Huntington Bancshares Inc (HBAN) 2022 Q4 法說會逐字稿

Greetings. Welcome to Huntington Bancshares fourth quarter earnings call. (Operator Instructions) As a reminder this conference is being recorded. At this time, I'd now like to turn the conference over to your host, Tim Sedabres, Director of Investor Relations.

你好。歡迎來到 Huntington Bancshares 第四季度財報電話會議。 （操作員說明）作為提醒，正在錄製此會議。現在，我想把會議轉交給你的主持人，投資者關係總監蒂姆塞達布雷斯。

Thank you, operator. Welcome, everyone, and good morning. Copies of the slides we will be reviewing today can be found on the Investor Relations section of our website at www.huntington.com. As a reminder, this call is being recorded and a replay will be available starting about 1 hour from the close of the call.

謝謝你，運營商。歡迎大家，早上好。我們今天要審查的幻燈片副本可以在我們網站 www.huntington.com 的投資者關係部分找到。提醒一下，此通話正在錄音，通話結束後約 1 小時將提供重播。

Our presenters today are Steve Steinour, Chairman, President and CEO; Zach Wasserman, Chief Financial Officer. Rich Pohle, Chief Credit Officer, will join us for the Q&A.

我們今天的主持人是董事長、總裁兼首席執行官 Steve Steinour； Zach Wasserman，首席財務官。首席信貸官 Rich Pohle 將加入我們的問答環節。

Earnings documents, which include our forward-looking statements disclaimer and non-GAAP information, are available on the Investor Relations section of our website. With that, let me now turn it over to Steve.

收益文件，包括我們的前瞻性聲明免責聲明和非 GAAP 信息，可在我們網站的投資者關係部分獲取。有了這個，讓我現在把它交給史蒂夫。

Thanks, Tim. Good morning, everyone, and welcome. Thank you for joining the call today. We are very pleased to announce our fourth quarter results, which included GAAP net income of $645 million and adjusted net income of $657 million. For the full year, reported GAAP net income was $2.2 billion, and adjusted net income was $2.3 billion. Both results reflect record earnings for Huntington.

謝謝，蒂姆。大家早上好，歡迎光臨。感謝您今天加入電話會議。我們非常高興地宣布我們的第四季度業績，其中包括 6.45 億美元的 GAAP 淨收入和 6.57 億美元的調整後淨收入。全年，報告的 GAAP 淨收入為 22 億美元，調整後的淨收入為 23 億美元。這兩項結果都反映了亨廷頓創紀錄的收入。

2022 marked a year of numerous successes, driven by our team's execution of organic growth initiatives, realization of both expense and revenue synergies from the TCF acquisition, an unwavering focus on credit discipline and proactive balance sheet management.

2022 年是取得眾多成功的一年，這得益於我們團隊執行有機增長計劃、實現 TCF 收購帶來的費用和收入協同效應、堅定不移地關注信貸紀律和積極的資產負債表管理。

We ended the year with substantial momentum. Clearly, the economic environment is becoming increasingly challenging. However, Huntington is better positioned today than at any time since I joined over a dozen years ago. And over those years, we've transformed the risk profile of the bank and remained highly disciplined.

我們以強勁的勢頭結束了這一年。顯然，經濟環境正變得越來越具有挑戰性。然而，自從我十幾年前加入以來，亨廷頓今天的處境比任何時候都好。在那些年裡，我們改變了銀行的風險狀況並保持高度紀律。

We are taking proactive steps now to again position Huntington to outperform, and we entered the year with solid capital levels, top-tier reserves, a growing core deposit base and strong credit metrics. We continue to see opportunities to grow revenue and profit.

我們現在正在採取積極措施，再次讓 Huntington 跑贏大盤，我們以穩健的資本水平、一流的儲備、不斷增長的核心存款基礎和強勁的信用指標進入了這一年。我們繼續看到增加收入和利潤的機會。

Now on to Slide 4. First, we finished the year with our fourth consecutive quarter of record pre-provision net revenue. This was supported by higher interest income driven by earning asset growth and an expanded net interest margin. Revenue growth has been exceptional over the course of the year, and we intend to protect and grow that revenue base.

現在轉到幻燈片 4。首先，我們以連續第四個季度創紀錄的撥備前淨收入結束了這一年。這得益於盈利資產增長和淨息差擴大推動的更高利息收入。這一年的收入增長非常出色，我們打算保護和發展這一收入基礎。

Second, we delivered broad-based loan growth ex PPP of 10% year-over-year. As we drove this growth, we also optimized for return while still exceeding our loan growth outlook.

其次，我們實現了 10% 的同比增長（不包括 PPP）的基礎廣泛的貸款增長。在推動這一增長的同時，我們還優化了回報，同時仍超過我們的貸款增長前景。

One example of this optimization is indirect auto, where our production in the quarter was approximately 15% lower than the prior quarter, while our new loan yields increased by over 100 basis points.

這種優化的一個例子是間接汽車，我們本季度的產量比上一季度低約 15%，而我們的新貸款收益率增加了 100 多個基點。

Importantly, we continue to grow our deposit base with multiple consecutive quarters of growth. We believe this is a differentiator for Huntington in this environment. It also demonstrates the breadth of our franchise and our colleagues' ability to acquire and deepen primary bank customer relationships.

重要的是，我們繼續通過連續多個季度的增長來擴大我們的存款基礎。我們相信這是亨廷頓在這種環境中的一個差異化因素。它還展示了我們特許經營權的廣度以及我們的同事獲得和深化主要銀行客戶關係的能力。

Third, our financial results for the fourth quarter and full year reflect a top-tier return profile and were at or above our medium-term targets.

第三，我們第四季度和全年的財務業績反映了一流的回報狀況，達到或超過了我們的中期目標。

These results demonstrate the earnings power of the company, and we expect to continue to deliver on these targets. As we intended, we delivered common equity Tier 1 capital to the middle of our 9% to 10% operating range. We are also very pleased to announce a new 2-year share repurchase program.

這些結果證明了公司的盈利能力，我們希望繼續實現這些目標。正如我們預期的那樣，我們將普通股一級資本交付到我們 9% 至 10% 的經營範圍的中間。我們也非常高興地宣布一項新的 2 年期股票回購計劃。

Fourth, we ended '22 with strong momentum across the business that we carry into this new year. We remained focused on growth, aligned with our risk appetite. Importantly, we have the capital, credit reserves and strength of balance sheet that give us confidence to continue to deliver on our organic growth priorities.

第四，我們以強勁的勢頭結束了 22 年，我們在新的一年開展的業務勢頭強勁。我們仍然專注於增長，與我們的風險偏好保持一致。重要的是，我們擁有資本、信貸儲備和資產負債表實力，使我們有信心繼續實現我們的有機增長重點。

Slide 5 highlights the tremendous earnings power of the franchise, which has improved sequentially over the course of the year. PPNR is over 60% higher than pre-pandemic levels. Our return on tangible common equity is top tier.

幻燈片 5 突出了該特許經營權的巨大盈利能力，該特許經營權在這一年中不斷提高。 PPNR 比大流行前水平高出 60% 以上。我們的有形普通股回報率是一流的。

We managed our asset sensitivity throughout the year and deliberately positioned the company to benefit from higher interest rates, which resulted in significant revenue growth.

我們全年都在管理我們的資產敏感性，並有意將公司定位為受益於更高的利率，從而實現了顯著的收入增長。

We've also been prudent in taking actions to protect this revenue base, should we experience lower rates over the next few years. We will continue to be dynamic in this regard with our goal of reducing volatility and creating a tight quarter around the path of spread revenue.

如果我們在未來幾年遇到較低的利率，我們在採取行動保護這一收入基礎方面也一直很謹慎。我們將在這方面繼續保持活力，我們的目標是降低波動性並圍繞差價收入路徑創造緊張的季度。

At our Investor Day in November, we shared with you our highly defined set of strategic priorities. We expect these strategies will drive sustained revenue growth and support gains in efficiency over the long term.

在 11 月的投資者日，我們與您分享了我們高度明確的戰略重點。我們預計這些戰略將推動持續的收入增長，並支持長期提高效率。

As you also heard, this management team is a group of experienced operators. To further accelerate the execution of these strategies and support increased efficiency, we will be taking a series of actions during '23 to align our organizational structure with a focus on our critical priorities.

