談判供應商合約。我們正在全力以赴地爭取這個目標。

It's part of every year, but we're definitely going after that in a meaningful way, kind of streamlining operations through automation. And then we've made investments in people, technology, data science, AI and we're at early stages for some of that, some of it's been around for longer, but leveraging those investments to just really drive overall profitability.

雖然這是每年都會發生的事情，但我們肯定會以有意義的方式去追求它，透過自動化來簡化操作。然後，我們在人才、技術、數據科學、人工智慧方面進行了投資，其中一些還處於早期階段，有些已經存在更長時間了，但我們正在利用這些投資來真正推動整體獲利能力。

Yeah. Well, our efficiency ratio is 52%, and we have been making those investments all along. So there's been -- we opened a number of de novo branches over the last few years. We didn't even talk about it. We we're better positioned to drive revenue growth today and the expense -- a vast majority of those expenses are baked into the fund rate. And we start to see good positive operating leverage as we move forward, but because we're going to leverage those investments to drive revenue.

是的。我們的效率比率是 52%，而且我們一直以來都在進行這些投資。所以，在過去幾年裡，我們開設了多家新分店。我們根本沒談論過這件事。我們現在更有能力推動收入成長，而支出——其中絕大部分支出都已計入基金利率。隨著我們不斷推進，我們將開始看到良好的積極經營槓桿效應，因為我們將利用這些投資來推動收入成長。

No, that's what I was going to say. That's the key point is positive operating leverage, right? So we're going to have it for this year and enhance that and grow it even more as we move forward. And to the direct question on the efficiency ratio, there's still room to bring the efficiency ratio down. But it really -- the key is the overall profitable operating leverage combined with the efficiency ratio and then return on tangible common equity, driving the profitability.

不，我正要說這個。關鍵在於實現正向經營槓桿，對吧？所以今年我們會繼續推進這個項目，並在未來不斷改進和發展它。至於效率比率這個直接問題，效率比率還有下降的空間。但真正的關鍵在於整體獲利性經營槓桿，以及效率比率和有形普通股回報率，從而驅動獲利能力。

Yes, and the Board and the management team, are laser focused on efficiency, the efficiency ratio be stuff pretty extensive reporting to the Board about our progress. Operating leverage -- positive operating leverage is a mandate for operating plans. We're very focused on it. So I would expect it to continue to improve over time.

是的，董事會和管理團隊都非常注重效率，效率比率會非常高，我們會向董事會詳細報告我們的進度。經營槓桿－正的經營槓桿是經營計畫的必要條件。我們非常關注這件事。所以我預計它會隨著時間的推移而不斷改善。

That's great color, guys. I appreciate both your thoughts there. And then just last for me, Gary, would you be able to expand upon your comment about having removed some risk from the portfolio in 3Q. Maybe size up the exposure you examined as potentially impacted by a government shutdown, just be helpful to get your thoughts about how you're thinking around that issue.

這顏色真棒，夥計們。我很感謝你們的這兩個想法。最後，Gary，您能否詳細解釋一下您在第三季從投資組合中移除一些風險的評論？或許可以評估你所檢視的風險敞口是否可能受到政府停擺的影響，這有助於我們了解你對這個問題的看法。

Yeah, I'll touch on the government shutdown first, Russell. I mean, we're continuing to watch for fallout from the [Doge] efforts earlier in the year as well as the new government shutdown. At this point, we have seen absolutely nothing from an impact standpoint coming out of either one of those situations.

好的，我先談談政府停擺的問題，拉塞爾。我的意思是，我們將繼續關註今年早些時候 [狗狗幣] 活動以及新一輪政府停擺可能帶來的影響。就目前而言，我們還沒有看到這兩種情況中的任何影響。

The government shutdown is a fluid situation and a twist and turns every day here but we're keeping an eye on it. We'll continue to keep an eye on those portfolios that are potentially impacted. But as mentioned, nothing at all at this point.

