FNB Corp (FNB) 2026 Q1 法說會逐字稿

Good day, and welcome to the FNB first-quarter 2026 earnings conference call.

各位好，歡迎參加 FNB 2026 年第一季財報電話會議。

(Operator Instructions).

(接線員指示)。

Please note this event is being recorded. I would now like to turn the conference over to Lisa Hajdu, Manager of Investor Relations. Please go ahead.

請注意，本活動將被錄音。現在我想將會議交給投資人關係經理 Lisa Hajdu。請開始。

Good morning, and welcome to our earnings call. This conference call of FNB Corporation and the reports it 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 as an alternative for our reported results prepared in accordance with GAAP. Reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in our presentation materials and our earnings release.

各位早安，歡迎參加我們的財報電話會議。FNB Corporation 的本次電話會議以及其向美國證券交易委員會提交的報告，經常包含前瞻性陳述與非 GAAP 財務衡量指標。非 GAAP 財務衡量指標應作為依據 GAAP 編製之已揭露結果的補充，而非替代。GAAP 與非 GAAP 營運衡量指標（與其最直接可比之 GAAP 財務衡量指標）之調節表，已包含於我們的簡報資料與財報新聞稿中。

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

請參閱我們相關資料、報告及向美國證券交易委員會提交並可於公司網站取得之註冊聲明中所載的非 GAAP 與前瞻性陳述揭露。本次電話會議的重播將提供至 4 月 24 日（週五），網路直播連結將張貼於公司網站的 -- 關於我們、投資人關係專區。

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

現在我將把電話會議交給 Vince Delie。董事長、總裁暨執行長。

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

謝謝，歡迎參加我們的第一季財報電話會議。今天與我一同出席的有：我們的財務長 Vince Calabrese，以及我們的首席信貸長 Gary Guerrieri。

FNB produced a solid quarter with net income of $137 million. EPS increased 19% over the first-quarter of 2025 to $0.38. Pre-provision net revenue increased 17% from the year ago quarter as we generated positive operating leverage of 4.9%. Our capital ratios remained strong and continue to move favourably, all while producing a strong return on average tangible common equity of 13.2%.

FNB 本季表現穩健，淨利為 1.37 億美元。每股盈餘（EPS）較 2025 年第一季成長 19% 至 0.38 美元。提列備抵前淨收益（pre-provision net revenue）較去年同期成長 17%，我們產生 4.9% 的正向營運槓桿。我們的資本比率維持強勁並持續朝有利方向發展，同時平均有形普通股權益報酬率（ROATCE）達 13.2%。

Tangible book value per share of $12.06 represents an 11% increase from the year ago quarter. Since 2009, we expand the tenure of our leadership team's management of the bank and holding company. We have focused on a disciplined and strategic approach to developing and executing our long-term growth plan. Our actions have resulted in the company's robust capital accumulation sustainable, superior financial performance, investments and a resilient risk management framework and a strong balance sheet.

每股有形帳面價值為 12.06 美元，較去年同期成長 11%。自 2009 年以來，我們延續並深化領導團隊對銀行與控股公司的管理任期與經驗。我們專注於以嚴謹且具策略性的方式，制定並執行長期成長計畫。我們的行動帶來公司強健的資本累積、可持續且優異的財務表現、投資、具韌性的風險管理架構，以及強勁的資產負債表。

Over time, we have grown our capital to record levels and effectively manage the dividend payout ratio from nearly 80% down to 31%, in line with our peers. During that time period, we also grew the balance sheet 477% and with an organic compounded annual growth rate of 8%.

隨著時間推進，我們的資本成長至歷史新高，並有效將股利發放率由接近 80% 降至 31%，與同業一致。在此期間，我們的資產負債表規模亦成長 477%，且有機複合年成長率達 8%。

We invested in our enterprise risk management framework, built out our advisory and capital markets businesses to diversify our revenue streams and established FNB as an industry innovator with an award-winning digital and data analytics capability, including the eStore. These significant investments occurred over time while maintaining an industry-leading efficiency ratio in the low to mid-50% range.

我們投資於企業風險管理架構，擴建顧問與資本市場業務以分散營收來源，並以屢獲獎項的數位與資料分析能力（包括 eStore）將 FNB 建立為業界創新者。這些重大投資是在維持業界領先的效率比（efficiency ratio）—約落在 50% 出頭至中段—的同時，逐步完成。

I can't emphasize enough the hard work and superior execution by our team to get to where we are today. These efforts have produced sustained levels of increased profitability, significant returns, and strong capital generation. This strategy was fully aligned with shareholders' interests. We recently announced an 8% increase to our quarterly cash dividend to $0.13 per share, starting with the dividend to be paid in June.

我再怎麼強調都不為過：我們團隊為達到今日成果所付出的努力與卓越執行。這些努力帶來持續提升的獲利水準、顯著的報酬，以及強勁的資本生成能力。此策略與股東利益完全一致。我們近期宣布將季度現金股利提高 8% 至每股 0.13 美元，並自 6 月發放的股利起適用。

Our Board of Directors also unanimously approved our management's recommendation for an additional $250 million for the repurchase of our common stock on top of the $50 million remaining in our existing share repurchase program. Inclusive of the March dividend, and $35 million repurchased in the first-quarter of 2026.

我們董事會亦一致通過管理團隊的建議，額外核准 2.5 億美元用於回購普通股，並在現有庫藏股回購計畫尚餘 5,000 萬美元之上加碼。包含 3 月股利，以及 2026 年第一季回購的 3,500 萬美元。

FNB has returned a total of $2.4 billion in capital to shareholders through both dividends and repurchases since 2009, demonstrating our long-term commitment to optimize value for our shareholders while also growing and reinvesting in the company for continued future success. FNB's financial performance is achieved through consistent execution and sustained growth in our engaged customer base.

自 2009 年以來，FNB 透過股利與回購合計向股東返還 24 億美元資本，展現我們在持續成長並再投資公司以確保未來成功的同時，長期致力於為股東最佳化價值。FNB 的財務表現來自一貫的執行力，以及我們高度投入的客戶基礎之持續成長。

We were thrilled to recently announce our partnership as the official and exclusive retail bank and financial provider to the Pennsylvania State University. Beginning in July, Penn State's 90,000 students faculty and staff will have exclusive access to FNB's on-campus banking services, including our proprietary eStore.

我們很高興近期宣布與賓夕法尼亞州立大學（Pennsylvania State University）合作，成為其官方且獨家之零售銀行與金融服務提供者。自 7 月起，賓州州立大學 90,000 名學生、教職員工將可獨家使用 FNB 的校園銀行服務，包括我們專有的 eStore。

FNB was also selective as the primary treasury management provider to all Penn State campuses. Our continued success of winning despite significant competition, demonstrates our capabilities and leadership in the industry.

FNB 亦被遴選為賓州州立大學所有校區的主要財資管理（treasury management）服務提供者。我們在激烈競爭下仍持續勝出，展現我們在業界的能力與領導地位。

As a core business, University Banking highlights another differentiated product offering. In addition to significant investments in AI and digital, FNB's innovative solutions also extend to our ATM network. This month, our first ATM that offers foreign currency disbursement for Canadian dollars and Mexican pesos opened at the new Pittsburgh International Airport.

作為核心業務之一，大學金融服務（University Banking）凸顯了另一項差異化的產品供給。除對 AI 與數位領域的大量投資外，FNB 的創新解決方案亦延伸至我們的 ATM 網路。本月，我們第一台可提供加幣與墨西哥披索外幣提領的 ATM，已於全新的匹茲堡國際機場啟用。

Once again, an industry leader, our ability to offer foreign currency disbursement through an ATM is very rare across the banking industry and builds upon our momentum to improve the ease of banking for current and new customers. We congratulate the airport authority and its leadership on the completion of the new terminal, which includes FNB's state-of-the-art visually stunning banking center. We are proud to play a role in this transformational Pittsburgh asset with our ATMs and sponsorship.

我們再次展現業界領導地位：透過 ATM 提供外幣提領在銀行業中相當罕見，並延續我們提升現有與新客戶銀行服務便利性的動能。我們也恭賀機場管理局及其領導團隊完成新航廈，其中包含 FNB 最先進且視覺效果出眾的銀行中心。我們很榮幸能透過 ATM 設置與贊助，在這項改變匹茲堡的重要資產中扮演一份角色。

The first-quarter reflected a promising start to 2026, with our ability to continue to attract top-tier talent, deploy innovative solutions and deepen customer relationships, period-end loan growth of 3.9% annualized linked quarter was driven by four middle market C&I. It is important to note that our growth has not benefited from NDF or lending into private credit, a category that we continue to avoid.

第一季反映 2026 年一個令人振奮的開端：我們持續吸引頂尖人才、部署創新解決方案並深化客戶關係；期末貸款成長（以年化計）較前一季成長 3.9%，主要由四個中型市場商業與工業（C&I）領域所帶動。需要特別指出的是，我們的成長並未受惠於 NDF 或對私募信貸（private credit）的放款，這一類別我們仍持續避免。

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

接下來，我想把電話會議交給 Gary，請他說明本季所有信用品質結果。Gary？

Thank you, Vince, and good morning, everyone. We ended the quarter with our asset quality metrics remaining at solid levels. Delinquency along with NPLs and OREO increased slightly, each up 3 bps compared to the prior quarter, totalling 74 and 34 basis points, respectively. Net charge-offs continued to show strong performance totalling 18 basis points, down 1 bp compared to the prior quarter. Criticized loans increased slightly, consistent with the seasonality we have seen in the first-quarter over the last several years.

謝謝你，Vince，各位早安。本季結束時，我們的資產品質指標仍維持在穩健水準。逾期放款、非執行放款（NPLs）與其他不動產（OREO）均小幅上升，與前一季相比各增加 3 個基點，分別合計為 74 與 34 個基點。淨沖銷（net charge-offs）持續展現強勁表現，合計為 18 個基點，較前一季下降 1 個基點。受評為需關注的貸款（criticized loans）小幅增加，與我們過去數年在第一季所見的季節性趨勢一致。

Total funded provision expense for the quarter stood at $19.4 million, supporting the C&I loan growth and charge-offs. Our ending funded reserve now stands at $443 million, an increase of $3.5 million, ending at 1.26%, 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 393%, inclusive of the discounts.

本季總提列備抵費用（total funded provision expense）為 1,940 萬美元，用以支應 C&I 貸款成長與沖銷。期末備抵餘額目前為 4.43 億美元，增加 350 萬美元，期末比率為 1.26%，與前一季持平。若納入收購取得之未攤銷貸款折價（acquired unamortized loan discounts），備抵比率為 1.32%；且我們的 NPL 覆蓋率仍維持強勁，包含折價在內為 393%。

While we have not experienced any impact related to tariffs, we are maintaining the related qualitative overlays from a year ago due to the ongoing conflict and uncertainty in the Middle East. Our comprehensive risk management oversight, including concentrations of credit, line utilization, proactive CRE management, stress testing and the 360-degree risk view of our client relationships allows us to maintain a strong risk profile throughout economic cycles and during periods of economic uncertainty.

雖然我們尚未經歷任何與關稅相關的影響，但由於中東地區持續的衝突與不確定性，我們仍維持一年前所建立的相關定性調整（qualitative overlays）。我們全面的風險管理監督（包括信用集中度、額度動用、主動式商用不動產（CRE）管理、壓力測試，以及對客戶關係的 360 度風險視角）使我們能在各種經濟循環與經濟不確定期間，維持強健的風險概況。

We are monitoring the situation in the Middle East closely, as we have done in the past during the pandemic, the Ukrainian conflict supply chain disruptions, inflationary periods and tariff increases. Throughout all of these periods of disruption, our loan portfolio and customer base have proved resilient and did not experience any material adverse impacts.