大家也聽說了，這個管理團隊是一群經驗豐富的操作人員。為了進一步加快這些戰略的執行並支持提高效率，我們將在 23 世紀期間採取一系列行動，使我們的組織結構與我們的關鍵優先事項保持一致。

We expect these actions will result in new growth and efficiency opportunities. We will share more details on these actions as they're finalized over the course of the first quarter However, one element will be a voluntary retirement program for our middle and senior management.

我們預計這些行動將帶來新的增長和效率機會。我們將在第一季度完成這些行動時分享更多細節。但是，其中一個要素將是我們的中高級管理人員的自願退休計劃。

Overall, I believe this program will be important to support our colleagues and create value for our shareholders. In closing, we are well positioned for continued growth.

總的來說，我相信這個項目對於支持我們的同事和為我們的股東創造價值非常重要。最後，我們為持續增長做好了充分準備。

We have the strategies and the momentum in our businesses to support growth. We also benefit from highly engaged colleagues who have consistently delivered outstanding customer service and are a true differentiator. We have the credit discipline to outperform and remain focused on rigorous expense management, investment prioritization and capital allocation.

我們在業務中擁有支持增長的戰略和動力。我們還受益於高度敬業的同事，他們始終如一地提供出色的客戶服務，是真正的差異化因素。我們有超越市場的信貸紀律，並繼續專注於嚴格的費用管理、投資優先次序和資本配置。

We remain committed to our long track record of managing to positive annual operating leverage and are intently focused on driving shareholder value. Zach, over to you to provide more detail on our financial performance.

我們仍然致力於保持我們管理積極的年度運營槓桿的長期記錄，並專注於推動股東價值。扎克，請您提供有關我們財務業績的更多詳細信息。

Thanks, Steve. And good morning, everyone. Slide 6 provides highlights of our fourth quarter results. We reported GAAP earnings per common share of $0.42, and adjusted EPS was $0.43. Return on tangible common equity, or ROTCE, came in at 26% for the quarter. Adjusted for notable items, ROTCE was 26.5%. Further adjusting for AOCI, ROTCE was 19.8%.

謝謝，史蒂夫。大家早上好。幻燈片 6 提供了我們第四季度業績的亮點。我們報告的 GAAP 每股普通股收益為 0.42 美元，調整後每股收益為 0.43 美元。本季度有形普通股回報率 (ROTCE) 為 26%。針對顯著項目進行調整後，ROTCE 為 26.5%。進一步調整 AOCI，ROTCE 為 19.8%。

Loan balances continued to expand as total loans increased by $1.9 billion and excluding PPP, increased by $2.1 billion. Deposit balances increased by $1.6 billion on an end-of-period basis, while average deposits were essentially flat compared to the prior quarter.

貸款餘額繼續擴大，總貸款增加 19 億美元，不包括 PPP，增加 21 億美元。存款餘額較期末增加 16 億美元，而平均存款與上一季度相比基本持平。

Pre-provision net revenue expanded sequentially by 4.2% from last quarter to $893 million and on a full-year basis, year-over-year increased by 36% to $3.2 billion. Credit quality remained strong with net charge-offs of 17 basis points and nonperforming assets declining to 50 basis points.

撥備前淨收入較上一季度環比增長 4.2% 至 8.93 億美元，全年同比增長 36% 至 32 億美元。信貸質量保持強勁，淨註銷 17 個基點，不良資產下降至 50 個基點。

Turning to Slide 7. Average loan balances increased 1.7% quarter-over-quarter, driven by both commercial and Consumer loans. Commercial loans continue to represent the majority of loan growth. Within commercial, excluding PPP, average loans increased by $1.9 billion or 2.7% from the prior quarter. Primary components of this commercial growth included distribution finance, which increased $900 million, tied to continued normalization of dealer inventory levels, as well as seasonality, with shipments of winter equipment arriving to dealers.

轉到幻燈片 7。在商業和消費貸款的推動下，平均貸款餘額環比增長 1.7%。商業貸款繼續佔貸款增長的大部分。在商業中，不包括 PPP，平均貸款比上一季度增加 19 億美元或 2.7%。這一商業增長的主要組成部分包括分銷融資，增加了 9 億美元，這與經銷商庫存水平的持續正常化以及季節性因素有關，冬季設備運抵經銷商。

We also saw the continued long-term trend of demand within our asset finance businesses, which drove balances $300 million higher in the quarter. Commercial real estate balances increased by $500 million, largely as a result of production late in the third quarter and lower prepays.

我們還看到了我們資產融資業務中持續的長期需求趨勢，這使本季度的餘額增加了 3 億美元。商業房地產餘額增加了 5 億美元，這主要是由於第三季度末的生產和較低的預付款。

End-of-period balances were higher by $180 million. Auto floorplan utilization continued to normalize, which drove balances higher by $300 million. Additional increases in line utilization over time represents a substantial ongoing opportunity.

期末餘額增加了 1.8 億美元。汽車平面圖利用率繼續正常化，這使餘額增加了 3 億美元。隨著時間的推移，生產線利用率的額外增加代表著巨大的持續機會。

We also saw higher balances in specialty verticals such as mid-corporate and tech and telecom, which were offset by lower balances in other areas as a result of our return optimization initiatives.

我們還看到中型企業、技術和電信等專業垂直行業的餘額增加，但由於我們的回報優化計劃，其他領域的餘額減少抵消了這一點。

In Consumer, growth was led by residential mortgage which increased by $500 million as [on-sheet] production outpaced runoff and was supported by slower prepaid speeds. Partially offsetting this growth were lower auto balances, which declined by $230 million and RV/Marine, which declined by $50 million.

在消費領域，住宅抵押貸款增長了 5 億美元，因為 [表內] 產量超過了徑流，並且受到預付速度較慢的支持。部分抵消了這一增長的是較低的汽車餘額，下降了 2.3 億美元，RV/Marine 下降了 5000 萬美元。

Turning to Slide 8. We delivered $1.6 billion of deposit growth for the quarter and $4.6 billion for the year on an ending basis. On an average basis, deposits were lower by [2/10 of 1%] while increasing 2.4% year-over-year.

轉到幻燈片 8。我們在本季度實現了 16 億美元的存款增長，在年終基礎上實現了 46 億美元的存款增長。平均而言，存款下降 [2/10 of 1%]，但同比增長 2.4%。

Competition for deposits has intensified, beginning in earnest in September and continuing into the fourth quarter. Notwithstanding that, we are pleased with the traction we saw over the course of the quarter as our teams delivered robust production, demonstrating the deposit gathering capabilities across the bank.

存款競爭加劇，從 9 月份開始，一直持續到第四季度。儘管如此，我們對本季度我們看到的牽引力感到滿意，因為我們的團隊交付了強勁的產品，展示了整個銀行的存款收集能力。

Ending deposit growth was led by Consumer, which increased by $1.6 billion. We saw a mix shift in line with our expectations, including incremental growth in both money market and time deposits.

期末存款增長由消費者帶動，增加了 16 億美元。我們看到了符合我們預期的混合轉變，包括貨幣市場和定期存款的增量增長。

We continue to remain disciplined on deposit pricing, with our total cost of deposits coming in at 64 basis points for the fourth quarter. We will remain dynamic, balancing core deposit growth, the competitive rate environment and the utilization of a broad range of funding options.

我們繼續在存款定價方面保持紀律，我們第四季度的總存款成本為 64 個基點。我們將保持活力，平衡核心存款增長、有競爭力的利率環境和廣泛的融資選擇。

On Slide 9, we reported another quarter of sequential expansion of both net interest income and NIM. Core net interest income, excluding PPP and purchase accounting accretion, increased by $67 million or 5% to $1.459 billion. Net interest margin expanded 10 basis points on a GAAP basis from the prior quarter and expanded 11 basis points on a core basis, excluding accretion.

在幻燈片 9 中，我們報告了另一個季度的淨利息收入和 NIM 連續擴張。核心淨利息收入（不包括 PPP 和採購會計增值）增加 6700 萬美元或 5% 至 14.59 億美元。淨息差在 GAAP 基礎上比上一季度擴大了 10 個基點，在核心基礎上擴大了 11 個基點，不包括增長。

Slide 10 highlights our high-quality deposit base and diversified funding profile. For the current cycle to date, our beta on total cost of deposits was 17%. As we have noted, we expect deposit rates to continue to trend higher from here over the course of the rate cycle. Overall, our beta continues to track to our expectations.