政府停擺的情況瞬息萬變，每天都有新的變化，但我們會密切關注事態發展。我們將繼續關注那些可能受到影響的投資組合。但正如前面所提到的，目前還沒有任何進展。

In terms of taking the risk off the table comment, essentially, we saw, again, another good reduction a couple of quarters running now in our criticized asset levels on a net basis, down about $113 million. A number of those clients were exits from the bank, just normal payouts, getting refinanced at other institutions. So we were pleased to see some of that activity with those clients move off the books.

就消除風險而言，基本上，我們看到，在過去幾個季度裡，我們受到批評的淨值再次大幅下降，減少了約 1.13 億美元。這些客戶中有不少是從銀行退出的，只是正常的還款，然後在其他機構進行了再融資。所以我們很高興看到與這些客戶的一些業務活動從帳面上轉移出去。

We also did see a few upgrades where performance was improved, but that's a chunk of risk that has been taken off of our balance sheet. We're pleased with that and continue to manage the portfolios each and every day in that manner. So just kind of normal blocking and tackling from our perspective in what we do here every day.

我們也看到一些升級提高了效能，但這同時也從我們的資產負債表上消除了一大塊風險。我們對此感到滿意，並將繼續每天以這種方式管理投資組合。所以，從我們的角度來看，這只是我們每天在這裡所做的一些普通的阻擋和擒抱。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Yeah, maybe first one for Gary here. We've had some issues here with other banks with the depository financial institution loans. You talked about it in the comments, that's really not what you guys are doing. But curious if you can provide kind of where you stand end of quarter you had pretty low concentration relative to other banks at the end of the second quarter, just on the [Y9] data, but just curious if that's changed at all in the third quarter? And then maybe if you could give a little bit of a breakdown of what those loans are that you have on the balance sheet, you could give us comfort around credit.

是啊，這可能是加里在這裡的第一個。我們與其他銀行在存款金融機構貸款方面遇到了一些問題。你們在評論裡也討論過，但你們實際上做的並不是那樣。但我很好奇您能否提供您在第二季末的財務狀況。根據[Y9]數據，您在第二季末的集中度相對於其他銀行來說相當低，但我想知道第三季情況是否有所變化？如果您能詳細說明資產負債表上的貸款情況，或許可以讓我們對您的信貸狀況放心。

Yeah, the call report, any really cast a pretty large and wide net there. I mean, our customers are primarily in the other bucket. And it's really diversified across a number of sectors, such as wealth management firms, advisory firms, insurance firms, investment companies and that's primarily the type of companies that we see in that bucket. And when you look at those companies, our lending arrangements or generally for working capital and expansion purposes direct lending activities.

是的，通話報告確實覆蓋率很廣。我的意思是，我們的客戶主要屬於另一個類別。而且它確實涵蓋了多個行業，例如財富管理公司、顧問公司、保險公司、投資公司等等，這些就是我們在這個類別中看到的主要公司類型。當你審視這些公司時，你會發現我們的貸款安排，或者說通常用於營運資金和擴張目的的直接貸款活動。

And as Vince mentioned earlier, we're not in the business of lending to private capital funds, including private equity and private debt funds. So we're not in that business, and that's not where we're going to play. That was a conscious decision that was made a long, long time ago, and we're going to continue to manage the book that way. It's not a business we have any interest in.

正如文斯先前提到的，我們不從事向私人資本基金（包括私募股權基金和私人債務基金）提供貸款的業務。所以我們不做那方面的生意，也不會涉足那個領域。那是很久以前就做出的一個深思熟慮的決定，我們將繼續以這種方式管理這本書。我們對這個行業沒有任何興趣。

Okay. And then maybe one for.

好的。然後也許還有一個。

As I said earlier, the bulk of our portfolio, but if you look at our portfolio, it's extraordinarily granular and it's small businesses, middle-market companies across the seven-state footprint. So I don't think from a concentration perspective, you're going to find material concentrations that are unmanageable.

正如我之前所說，我們的大部分投資組合，但如果你仔細觀察我們的投資組合，你會發現它非常細緻，涵蓋了七個州的小型企業和中型市場公司。所以我覺得從濃度的角度來看，不會出現無法控制的物質濃度。

And Gary and I, people have come forward with proposals on verticals we have jointly shut them down, okay, because we have a belief that we need to stay true to focusing on serving the communities that we're in and providing capital to middle market and small businesses. That's our end consumers, that's our goal. So I don't know if you want to.