我們正密切監控中東局勢，正如過去在疫情期間、烏克蘭衝突造成的供應鏈中斷、通膨期間以及關稅上調時所做的一樣。在上述所有動盪期間，我們的放款組合與客戶基礎均展現韌性，未出現任何重大不利影響。

Our consumer portfolio remains very strong with average origination FICO scores of 782 with delinquency and charge-offs ending the quarter at multiyear lows of 67 and 5 basis points, respectively. We continue to originate loans within our commercial and consumer portfolios under our long-standing and consistent credit underwriting philosophy. In the quarter, we had solid C&I activity leading to increased loan growth with a slight uptick in line utilization. Additionally, we are seeing increased levels of high-quality CRE opportunities. However, our exposure declined in the quarter ending at 194% of Tier 1 capital plus allowance.

我們的消費金融組合依然非常強勁，平均承作 FICO 分數為 782，且截至本季末，逾期與核銷分別降至多年低點的 67 與 5 個基點。我們持續依循長期且一致的授信承作理念，在商業與消費放款組合中承作新貸款。本季 C&I 活動穩健，帶動放款成長增加，且授信額度使用率略有上升。此外，我們也看到高品質 CRE 機會的水準提升。然而，我們的曝險在本季下降，季末為第一級資本加備抵的 194%。

In closing, despite the continued volatility in the markets, we look forward to building on the momentum we had in the first-quarter with our pipelines at near record levels across the majority of our portfolios. With the quality and diversification of our portfolio, we are well positioned to achieve our growth objectives in the year ahead.

最後，儘管市場仍持續波動，我們期待在第一季所累積的動能基礎上再接再厲；我們多數業務組合的案源管線接近歷史高位。憑藉我們投資組合的品質與多元化，我們已具備良好條件，在未來一年達成成長目標。

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

接下來我將把電話會議交給我們的財務長 Vince Calabrese，請他發表談話。

Thanks, Gary, and good morning. Today, I will review the first-quarter's financial results and walk through our second-quarter and full year guidance. First-quarter net income totalled $137 million or $0.38 per share, with total revenues up a strong 9.4% from the year ago period and coupled with prudent management of operating expenses, PPNR increased nearly 17%.

謝謝你，Gary，大家早安。今天我將回顧第一季的財務結果，並說明我們對第二季及全年之指引。第一季淨利合計 1.37 億美元，或每股 0.38 美元；總營收較去年同期強勁成長 9.4%，並在審慎管理營運費用的配合下，PPNR 增加近 17%。

Turning to the balance sheet, loan activity began to accelerate late in the quarter with spot total loans and leases ending the quarter at $35.1 billion, a 3.9% annualized linked quarter increase driven by growth of $198 million in consumer loans and $136 million in commercial loans and leases. Spot C&I loan balances were up over 4% linked quarter on annualized were $314 million, driven by growth in the Carolinas, Cleveland and the Mid-Atlantic.

就資產負債表而言，放款活動在季末開始加速；季末即期（spot）放款與租賃總額為 351 億美元，較前一季年化成長 3.9%，主要由消費放款增加 1.98 億美元，以及商業放款與租賃增加 1.36 億美元所帶動。即期 C&I 放款餘額較前一季年化成長逾 4%，增加 3.14 億美元，成長動能來自卡羅萊納地區、克里夫蘭與大西洋中部地區。

CRE balances continue to be impacted by expected payoffs and were down $110 million linked quarter. Residential mortgages, indirect and HELOCs all contributed to the consumer loan growth. Spot total deposits ended the quarter at $38.9 billion, a linked quarter increase of $142 million with the first-quarter impacted by normal seasonal outflow for corporate deposits. Non-interest-bearing deposits increased $89 million or 3.6% linked quarter annualized and remained stable at 26% of total deposits. The loan-to-deposit ratio held steady at 90%.

CRE 餘額持續受到預期清償的影響，較前一季減少 1.10 億美元。住宅房貸、間接貸款與 HELOC 皆對消費放款成長有所貢獻。即期存款總額季末為 389 億美元，較前一季增加 1.42 億美元；第一季受到企業存款正常季節性流出影響。無息存款較前一季年化增加 8,900 萬美元或 3.6%，並維持在總存款的 26% 水準。存放比維持在 90% 不變。

First-quarter's net interest margin was 3.25%, down 3 basis points sequentially as the timing of the Fed rate cut in December 2025 impacted NIM for the quarter. Additionally, normal seasonal outflows and deposits were funded temporarily with higher cost short-term borrowings. Interest-bearing deposit costs declined 13 basis points linked quarter, driven by lower rates paid on money market CD balances and total borrowing cost decreased 12 basis points. Our cumulative total spot deposit beta since the fed interest rate cuts began in September of 2024 was 27% at quarter end.

第一季淨利差為 3.25%，較前一季下降 3 個基點，原因在於 2025 年 12 月聯準會降息的時點影響了本季的 NIM。此外，正常的季節性資金流出使得存款短期以成本較高的短期借款暫時補足。計息存款成本較前一季下降 13 個基點，主要由貨幣市場與定存（CD）餘額支付利率下降所帶動；整體借款成本下降 12 個基點。自 2024 年 9 月聯準會開始降息以來，截至季末我們累計即期存款總 beta 為 27%。

The total yield on earning assets declined 11 basis points to 5.14 on an 11 basis point decline in loan yields and a slight 2 basis point decline in investment securities yields. Reinvestment rates on investment securities remained well above the overall portfolio yield.

生息資產總收益率下降 11 個基點至 5.14%，其中放款收益率下降 11 個基點，投資證券收益率小幅下降 2 個基點。投資證券的再投資利率仍明顯高於整體投資組合收益率。

Looking ahead to next quarter, the margin for the month of March was at $3.30. Net interest income increased nearly 11% from the year ago period as the NIM expanded significantly, increasing 22 basis points with earning asset growth of 3.5% year-over-year.

展望下一季，3 月份的利差為 3.30%。由於 NIM 顯著擴張、增加 22 個基點，且生息資產年增 3.5%，淨利息收入較去年同期增加近 11%。

Turning to non-interest income and expense. Non-interest income totalled $91 million, up 3.7% in the first-quarter of 2025. Capital markets income increased 27.8% to $6.8 million on solid contributions from debt capital markets, swap fees, and international banking. Wealth management revenues increased 2.8% year-over-year to $21.8 million, with contributions across the geographic footprint. Noninterest expense totalled $257.9 million, a 4.5% increase from the year ago quarter.

接著看非利息收入與費用。非利息收入合計 9,100 萬美元，2025 年第一季年增 3.7%。資本市場收入在債務資本市場、換匯（swap）手續費與國際銀行業務的穩健貢獻下，成長 27.8% 至 680 萬美元。財富管理收入年增 2.8% 至 2,180 萬美元，各地區據點均有貢獻。非利息費用合計 2.579 億美元，較去年同期增加 4.5%。

Salaries and employee benefits increased less than $1 million or 0.4% as lower performance-based compensation and health care costs offset strategic hiring and normal merit increases. Occupancy and equipment increased $5.1 million or 11%, primarily due to technology-related investments and higher occupancy costs, which included unusually high seasonal snow removal costs.

薪資與員工福利增加不到 100 萬美元或 0.4%，因績效型薪酬與醫療保健成本下降，抵銷了策略性招募與正常調薪。場地與設備費用增加 510 萬美元或 11%，主要因科技相關投資與較高的場地成本，其中包含異常偏高的季節性除雪費用。

Other non-interest expense increased $6.8 million or 30% due to a combination of higher fraud losses, litigation-related expenses, and the impact of our mortgage down payment assistance program. The first-quarter efficiency ratio remained solid at 56.1% down meaningfully from 58.5% a year ago, and we continue to manage our expense base in a disciplined manner. FNB continues to actively manage our capital position to support balance sheet growth and optimize shareholder returns while appropriately managing risk.

其他非利息費用增加 680 萬美元或 30%，原因為詐欺損失增加、訴訟相關費用，以及我們房貸頭期款補助計畫的影響等多項因素所致。第一季效率比率維持穩健，為 56.1%，較去年同期的 58.5% 明顯下降；我們持續以紀律方式管理費用基礎。FNB 持續積極管理資本部位，以支持資產負債表成長並最佳化股東報酬，同時適當控管風險。

Given the new share repurchase authorization, Vince mentioned earlier, we now have remaining capacity of $300 million after repurchasing a total of $35 million in the first-quarter of this year. The 8% quarterly common dividend increase marks our first-quarterly dividend increase since 2007 and reflects our strong financial performance and capital levels as evidenced by the TCE ratio of nearly 9% and the CET1 ratio of 11.4%.

鑑於新的庫藏股回購授權（Vince 先前已提及），在今年第一季合計回購 3,500 萬美元後，我們目前尚餘 3 億美元的可用額度。普通股季度股利上調 8%，為我們自 2007 年以來首次調升季度股利，反映我們強勁的財務表現與資本水準；其中 TCE 比率接近 9%，CET1 比率為 11.4%。

Let's now look at guidance for the second-quarter and full year of 2026. All guidance is based on current expectations, are remaining cognizant of the highly uncertain macroeconomic and geopolitical environments. We are maintaining our full year balance sheet guidance for spot balances, projecting period-end loans, and deposits to grow mid-single digits on a full year basis as balances continue to build on the growth acceleration we experienced late in the first-quarter.

接下來看 2026 年第二季與全年指引。所有指引均以目前預期為基礎，同時我們仍對高度不確定的總體經濟與地緣政治環境保持警覺。我們維持全年資產負債表即期餘額指引不變，預估期末放款與存款在全年基礎上將以中個位數成長，因餘額將持續延續第一季末所見的成長加速。

Our projected full year income statement guide is largely unchanged with last quarter. Full year net interest income is still expected to be between $1.495 billion and $1.535 billion. We are assuming no Fed interest rate cuts for 2026 versus our previous expectation for 225 basis point cuts, while maintaining our previous net interest income range due to our expectation of continued deposit pricing pressures in an environment with no Fed cuts and accelerating loan growth in the industry.

我們對全年損益表的指引大致與上季相同。全年淨利息收入仍預期介於 14.95 億至 15.35 億美元之間。相較於先前預期 2026 年將降息 225 個基點，我們目前假設 2026 年聯準會不降息；但由於我們預期在無降息環境下存款定價壓力將持續，以及產業放款成長加速，因此維持原先的淨利息收入區間不變。

Second-quarter net interest income is projected between $370 million and $380 million. The non-interest income full year guide remains $370 million to $390 million with second-quarter levels expected between $90 million and $95 million.

第二季淨利息收入預估介於 3.70 億至 3.80 億美元。全年非利息收入指引維持 3.70 億至 3.90 億美元，第二季水準預期介於 9,000 萬至 9,500 萬美元。

The full year guidance range for non-interest expense remains unchanged between $1 billion and $1.02 billion, but we now expect to be at the higher end of that range due to increased investments in franchise growth and new strategic initiatives.

全年非利息費用指引區間維持不變，介於 10 億至 10.2 億美元；但由於加大對通路（franchise）成長與新策略性計畫的投資，我們目前預期將落在該區間的較高端。

Second-quarter non-interest expense is expected to be between $250 million and $255 million. We continue to expect strong positive operating leverage for the full year of 2026. Full year provision guidance is maintained at $85 million to $105 million, given the stability in our credit performance to start the year and will be dependent on net loan growth and charge-off activity.

第二季非利息費用預期介於 2.50 億至 2.55 億美元。我們仍預期 2026 年全年將呈現強勁的正向營運槓桿。鑑於年初至今信用表現穩定，我們維持全年提存指引為 8,500 萬至 1.05 億美元；實際結果將取決於淨放款成長與核銷活動。

Lastly, the full year effective tax rate should be between 21% and 22%, which does not assume any investment tax credit activity that may occur.