幻燈片 10 突出了我們高質量的存款基礎和多元化的資金狀況。就目前的周期而言，我們對存款總成本的貝塔係數為 17%。正如我們所指出的，我們預計存款利率將在整個利率週期內繼續走高。總體而言，我們的測試版繼續符合我們的預期。

Turning to Slide 11. Throughout 2022, we were deliberate in managing the balance sheet to benefit from asset sensitivity. We also incrementally added to our hedging program to manage possible downside rate risks over the longer term.

轉到幻燈片 11。在整個 2022 年，我們有意識地管理資產負債表以從資產敏感性中獲益。我們還逐步增加了對沖計劃，以管理長期可能出現的利率下行風險。

During the quarter, we executed a net $3.2 billion of receive-fixed swaps and $800 million of forward-starting swaption collars. At this point, based on the current rate outlook and yield curve opportunities, we believe we have optimized the size of the program.

本季度，我們執行了 32 億美元的淨接收固定掉期和 8 億美元的遠期啟動掉期期權。在這一點上，基於當前的利率前景和收益率曲線機會，我們相信我們已經優化了該計劃的規模。

We are comfortable with our position today as we balance near-term costs versus longer-term protection. As always, we will be dynamic as we monitor the outlook and the yield curve. We maintain unused hedge capacity that we could deploy should the curve revert and/or steepen to a level where we would add incremental downside rate protection hedges.

我們對我們今天的立場感到滿意，因為我們在近期成本與長期保護之間取得了平衡。一如既往，我們將在監控前景和收益率曲線時保持動態。我們保持未使用的對沖能力，如果曲線恢復和/或變陡到我們將增加下行利率保護對沖的水平，我們可以部署這些能力。

On the securities portfolio, we saw another step-up in reported yields quarter-over-quarter. We are benefiting from reinvestment as well as the hedge strategy to protect capital. We will continue to reinvest cash flows of approximately $1 billion each quarter, at attractive new purchase yields around 5%.

在證券投資組合方面，我們看到報告的收益率環比再次上升。我們受益於再投資以及保護資本的對沖策略。我們將繼續每季度將約 10 億美元的現金流進行再投資，新購買收益率約為 5%。

Moving to Slide 12. Noninterest income was $499 million, up $1 million from last quarter. We drove record activity within our capital markets businesses during the quarter and throughout 2022. Capstone continued to perform well. And our underlying capital markets businesses outside of Capstone finished the year strong, up 26% year-over-year.

轉到幻燈片 12。非利息收入為 4.99 億美元，比上一季度增加 100 萬美元。在本季度和整個 2022 年，我們在資本市場業務中推動了創紀錄的活動。Capstone 繼續表現良好。我們在 Capstone 之外的基礎資本市場業務今年表現強勁，同比增長 26%。

We remain pleased with the client engagement we are seeing in the wealth management business with another positive quarter of net asset flows. On a year-over-year basis, we saw lower mortgage banking income as a result of the higher rate environment and from lower deposit service charges from Fair Play enhancements we implemented during 2022.

我們仍然對我們在財富管理業務中看到的客戶參與感到滿意，淨資產流量又是一個正季度。與去年同期相比，由於較高的利率環境以及我們在 2022 年實施的 Fair Play 增強措施降低了存款服務費，我們看到抵押貸款銀行收入較低。

Offsetting these factors were higher capital markets revenues and payments revenues. Importantly, we're executing on our strategy to drive higher-value revenue streams, and our fee mix continues to trend favorably.

抵消這些因素的是更高的資本市場收入和支付收入。重要的是，我們正在執行推動更高價值收入流的戰略，我們的費用組合繼續呈有利趨勢。

Moving on to Slide 13. GAAP noninterest expense increased $24 million compared to the prior quarter. Adjusted for notable items, core expenses increased by $19 million.

轉到幻燈片 13。與上一季度相比，GAAP 非利息費用增加了 2400 萬美元。針對值得注意的項目進行調整後，核心費用增加了 1900 萬美元。

This quarterly increase in core expenses was primarily the result of revenue-driven compensation tied to capital markets production. Additionally, we saw seasonally higher medical claims in the quarter, which increased by $16 million. Underlying these results, core expenses were well controlled, demonstrating our commitment to disciplined expense management.

核心支出的季度增長主要是由於與資本市場生產相關的收入驅動的補償。此外，我們看到本季度的醫療索賠季節性增加，增加了 1600 萬美元。在這些結果的基礎上，核心費用得到了很好的控制，證明了我們對嚴格費用管理的承諾。

Slide 14 recaps our capital position. Common equity Tier 1 increased to 9.44%. Our tangible common equity ratio, or TCE, increased to 5.55%. Adjusting for AOCI, our TCE ratio was 7.3%.

幻燈片 14 回顧了我們的資本狀況。一級普通股增至 9.44%。我們的有形普通股權益比率 (TCE) 增加到 5.55%。調整 AOCI 後，我們的 TCE 比率為 7.3%。

We ended the year having delivered on our plan to drive common equity Tier 1 to the middle of our 9% to 10% operating range. Going forward, our capital priorities have not changed, fund organic growth, support our dividend and provide capacity for all other uses, including share repurchases.

我們在年底實現了我們的計劃，將普通股 1 提高到我們 9% 到 10% 的運營範圍的中間。展望未來，我們的資本優先事項沒有改變，為有機增長提供資金，支持我們的股息並為所有其他用途提供能力，包括股票回購。

After having held back on share repurchases for the last several quarters, our expectation is that over the course of 2023 and beyond, we will now return to a more normalized capital distribution mix, including share repurchases.

在過去幾個季度暫停股票回購之後，我們預計在 2023 年及以後，我們現在將恢復更加正常化的資本分配組合，包括股票回購。

Our Board has authorized a $1 billion share repurchase program through the end of 2024. Given the current economic outlook, our thinking is that we will not actively repurchase shares during the first half of 2023, as we watch the path of the economy. This may result in capital ratios continuing to expand in the near term.

我們的董事會已批准一項到 2024 年底的 10 億美元股票回購計劃。鑑於當前的經濟前景，我們的想法是我們不會在 2023 年上半年積極回購股票，因為我們正在觀察經濟的發展軌跡。這可能導致資本比率在短期內繼續擴大。

We like the flexibility the program provides, and we believe it is prudent to maintain an authorized share repurchase program as part of our overall capital management framework.

我們喜歡該計劃提供的靈活性，並且我們認為將授權股票回購計劃作為我們整體資本管理框架的一部分是謹慎的做法。

On Slide 15, credit quality continues to perform very well. As mentioned, net charge-offs were 17 basis points for the quarter. This was higher than last quarter by 2 basis points and up 5 basis points from the prior year as credit performance continues to normalize.

在幻燈片 15 中，信用質量繼續表現良好。如前所述，本季度淨註銷為 17 個基點。隨著信貸表現繼續正常化，這比上一季度高 2 個基點，比去年同期高 5 個基點。

Nonperforming assets declined from the previous quarter and have reduced for 6 consecutive quarters. Criticized loans have similarly improved for 4 consecutive quarters. Allowance for credit losses was up slightly, driving the coverage ratio higher to 1.9% of total loans.

不良資產環比下降，已連續6個季度下降。被批評的貸款連續四個季度都有類似的改善。信貸損失撥備略有上升，推動覆蓋率上升至總貸款的 1.9%。

Turning to Slide 16. You will note a strong reserve position. As I mentioned, the portfolio has continued to perform extraordinarily well, and we believe our disciplined approach to credit through the cycle underpins the overall strength of our balance sheet.

轉到幻燈片 16。您會注意到一個強大的保留位置。正如我所提到的，該投資組合繼續表現出色，我們相信我們在整個週期中對信貸採取嚴格的方法是我們資產負債表整體實力的基礎。

We were pleased to update our medium-term financial targets at Investor Day in November, and these form the foundation of our expectations over our strategic planning horizon. We believe these metrics are at the core of value creation, profit growth, return on capital and the commitment to drive positive annual operating leverage.

我們很高興在 11 月的投資者日更新了我們的中期財務目標，這些目標構成了我們對戰略規劃範圍的預期基礎。我們相信這些指標是價值創造、利潤增長、資本回報率和推動積極的年度經營槓桿的承諾的核心。

Turning to Slide 18. Let me share some thoughts on our 2023 outlook. As we discussed at Investor Day, we analyze multiple potential economic scenarios to project financial performance and develop management action plans. Our targets are anchored on a baseline scenario that is informed by the consensus economic outlook and the forward yield curve as of December 31.