我和 Gary 都曾收到一些關於垂直領域的提案，但我們都一併否決了，因為我們相信，我們需要堅持專注於服務我們所在的社區，並為中小型企業提供資金。這就是我們的最終消費者，這就是我們的目標。所以我不知道你是否願意。

No. You've heard Vince use the word block and tackle a couple of times today. I mean, that's what we do each and every day here at the company. I mean, it's core banking business, core C&I in the communities that we do business with through all segments of the C&I space, small, mid and corporate. And those portfolios, we understand really well how they performed through the cycles.

不。今天你已經聽文斯用了好幾次「阻擋和擒抱」這個詞了。我的意思是，這就是我們公司每天都在做的事情。我的意思是，這是核心銀行業務，是我們透過商業和工業領域的各個細分市場（包括小型企業、中型企業和大型企業）開展業務的社區的核心商業和工業業務。我們非常清楚這些投資組合在各個週期中的表現。

We've been through many cycles of this management team. And we've continued to focus on providing stable EPS streams through good and bad environments. That's what our focus is and is going to going to continue to be.

我們已經經歷了好幾屆管理團隊的更迭。我們一直致力於在市場環境好壞的情況下提供穩定的每股盈餘 (EPS) 流。這就是我們目前和未來將繼續關注的重點。

And we don't have verticals here to speak of. I mean there's a CRE vertical, but that's intentional for credit management. We don't believe in institutionally originating credit. So we're characters first. We have to know the customer, it's very disciplined across the footprint. So I guess that's part of the reason why our performance has been so strong from a credit perspective over long periods of time.

我們這裡幾乎沒有垂直產業可言。我的意思是，這裡有一個商業房地產垂直領域，但這是為了信貸管理而特意設立的。我們不相信機構應該發放信貸。所以，我們首先是角色。我們必須了解客戶，這在整個業務範圍內都非常嚴謹。所以我想，這在一定程度上解釋了為什麼從信貸角度來看，我們的業績在很長一段時間內都如此強勁。

Very helpful, Vince and Gary. Thank you. Maybe a follow-up just on the fee income side. So in the slide deck, you had a bullet there that said you've had 9% fee income CAGR over the last 10 years, which is certainly a nice number. You talked a little bit in the conversation about efficiency ratio, about investments that you've been making. Just curious where you see runway for continued growth on the fee income side kind of in the medium term as we look forward here?

Vince 和 Gary 非常熱心。謝謝。或許可以就費用收入做個後續調查。所以在投影片中，您有一則訊息提到，過去 10 年您的費用收入複合年增長率為 9%，這當然是一個不錯的數字。你在談話中稍微談到了效率比率，以及你一直在進行的投資。我很好奇，您認為在中期內，費用收入方面有哪些可以持續成長的空間？

We've made recent investments in our indebted banking platform in public finance. We have an effort. We've expanded our hedging offering and treasury management investments and treasury management. Those are the areas that I see the biggest lift in over time. The pipelines are building in public finance. Obviously, we're a very active player any municipal space on the depository side.

我們最近對負債累累的銀行平台在公共財政領域進行了投資。我們已經做出了努力。我們擴大了對沖產品和資金管理投資及資金管理業務。我認為隨著時間的推移，這些領域將會有最大的提升空間。公共財政正在推動管道建設。顯然，我們在市政存款領域是一個非常活躍的參與者。

And we're not just taking the high-yielding deposits we're actually providing treasury management services and when their principal bank. So there have been many, many requests over the last few years for us to participate in bond activity, we weren't able to do it, but we built out the platform.

我們不僅吸收高收益存款，實際上也為他們的主要銀行提供資金管理服務。過去幾年裡，我們收到了很多很多參與債券發行活動的請求，我們沒能做到，但我們建立了平台。

So we're -- that's something we're very excited about. We're seeing a lot of activity as we build that out, we now are a viable option for a number of municipalities across our footprint nonprofits who want to raise capital by issuing bonds. We're there now. That's purely fee-based, and we're excited about that. We're seeing a pipeline build.