最後，全年有效稅率應介於21%至22%之間，且未假設可能發生的任何投資稅額抵免活動。

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

接下來，我把電話交回給Vince。

Thank you. Our team is cultivated in an environment that succeeds through passion, collaboration, hard work, and respect. We pair the advantages of our scale with the discipline of agility to win business that is heavily sought after by both large and small competitors.

謝謝。我們的團隊是在一個以熱情、協作、努力工作與尊重而成功的環境中培育而成。我們將規模優勢與敏捷的紀律相結合，以贏得大型與小型競爭對手都高度爭奪的業務。

As a regional bank, FNB's differentiated investments in technology and product offerings have enabled us to win against competitors of all sizes to gain market share, drive shareholder value and meet the needs of our commercial and consumer customers.

作為一家區域性銀行，FNB在科技與產品供給上的差異化投資，使我們能夠在各種規模的競爭對手中勝出、提升市占率、推動股東價值，並滿足我們商業與消費客戶的需求。

I would also like to thank our Independent Lead Director, Bill Campbell, who announced his upcoming retirement from our Board in May. I want to extend my great appreciation for his distinguished service, independence, dedication, leadership, and mentorship to many, including myself. He instilled in all of us a desire to put the shareholders first, and his insight on the Board will be missed. Best wishes to Director Campbell in his future endeavours. His presence will be missed, but his legacy at FNB will live on.

我也要感謝我們的獨立首席董事Bill Campbell，他已宣布將於5月自董事會退休。我想對他卓越的服務、獨立性、投入、領導力，以及對許多人（包括我在內）的指導與提攜，致上由衷的感謝。他讓我們所有人都深植以股東為先的理念，而他在董事會上的洞見將令人懷念。祝福Campbell董事未來一切順利。他的身影將令人想念，但他在FNB留下的傳承將延續。

In closing, we are proud of our differentiated culture, which continues to be one of the most recognized in the industry for leadership, innovation, employee engagement, and client experiences. This quarter, FNB received numerous awards including America's best customer service and financial services by USA TODAY, America's best financial services by time, America's greatest workplaces for entry-level employees by Newsweek a top workplace USA by Energage and a Greenwich Excellence Awards winner for client service, a recognition we have earned annually since 2011.

最後，我們以自身差異化的文化為榮；在領導力、創新、員工投入與客戶體驗方面，我們持續是業界最受肯定的企業之一。本季，FNB獲得多項獎項，包括USA TODAY評選的「美國最佳客戶服務」與「美國最佳金融服務」、Time評選的「美國最佳金融服務」、Newsweek評選的「美國最棒入門級員工職場」、Energage評選的「Top Workplace USA」，以及Greenwich Excellence Awards的客戶服務得主；此項肯定我們自2011年起每年皆獲得。

These awards and recognition occur because of the dedication and commitment of our employees. On behalf of the Board and executive team, I would like to thank them for their extraordinary accomplishments.

這些獎項與肯定，源自於我們員工的奉獻與承諾。我謹代表董事會與管理團隊，感謝他們非凡的成就。

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

接下來，我把電話交給接線員進行提問。

(Operator Instructions)

(接線員指示)

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Maybe starting on the C&I loan growth, really strong in the first-quarter. You made a comment in the release that it accelerated towards the end of the quarter. Maybe you can expand a little bit on what that looked like. And I think Gary made a comment about Vince about near-record pipeline. Just curious what those look like in C&I and kind of the path forward given the strong quarter.

也許先從C&I貸款成長談起，第一季表現非常強勁。你們在新聞稿中提到，成長在季末加速。能否再多說明一下當時的情況？我想Gary也提到Vince說管線接近歷史高點。想請教在C&I方面目前管線長什麼樣子，以及在這個強勁季度之後，未來的發展路徑如何？

Yes, Dan, we saw a lot of activity. It started building fairly early in the quarter and finished up really strong. The pipelines have increased significantly and are pretty close to near record levels. It's really across the whole company.

是的，Dan，我們看到很多活動。它在本季相當早期就開始累積，並在季末收得非常強。管線顯著增加，且非常接近歷史高點。這幾乎遍及整個公司。

On top of that, we've seen a lot of high-quality opportunities from very strong investment grade type of larger corporate borrowers. We saw some M&A activity, so it's really been across the board and very diverse. We did have one maturing loan that paid out, which even impacted the growth even further, right at the end of the quarter or that number would have even been stronger. So we really like the position of the pipeline right now and the activity that we're starting to see we expect it to build throughout the year.

此外，我們也看到許多高品質機會，來自非常強的投資等級、較大型的企業借款人。我們也看到一些併購（M&A）活動，因此整體而言是全面且相當多元。我們確實有一筆到期貸款已償還，這在季末也進一步影響了成長；若非如此，該數字會更強。因此，我們非常看好目前的管線位置與開始出現的活動量，並預期它將在全年持續增溫。

Great. And maybe one for Vince. Just curious if you can expand on the strategic initiatives comment in the release about, which drove the increase in the expense guide to the higher end of the range?

很好。另外一題給Vince。想請你延伸說明一下新聞稿中提到的策略性計畫評論：是哪些因素推動費用指引上調至區間的高端？

There's a variety. As you know, we've consistently been investing in our Fit-to-brick strategy. And as part of kind of the normal capital investment that we're doing, I mean there's a variety of things. We've announced that we were going to be launching 30 de novos over the next five years. So that's part of it.

原因有很多。如你所知，我們一直持續投資於我們的Fit-to-brick策略。而作為我們正在進行的正常資本投資的一部分，內容其實相當多元。我們已宣布未來五年將新設30個據點（de novos）。這是其中一部分。

We're fully launching that with DC Metro as far as the ATMs throughout that network. We continue to invest in the eStore and have some new initiatives looking to create a 360 view of our customers. We began that initiative to be able to pull in internal data as well as external data, so that our customer-facing employees have all the data right at their fingertips on what customers have here and somewhere else and then leverage AI to kind of say, well, what's the next product that would make sense for them. So it's really continuing those key tech investments that we've been making.

就DC都會區而言，我們也正在該網路全面推進ATM的布建與上線。我們持續投資eStore，並推出一些新計畫，目標是建立客戶的360度視圖。我們已啟動該計畫，能夠匯入內部資料以及外部資料，讓第一線面向客戶的同仁能在指尖即時取得所有資料，了解客戶在本行與其他機構擁有哪些產品，並進一步運用AI來判斷下一個最適合他們的產品是什麼。因此，這主要是延續我們一直在做的關鍵科技投資。

And I would say that we've redesigned how we're approaching development within the company. We moved from a traditional IT development environment where IT coordinates all of the -- with business analysts and interactions with the front line, they coordinate all of the development assets that we have, which includes a large number of consultants. We've kind of changed the model. We're pushing those programmers to the three areas that we feel are the most impactful for us from a revenue and efficiency perspective. So that's part of the expense build. We're looking at some AI in incidence that we've invested in.

另外，我會說我們也重新設計了公司內部的開發方式。我們從傳統的IT開發環境轉型；過去由IT透過商業分析師並與前線互動，來協調我們所有的開發資源，其中包含大量顧問。我們已經調整了這個模式。我們把程式開發人員下沉到我們認為在營收與效率面最具影響力的三個領域。這也是費用增加的一部分。我們也在一些AI事件（incidence）上進行投資。

So there's personnel expense related to bringing those development contractors on that's reflected in the guide. Most of it ends up being capitalized for software applications that we develop and then put it online. Vince mentioned the 360 view of the customer that's essentially both an inward and outward tool, tool for clients to review their relationship within FNB.

因此，指引中反映了引進這些開發承包商所帶來的人事費用。其中大部分最終會資本化，作為我們開發並上線的軟體應用。Vince提到的客戶360度視圖，本質上同時是內部與外部的工具，也是讓客戶檢視其在FNB往來關係的工具。

There is an AI overlay that permits for those clients to see the products and services that they're using and how they can best improve their circumstances, either from a cash flow perspective or from managing risk. It's a really cool product. It's proprietary. I don't see it anywhere. We're slated to put it out by the end of the year.

其上有一層AI覆蓋，讓客戶能看到自己正在使用的產品與服務，以及如何以最佳方式改善自身狀況，無論是從現金流角度或風險管理角度。這是一個非常酷的產品。它是專有的。我在其他地方沒看到類似的。我們預計在年底前推出。

It should be in production at the end of the year and then into the first-quarter of next year. But it will also help internally because what it does is it actually evaluates what's going on. It looks at numerous data fields based on what the customer is doing within our organization. And when we open it up to outside, it will be opened up to bring in external aggregation as well. That will help us guide the customer to better products and services and a better solution within FNB's product offering.

它應會在年底投入生產，並延續到明年第一季。但它也會在內部帶來幫助，因為它會實際評估正在發生的狀況。它會根據客戶在我們機構內的行為，檢視多個資料欄位。當我們對外開放時，也會開放導入外部彙整資料。這將幫助我們引導客戶在FNB的產品供給中，找到更好的產品與服務以及更佳的解決方案。

So if they have a high rate mortgage somewhere else and we offer a better product, this tool will actually tell them and they will actually explain that they could save X amount of dollars by refinancing. And then to tie it all together, because we built out this platform that enables us to apply for multiple products simultaneously, which is also being improved with AI.

例如，如果他們在其他地方有一筆高利率房貸，而我們提供更好的產品，這個工具會告訴他們，並說明若進行再融資可節省X美元。此外，為了把整個流程串起來，因為我們已建置一個平台，讓客戶能同時申請多項產品，而這也正在透過AI持續改善。

We will be able to move those clients into an environment where they're seeing their 360 view, they're actually getting recommendations on things that they should be doing to improve their banking relationship, and then they'll be able to purchase the products because tab, and it will actually -- they can just put them in the cart and then proceed to check out. We have automated data flooding and authentication and all that stuff built into the common app.

我們將能把這些客戶帶入一個環境：他們可以看到自己的360度視圖，實際收到改善其銀行往來關係的建議，接著也能購買產品，因為他們只要點一下，就可以把產品放進購物車，然後進行結帳。我們在共用申請（common app）中已內建自動化資料灌入、身分驗證等功能。

So -- that's the game plan. And that's why there's a little extra we're saying there's going to be a little extra spend in the forecast.

所以——這就是我們的計畫。也因此，我們才會說在預測中會有一些額外支出。

Yes, part of that, we've also baked in investing in treasury management, some of our offerings to make it easier for customers, wealth management, there's initiatives that are part of that as well. And then on top of that, just normal process improvement, I mean, leveraging AI and machine learning -- someone that we've had in place for many years, leveraging those tools to extract costs as we move forward which will help improve the run rate.

是的，其中一部分，我們也已把對資金管理（treasury management）的投資納入規劃，包含我們的一些產品與服務，讓客戶更容易使用；在財富管理方面，也有一些相關的推動計畫。此外，還有一般性的流程改善；我的意思是，運用 AI 與機器學習——我們多年來一直都有相關布局——運用這些工具在我們持續推進的過程中擷取成本，這將有助於改善經常性營運水準（run rate）。

Yes, some of this is transitory, though. This is not embedded in the run rate of the company. And there's quite a bit of contract expense or contractor expense built into that guide, the change that we're pro Yes.

是的，不過其中有些是短期性的。這並沒有內嵌在公司的經常性營運水準（run rate）之中。而且在那個指引裡包含了相當多的合約費用或承包商費用，我們正在推動的變動——是的。

Casey Haire, Autonomous.