轉到幻燈片 18。讓我分享一些關於我們 2023 年展望的想法。正如我們在投資者日討論的那樣，我們分析了多種潛在的經濟情景，以預測財務業績並製定管理行動計劃。我們的目標基於一個基準情景，該情景由共識經濟前景和截至 12 月 31 日的遠期收益率曲線提供信息。

The baseline assumes a mild recession in 2023, with modest net GDP growth for the full year. The economy is expected to exit the year on the path toward recovery, with inflation gradually subsiding. Since Investor Day, the economic outlook is incrementally worse and is likely at the lower end of the baseline scenario outcomes.

基線假設 2023 年出現溫和衰退，全年 GDP 淨增長溫和。隨著通脹逐漸消退，預計經濟將在今年走上復甦之路。自投資者日以來，經濟前景逐漸惡化，可能處於基線情景結果的低端。

Our baseline outlook for 2023 is for average loans to grow between 5% and 7%, led by commercial with more modest growth in Consumer. We will continue to focus on optimizing for returns and driving loan expansion in select areas.

我們對 2023 年的基線展望是平均貸款增長 5% 至 7%，其中商業貸款增長最為溫和，消費者貸款增長較為溫和。我們將繼續專注於優化回報並推動特定領域的貸款擴張。

Deposits are expected to increase between 1% and 4%, reflecting continued growth and deepening of customer and primary bank relationships. Net interest income is expected to increase between 8% and 11%, driven by continued earning asset growth and expanded full-year net interest margin.

存款預計將增長 1% 至 4%，反映出客戶與主要銀行關係的持續增長和深化。受持續盈利資產增長和全年淨息差擴大的推動，淨利息收入預計將增長 8% 至 11%。

Noninterest income is projected to be approximately flat. We expect continued robust performance from our areas of strategic focus: capital markets, payments and wealth management.

非利息收入預計大致持平。我們預計我們的戰略重點領域將繼續保持強勁表現：資本市場、支付和財富管理。

During 2023, several other factors are offsetting that growth, including our anticipated holding of the majority of our SBA loan production on sheet, thereby reducing near-term fee revenue in favor of longer-term high-return spread revenue.

在 2023 年期間，其他幾個因素正在抵消這種增長，包括我們預期將大部分 SBA 貸款生產保持在表中，從而減少近期費用收入，有利於長期高回報利差收入。

Lower income of approximately $23 million associated with purchase accounting accretion in fees. Please refer to Slide 30 for more details. Lower operating lease revenue as we continue to transition to more capital leases.

與採購會計費用增加相關的收入減少約 2300 萬美元。詳情請參閱幻燈片 30。隨著我們繼續向更多資本租賃過渡，經營租賃收入減少。

Importantly, we expect this will result in lower operating lease depreciation expense as well. Lower mortgage banking income for the full year 2023 versus 2022.

重要的是，我們預計這也將導致經營租賃折舊費用降低。 2023 年全年的抵押貸款銀行收入低於 2022 年。

And finally, in light of the economic outlook, we are implementing risk mitigating deposit policy changes that will result in a lower incidence of overdrafts and related service charges. In addition, we are reducing NSF fees to 0 in the first quarter.

最後，鑑於經濟前景，我們正在實施降低風險的存款政策變化，這將降低透支和相關服務費用的發生率。此外，我們在第一季度將 NSF 費用降至 0。

This will result in an approximate $5 million reduction in fee income per quarter, which we expect to be more than offset by lower associated charge-offs. As you know, the first quarter is generally a seasonal low for overall fee income. We expect fee income will grow sequentially throughout the remainder of the year.

這將導致每季度費用收入減少約 500 萬美元，我們預計這將被相關費用減少所抵消。如您所知，第一季度通常是整體費用收入的季節性低點。我們預計手續費收入將在今年剩餘時間內連續增長。

On expenses, as Steve noted, we intend to hold growth to a low level, given the environment, even as we remain committed to funding critical long-term investments.

在費用方面，正如史蒂夫指出的那樣，鑑於環境，我們打算將增長保持在較低水平，即使我們仍然致力於為關鍵的長期投資提供資金。

We plan to manage core underlying expense growth between 2% and 4% for the full year. This level of expense growth benefits from the ongoing efficiency initiatives we've discussed previously, such as Operation Accelerate, branch optimization and the organizational alignment actions that Steve highlighted.

我們計劃將全年的核心基礎費用增長控制在 2% 至 4% 之間。這種水平的費用增長得益於我們之前討論過的持續效率舉措，例如 Operation Accelerate、分支機構優化和 Steve 強調的組織調整行動。

Added to the core expense growth, we expect approximately $60 million higher expenses from the full-year run rate of Capstone in Toronto, and $33 million of increased FDIC insurance expense associated with the surcharge.

除了核心費用增長外，我們預計多倫多 Capstone 的全年運營率將增加約 6000 萬美元的費用，以及與附加費相關的 FDIC 保險費用增加 3300 萬美元。

In addition, we expect the first half of the year to include some amount of restructuring charges associated with the expense management actions we are taking. We will provide more details about these actions later in the quarter.

此外，我們預計今年上半年將包括一些與我們正在採取的費用管理措施相關的重組費用。我們將在本季度晚些時候提供有關這些行動的更多詳細信息。

Overall, our low expense growth, coupled with expanded revenues, is expected to support another year of positive operating leverage. We expect net charge-offs will be on the low end of our long-term through-the-cycle range of 25 to 45 basis points.

總體而言，我們的低費用增長加上收入的增加，預計將支持又一年的積極經營槓桿。我們預計淨註銷將處於我們 25 至 45 個基點的長期週期範圍的低端。

Our 2023 guidance reflects the current macroeconomic outlook. We will continue to be diligent in analyzing the macro environment and will react as needed to manage as the year plays out.

我們的 2023 年指引反映了當前的宏觀經濟前景。我們將繼續努力分析宏觀環境，並根據需要做出反應，在今年結束時進行管理。

We ended 2022 in a position of strength and have good momentum. We have every expectation of continuing to outperform this year. With that, we will conclude our prepared remarks and move to questions and answers. Tim, over to you.

我們在 2022 年結束時實力強勁，勢頭良好。我們完全期望今年繼續跑贏大市。至此，我們將結束準備好的發言，然後進入問答環節。蒂姆，交給你了。

Thank you, Zach. Operator, we will now take questions. We ask that as a courtesy to your peers, each person ask only one question and one related follow-up. And then if that person has additional questions, he or she can add themselves back into the queue.

謝謝你，扎克。接線員，我們現在開始提問。出於對同行的禮貌，我們要求每個人只問一個問題和一個相關的跟進。然後，如果該人還有其他問題，他或她可以將自己重新加入隊列。

(Operator Instructions) Our first question is from the line of Manan Gosalia with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Manan Gosalia。

Question on deposit growth. You mentioned deposit competition has intensified quite a bit. And we can see from the CD rates that you're offering in the market that you've been proactively raising the CD rates and offering more 14-month CDs.

關於存款增長的問題。你提到存款競爭已經加劇了很多。從您在市場上提供的 CD 費率我們可以看出，您一直在積極提高 CD 費率並提供更多 14 個月的 CD。

So just given all of that, can you talk about how much of the projected deposit growth in 2023 will be driven by CDs? And what the overall deposit mix is likely to look like?

因此，考慮到所有這些，您能否談談 2023 年預計存款增長中有多少將由 CD 驅動？整體存款組合可能是什麼樣的？

Sure. Yes. This is Zach. I'll take that question. Thank you for asking it. Generally speaking, we're seeing our deposit growth continue to trend pretty well in line with the outlook that we've given between 1% and 4% growth for the full year. So we think we're on that run rate. I think it will be balanced between both Consumer and commercial.

當然。是的。這是紮克。我會回答這個問題。謝謝你問。一般來說，我們看到我們的存款增長趨勢繼續與我們給出的全年增長 1% 至 4% 的前景保持一致。所以我們認為我們的運行速度。我認為它將在消費者和商業之間取得平衡。

And to your point, we'll continue to -- the mix of that deposit gathering will continue to trend as we expect it. And it is baked into our overall rate and beta expectations for higher-rate products like time deposits, like money markets, et cetera.