所以，我們——我們對此感到非常興奮。隨著我們業務的拓展，我們看到了很多活動，現在對於我們業務覆蓋範圍內的許多市政當局和希望透過發行債券籌集資金的非營利組織來說，我們是一個可行的選擇。我們現在到了。這完全是收費模式，我們對此感到非常興奮。我們看到管道正在建設中。

From an M&A perspective, the people that we brought over the best you could find. I mean, they are just terrific people. I've known Greg forever. They're going to do a great job, and he's got some really great opportunities out there. So we'll get some benefit from that.

從併購的角度來看，我們引進的人才都是你能找到的最優秀的人才。我的意思是，他們真是非常棒的人。我認識格雷格很久了。他們會做得很好，而且他有很多非常好的機會。所以我們會從中受益。

I think as we see the balance sheet has grown, we're a large organization. We have a deeper penetration in commercial across our footprint. We will see a pickup in syndication activity as we get through this period. So I'm very excited about underwritten traditional bank deals and our ability to be the left fleet in those transactions. That to me is a game changer for us from a return perspective.

我認為，從資產負債表的成長可以看出，我們是一個龐大的組織。我們在業務覆蓋範圍內擁有更深層的商業滲透。隨著這段時期的過去，我們將看到聯合發行活動有所回升。因此，我對傳統銀行承銷的交易以及我們能夠在這些交易中佔據主導地位的能力感到非常興奮。從回報的角度來看，這對我來說是一個顛覆性的改變。

And then to add on top of that, we've been a player. We built out our debt capital markets capability with the creation of a broker-dealer focused principally on taking bond economics. That's also to help Gary because he's very risk averse. So we play in the investment-grade space in the near investment grade space. And those companies that need capital in that space, they don't -- the spreads are pretty thin. There's a lot of unfunded commitments, but when you factor in the bond economics, the returns are north of 15%, right, because you're getting paid to provide capital through the investment banking activity.

而且，除此之外，我們還一直是玩家。我們透過創建一家主要專注於債券經濟的經紀交易商，建構了我們的債務資本市場能力。這樣做也是為了幫助加里，因為他非常厭惡風險。所以，我們涉足的是投資等級債券領域，也就是接近投資等級債券領域。而那些需要資金投入該領域的公司，它們並不需要──利差非常小。雖然有很多未籌集到資金的承諾，但考慮到債券的經濟效益，回報率超過 15%，對吧？因為你透過投資銀行活動提供資金而獲得報酬。

So I think that's all worked extraordinarily well for us, and those will continue to drive. We'll be able to drive fee income. And then from a treasury management perspective, if you look at our treasury management platform, we really have not penetrated the small business segment.

所以我覺得這些對我們來說都非常有效，而且這些因素將繼續推動我們前進。我們將能夠增加費用收入。從資金管理的角度來看，如果你看看我們的資金管理平台，你會發現我們還沒有真正打入小型企業市場。

We have 90,000 to 100,000 small businesses, and we have very low penetration from a merchant and treasury management perspective. And we're using AI, and we're building out tools and bundling products right now to go after that segment. So there's a lot of granularity in that segment. We already have the delivery channel through the retail distribution channel and the POs that we have. We're layering in additional expertise there. I'm very excited about TM as we move forward.

我們有 9 萬到 10 萬家小企業，但從商家和資金管理的角度來看，我們的滲透率非常低。我們正在利用人工智慧，並開發工具和捆綁產品，以開拓這一細分市場。所以這個細分領域非常細緻。我們已經透過零售分銷管道和我們已有的採購訂單建立了配送管道。我們正在那裡引入更多專業技術。我對TM的未來發展感到非常興奮。

And then there's mortgage banking. As we shift into this lower rate environment, another thing that's going to happen is you're going to see we're principally a purchase money originator. So historically, we've had much, much higher gain on sale activity in a lower rate environment. So if we can get there with a more normal yield curve and lower rates, we're going to see a significant pickup in fee income from the mortgage bank as well. So hopefully, that all lines up, and we continue to see an expansion in the noninterest income bucket here. Our fee-based businesses are poised to grow.