Casey Haire，Autonomous。

Yes. Great. So I wanted to touch on the NIM outlook, the 330 NIM in March, so you get some pretty good momentum entering the second-quarter here. I'm guessing that was on the funding side of things, given the seasonal outflows in DDA, but just a little color on where that's trending. Maybe the spot deposit cost rate at the end of the quarter and some thoughts on how the 2Q NIM trends.

是的。很好。我想先談一下淨利差（NIM）的展望，3 月的 NIM 是 330，所以你們在進入第二季時動能相當不錯。我猜那主要是在資金端，考量到活期存款（DDA）的季節性流出，但想請你們補充一下目前的趨勢。也許可以談談季末的即期存款成本率，以及對 2Q NIM 走勢的一些看法。

I guess just looking at net interest income overall, the $6 million decrease from the fourth-quarter, right in the middle, the number we landed out at $359 was right in the middle of our range we provided in January, which was $3.55 to $3.65.

我想就整體淨利息收入來看，較第四季減少 600 萬美元；我們最後落在 3.59 億美元，正好在我們 1 月提供的區間中位數，當時的區間是 3.55 億到 3.65 億美元。

The timing of the last Fed cut clearly makes a difference on loan yields for us. As you know, I'm talking about that in the past that 45% or so of our loan portfolio reprices based on SOFR changes. So originally, we had that in January and that coming forward to December kind of affects the net interest income for the first-quarter. The other element is we have our normal trough in deposits that happens every year in the first-quarter, and we fund that temporarily with short-term borrowings that's about 2 basis points of margin, $2.5 million in net interest income in the first-quarter, and then that kind of goes away as we move forward.

聯準會（Fed）最後一次降息的時點，顯然會影響我們的放款殖利率。如你所知，我過去提過，我們的放款組合大約有 45% 會依 SOFR 變動而重新訂價。所以原本我們在 1 月預期的情境，後來往前移到 12 月，這會影響第一季的淨利息收入。另一個因素是，我們每年第一季都會出現存款的正常低谷，我們會用短期借款暫時補足資金，這大約影響 2 個基點的利差、第一季約 250 萬美元的淨利息收入；之後隨著時間推進，這個影響就會消退。

But we have been operating with a dual mandate of trying to grow deposits to fund the loan growth that Gary talked about and Vince talked about that we saw to accelerate in March and the expected loan growth as we go forward.

不過我們一直以雙重目標在運作：一方面努力增加存款，以支應 Gary 與 Vince 提到的放款成長——我們在 3 月看到加速——以及我們往後預期的放款成長。

So we're trying to balance growing deposits to help fund that loan growth as well as managing the deposit cost down. So there's clearly a balancing act there. And then, Casey, as you mentioned, the 330 exit margin for the month of March is key. And as we look forward, I mean, our guidance implies that going up gradually a few basis points or so a quarter between the first-quarter and the end of the year.

因此我們要在「增加存款以支應放款成長」與「把存款成本往下管理」之間取得平衡。所以這裡顯然存在一個取捨。另外，Casey，正如你提到的，3 月單月的 330 期末利差（exit margin）是關鍵。展望未來，我們的指引意味著，從第一季到年底，每一季大概會逐步上升幾個基點。

And without the Fed cut expected for the rest of the year, at this point, there are several levers we have to support net interest income growth. I mean average earning asset growth, obviously, is the key. In our investment portfolio, we're reinvesting 75 to 125 basis points above the roll-off rate. For CDs, we're still picking up 20 to 25 basis points. Next quarter alone, that's $3.3 billion worth of CDs maturing.

在目前預期今年剩餘時間不會再有聯準會降息的情況下，我們仍有幾個槓桿可以支撐淨利息收入成長。平均生息資產成長，顯然是關鍵。在投資組合方面，我們再投資的利率比到期/回收（roll-off）利率高 75 到 125 個基點。就定存（CD）而言，我們仍可提升 20 到 25 個基點。光是下一季，就有 33 億美元的 CD 到期。

And then in our fixed rate loan portfolio, we're picking up about 35 basis points on $2.5 billion over the next 12 months. So there's a lot of levers there that will kind of work off with that 3/3 launch point the spot deposit cost of 199.

另外在我們的固定利率放款組合中，未來 12 個月在 25 億美元的部位上，我們大約可提升 35 個基點。所以有很多槓桿可以發揮；以 3/3 的起點、即期存款成本 199（基點）來看，這些因素都會逐步反映。

177 total. Yes. IBD versus the 240?

總計 177。是的。計息存款（IBD）相較於 240？

That's total deposits?

那是總存款嗎？

Right.

對。

Total IBD 236, Casey, is interest-bearing. $177 million includes non-interest.

Casey，計息存款（IBD）總計是 236；177 百萬美元包含不計息的部分。

Okay. Great. Just one more on the capital front. So very strong buyback this quarter. The CET1 ratio kind of held flat. I'm just wondering, is that -- is that kind of what you guys want to -- you going to manage it here? Just keep it at this level within balancing between loan growth and buyback. And then any thoughts on the Basel III proposal?

好的。很好。再問一個關於資本的問題。這一季回購非常強勁。CET1 比率大致持平。我想了解的是——這是否就是你們希望的管理方式？也就是在放款成長與回購之間取得平衡，讓它維持在這個水準？另外，對 Basel III 提案有什麼看法？

Yes. I would say, I mean, with the CET1 ratio at 11.4%, the payout ratio now in the low 30s, combined with our guidance, implying continued strong internal capital generation, -- as we talked about last quarter, we're in the best position to deploy capital, which is why we made the announcement that we made earlier in the week.

是的。我會說，以 CET1 比率 11.4%、目前配發率（payout ratio）在 30% 出頭，再加上我們的指引意味著內生資本生成仍將維持強勁——正如我們上季談到的——我們正處於部署資本的最佳位置，這也是為什麼我們在本週稍早做出那項公告。

Beyond supporting the expected balance sheet growth, we continue to see buybacks attractive at current valuation levels, for sure. I think the earn back is maybe three years at this point with where the stock is trading. We bought back $50 million for the full year of last year, and I talked about buying at least that or more. First-quarter, we did $35 million. So I think we'll continue to be opportunistic on the buyback program. We were down to $50 million. So it was the right time to increase the authorization. So kind of have $300 million worth of powder there. And with the earnings generation level, we would expect capital ratios to still build.

除了支援預期的資產負債表成長之外，以目前的估值水準來看，我們仍認為回購很有吸引力。以目前股價交易水準來看，我認為回收期（earn back）大概是三年。去年全年我們回購了 5,000 萬美元，我也提過至少會回購同等或更多。第一季我們做了 3,500 萬美元。所以我想我們會持續在回購計畫上把握機會、採取機動策略。我們原本的額度只剩 5,000 萬美元。因此提高授權額度是合適的時機。所以我們大概有 3 億美元的「火力」。而以目前的獲利生成水準，我們預期資本比率仍會繼續累積。

I mean I would just say, off the cuff, not looking to reduce 11.4%, but being active on the buyback, the dividend another component of that, which isn't a lot in dollars from a capital standpoint, but I think it's important. If you go back to -- last time we had raised dividend was 2007. And in 2009, for those that were following us when everybody went to a nickel or a penny we went from $0.24 to 12%. So our Board made a decision only to go at that point. So we had a super high payout ratio, but investors are getting paid a very nice dividend yield over that entire period.

我隨口說一下，我們並不打算把 11.4% 降下來，但會積極進行回購；股利也是其中一個組成，從資本角度看金額不大，但我認為很重要。如果回顧一下——我們上一次調升股利是在 2007 年。2009 年，對於當時有在關注我們的人，當大家都把股利降到 0.05 或 0.01 美元時，我們是從 0.24 美元降到 12 美分。所以我們的董事會當時做了那樣的決定。因此我們的配發率一度非常高，但投資人在那整段期間都拿到相當不錯的股利殖利率。

So that was important. And we reached a point with the way capital is building that we were comfortable not only having the buyback but increasing the dividend at this point in time. And the goal would be, over time, to be able to move that up as we grow and as earnings continue to grow. So I think that's another important point.

所以那點很重要。而隨著資本累積到一定程度，我們覺得在此時點不僅能進行回購，也能提高股利。目標是，隨著我們成長、獲利持續成長，長期能夠逐步把股利再往上調。所以我認為這也是另一個重要重點。

On Basel III -- II, Casey, I'm sorry, that was the last part of your question. I mean we're studying it. I mean it has a meaningful impact if it gets in place the way it is. I mean we've looked at different ways of analysing it. And it's definitely meaningful.

關於 Basel III——不對，Casey，抱歉，那是你問題的最後一部分。我們正在研究。如果它以目前的樣貌落地實施，影響會相當顯著。我們用不同方式做過分析。而且確實影響重大。

So I guess we'll see how that plays out in the end. We've studied what's in the proposal. And that's not baked into our plans here as far as capital deployment, right? That would be a new factor if it gets approved way it's proposed.

所以我想最後就看它會如何發展。我們已研究提案內容。而就資本部署而言，這並沒有納入我們目前的規劃之中，對吧？如果它以提案的方式獲得核准，那將會是一個新的因素。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

I wanted to follow up on the deposit pricing pressure commentary you guys made would be helpful to get a sense for how you would expect deposit cost to trend from here -- the spot rates you gave us were pretty darn close to the full quarter average. And I think in the past, you've talked about a mid-30s terminal deposit beta versus the 27 we've got right now. So it would be helpful to just understand whether we should expect some upward pressure on total deposit cost, but that's what's embedded in that kind of March 30 guide moving higher.

我想跟進一下你們對存款定價壓力的評論；如果能讓我們了解你們預期存款成本從這裡開始的走勢，會很有幫助——你們提供的即期利率其實已經非常接近整個季度的平均水準。而且我記得過去你們談過終端存款 beta 大約在 30% 中段，相較於我們目前估的 27%。所以想請你們協助釐清：我們是否應該預期總存款成本會有一些上行壓力，而這也已經反映在你們那種 3 月 30 日指引往上走的假設之中。

Yes. No, I would say -- I mean, there's still opportunity for that cost of deposits to come down. I mentioned the CDs picking up 20 to 25 basis points on $3.3 billion. So that obviously affects that.

是的。不，我會說——我的意思是，存款成本仍然有下降的空間。我提到定存（CD）在 33 億美元上升了 20 到 25 個基點。所以那當然會影響到這一點。

Our success bringing in non-interest-bearing deposits which has been a strategy forever, obviously, is key to the overall cost of deposits there and the cost of funds. So I think there's still room for us to bring it down strategically, Russell, is the way I would say it, because without the cover of the fed cuts, you have to be very strategic. And I think our team has done a very nice job analysing the different components and maybe customers that don't have as much with us, you're a little more aggressive on how you adjust the rates and it's just a constant day-to-day process for us to look at where there are opportunities.

我們成功引入無息存款——這一直以來都是我們的策略——顯然是影響整體存款成本與資金成本的關鍵。所以我認為我們仍有空間以策略性方式把它降下來，Russell，我會這樣說；因為在沒有聯準會降息作為掩護的情況下，你必須非常有策略。我認為我們團隊在分析不同組成要素上做得非常好；也許對於與我們往來不那麼深的客戶，你在調整利率時會更積極一些——這對我們而言就是一個每天持續進行的流程，去看哪裡還有機會。

But there's still opportunities for the total deposit cost to come down. And like I said, the focus on non-interest-bearing is key. The -- going after some larger kind of accounts to bring in larger deposit balances has been something we've focused on over the past year and have had some good success bringing in some larger deposit.

但總存款成本仍有下降的機會。而且如我所說，聚焦無息存款是關鍵。——我們在過去一年也一直著力爭取一些較大型的帳戶，以帶來更大的存款餘額，並且在引入一些較大額存款方面取得了不錯的成果。

We basically -- we brought some very attractive, large, complex treasury management relationships over. They're in the pipeline. They're moving over to us. And they're coming from all over. I mean, some of the larger banks bank them today.