就你的觀點而言，我們將繼續——存款收集的組合將繼續按照我們的預期趨勢發展。它融入了我們對定期存款、貨幣市場等高利率產品的總體利率和貝塔預期。

I think we're beginning -- we're operating in this rate cycle clearly at a lower level of mix of those products than we were, for example, the last rate cycle. So we'll continue to see that trend higher throughout the course of the next several quarters, but in line with our general expectations.

我認為我們正在開始——我們在這個利率週期中的運營顯然比我們在上一個利率週期中的產品組合水平要低。因此，在接下來的幾個季度中，我們將繼續看到這一趨勢走高，但符合我們的總體預期。

It all comes back to our focus on deepening relationships with our existing customers and our primary bank relationships. And so we think it's working pretty well and expect it to continue as we go into '23.

這一切都歸結為我們專注於深化與現有客戶的關係以及我們與主要銀行的關係。因此，我們認為它運作良好，並希望它在我們進入 23 年時繼續。

Got it. And then maybe on the NIM trajectory from here, can you comment on if we're close to peak? And given what you said on the hedges and the fact that you are through the program, at least for now, I mean how should we think about a floor for NIM from here over the course of the next 4 to 8 quarters as the Fed does start cutting rates?

知道了。然後也許從這裡開始的 NIM 軌跡，你能評論一下我們是否接近頂峰？考慮到你在對沖上所說的話以及你已經完成該計劃的事實，至少目前如此，我的意思是我們應該如何像美聯儲那樣在接下來的 4 到 8 個季度中考慮 NIM 的下限開始降息？

Yes. On the topic of NIM, I think, to just take a step back, we've significantly benefited over the last 3 quarters from our explicit actions to manage asset sensitivity, seen more than 60 basis points NIM expansion in the last 3 quarters alone. And that was very intentional, with the mind towards continuing our top-tier performance in NIM over the course of long periods of time that we've done.

是的。關於 NIM 的話題，我認為，退一步說，過去 3 個季度，我們從管理資產敏感性的明確行動中獲益匪淺，僅在過去 3 個季度，NIM 就擴張了 60 多個基點。這是非常有意的，我們的想法是在我們已經完成的很長一段時間內繼續我們在 NIM 中的頂級表現。

As we stand now, as we start to look into '23, we do believe there's more room to go on asset bases, and we'll see yields continuing to increase out over the next few quarters. However, we're further along in that process probably 3 quarters of the way through than we are on the deposit beta side.

就目前情況而言，當我們開始研究 23 世紀時，我們確實相信資產基礎還有更多空間，我們將看到收益率在未來幾個季度繼續增加。然而，我們在這個過程中可能比我們在存款測試方面走得更遠 3 個季度。

But we also expect, as we said, rates continue to track higher over the course of the next several quarters, we're probably only about halfway through the deposit beta cycle. And when you couple that dynamic with what is currently expectation, the yield curve that we'll see short-end rates fall towards the latter part of 2024.

但我們也預計，正如我們所說，在接下來的幾個季度中，利率將繼續走高，我們可能僅處於存款貝塔週期的一半左右。當你將這種動態與當前預期相結合時，我們將看到短期利率的收益率曲線向 2024 年下半年下降。

It is reasonable to project a somewhat downward trajectory of NIM over the course of 2023. Our goal will be to manage NIM, as we've said on a number of occasions previously, within a tighter corridor in 2023 as we can, really protecting the downside hedging program and ultimately driving towards sequential and sustained growth in the net interest income on a dollar basis.

預測 2023 年 NIM 的下行軌跡是合理的。我們的目標是管理 NIM，正如我們之前在多個場合所說的那樣，在 2023 年盡可能地在更嚴格的範圍內，真正保護下行對沖計劃，並最終推動以美元計算的淨利息收入連續和持續增長。

And I think when we couple what we expect to be a pretty strong NIM level overall with the loan growth that we expect to continue to drive, again, to the guidance 5% to 7% over the course of this year, we'll see that NII on dollar rate has continued to expand and its investment focus.

而且我認為，當我們將我們預期的總體 NIM 水平與我們預期將繼續推動的貸款增長結合起來時，我們將在今年再次達到 5% 至 7% 的指導，我們將看到表明NII對美元利率的關注度不斷擴大，其投資重點也不斷擴大。

Our next question is from the line of Steven Alexopoulos with JPMorgan.

我們的下一個問題來自摩根大通的 Steven Alexopoulos。

I want to start sort of follow up Zach. With the NIM expected to trend down, given all the hedges and protection you've put in place to sort of tighten that [ban], can you frame for us how much downside could we see? What's the range?

我想開始跟進 Zach。考慮到 NIM 預計會下降，考慮到您為收緊 [ban] 採取的所有對沖和保護措施，您能為我們描述一下我們能看到多少下行空間嗎？範圍是多少？

Yes. Thanks, Steven, for the question. Look, I think the trend is something on the order of single-digit reduction on kind of a quarterly basis as we go throughout 2023. There's a range of uncertainty. So I want to be clear, not being overly precise, you just think about all the factors that are going to play into that.

是的。謝謝史蒂文提出這個問題。看，我認為這種趨勢是在我們整個 2023 年期間按季度減少個位數。存在一系列不確定性。所以我想說清楚，不要過於精確，你只要考慮所有會影響它的因素。

The Fed funds actions, which, as you know, from staring at the dot plots, are not aligned with the market expectation.

如您所知，從點陣圖上看，美聯儲基金的行動與市場預期不符。

So how that all plays out, I think it's going to be the most important factor, the pace and trajectory of beta, which at this point seems to be fairly well linear across time, but we'll have to wait and see how that goes. And clearly, the big one is the economy, where that tracks over the near term?

所以這一切如何進行，我認為這將是最重要的因素，測試的速度和軌跡，在這一點上似乎與時間呈線性關係，但我們必須拭目以待.顯然，最重要的是經濟，它在短期內會走向何方？

So it's difficult to be overly precise, so I'm trying not to. And bring back to dollar, our goal will be to drive NII on a dollar basis. As I said, I do expect some downward trajectory in them and probably something on the order of single digits, on a sequential basis, each quarter.

所以很難過於精確，所以我盡量不要。並帶回美元，我們的目標將是在美元的基礎上推動 NII。正如我所說，我確實預計它們會出現一些下降趨勢，並且可能在每個季度的連續基礎上出現個位數的下降。

Got it. That's helpful. And then Zach, when we look at -- you're obviously expecting more loan growth than deposit growth, a fairly large issuance of [sub] debt this quarter. Could you walk us through the funding strategy?

知道了。這很有幫助。然後扎克，當我們看到 - 你顯然預計貸款增長多於存款增長，本季度發行相當大的 [sub] 債務。你能給我們介紹一下融資策略嗎？

I know you said you expect the overall growth in average earning assets. But what's the funding strategy? It seems like you have to do much more than just on the deposit side. And maybe what will be the cost of that?

我知道你說過你期望平均收入資產的整體增長。但融資策略是什麼？似乎您要做的不僅僅是存款方面的工作。也許這樣做的成本是多少？

Yes. I think it's an important point. And it's something that we feel is a point of strength and an advantage at this point in the cycle, given that we're coming to the -- early to middle stage of the cycle.

是的。我認為這是很重要的一點。考慮到我們即將進入周期的早期到中期階段，我們認為這是周期中這一點的優勢和優勢。

That's still a very advantageous overall position in terms of loan-to-deposit ratio, the mix of important categories of spot like time deposits in our noncustomer funding kind of relative to history. And so it allows us, as I've mentioned on a number of previous occasions, to utilize the balance source of funding.

就貸存比而言，這仍然是一個非常有利的整體位置，我們的非客戶資金中的定期存款等重要類別的組合相對於歷史而言。因此，正如我之前多次提到的那樣，它允許我們利用資金的平衡來源。

If you look back at what happened in 2022, we grew loans at 10% deposits were more in the 2.5% range. Clearly, loan deposit ratios have tracked up, and we used a broad range of other funding sources like long-term debt, like the FHLB and other noncustomer sources to balance out.

如果你回顧一下 2022 年發生的事情，我們以 10% 的存款增長的貸款更多地處於 2.5% 的範圍內。顯然，貸款存款比率已經上升，我們使用了廣泛的其他資金來源，如長期債務，如 FHLB 和其他非客戶來源來平衡。

The same is going to be true for 2023, albeit to a somewhat less degree, thinking about loan growth in that mid- to high single-digits range, 5% to 7%.