還有抵押貸款業務。隨著我們進入低利率環境，另一個將會發生的事情是，你會發現我們主要是一家購屋貸款發起機構。因此，從歷史數據來看，在利率較低的環境下，銷售活動的收益要高得多。因此，如果我們能夠實現更正常的殖利率曲線和更低的利率，我們也將看到抵押貸款銀行的費用收入大幅增加。所以，希望一切都能順利進行，我們能夠繼續看到非利息收入的成長。我們的收費業務蓄勢待發，即將迎來成長。

And then wealth has grown historically 9% to 10%. So -- and we've only scratched the surface from a wealth perspective because we really haven't fully built out the wealth capabilities across our new geography. So the Mid-Atlantic, the D.C. market still need -- we need to hire people and build that out in the Carolinas, we have people, but there's an opportunity to add more because of the number of opportunities there.

歷史上財富成長率為 9% 至 10%。所以——從財富的角度來看，我們只是略窺門徑，因為我們還沒有真正全面地在新地區建立起財富能力。所以，中大西洋地區和華盛頓特區市場仍然需要——我們需要招募人員，並在卡羅萊納州發展壯大，我們有人手，但由於那裡有很多機會，所以還有增加人手的機會。

So I'm very optimistic about our ability to continue to sustain that growth in that fee income bucket and shift our dependence away from just being a spread bank, right? So fee income is north of 20%, right? I mean, as noninterest income increases, hopefully, that fee income outpaces it. We're able to have a larger portion of our revenue contributed by those high-returning businesses.

因此，我對我們繼續保持手續費收入的成長，並擺脫僅僅作為利差銀行的依賴，感到非常樂觀，對吧？所以手續費收入超過 20%，對吧？我的意思是，隨著非利息收入的增加，希望手續費收入的成長速度能夠超過非利息收入的成長速度。我們能夠從那些高回報業務中獲得更大比例的收入。

Anyway, that's the strategy. I think that we're in a really good place. And I think we've proven over time that we can execute.

總之，這就是策略。我認為我們現在處境非常好。我認為我們已經用時間證明了我們有能力執行任務。

Yeah, there's a couple of key points on that. Slide 17, just for reference. We mentioned that we've either started from scratch or expanded from very small 10 business lines that are now multimillion dollar revenue generators. So that diversification is really important.

是的，這方面有幾個關鍵點。僅供參考，幻燈片 17。我們提到過，我們要么是從零開始，要么是從最初只有 10 個業務線的小規模起步，如今這些業務線都已成為數百萬美元的收入來源。所以多角化經營真的非常重要。

And the newest stuff that we've added, that Vince mentioned, the public finance and the investment banking it really allows us to serve our clients through their whole life cycle. So this has been a strategic plan that we probably started, I don't know, 12 years ago in adding these other capabilities. And now that we have that, really, there's no reason for our clients to go to another bank or have to go to another bank for those services. We can take them all the way through.

正如 Vince 所提到的，我們最新新增的公共財政和投資銀行業務，真正使我們能夠為客戶提供貫穿其整個生命週期的服務。所以，這是我們大概在12年前開始實施的一項策略計劃，旨在增加這些其他能力。現在我們有了這項服務，我們的客戶真的沒有理由去其他銀行或為了這些服務而不得不去其他銀行了。我們可以帶他們一路走下去。

That's great color, guys.

這顏色真棒，夥計們。

Come to the Investor Day, you'll see more.

歡迎參加投資者日，您將會了解更多。

I'll be there.

我會在那裡。

David Smith, Truist Securities.

David Smith，Truist Securities。

In the past, you've spoken about your balance sheet being short-term asset sensitive, medium-term neutral, long-term liability sensitive. As we think about the ongoing Fed cut cycle what should we be on the lookout for in terms of the timing of how you're [NAG] will be reacting right now?