基本上——我們引進了一些非常具吸引力、規模大且複雜的財資管理（treasury management）關係。它們在管線中。正在轉移到我們這邊。而且來源四面八方。我的意思是，其中一些目前是由更大型的銀行在服務。

So that's going to have an impact. It will have an impact on our free balances because they use balances to pay for services. So there's quite a bit in that pipeline. That's what Vince is referring to. But if you look at it globally, take a step back, that's one of the only ways we can really control. We're not a price setter. We have to react to the marketplace. So the way we drive our cost down despite increasing the non-interest-bearing component in the mix. And that's a strategy that we have talked about for a long time, will continue to do.

所以這會產生影響。它會影響我們的自由餘額（free balances），因為他們會用餘額來支付服務費用。所以那個管線裡有相當多的案子。這就是 Vince 所指的。但如果你從整體來看、退一步看，這是我們真正能控制的少數方式之一。我們不是定價者。我們必須對市場做出反應。因此，我們在提高組合中無息存款占比的同時，仍能把成本壓下來的方式就是這樣。而這也是我們談了很久的策略，會持續做下去。

So I think there's some optimism here from a cost funding cost perspective because of those opportunities that we have and some success that we're seeing, particularly in the consumer bank as well. With new clients coming over and increasing share of wallet with the consumer. Some of the things we've done, we've invested in a number of tools to create client primacy and it's really starting to pay off. And the investment in our AI to analyse lots of data to make pricing decisions is also paying off so.

所以我認為，從資金成本的角度來看，基於我們擁有的這些機會以及看到的一些成果，這裡是有些樂觀的，尤其是在消費金融銀行端也是如此。新客戶轉入，以及提高消費者端的錢包占比。我們做的一些事情——我們投資了多項工具來建立客戶優先（client primacy），現在真的開始看到回報。另外，我們在 AI 上的投資，用來分析大量數據以做出定價決策，也正在產生效果，所以。

So -- that was a large corporate following efforts right. It's helping on the loan side as well as the deposit side.

所以——那是大型企業端的後續拓展努力，對吧。它同時有助於放款端與存款端。

So we're -- we've got some -- there are some good things coming. But if you look at it overall, what Vince was saying in his comments, if the industry is going to be trying to loan up particularly in C&I, there's going to be the pricing pressure from a funding perspective kind of. That's the expectation. So that's the uncertain part about it is how aggressive do others get from a pricing perspective.

所以我們——我們有一些——有一些好事情正在到來。但如果你整體來看，正如 Vince 在評論中所說，如果整個產業都在嘗試把放款做上去，特別是在工商貸款（C&I）方面，那麼從資金端就會出現某種定價壓力。這是我們的預期。所以不確定的部分在於：其他人從定價角度會有多激進。

We're sitting in one of the best positions we've been in from a loan-to-deposit standpoint, at this point in the year, too. So there's a -- there's definitely -- we're definitely sitting in a much more favourable place to give us some flexibility on pricing.

就貸存比的角度而言，我們目前處於今年這個時間點以來最好的位置之一。所以——確實——我們處在更有利的位置，讓我們在定價上有一些彈性。

That's really helpful, guys. I appreciate all of that color. And then let me just follow up on the capital front. If you guys could just remind us of how you think about a CET1 floor and how active you would expect to be with the buyback against your kind of mid-single-digit loan growth expectation.

這真的很有幫助，各位。感謝你們提供這些細節。接著我想再追問一下資本面。你們能否提醒我們，你們如何看待普通股權一級資本（CET1）的底線（floor），以及在你們預期放款成長約中個位數的情況下，你們預期回購會有多積極？

I mean we've been using 11% as a floor for CET1. We're at 11.4%, and we're not looking to really drive that down. We'd like to have a powder there. If the loan growth and when the loan growth really accelerates and comes on board, we want to have that capital to support the loan growth. So -- but I mean, if I had to state the floor, I would say 11% would be a floor for that level for the CET1 ratio. Previously, we had said 10% and we grew about 10%. Now we're at 4% or so.

我的意思是，我們一直把 CET1 的底線設在 11%。我們目前是 11.4%，而我們並不打算真的把它往下壓。我們希望保留一些火力。當放款成長、以及當放款成長真正加速並開始落地時，我們希望有足夠資本來支持放款成長。所以——但如果我要明確說一個底線，我會說 CET1 比率的底線是 11%。先前我們說過 10%，而當時我們成長大約 10%。現在我們大概是 4% 左右。

I'd be okay with 10. (multiple speakers)

我覺得 10% 也可以。（多位講者）

That's true. 10%.

這倒是真的。10%。

David Smith, Truist Securities.

David Smith，Truist Securities。

So now that you've taken those cuts out of the outlook seems like it's a little bit of a tougher backdrop for loan growth, although you kept the guidance the same in that mid-single-digit range. Can you talk about any puts and takes there? Has your expectations for where that low loan growth is coming from evolved over the last three months?

所以現在你們把那些降息從展望中拿掉之後，看起來放款成長的背景會更具挑戰，儘管你們仍維持在中個位數區間的指引不變。你們能談談其中的拉鋸因素嗎？你們對放款成長來源的預期，在過去三個月有演變嗎？

Yes. As we've said, our short term -- if you look at the short-term C&I pipeline, commercial pipelines, they're up 10% in the same period. So this is typically a seasonally slower period. So we're starting to see more activity. If you look at our leasing and finance project finance area, they've had -- they continue to have really strong pipelines and had great production last year. There's -- because of the tax law changes, that's going to continue. If you look at the commercial bank or the consumer bank, we -- our pipelines are up significantly in the consumer bank. So I think nearly all correct.

是的。如我們所說，如果你看短期的 C&I 管線、商業管線，在同一期間上升了 10%。所以這通常是季節性較慢的時期。因此我們開始看到更多活動。如果你看我們的租賃與融資、專案融資領域，他們——他們的管線持續非常強勁，而且去年產出也很亮眼。由於稅法變更，這種情況會持續。如果你看商業銀行或消費金融銀行，我們——我們在消費金融銀行的管線顯著上升。所以我認為幾乎都正確。

So there are some bright spots out there. On the flip side of that, CRE still continues to trite because we've already gotten into all this, but we pulled back a little bit, and we're just letting those large bonds go to the permanent market. right, Gary.

所以外面確實有一些亮點。反過來看，商用不動產（CRE）仍持續走弱，因為我們已經談過這些了；但我們稍微收縮了一點，我們只是讓那些大型債券轉到永久性市場。對吧，Gary。

Yes. And even with that, we are starting to see some extremely strong new CRE credit opportunities. So there is -- there are some shoots there that are starting to show and we've liked what we've seen so far.

是的。即便如此，我們也開始看到一些非常強勁的新 CRE 授信機會。所以——那裡開始出現一些新芽，我們目前看到的情況讓我們很滿意。

Yes. So as I mentioned on the last call, our capital growth, the reduction in that exposure, we're below 200%. I expect that probably in the different. So it gives us the ability to go out and pick good high-quality projects to do in the CRA space. that's not even reflected in our pipeline yet because that all tons should be coming in the second half of the year.

是的。所以如同我在上一次電話會議提到的，我們的資本成長、以及降低那部分曝險後，我們已經低於200%。我預期可能會在不同的情境下。因此這讓我們有能力走出去，在CRA領域挑選優質、高品質的專案來做。這甚至還沒有反映在我們的案源管線裡，因為那些大量的案子應該會在今年下半年進來。

But there are some bright spots. So that's why we're not changing our guide and that's why we still believe pretty strongly in our ability to produce net interest income that we -- that's reflected in our guidance.

不過也有一些亮點。所以這就是為什麼我們不調整我們的指引，也就是為什麼我們仍相當有信心能夠產生淨利息收入——這也已反映在我們的指引之中。

Okay. And then the fee guidance implies a little bit of a ramp-up in the second half from $90 million in the first-quarter and $90 million to $95 million this coming quarter. Can you just unpack your expectations there, like where you see that growth coming from?

好的。然後手續費指引意味著下半年會有些許拉升：第一季是9,000萬美元，而接下來這一季是9,000萬到9,500萬美元。你能否拆解一下你們的預期，例如你們認為成長會從哪裡來？

Sure. The investment banking segment should produce some pretty significant fee events. So the public finance and the investment banking group that we brought on -- there are some deals that are slated to happen in the second half of the year that will contribute to that, that are already in the works. I think that's one contributor.

當然。投資銀行部門應該會帶來一些相當顯著的手續費事件。所以我們引進的公共融資與投資銀行團隊——有一些交易預計會在今年下半年發生，會對此有所貢獻，而且目前已在推進中。我認為這是一個貢獻來源。

We also think that when there's less interest rate volatility here, if things settle down a little bit, there should be a pickup in derivative activity. We're still pretty optimistic about our ability to grow market share in the mortgage business, so there's gain on sale. Opportunities up and down the Eastern seaboard because those markets are continuing to grow. We've got wealth growing. We have some great momentum in our wealth shop. So we're building out a group to handle family office, opportunities. So we're going to be moving up market in that space, and there's some promising opportunities there.

我們也認為，當利率波動變小、情勢稍微穩定下來時，衍生性商品活動應該會回升。我們仍對在房貸業務擴大市占的能力相當樂觀，因此會有出售收益（gain on sale）。東岸沿線上下都有機會，因為那些市場仍在成長。我們的財富管理也在成長。我們的財富管理部門動能很強。因此我們正在擴編團隊來承接家族辦公室（family office）的機會。所以我們會在該領域往更高端市場移動，而那裡也有一些很有前景的機會。

So I think fee income mortgage treasury management as I've mentioned earlier, we have some fairly significant treasury management clients. Penn States, one of them. There are others that we have won that are even larger that will come over. So fee income in the treasury management space should continue to expand.

所以我認為手續費收入方面，房貸、財資管理（treasury management）——如我先前提到的，我們有一些相當重要的財資管理客戶。賓州州立（Penn State）是其中之一。還有其他我們贏得、甚至規模更大的客戶也將轉入。因此財資管理領域的手續費收入應會持續擴張。

And then there's interchange. We've seen a pickup lately in interchange activity. We've not even really spent a lot of time activating our debit portfolio, and it's a fairly sizable fee income stream for us. So there's going to be a focus on that particularly with the use of AI and some tools that we have to try to drive more activity on our -- in our debit card platform and with our small credit card portfolio, but it's small relative to the debit side. Those are the drivers.

另外還有交換手續費（interchange）。我們最近看到交換手續費活動有所回升。我們其實還沒有花很多時間去活化我們的簽帳金融卡（debit）組合，而這對我們而言是一條相當可觀的手續費收入來源。所以我們會把重點放在這上面，特別是運用AI以及我們的一些工具，來嘗試在我們的——在我們的簽帳金融卡平台上，以及我們的小型信用卡組合上，推動更多交易活動；不過信用卡相對於簽帳金融卡端仍然很小。這些就是驅動因素。

And this is our fourth consecutive quarter with fee income at $90 million or above. So I think that's a key point for us. And I think there's good momentum in the businesses that Vince talked about in debt capital markets and public finance. So there's a lot of excitement about what the rest of the year holds for us on the fee side.

而且這是我們連續第四個季度手續費收入達到或高於9,000萬美元。所以我認為這對我們來說是個關鍵點。我也認為在Vince提到的債務資本市場與公共融資業務上，動能很不錯。因此對於今年剩餘時間在手續費面向的表現，我們非常期待。

Yes. And we've been doing really well from an international perspective as well. We just won another word, I'm not like to mention what it is, but those people have done well. the person that runs it, Gener is a long-time associate of mine and respective -- and he's done a terrific job, and that continues to grow, too.