考慮到 5% 到 7% 的中高個位數範圍內的貸款增長，2023 年也是如此，儘管程度有所降低。

Deposit growth in the 1% to 4% does imply we'll continue to see loan-to-deposit ratios tick up. And you'll see us, therefore, continue to utilize other balance funding sources like the Federal Home Loan Bank and other noncustomer sources of funding there.

1% 至 4% 的存款增長確實意味著我們將繼續看到貸存比率上升。因此，你會看到我們繼續利用其他餘額資金來源，如聯邦住房貸款銀行和那裡的其他非客戶資金來源。

The rates that we're seeing are pretty reasonable. The incremental economics, certainly on that loan growth, continued very accretive to return on capital and the overall cost of deposits and funding within that beta expectation -- sorry, NIM expectation, could I just talk [on said] question.

我們看到的利率非常合理。增量經濟學，當然是在貸款增長的基礎上，繼續非常增加資本回報率以及存款和融資的總體成本在貝塔預期範圍內——抱歉，NIM 預期，我可以談談 [on said] 問題。

Our next question is from the line of Ken Usdin with Jefferies.

我們的下一個問題來自 Jefferies 的 Ken Usdin。

Zach, I wanted to ask you, I know we talked about this last quarter, the securities swaps that you had added a nice amount of net interest income again. And I'm just wondering, can you help us understand just the benefit from that, if ineffectiveness helped that again?

扎克，我想問你，我知道我們在上個季度談到過，你再次增加了大量淨利息收入的證券掉期。我只是想知道，如果無效再次幫助我們，你能幫助我們理解從中獲得的好處嗎？

And just how does that go -- like how do we track that, going forward, relative to just interest rates in terms of the benefits that you should get from there?

那是怎麼回事 - 比如我們如何跟踪它，向前發展，相對於你應該從那裡獲得的好處的利率？

Yes. They were a very powerful benefit. I think it's -- they're protected, as you know, about 1/3, a whole would have otherwise been, AOCI mark reduction, which was their primary attention originally, but also have played out in terms of really strong reported yields in the securities portfolio.

是的。他們是一個非常強大的好處。我認為這是 - 他們受到保護，如你所知，大約 1/3，否則，AOCI 標記減少，這是他們最初的主要關注點，但在報告的收益率非常強勁方面也發揮了作用證券投資組合。

Roughly half of the approximately 50 bps increase in securities yield was from that hedging program to give you a sense of the scale of it. And I think where it goes from here in terms of incremental benefit is going to be, to some degree, a function of just where that mid-portion of the curve goes. And at this point, it's fairly well topped out.

證券收益率大約增加 50 個基點，其中大約一半來自該對沖計劃，讓您了解其規模。而且我認為，就增量收益而言，它從這裡走向何方，在某種程度上，將取決於曲線中間部分的走向。在這一點上，它已經達到了頂峰。

I'm not expecting a ton more lift there. The lift from that has reduced somewhat from the third quarter, but it still is very accretive. We're not adding to that portfolio now. And so I think we're getting the benefit that we expected from it.

我不希望那裡有更多的提升。與第三季度相比，這種提升有所減少，但仍然非常具有增長性。我們現在不添加到該投資組合中。所以我認為我們正在從中獲得預期的好處。

Okay. Great. And then one follow-up on deposit beta. 17% total cumulative so far through the cycle. Can you just remind us what you're thinking about betas from here and just to be super clear for us, if you don't mind, on I think you guys usually do talk on total?

好的。偉大的。然後是關於存款 beta 的後續行動。到目前為止，整個週期累積了 17%。你能不能提醒我們你對這裡的 Beta 有什麼想法，如果你不介意的話，我想你們通常會談論總計？

Yes, sure. So it was 17%. To give you a sense, it's kind of tracking across time. It was 6% in Q2, 11% Q3, 17% in Q4. So continues to track and kind of in the additional 5% to 6% to 7% range each quarter. And the expectation is as we go out into Q1, it can be sort of more of the same, continuing out over until we get into the middle part of the year.

是的，當然。所以它是 17%。給你一種感覺，它是一種跨越時間的追踪。第二季度為6%，第三季度為11%，第四季度為17%。因此，繼續跟踪並在每個季度增加 5% 到 6% 到 7% 的範圍內。並且期望當我們進入第一季度時，它可能會更加相同，一直持續到我們進入年中。

Our planning assumption, Ken, is something on the order of 35% total through the cycle, which would indicate we're about halfway through, to the prior point that I made.

肯，我們的計劃假設是整個週期總計大約 35%，這表明我們已經完成了大約一半，即我之前提出的觀點。

With [nothing] that I'll tell you where we're intently focused is on the day-to-day management and really very, very rigorous looking client by client in the commercial portfolio, geography by geography in the Consumer portfolio and ensuring that we can stay competitive and ensure we've got a strong deposit franchise.

[沒什麼] 我會告訴你我們專注於日常管理和非常非常嚴格的商業投資組合中的客戶，消費者投資組合中的地理區域並確保我們可以保持競爭力並確保我們擁有強大的存款特許經營權。

And so we'll continue to wait and see and manage against that. If the outlook changes, we'll let you know. But at this point, it continues to track according to that broad expectation.

因此，我們將繼續觀望並對此進行管理。如果前景發生變化，我們會通知您。但在這一點上，它繼續根據廣泛的預期進行跟踪。

Our next question is from the line of Erika Najarian with UBS.

我們的下一個問題來自瑞銀的 Erika Najarian。

You mentioned on Slide 18 that you expect to be at the low end of your net charge-off range. The tone very quickly changed this week from soft landing into hard landing.

您在幻燈片 18 中提到您希望處於淨沖銷範圍的低端。本週的基調很快從軟著陸變成了硬著陸。

I guess my question here is, this may be obvious to us that have covered the company for a while, but what makes you confident, despite the deteriorating economic outlook, that you could stay at the low end of that already pretty low range?

我想我的問題是，這對我們已經報導了一段時間的公司來說可能是顯而易見的，但是是什麼讓你有信心，儘管經濟前景惡化，你可以保持在已經相當低的範圍的低端？

And given some of -- there was a -- I wouldn't call them up here, but there was a company that reported pretty eye-popping delinquency numbers in auto this morning.

考慮到一些 - 有一個 - 我不會在這裡打電話給他們，但有一家公司今天早上報告了相當驚人的汽車拖欠數字。

I'm wondering if you could give us what's going on with auto credit trends underneath. And again, reremind us why you feel confident about how that portfolio would perform in an economic downturn.

我想知道您是否可以告訴我們汽車信貸趨勢的進展情況。再次提醒我們，為什麼您對投資組合在經濟低迷時期的表現充滿信心。

Erika, it's Rich. Let me take that. I'll go -- I'll answer your second question first with respect to auto. So we are seeing delinquencies in our portfolio.

埃里卡，它很豐富。讓我拿那個。我會去——我會先回答你關於汽車的第二個問題。因此，我們看到我們的投資組合中存在拖欠情況。

And again, remember, this is a prime and super prime portfolio. And as we talked about at Investor Day, we've been in this business for decades, and we've got very sophisticated custom scorecards that we use in our client selection process.

再次記住，這是一個優質和超級優質的投資組合。正如我們在投資者日談到的那樣，我們從事這項業務已有數十年，並且我們在客戶選擇過程中使用了非常複雜的自定義記分卡。

So we feel very good about where this business is today and spend through numerous cycles, and it has proven itself that it can outperform peers from a loss content through various cycles. So we feel good about that.

因此，我們對這項業務今天所處的位置感到非常滿意，並經歷了無數個週期，並且它已經證明自己可以在各種週期的損失內容中勝過同行。所以我們對此感覺很好。

The delinquencies right now are right where we would expect them to be, from a seasonal standpoint. If you go back and you look at where delinquencies would have been in that 2018 and 2019 area, we're still trending below those pre-COVID levels. So we feel good there.

從季節性的角度來看，現在的拖欠率正好在我們預期的水平。如果你回頭看看 2018 年和 2019 年該地區的拖欠情況，我們的趨勢仍然低於 COVID 之前的水平。所以我們在那裡感覺很好。

And we've been very proactive as it relates to how we're managing our loan to values in that space as well. So I don't have any real concerns about our indirect auto space. I feel very comfortable with how that business is growing. With respect to the overall comfort that we have in our net charge-off forecast, I think it goes back to our customer makeup.