過去，您曾說過您的資產負債表對短期資產敏感，對中期資產中性，對長期負債敏感。當我們思考聯準會正在進行的降息週期時，我們應該關注[NAG]目前的反應時機嗎？

Yeah, I mean we're essentially neutral right now. I mean, if you -- we're around 1% or so for a 100 basis point move at June 30. We'll probably be a little bit closer to neutral. Historically, we've managed to neutral. That's really what we've managed to as we've gone through these periods from a profitability standpoint, we're more asset sensitive to kind of benefit from what was happening with the yield curve.

是的，我的意思是，我們現在基本上是中立的。我的意思是，如果你——6 月 30 日，100 個基點的變動幅度大約在 1% 左右。我們可能會更接近中立立場。從歷史上看，我們一直保持中立。從獲利能力的角度來看，我們確實在經歷這些時期後做到了這一點，我們對資產更加敏感，以便從殖利率曲線的變化中受益。

So the goal moving forward will really be to stay neutral-ish I would say, and then benefit net interest income by growing loans and deposits. So we have a lot of levers. If you look at what's kind of driving the net interest income performance that we've seen this quarter, and we've raised the guide again. I mean the new loan originations are coming on 50 basis points above the portfolio rate.

因此，未來的目標是保持相對中立，然後透過增加貸款和存款來提高淨利息收入。所以我們有很多可以利用的手段。如果你看看本季淨利息收入表現的驅動因素，會發現我們再次提高了業績預期。我的意思是，新發放的貸款利率比投資組合利率高出 50 個基點。

Cash flows from securities. We're reinvesting 147 basis points above the roll-off rate. So that's positive. We have fixed rate loans that we're originating. In total loans, we're put on the books in the 630. So we're originating loans there above the maturing rate.

證券現金流。我們將以高於滾動利率 147 個基點的利率進行再投資。這是個好消息。我們提供固定利率貸款。貸款總額，我們被列入帳目，為 630。因此，我們在那裡發放的貸款利率高於到期利率。

So that's all helping on that side. We have the chunk of the loans that are will adjust as SOFR adjust, and that's kind of part of what we have to manage through. And then on the deposit side, I mean we've kind of had a dual mandate for our team of growing deposits while really optimizing the cost side. And I think we've done a nice job bringing the cost down. And again, like I commented earlier, we're very active in the tactics and the strategies we're deploying to continue to bring those rates down.

所以這方面都很有幫助。我們有一部分貸款會隨著SOFR的調整而調整，這也是我們必須應對的部分問題。在存款方面，我的意思是，我們的團隊肩負著雙重使命：既要增加存款，又要真正優化成本。我認為我們在降低成本方面做得很好。再次重申，正如我之前所說，我們正在積極採取各種策略和措施，以繼續降低這些利率。

And with the Fed moving and there's been plenty of cover with other banks too, that have been doing the same thing. So that we've been able to start to bring rates down on slugs of the deposit portfolio and really have not had any negative customer reaction to that.

隨著聯準會採取行動，以及其他銀行也採取了同樣的做法，因此也提供了大量的支持。因此，我們已經能夠開始降低部分存款組合的利率，而且實際上並沒有收到任何負面的客戶反應。

And then when you compare the 75% of the markets where you grew your deposit market share, it's a minority where you didn't? Are there any lessons you can learn about what's working in those markets that you can apply to the ones where you're not growing share right now?

然後，當你比較你存款市佔率成長的75%的市場，你會發現，沒有成長的市場只佔少數？你能從那些行之有效的市場中汲取哪些經驗教訓，並將其應用到你目前市佔率成長緩慢的市場嗎？

Yeah. It's -- when you look at the FDIC data, the areas that we're not growing share all over the board, it can be a circumstance where there's a large player that controls a significant portion of the MSA, and we only have one or two branches there. So the growth that we're going to experience isn't going to move the needle there, right? So it depends on the MSA, but I think lessons learned. I think we gain more from focusing on the 75% where we grew.