是的。而且從國際面向來看，我們也做得非常好。我們剛又贏得了另一個獎項——我不太想提是什麼——但那個團隊表現很好。負責的人Gener是我長期的同事與夥伴——而且他做得非常出色，這塊也持續在成長。

So we're seeing more and more opportunities with international banking with hedging and spot transactions for our clients, particularly as we're moving upmarket. So I'd say given that we have a really low relative share to some of these large players in the capital market space and the revenue lines associated with some of these businesses is relatively small, and it's already reflected in the run rate. There's upside.

所以我們在國際銀行業務上看到越來越多機會，包含為客戶提供避險與即期交易，特別是在我們往更高端市場移動之際。所以我會說，鑑於我們相對於資本市場領域一些大型業者的市占仍然很低，而這些業務相關的營收線規模也相對較小、且已反映在目前的運行水準（run rate）中，仍有上行空間。

Less public finance is another door business.

公共融資少一些是另一個敲門磚業務。

So that -- yes, as I mentioned earlier, with investment banking, that's another one. We think hundreds, maybe thousands of municipalities across our footprint. We have a specialization and handling their principal treasury management fees. And I think that, that will open the door, building out that team opens the door to some significant opportunities in the public finance space for us. And that's a highly competitive business, but we have the relationships already. We've been farming it out or turning it over to others, and we now can capitalize on it. So very granular I mentioned all these areas.

所以——是的，如我先前提到的，投資銀行也是另一個。我們認為在我們的營運版圖內有數百、甚至可能數千個市政單位。我們擅長處理他們主要的財資管理手續費。我認為，擴建那個團隊將為我們在公共融資領域打開一些重大的機會之門。那是一個競爭非常激烈的業務，但我們已經有既有關係。我們過去一直把它外包或交給別人做，而現在我們可以把握並變現這些機會。所以我提到的這些領域都非常細分。

So there's a lot of granularity. So it doesn't take much of a number of those areas increase even low single digits. It starts to really drive the total revenue number.

所以細分度很高。因此這些領域中，即便只有少數幾個領域提升、哪怕只是低個位數的成長，就會開始真正推動總營收數字。

Kelly Motta, KBW.

Kelly Motta，KBW。

We've talked a lot about your capital as well as the organic loan pipeline and the opportunities in C&I. I'd like to circle back to M&A and get another updated thoughts here on your appetite for deals and a reminder of what you look for given it does seem like your organic outlook is quite strong.

我們也談了很多你們的資本、以及有機貸款管線與在C&I（商業與工業）方面的機會。我想回到併購（M&A）再請你更新一下：你們對交易的胃納如何？也請提醒一下你們尋找的標的特徵，因為看起來你們的有機展望相當強勁。

Yes. I've said it a number of times, we're going to be opportunistic. There's not a lot out there that we see that is high value even if they were available. Like there are things that we could look at that would make a lot of sense, but a bank has to be for sale to do a transaction. We're not actively in the market. I'm just referring to deals that have been done, things that I'm hearing in the marketplace.

是的。我說過很多次，我們會採取機會主義。我們看到的標的並不多，即便它們真的可供出售，也未必是高價值。像是有些我們可以研究、而且很有道理的對象，但要做交易，銀行必須願意出售。我們並沒有積極在市場上尋找。我只是指已經完成的交易，以及我在市場上聽到的一些消息。

But I think our early drive to do M&A was to gain the scale to get over some of the regulatory hurdles and to be able to do some of the things that we're doing today. And I think given the size of the organization, we're in the sweet spot, even though some don't believe it, we're able to compete very effectively with everybody, and we have a very deep product set. And I think what you get from us is a $50 billion balance sheet and maybe a $1 trillion banks product offering, at least for our clients, right, because we're not banking Fortune 100 companies as their primary bank.

但我認為我們早期推動併購，是為了取得規模、跨越一些監管門檻，並能夠做我們今天正在做的一些事情。而我認為以組織的規模來看，我們正處在甜蜜點；即便有些人不這麼認為，我們仍能非常有效地與所有人競爭，而且我們的產品線非常深。我認為客戶從我們這裡得到的是一個500億美元的資產負債表，以及可能相當於1兆美元級銀行的產品提供——至少對我們的客戶而言是如此，對吧，因為我們並不是以主要往來銀行的角色服務《財富》100大企業。

So the middle market and large middle market clients that we bank, we can do everything that a lot of the other banks that are much, much larger than us to, but we do it in a way that is more boutique-ish there's more attention paid to getting stuff done. There's less bureaucracy. We're a little more creative because we don't have the same level of infrastructure or systemic methods of doing things.

所以對於我們服務的中型市場與大型中型市場客戶，我們能做的事情不輸給許多比我們大得多的銀行，但我們的做法更偏精品化（boutique-ish），更重視把事情做成。官僚程序更少。我們也更有創意，因為我們沒有同等程度的基礎建設或系統化的作業方法。

So it lets us be a little more entrepreneurial. And I think the customers enjoy that, and we're seeing great opportunities because of that. And I think that -- and I've said this, I just did a podcast it's not out yet with the ABA, but the smaller banks have an incredible opportunity right now to build product that's unique.

所以這讓我們能更具企業家精神。我認為客戶很享受這一點，而我們也因此看到很好的機會。而且我認為——我也說過，我剛為ABA錄了一集Podcast，還沒上線，但小型銀行現在有一個極佳的機會去打造獨特的產品。

Because of AI, because of the changes that are occurring from a tech perspective with cloud-based computing, the speed of computing, the ability to develop software with AI, I think you're going to see some pretty interesting things come about, and I think it's changing the equation on scale, particularly relative to technology. So that's -- and if you look at our cost of funds and you look at our returns and our return profile and our efficiency ratio, we're right there with the larger banks.

因為 AI，因為從科技角度來看雲端運算所帶來的變化、運算速度的提升，以及運用 AI 開發軟體的能力，我認為你將會看到一些相當有趣的事情出現，而且我認為這正在改變規模的方程式，特別是相對於科技而言。所以就是這樣——如果你看看我們的資金成本、看看我們的報酬與報酬結構，以及我們的效率比率，我們與大型銀行相比是旗鼓相當的。

So efficiency within the consumer bank was actually better when we did the analysis. So we're able to do that because we're very smart about how we deploy our resources, we're able to do it because we don't have the bureaucracy, we're able to do it because we're not arrogant. There's a bunch of things that we've seen out there that certainly play in our favour. So I'm sorry for the long answer, but we've talked a lot about this internally.

所以在我們做分析時，消費金融銀行內部的效率其實更好。我們之所以能做到，是因為我們在資源配置上非常聰明；我們能做到，是因為我們沒有官僚體系；我們能做到，是因為我們不自大。我們在外部看到的一些因素，確實都對我們有利。所以抱歉回答得很長，但我們內部已經談了很多。

I really appreciate all the color. That's very helpful. Maybe to turn back on the margin. I appreciate the commentary about C&I growth being really strong and pipeline to record levels. Hoping, I apologize if I missed it, but if you could provide additional color as to how loan pricing and spreads are holding up. I know you gave some color about the continued repricing opportunities here but just hoping to get more on pricing.

我非常感謝你提供的所有細節。這非常有幫助。也許回到利差（margin）這個話題。我感謝你對 C&I 成長非常強勁、以及案源管線（pipeline）達到創紀錄水準的評論。希望——如果我漏聽了先道歉——但如果你能再補充一些細節，說明貸款定價與利差（spreads）目前維持得如何。我知道你提到這裡仍有持續重訂價（repricing）的機會，但我希望能再多了解一些定價方面的情況。

Yes, you would expect in this environment for credit spreads to broaden because of the geopolitical environment that we're in, we're not seeing that necessarily in the middle market. I think there's still some pretty significant tailwinds from an economic perspective that keep people optimistic and I think the tax law changes were very favourable for capital investment.

是的，在這樣的環境下，你會預期因為我們所處的地緣政治環境，信用利差會擴大，但我們在中型市場（middle market）並不一定看到這種情況。我認為從經濟角度來看仍有相當顯著的順風，使人們保持樂觀，而且我認為稅法變更對資本投資非常有利。

So you're not seeing what you typically would see when we have the geopolitical environment that we have. So I would say what that means is that you're not going to see a broadening of credit spreads because of issues with repayment or problems. I don't know, Gary, you could speak to that.

所以你沒有看到在目前這種地緣政治環境下通常會出現的情況。因此我會說，這代表你不會因為還款問題或其他困難而看到信用利差擴大。我不知道，Gary，你可以談談這點。

But there is competitive pressure, obviously, but there's always competitive pressure. I've been doing this for a long, long time. I've been in corporate bank and my whole career. And one of my pet peeves is when I sit there with the commercial bankers and they tell me that it's so competitive. I can remember back 30 years ago when I was competing for deals in the upper middle market and transactions were priced at 50 basis points over LIBOR on a sub investment-grade credit opportunity.

但競爭壓力當然存在，不過競爭壓力一直都在。我做這行很久很久了。我整個職涯都在企業金融（corporate bank）。而我其中一個最不喜歡的事情，就是我坐在那裡聽商業銀行家跟我說競爭有多激烈。我還記得 30 年前，我在上中型市場（upper middle market）搶案子時，一筆次投資級（sub investment-grade）的授信機會，交易定價是 LIBOR 加 50 個基點。

That's that pricing doesn't exist today so the margins are better today. So it goes through ebbs and flows and changes and credit spreads impact how pricing is impacted. So we'll see what happens with the economy. We've always benefited because we were more conservative. So when credit spreads were broadening, what that means is that we're going to get paid more for lower risk transactions because we have the capital and the appetite to deploy capital.

那種定價今天已經不存在了，所以現在的利差（margins）反而更好。所以它會有起起落落、會變化，而信用利差會影響定價如何變動。所以我們看看經濟接下來會怎麼走。我們一直受益於我們更保守。所以當信用利差擴大時，這代表我們會因為較低風險的交易而拿到更高的報酬，因為我們有資本、也有意願去配置資本。

And Gary has talked about that many times. Others will get out over their skis from a lending perspective and then have to pull back during those periods. And there during frothy periods, credit spreads are thinner. So I would say if you want to shorten, sorry for all these long answers, Kelly. But the reality is it's a complicated business. And in certain segments, like if you move deep down into small business lending, I think spreads have come in because there's increased competition for C&I opportunities.

Gary 也多次談過這點。其他人會在放貸上衝得太前面，然後在那些時期不得不收縮。而在市場過熱的時期，信用利差會更薄。所以如果你想要我簡短一點——抱歉這些回答都很長，Kelly。但現實是，這是一門複雜的生意。而在某些區隔，例如你往小型企業放款更深處走，我認為利差確實收斂了，因為對 C&I 機會的競爭加劇。

When you move up into the larger end of the spectrum, I think spreads are pretty consistent with how they've been underwritten, particularly on syndicated deals. It may have come in a little bit. I don't know, Gary, if you.

當你往光譜較大型的一端移動時，我認為利差大致與承作（underwritten）時的水準一致，特別是在聯貸（syndicated）案子上。可能有稍微收斂一點。我不知道，Gary，你是否——

Inch you hit it pretty well. Spreads are where you expect them to be today on a transaction-by-transaction basis, you can get squeezed a little bit, but we're very comfortable with the with the spreads that we're seeing in the marketplace today and based on where the economy is, is it going to probably get a little more competitive as we move forward. It wouldn't surprise me, Kelly. So we'll keep an eye on that and continue to manage it accordingly.