而且我們一直非常積極主動，因為這與我們如何管理我們在該領域的價值貸款有關。所以我對我們的間接汽車空間沒有任何真正的擔憂。我對這項業務的增長方式感到非常滿意。關於我們在淨註銷預測中的整體舒適度，我認為這可以追溯到我們的客戶構成。

Again, as I talked about it at Investor Day, on the Consumer side, we are overwhelmingly a secured creditor. 95% of our loans are secured. And again, we've got that prime focus and high FICOs of origination around 770.

同樣，正如我在投資者日談到的那樣，在消費者方面，我們絕大多數是有擔保的債權人。我們 95% 的貸款都有擔保。再一次，我們在 770 左右獲得了主要關注點和高 FICO。

So it is a very strong book and throughout all of that book -- I just talked about auto, but even RV/Marine, resi, all of those portfolios are showing very well from a delinquency standpoint. So we feel good there.

所以這是一本非常強大的書，在整本書中——我只是談到了汽車，但即使是 RV/Marine，resi，從拖欠的角度來看，所有這些投資組合都表現得非常好。所以我們在那裡感覺很好。

On the commercial side, we have taken a lot of steps to reposition this book over the last several years, going through into more specialty businesses, more larger companies, public companies. So we feel that we've mitigated the loss content in that portfolio as well.

在商業方面，過去幾年我們採取了很多步驟來重新定位這本書，涉足更多的專業業務、更多的大公司、上市公司。因此，我們認為我們也減輕了該投資組合中的損失內容。

So even though, as Zach pointed out, we're looking at more of a mild recession than a severe landing. That's why we feel comfortable with where we are from a charge-off forecast at that low end.

因此，儘管正如扎克所指出的那樣，我們看到的更多是溫和的衰退，而不是嚴重的著陸。這就是為什麼我們對我們在那個低端的註銷預測所處的位置感到滿意。

Now clearly, if the economy worsens, where we land within that range is going to depend on where the economy goes and how the Fed reacts. But at this point, we're comfortable with where we've put that guidance.

現在很明顯，如果經濟惡化，我們落在該範圍內的位置將取決於經濟走向以及美聯儲的反應。但在這一點上，我們對我們放置該指南的位置感到滿意。

Erika, this is Steve. Remember, the guidance is through the cycle, and we've been well below the through-the-cycle average. And at this point, we're guiding to the lowest end of the range. And we've been strategic on how we position the lending activities now for a dozen years.

埃里卡，這是史蒂夫。請記住，指導是貫穿整個週期的，我們一直遠低於整個週期的平均水平。在這一點上，我們正在引導到範圍的最低端。十幾年來，我們一直在戰略性地定位貸款活動。

We've been very disciplined, Rich and team, along with the lending teams that have adhered to the discipline, didn't open up in some of the areas that might benefit to frothy and recent vintages.

我們一直非常有紀律，Rich 和團隊，以及遵守紀律的貸款團隊，沒有在一些可能有利於泡沫和近期年份的領域開放。

So we've got a really good core book on both the commercial side. And as a super primed and secured lender generally on the Consumer side, we actually think of that as a lower risk book. So our aggregate [monetary] low risk profile and discipline over many years will serve us well, certainly in auto and frankly, the entire portfolio.

所以我們在商業方面都有一本非常好的核心書籍。作為一般在消費者方面的超級優質和有擔保的貸方，我們實際上認為這是一本風險較低的書。因此，我們多年來的總體[貨幣]低風險狀況和紀律將為我們提供良好的服務，當然是在汽車領域，坦率地說，整個投資組合。

And my second question is on that 6% to 9% PPNR growth, medium-term target. Clearly, you expect to hit that this year. And I'm wondering -- obviously, it gets more difficult if the Fed is cutting, which a lot of investors expect for 2024. And maybe the question is -- I know we'll hear more from you on this expense management actions that you're taking, for which you will incur a restructuring charge.

我的第二個問題是關於 6% 到 9% PPNR 增長的中期目標。顯然，您預計今年會達到這個目標。我想知道——顯然，如果美聯儲降息，事情會變得更加困難，許多投資者預計 2024 年會降息。也許問題是——我知道我們會從你那裡聽到更多關於這項費用管理行動的信息你正在接受，為此你將承擔重組費用。

But is that an example of the commitment that Huntington has to deliver this PPNR growth range with consistency over the medium term on an annual basis, even if the revenue tailwinds dissipate, like rates?

但這是否是 Huntington 必須在中期實現這一 PPNR 增長范圍並在年度基礎上保持一致的承諾的一個例子，即使收入順風消散，如利率？

Erika, this is Zach. I'll take that one. And the answer to your question is yes. We -- in terms of -- that, very much, is a sign of our trying to look ahead.

埃里卡，這是紮克。我會拿那個。你的問題的答案是肯定的。我們——就——而言，這在很大程度上是我們努力向前看的標誌。

Look at not only 2023 but also over the entirety of the strategic planning horizon and ensure that we're setting up the overall financial performance in terms of revenue and the growth rate of overall expenses such that we can achieve the objectives in terms of profit growth. That is a very deeply-held objective. And we're not looking in the short term, but in the long term to achieve it.

不僅要著眼於 2023 年，還要著眼於整個戰略規劃範圍，確保我們在收入和總體支出增長率方面建立整體財務業績，以便我們能夠實現利潤增長方面的目標.這是一個根深蒂固的目標。我們不是在短期內著眼，而是在長期內實現它。

As we talked about at [Fairmont] Investor Day, there are multiple strategic levers that we use to manage overall expenses to grow less than revenue to support that PPNR growth.

正如我們在 [Fairmont] 投資者日談到的那樣，我們使用多種戰略槓桿來管理總體支出，使其增長低於收入，以支持 PPNR 增長。

And even as we drive a faster growth rate of the expenses -- or sorry, the investments within expenses to drive ultimately business growth over the long term, but the efficiency drivers, Operation Accelerate that is going in reengineering, major customer-facing processes, taking waste and cost out of the system as we improve productivity, our long track record of optimizing the Consumer and retail branch distribution network, which is still very relevant, still really matters.

即使我們推動了更快的支出增長率——或者抱歉，支出中的投資最終會推動長期的業務增長，但效率驅動因素、Operation Accelerate 正在重新設計、主要面向客戶的流程中，在我們提高生產力的同時消除系統的浪費和成本，我們在優化消費者和零售分支分銷網絡方面的長期記錄仍然非常重要，仍然非常重要。

But it does represent an opportunity over time to reduce and to harvest expense saves and things like this organizational alignment, which are designed to help us to improve efficiency and hold cost growth at a low level.

但隨著時間的推移，它確實代表了一個減少和收穫費用節省以及諸如這種組織調整之類的東西的機會，這些東西旨在幫助我們提高效率並將成本增長保持在較低水平。

I will note, it's in the guidance that I've given in terms of overall core expense growth for 2023. But importantly, also helps us to achieve our strategic objectives, align our organization yet even more towards our most important strategic priorities and to operate as efficiently and at pace as we can.

我會指出，這是我在 2023 年總體核心支出增長方面給出的指導。但重要的是，這也有助於我們實現我們的戰略目標，使我們的組織更加符合我們最重要的戰略優先事項並運營盡可能高效和快速地進行。

So we are extremely focused on driving that long-term efficiency program, which is an important component of the PPNR guidance. And I do expect we'll achieve the financial medium-term targets this year. That's what's baked into and implied by our overall guidance.

因此，我們非常專注於推動長期效率計劃，這是 PPNR 指南的重要組成部分。我確實希望我們能在今年實現財務中期目標。這就是我們的總體指南所包含和暗示的內容。

I think, Erika, Steve, if I could add on just a bit and as you'll remember from the Investor Day deck, shared a number of economic scenarios. And we were asked a question and commented that we would take action that the scenarios that the economy worsened and the more challenging scenario emerged.

我認為，埃里卡、史蒂夫，如果我能補充一點的話，正如你們在投資者日的演講中所記得的那樣，他們分享了一些經濟情景。我們被問到一個問題並評論說我們將採取行動，以應對經濟惡化和更具挑戰性的情景出現。

We've already closed 32 branches this month. We are taking action consistent with our prior statement and the commitment around driving towards these medium-term financial goals.

本月我們已經關閉了 32 家分行。我們正在採取與我們之前的聲明和圍繞實現這些中期財務目標的承諾一致的行動。

We're looking ahead as well to '24 with how we're positioning the reinvestment off of the expense actions. So team is doing a great job. It's a quick pivot, if you will, from a record year and a record quarter. But it's with a very clear set of actions and plan that we're executing.