是的。當你查看 FDIC 的數據時，你會發現我們在各個領域都沒有成長，這可能是因為某個大型企業控制了 MSA 的很大一部分，而我們在那裡只有一兩個分支機構。所以，我們即將經歷的成長並不會在這方面產生任何影響，對吧？所以這取決於MSA的具體情況，但我認為應該吸取一些經驗教訓。我認為我們應該把精力集中在已經實現成長的 75% 的地區，這樣才能獲得更多收益。

I think the 25% when you drill into it, the vast majority of those markets are not markets where we're going to meaningfully change our position without significant investment. So we're focusing on the markets that were down, and we do have a big investment, and we need to drill in and figure out why we have it wrong like we have in the markets where we've had achieve success. So there aren't very many of those, so that's the good news, and we continuously look at it.

我認為，如果你深入分析這 25% 的市場，你會發現，絕大多數市場都不是我們在不進行大量投資的情況下會改變立場的市場。所以我們專注於那些下跌的市場，我們確實投入了大量資金，我們需要深入研究，找出為什麼我們會犯錯，就像我們在那些成功的市場中犯錯一樣。所以這類情況不多，這是個好消息，我們會持續關注。

And I've listened to Alan Mulally's book on tape. And one of the things he did was he sat down with all of his executives and they had to present to them. We do the same exact thing here. I've just told our folks, when you're in a market that's not performing, you have to tell us that you're in a market that's not performing, and what you're going to do to fix it.

我聽過艾倫·穆拉利的有聲書。其中一項舉措是召集所有高階主管坐下來，讓他們向他報告工作。我們這裡也做同樣的事情。我剛剛告訴我們的同事，當你們身處一個表現不佳的市場時，你們必須告訴我們你們身處一個表現不佳的市場，以及你們打算如何解決這個問題。

So we're very keenly focused on it. We have quarterly and monthly meetings, daily scorecards with automation. With AI now, it's going to be mind-blowing because we have daily scorecards with all these metrics, and we're tracking performance daily. So we can layer on top of that an analysis, right, through open AI architect. So instead of me calling Alfred and asking him questions about where the retail bank is performing, I could just go in and queue it up myself. So that's going to be a game changer for us and for the leaders in the field who are trying to drive performance.

所以我們非常關注這件事。我們每季和每月召開一次會議，並以自動化方式產生每日記分卡。現在有了人工智慧，一切都將變得令人驚嘆，因為我們每天都能獲得包含所有這些指標的記分卡，而且我們每天都在追蹤績效。所以我們可以在此基礎上進行分析，對吧，透過 OpenAI Architect。所以，與其我打電話給阿爾弗雷德詢問零售銀行的業績狀況，我不如自己去辦理相關手續。所以，這對我們以及該領域那些試圖提升業績的領導者來說，將會是一個顛覆性的改變。

And then you can call out.

然後你就可以喊話了。

Then I can call out. Then I call and say, what's going on.

然後我就可以喊話了。然後我打電話問，發生了什麼事。

Yes I've worn them out after 15 years. So new person here. But that's how it works. I mean, that's how you keep driving results.

是的，我用了15年，它們已經穿壞了。我是新來的。但事情就是這樣運作的。我的意思是，只有這樣才能持續達成成果。

Brian Martin, Janney.

布萊恩馬丁，詹尼。

And it appears their line is on hold. So at this time, I'm going to move on, and I will turn the call over for final remarks to Vincent Delie. Vincent Delie, please go ahead, sir.

他們的電話線路似乎處於停機狀態。那麼，現在我要繼續發言了，接下來我將把電話交給 Vincent Delie，請他做最後的總結演講。文森特·德利，請繼續，先生。

Yeah, thank you very much for the questions, giving us an opportunity to present to you. I'm just very pleased with our people. I think we've gone through a number of challenging periods. We've had headwinds like you couldn't believe the performance of this company has been outstanding, and it's outstanding because of the people that work here. So thank you to our employees. Take care, everybody.

是的，非常感謝你們的提問，給了我們向你們展示的機會。我對我們的員工非常滿意。我認為我們經歷了許多充滿挑戰的時期。我們遇到了很多困難，但你簡直無法相信這家公司的表現如此出色，而這一切都歸功於在這裡工作的員工。所以，我要感謝我們的員工。大家保重。

Thank you. This concludes today's conference. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。