Inch，你講得很到位。利差在逐筆交易（transaction-by-transaction）的層面上，大致落在你今天會預期的水準；有些案子可能會被擠壓一點，但我們對目前市場上看到的利差非常放心，而且以經濟所處的位置來看，未來可能會變得更具競爭性。Kelly，這不會讓我意外。所以我們會持續關注，並相應地加以管理。

Great. I really do appreciate all the color.

很好。我真的很感謝你提供的所有細節。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

Just a quick follow-up on Kelly's question. What are kind of new loans coming in at what yield?

就 Kelly 的問題做個快速追問。新進來的貸款大概是以什麼收益率（yield）進來的？

It depends on the category.

這取決於類別。

New loans originated during the first-quarter came out at $557 million -- if you look at it compared to the fourth-quarter on average, I mean, it's 589 in the fourth-quarter, you had two Fed cuts affecting fourth-quarter levels. So on a spot basis, so the overall portfolio yield is at $561 -- it was only down a basis point in total, which includes all of the different categories of loans, no Fed costs during the quarter.

第一季新承作的貸款是 5.57 億美元——如果你拿它跟第四季的平均相比，第四季是 5.89 億，而且第四季的水準受到兩次聯準會降息的影響。所以以即期（spot）來看，整體投資組合收益率在 5.61——總體只下降了 1 個基點，這包含所有不同類別的貸款，而本季沒有聯準會降息。

So total moving a basis point the lines have kind of have approached each other now where we have been -- if you go back a few quarters to new loans, we're coming on 25, 30 basis points higher than the portfolio yield. It's kind of more in line based on the mix of what we originated during the first-quarter.

所以整體只動了 1 個基點，兩條線現在大致已經靠攏——如果你回頭看幾個季度，新貸款的收益率比投資組合收益率高 25 到 30 個基點。這次則是更接近，主要是因為第一季我們承作的組合（mix）所致。

Okay. I appreciate that. The deposit pipeline, you're speaking to some commercial clients that are going to come on over time with treasury management solutions, -- is that pipeline also -- how does that compare to your current deposit costs?

了解。謝謝你的說明。關於存款案源管線，你提到一些商業客戶會隨時間導入資金管理（treasury management）解決方案——那這個管線也——它跟你們目前的存款成本相比如何？

Yes, it's a -- that's a hard -- it's a good question. It's a hard one to answer on the fly. -- because you're going to have different levels of demand deposits based upon floor balances that are set because they use an earnings credit to pay for services. It depends on the client and the level of services , so I don't know if I have a good answer for you, but it's a great question.

是的，這——這很難——這是個好問題。但要即席回答不太容易——因為你會因為設定的底層餘額（floor balances）而有不同層級的活期存款（demand deposits），他們會用收益抵扣（earnings credit）來支付服務費。這取決於客戶以及服務層級，所以我不確定我能給你一個很好的答案，但這確實是個很棒的問題。

In the pipeline, some of it you really don't know because I mean -- well, I think most of the stuff we're doing, we're the operating bank, right? So you will see higher cost deposits coming on board as well. But that's the excess balances that are being swept. So if you look at that, typically, they're swept into our standard price, it doesn't change our stated pricing. So we don't exception price that.

在管線裡，有些你真的不知道，因為我的意思是——嗯，我想我們大多數在做的事情是，我們是主要往來銀行（operating bank），對吧？所以你也會看到較高成本的存款進來。但那是被掃入（swept）的超額餘額。所以如果你看這部分，通常會被掃入我們的標準定價，它不會改變我們對外揭露的定價。所以我們不會用例外定價（exception price）去處理。

The focus is on setting the floor balance and whether the client is going to pay with fees or use demand deposits. So -- and the level of -- but the cost is for us.

重點在於設定底層餘額，以及客戶是要用手續費支付，還是使用活期存款。所以——以及服務層級——但成本是由我們承擔。

So I would just add one thing two minute well, but the commercial deposit pipeline is up meaningfully. I mean we were a little under $1 billion at the end of the year, and we're around $1.2 billion now. So we convert and we continue to add new names into that.

所以我再補充一點，兩分鐘——嗯，商業存款的案源管線顯著上升。我的意思是，我們在年底時略低於 10 億美元，現在大約在 12 億美元左右。所以我們在轉換，同時也持續把新的客戶名稱加入其中。

That's great. I appreciate that. Just my last one is can you talk about how quickly some of your investments in account primacy or AI, when they should kind of pay off and how kind of should we track your progress beyond deposit growth, solid returns. You planned to some market share gains. Any other metrics you'd like to point us to kind of see how this is paying off?

太好了。我很感謝。我最後一個問題是，能否談談你們在帳戶主導性（account primacy）或 AI 方面的一些投資，多久應該會開始見到回報？以及除了存款成長、穩健報酬、以及你們規劃的一些市占提升之外，我們應該如何追蹤你們的進展？你們規劃了一些市占率的提升。還有沒有其他你們希望我們關注的指標，用來觀察這些投入如何產生效益？

Well, we have mentioned in the past applications. Our application volume is up considerably. Using the platform that we've developed that utilizes AI and our common app. So I think 38% increase in deposit applications through that network. It's kind of hard to give a global number because you've got disintermediation going on with traditional origination methods.

嗯，我們過去提過申請量。我們的申請量大幅上升。透過我們開發的平台，結合 AI 與我們的共用申請（common app）。所以我想，透過那個網路的存款申請增加了 38%。但要給一個整體數字有點難，因為傳統的承作方式正在發生去中介化（disintermediation）。

But we track how many come through that channel and it's up significantly. It continues to grow significantly. I think loans were up. I don't remember what the number is 10%. Yes, 5% actually loan application volumes up 5% quarter-over-quarter and 31% is the increase in deposit applications.

但我們會追蹤有多少是透過那個渠道進來的，而這個數字顯著上升。而且仍在顯著成長。我想貸款也上升了。我不記得數字是不是 10%。對，實際上是 5%，貸款申請量季對季增加 5%，而存款申請增加 31%。

So you're seeing increases in those categories that should accelerate over time. The best way to look at this, I think, for any bank would be to look at their overall performance because it's so dispersed throughout the organization. And we're trying to balance obviously, we have limited resources, as I've said earlier.

所以你會看到這些類別的增長，且應該會隨時間加速。我認為看這件事最好的方式，對任何銀行而言，是看整體經營表現，因為它分散在整個組織各處。而且我們也在努力取得平衡，顯然如我先前所說，我們的資源有限。

So we don't want our expenses to grow and then not get a benefit right? So we're not a tech company, we can't burn cash and then tell you we're not going to make any money. So we're a bank. So we basically have to gain the efficiency, pick the project, deploy it, gain the efficiency and it's reflected in the numbers. But I will say, we have a number of things that we've already pulled off. We have upgraded our ability to monitor deposit base and affect deposit betas with analysis that we've done. And we had a system before opportunity IQ.

所以我們不希望費用成長，卻沒有得到效益，對吧？我們不是科技公司，不能燒錢然後告訴你我們不會賺錢。我們是銀行。所以我們基本上必須提升效率、挑選專案、部署、取得效率提升，並反映在數字上。但我會說，我們已經完成了不少事情。我們已升級監控存款基礎、並透過我們做的分析來影響存款 beta 的能力。而在 Opportunity IQ 之前我們就有一套系統。

We have a new opportunity IQ2, which is much more sophisticated and speedy because we're using AI to assist with it, not just machine learning tools and insights. So I think that's one example. We've got a project underway to automate our pulse center. Based on some research that we've done. So we -- there's some pretty spectacular AI software that's available that really can have a significant impact on the customer experience and our cost servicing a customer via the call center.

我們有新的 Opportunity IQ2，更加精密且速度更快，因為我們用 AI 來協助，而不只是機器學習工具與洞察。所以我想這是一個例子。我們也有一個專案在進行中，要自動化我們的脈動中心（pulse center）。基於我們做的一些研究。所以我們——市面上有一些相當驚人的 AI 軟體，確實能對客戶體驗，以及我們透過客服中心服務客戶的成本，產生顯著影響。

So we're engaged and looking at that, we are in the throes of building out our 360 View, which has an AI overlay I mentioned it earlier, that we're in, I'd say, mid phase there, and we're moving very quickly. We're building out a proprietary mortgage application that's going to be embedded into the common app.

所以我們正在投入並評估這件事；我們也正全力建置我們的 360 View，我先前提過它有一層 AI 覆蓋（AI overlay），我會說目前在中期階段，而且我們推進得非常快。我們也在打造一個自有的房貸申請系統，將會嵌入到共用申請（common app）中。

That's coming, which will help us in the long run with cross-sell opportunity because we'll be able to -- as we originate a mortgage loan use those data fields instantly for the customer to purchase other products like in insurance, home insurance, depository products. And then we've already announced, we have embedded in our mobile app, the ability to move your direct deposit instantly and repetitive ACH transactions. We're working on bill pay.

那個即將推出，長期來看會幫助我們提升交叉銷售機會，因為當我們承作一筆房貸時，就能立即使用那些資料欄位，讓客戶購買其他產品，例如保險、住宅保險、存款產品。另外我們也已經公告，我們在行動 App 中嵌入了可即時移轉薪資直撥（direct deposit）以及重複性 ACH 交易的功能。我們也在做帳單支付（bill pay）。

We're going to get there. We're integrating that into the origination platform, and we have pushed that common app origination platform into the field. So the entire branch network is originating on the same digital platform that consumers use online. So there's a lot. We've done a lot.

我們會做到的。我們正在把它整合進承作平台（origination platform），而且我們已把那個共用申請承作平台推到第一線。所以整個分行網路都在同一個消費者線上使用的數位平台上進行承作。所以事情很多。我們做了很多。

There's a lot that's already done that's reflected in the expense run rate. And then there are some things that we're finalizing that should come online very shortly here and be additive probably in '27 either from an efficiency perspective or generating additional revenue for us. I don't if that's helpful. But I don't have a precise number to give you. I can only tell you.

已經完成的事情很多，並且已反映在費用的運行率（expense run rate）上。另外也有一些我們正在收尾的項目，應該很快就會上線，並可能在 2027 年帶來增益——不論是效率面或為我們創造額外收入。我不知道這樣是否有幫助。但我沒有一個精確數字可以給你。我只能告訴你。

Were going to be building out external dashboards where we've been building internal and I think we mentioned before, having more dashboard type data that we'll be sharing as we proceed with these initiatives.

我們會建立對外的儀表板（external dashboards）；我們一直在建內部的，而且我想我們之前也提過，會在推進這些計畫時分享更多類似儀表板的數據。

Brian Martin, Green Capital.

Brian Martin，Green Capital。

Maybe one follow-up for Gary. Just maybe it's Vince. Just on the loan growth, just on the CRE side, in terms of the sales into the secondary market and just kind of managing that. How are you thinking about that? It sounds like there's opportunities, but you're still seeing payoffs just in terms of contribution to growth this year.

也許我有一個給 Gary 的追問。也可能是 Vince。關於貸款成長，特別是 CRE 這一塊，就把貸款出售到次級市場（secondary market）以及相關管理而言，你們是怎麼思考的？聽起來有一些機會，但你們今年在對成長的貢獻上仍然會看到回收（payoffs）。

It sounds like C&I is obviously was strong this quarter. The pipelines are good there. But just on the CRE side, given your capacity and how you're thinking about that in the secondary market.

聽起來 C&I 這季顯然很強。那邊的管線也不錯。但就 CRE 這邊，在你們的容量限制下，以及你們如何看待次級市場的操作？

Yes, Brian, we still have projects that we've been involved with for the last couple of years that are coming on a quarterly basis regularly that are moving into the secondary market. So we'll continue to see that as we work our way through the year ahead there.

是的，Brian，我們仍有一些過去幾年參與的專案，會按季度規律地陸續到位，並移轉到次級市場。所以在接下來的一年裡，隨著我們持續推進，我們仍會看到這種情況。

That being said, we were pleasantly surprised by the ramp-up in new CRE opportunities. And pretty much across the board, those opportunities have been really solid. So we're going to aggressively pursue those solar transactions in that space. I will tell you that, that is, as we talked about competition earlier, it's very competitive because many banks are getting back in the CRE business. So we're seeing that there's a lot of activity there, and we expect that to build throughout the year.

話雖如此，我們對新 CRE 機會的加速增加感到驚喜。而且幾乎各個面向，這些機會都相當扎實。所以我們會在那個領域積極追求那些太陽能交易（solar transactions）。我也要說，正如我們先前談到競爭，那裡競爭非常激烈，因為許多銀行正在重返 CRE 業務。所以我們看到那邊活動很多，並預期全年會持續增溫。

So in terms of those payouts and moves into the secondary market, they will continue. That will be a headwind in that category, but we're going to be very choosy of the assets that we're putting on, and we will see we will see activity from a new booking standpoint there build throughout the year.

因此，就那些回收（payouts）以及移轉到次級市場的部分，會持續發生。這會在該類別形成逆風，但我們會非常謹慎挑選要放到帳上的資產；而且從新增承作（new booking）的角度來看，我們會看到那邊的活動在全年逐步增加。

By the way, the C&I growth that we have, does not include MDFR. So I've been saying this for a long time. I think people finally started looking at it. But when you look at the H8 data, it included basically warehouse lending for consumer borrowings that get reflected in the commercial line because you can't segment it out or there's another category that you can't really figure out what's sitting in that bucket when you look at the public disclosures. But we don't have that.

順帶一提，我們的 C&I 成長不包含 MDFR。所以我講這件事很久了。我想大家終於開始去看了。但當你看 H8 數據時，它基本上包含了消費者借款的倉儲融資（warehouse lending），會反映在商業項下，因為你無法把它拆分出來；或者還有另一個類別，當你看公開揭露時，你其實很難判斷那個桶子裡到底裝了什麼。但我們沒有那個。

So we're not -- we're growing with traditional C&I. So we haven't had any help in any way, right, from MDFR, right? And I think that's an important distinction. So as the economy starts to accelerate, you'll see us perform even better as we continue to build out some of these tools that I mentioned, we'll see better penetration in the small business segment. We should get there. The consumer business that we talked about, we're starting to see pretty explosive opportunities in certain segments and consumers. Right?

所以我們——我們是靠傳統的 C&I 在成長。所以我們沒有在任何方面得到 MDFR 的幫助，對吧？而我認為這是一個重要的區別。所以當經濟開始加速時，隨著我們持續建置我提到的一些工具，你會看到我們表現得更好，我們在小型企業（small business）客群的滲透率也會更高。我們應該會做到。至於我們談到的消費金融業務，我們開始在某些細分領域與消費者端看到相當爆發性的機會。對吧？

Yes. The consumer book has been really strong. The performance of it continues to be exceptional that record low credit metric levels at this point, high-quality paper, and the teams are doing a really good job generating opportunities and those pipelines are very high.

是的。消費金融業務表現一直非常強勁。目前其表現仍然十分出色，信用指標處於歷史低位、資產品質高，而團隊在創造機會方面做得非常好，相關管道也非常充足。

Just as a reference point, too. If you look at our changes since the end of the year, our NDF balances, which were very low, and we're in probably the lowest decile there. Ours came down 5%, 7%. The other all banks were up 7%. So it's driving a lot of the loan growth at some of our competitors.

另外也提供一個參考點。如果你看我們自年末以來的變化，我們的NDF餘額原本就非常低，可能位於最低十分位。我們的餘額下降了5%、7%。其他所有銀行則上升了7%。因此，這正在推動我們部分競爭對手的放款成長。

Perfect. That's a great segue. Just one last one on the CRE Gary. I'm assuming that CRE concentration level around 200 pie stands or it's not moving a whole lot based on origination potential originations with payoffs. So that's not like it's going to ramp up.

很好。這個銜接得很棒。Gary，關於商用不動產（CRE）我最後再問一個。我假設CRE集中度大約在200%上下，基於可望承作的放款與到期清償相互抵消，變動不會太大。所以不太像會快速拉升。

We're at 194% at the end of the quarter, Brian, to Tier 1 plus the allowance. I would tell you that I would expect that to be lower as we move into the second and third-quarters before we start to see some stabilization.

Brian，我們在本季末是194%，相對於第一級資本加上備抵。我會說，隨著我們進入第二、第三季，我預期這個比率會更低，之後才會開始看到一些穩定。

Got you. Okay. And then just to Vince's comment or both Vince's comments on NBFI, can you just remind us that your -- how low that exposure is today, just so we have that clarity in terms of that exposure relative to other banks?

了解。好。另外，針對Vince對NBFI的評論（或他提到的兩點），你能否再提醒我們：你們目前的曝險到底有多低？讓我們能清楚了解相較其他銀行的曝險程度。

Yes. In terms of our bucket, the largest bucket that we have in there is the other category, which is a mix of wealth management, advisory, family office and insurance companies for non-lending purposes. The credit facilities that we have in place, their support working capital acquisitions and lift-out strategies for our clients.

可以。就我們的分類來看，最大的一桶是「其他」類別，主要是財富管理、顧問服務、家族辦公室以及保險公司，且用途並非放款。我們已設置的授信額度，是用來支持客戶的營運資金、併購以及團隊挖角（lift-out）策略。

Remaining is a handful of customers, which is a little over $100 million clients that we do C&I business with that have formed some REITs and our PTCs, which we got from an acquisition a number of years ago, and we pared it back to the strongest of the strong. There are five of them. They're four of them are investment-grade companies. The balance is $40 million -- so it's really small. Right? Yes. $40 million.

其餘的是少數客戶，約略超過1億美元；我們與其有企業與商業（C&I）往來，這些客戶成立了一些REIT，以及我們的PTC（這是我們多年前透過收購取得的），而我們已將其縮減到最強的那一批。總共有五家。其中四家是投資等級公司。餘額是4,000萬美元——所以真的很小。對吧？是的。4,000萬美元。

And again, we've not focused, that is not a focus of this company. That's the byproduct of acquisitions and clients accommodating certain clients. But we don't have a practice of going out and originating in that space.

再強調一次，我們並沒有把這塊當作重點，這不是本公司的核心焦點。這是收購的副產品，以及為了配合特定客戶所形成的。但我們沒有在那個領域主動外出承作與發起業務的做法。

And it's only 1% of the total loan book, too. So it's tiny. Minimal.

而且它也只占整體放款組合的1%。所以非常小。曝險極低。

Yes. Okay. Good to highlight that. And just maybe the last one. Yes. Maybe just the last one for me was your comments on the cost of deposits. It sounds like -- it sounds as though they are kind of flat to down maybe over the balance of the year, just with that balance of the C&I potential growth of the -- and I guess that's assuming that there's no rapid growth in loans and no change in rates. But that funding cost trending down. It seems like the outlook we should be looking at is that right?

是的。好。這點值得強調。再來可能最後一題。是的。我最後想問的是你對存款成本的看法。聽起來——似乎在今年剩餘期間大致持平到略降，主要取決於C&I潛在成長的平衡——我想這也是假設放款不會快速成長、利率也不變。但資金成本呈下降趨勢。看起來我們應該用這樣的展望來看待，對嗎？

And b, just can you talk about the pipeline of commercial deposits. Is that -- do you see that the baseline of 26% today trending a bit higher given your outlook for that pipeline?

另外，B，你能談談商業存款的管道嗎？以目前26%的基準來看，依你對該管道的展望，是否會略為走高？

It's too hard to say given the inflows and outflows in that bucket, what can happen potentially with disintermediation. I think that's a hard thing to say, right -- and we've been pretty steady at that level. It's risen and then the yield curve changes and then elaborates away and then comes back. So it's kind of hard to say, but we tend to target that levels, right? So it's reflected in our guide, and that's what you have. We can do better; it's going to come from the things that I mentioned earlier.

很難說，因為那一桶的流入與流出，以及可能發生的金融脫媒，都會影響結果。我覺得這很難判斷，對吧——而且我們在那個水準上一直相當穩定。它會上升，然後殖利率曲線改變，又會被稀釋掉，之後再回來。所以確實很難說，但我們傾向以那個水準作為目標，對吧？因此它已反映在我們的指引中，這就是你目前看到的。我們可以做得更好；改善將來自我先前提到的那些事項。

Yes. Just from a higher for longer environment, Brian, I mean there's still some room for the deposits to come down, but it's going to be a function of the overall loan growth and the competitiveness like Vince mentioned earlier on the deposit pricing side. So I think there's room for to come down a little bit from here, but the rest of -- the back half of the year is going to be a function of what's happening with the overall loan growth.

是的。Brian，就「高利率維持更久」的環境而言，存款成本仍有一些下行空間，但會取決於整體放款成長，以及如Vince先前提到的存款定價競爭程度。所以我認為從目前水準還有機會再降一點，但今年下半年將取決於整體放款成長的情況。

This concludes our question and answer session. I would like to turn the conference back over to Vince Delie for any closing remarks.

問答環節到此結束。我想把電話會議交回給Vince Delie，請他做結語。

Thank you. Thank you for the questions. And I want to thank our shareholders for sticking with us for so long. I think I've been in the seat for a long time. I've been here 20 years. So it's pretty amazing how time goes by. But it's great to be able to be here and to really deliver a dividend increase. I know a lot of shareholders -- individual shareholders and one that.

謝謝。謝謝各位的提問。我也要感謝我們的股東長期以來與我們同行。我想我坐在這個位置上已經很久了。我在這裡20年了。時間流逝真的很驚人。但能夠在這裡、並真正實現股利調升，這很棒。我知道有很多股東——個人股東以及其中一位……

We're finally at a point here where we've accumulated capital. We have capital flexibility. So it gives us the opportunity to defend the company from a risk perspective to invest in some of the great things we're investing in that drive returns, right? We're very return-oriented and now because of the capital position we're in, we can continue to repatriate capital at even higher levels.

我們終於走到一個階段，已累積了資本。我們具備資本運用的彈性。因此，從風險角度來看，這讓我們有機會保護公司，也能投資於一些我們正在投入的優秀項目，而這些項目能帶動報酬，對吧？我們非常以報酬為導向，而現在基於我們所處的資本位置，我們可以以更高的水準持續回饋資本。

And just so everyone doesn't forget we have returned $2.4 billion in capital since I became CEO here since CFO. So we are focused on taking care of our shareholders. And we did that all while we acquired banks and grew 8% to 9% on an organic basis over a sustained period. So anyway, thank you, and it's a great honour.

另外，提醒大家別忘了，自從我在這裡擔任CEO（以及之前擔任CFO）以來，我們已回饋了24億美元的資本。所以我們專注於照顧股東。而我們在回饋股東的同時，也完成了銀行收購，並在相當長的一段期間內以有機方式維持8%到9%的成長。總之，謝謝大家，這是一份很大的榮幸。

And I also want to say one more thing. I want to thank Bill Campbell again because he was a tremendous Director and a phenomenal advocate to shareholders. He's done a lot of creative things over time. Early in his Board career, he was focused pretty heavily on governance and that built the framework for what we have today. So he's kind of ahead of this time he's a great person and a great mentor, and we're going to miss him. So thank you for everything you've done, Bill.

我還想再補充一點。我想再次感謝Bill Campbell，因為他是一位非常傑出的董事，也是股東的卓越倡議者。多年來他做了很多有創意的事情。在他董事會生涯的早期，他相當專注於公司治理，而這也建立了我們今天所擁有的框架。所以他算是走在時代前面；他是很棒的人、很好的導師，我們會想念他。Bill，謝謝你所做的一切。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。