我們也在展望 24 年，我們將如何定位費用行動中的再投資。所以團隊做得很好。從創紀錄的一年和創紀錄的季度開始，如果你願意的話，這是一個快速的轉變。但這是我們正在執行的一套非常明確的行動和計劃。

The next question is from the line of Jon Arfstrom with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Jon Arfstrom。

Just to follow up on Erika's first question, you guys talked about your buyback being on pause because you're watching the path of the economy. In the first half, you talked a little bit about the economic outlook since the Investor Day was slightly worse, yet Rich, you sound pretty confident. It feels like you feel good about your credit outlook. Just help us square that a little bit more.

只是為了跟進 Erika 的第一個問題，你們談到暫停回購，因為你們正在觀察經濟的發展方向。上半年，你談到了一些經濟前景，因為投資者日稍微差一點，但里奇，你聽起來很自信。感覺您對自己的信用前景感覺良好。只是幫助我們多一點。

Are you actually seeing erosion maybe outside of your portfolios? Or help us understand your overall thinking because it seems like it's pretty positive from my view.

您是否真的在投資組合之外看到侵蝕？或者幫助我們了解您的整體想法，因為在我看來這似乎是非常積極的。

Well, I would say, it's positive right now, and we're certainly cautious as we enter a downturn. But everything that I'm looking at right now, Jon, is holding water exactly where we thought it would be. Our delinquencies, both in commercial and Consumer, are right where we would expect them to be.

好吧，我想說，現在是積極的，我們在進入低迷期時當然會保持謹慎。但我現在看到的一切，喬恩，都在我們認為它會在的地方保持水。我們在商業和消費者領域的拖欠率都在我們的預期範圍內。

We had a very sharp drop in our commercial delinquencies. And our commercial real estate delinquencies are essentially nothing. The (inaudible) momentum and NPA momentum that we've got, both down 20% year-over-year, puts us in really good stead as we enter a downturn.

我們的商業拖欠率急劇下降。而我們的商業房地產拖欠基本上沒有。我們獲得的（聽不清）勢頭和 NPA 勢頭均同比下降 20%，這讓我們在進入低迷期時處於非常有利的地位。

So we're looking at everything. Every portfolio we're going deep into to make sure that we're proactive in identifying potential issues and trying to get ahead of them in terms of working with customers as there's potential problems.

所以我們正在研究一切。我們深入研究的每一個投資組合，以確保我們積極主動地發現潛在問題，並在與客戶合作方面努力超越這些問題，因為存在潛在問題。

But certainly, the headwinds are there in the economy, but we feel good about where the portfolio is positioned. Like I said, we're not going to [bat] 1,000. We do have higher losses forecasted in '23 than we had in '22. So we understand that it's going to be a more challenging environment, but we feel good where we're sitting.

但可以肯定的是，經濟中存在逆風，但我們對投資組合的定位感到滿意。就像我說的，我們不會 [bat] 1,000。我們在 23 年預測的損失確實比 22 年高。所以我們知道這將是一個更具挑戰性的環境，但我們對目前的現狀感覺良好。

Okay. And then can you guys touch on the one fee line that stood out was capital markets? Can you touch on what you're seeing there? You talked about Capstone and then some of your other businesses. Are these referrals coming to Capstone internally? Is it business generated on their own? And what do you think there in terms of the longer-term runway?

好的。然後你們能不能談談資本市場中最突出的一條費用線？你能談談你在那裡看到的東西嗎？你談到了 Capstone，然後談到了你的其他一些業務。這些推薦是在內部轉到 Capstone 嗎？是業務自己產生的嗎？您對長期跑道有何看法？

In terms of -- so this Zach. I'll take that one. Capital markets is a real bright spot for us. The core underlying capital markets, excluding Capstone, grew 26% revenue year-over-year in 2022, and we expect another run rate of double-digit, teens or above revenue growth as we go into '23.

就這個 Zach 而言。我會拿那個。資本市場對我們來說是一個真正的亮點。 2022 年，不包括 Capstone 在內的核心基礎資本市場收入同比增長 26%，我們預計進入 23 年時收入將再次實現兩位數、十幾歲或以上的增長。

So we're seeing just really sustained traction in the -- and the underlying strategy there is to deepen relationships with additional clients, continue to penetrate that set of services and products into our core customer base and reap the benefits of it.

因此，我們看到了真正持續的牽引力——以及深化與其他客戶的關係的基本戰略，繼續將那套服務和產品滲透到我們的核心客戶群中，並從中獲益。

It's been an area, as you know, that we've been investing in considerably over time, and we're seeing that play through into incremental revenue growth. And then Capstone, to your point, is a nice addition to that.

正如你所知，隨著時間的推移，我們一直在這個領域進行了大量投資，並且我們看到這一領域正在逐步實現收入增長。然後，就您而言，Capstone 是一個很好的補充。

And I would tell you that Capstone is doing really, really well. They beat the plan for Q3. Overall, more than the $100 million run rate, if you look at the back half of revenues, if you look at the back half of '22, and we expect that to continue and sustain and continue to grow as we go into '23.

我會告訴你，Capstone 做得非常非常好。他們擊敗了第三季度的計劃。總的來說，超過 1 億美元的運行率，如果你看看收入的後半部分，如果你看看 22 年的後半部分，我們預計隨著我們進入 23 年，這種情況將繼續、維持並繼續增長。

It's early days, I would say, in getting client referrals from the Huntington base, but it's [beginning]. We are seeing, particularly, as of late, to the pipeline and in the future a lot of positive engagement of core Huntington clients with the Capstone team and with the service set there.

我想說，從亨廷頓基地獲得客戶推薦還為時過早，但它 [開始]。我們看到，特別是最近，在管道和未來，亨廷頓核心客戶與 Capstone 團隊和那裡的服務有很多積極的接觸。

And so it's going to be an area that continues to bear fruit, and we're quite bullish about the opportunity to grow Capstone what was previously $100 million revenue run rate up into something that continues to perform well and above that as we go forward over time. So it's definitely a strong point at this point.

因此，這將是一個繼續取得成果的領域，我們非常看好有機會將 Capstone 的收入增長到之前 1 億美元的收入運行率，使其在我們前進的過程中繼續表現良好甚至更高時間。所以在這一點上它絕對是一個強項。

I'll add to that a little bit, Jon, if I can. So Capstone's had a good performance thus far. They had a very strong pipeline coming into the year. Obviously, multiples of change valuation is impacted by that. Timing becomes a little more uncertain. But we're really pleased with that. The integration into the bank channels is going very, very well.

如果可以的話，喬恩，我會補充一點。所以到目前為止，Capstone 的表現不錯。他們有一個非常強大的管道進入這一年。顯然，變化估值的倍數受此影響。時間變得更加不確定。但我們對此非常滿意。與銀行渠道的整合進展得非常非常順利。

The core businesses, foreign exchange, a record year, Institutional Sales & Trading. Commodities has had a very good performance. So a number of the businesses are doing very, very well at the core and expect that they'll continue to so that the laggard is, as you would expect, the rates businesses, given the inverted curve and -- but this is a very strategic growth for us.

核心業務、外匯、創紀錄的一年、機構銷售和交易。大宗商品表現非常出色。因此，許多企業在核心方面做得非常非常好，並期望他們會繼續這樣做，所以正如你所期望的那樣，落後者是利率企業，考慮到倒掛的曲線 - 但這是一個非常我們的戰略增長。

We're continuing to invest in it and the integration of both Capstone and the combined efforts of our core teams and what your earn [district] at the Investor Day make us very bullish about '23 and beyond.

我們將繼續對其進行投資，Capstone 的整合以及我們核心團隊的共同努力以及您在投資者日的收入 [district] 讓我們非常看好 23 年及以後。

The next question is from the line of Scott Siefers with Piper Sandler.

下一個問題來自 Scott Siefers 和 Piper Sandler。

I just wanted to ask one back on credit, just sort of in light of your updated economic assumptions. What sort of additional reserving needs do you think Huntington might have? I mean you're already starting with 190-plus reserve here. So I mean does that seem sufficient in light of what you're thinking? Or would it continue to drift upward a bit?

我只是想問一個信用，只是根據你更新的經濟假設。您認為亨廷頓可能有什麼樣的額外儲備需求？我的意思是你已經開始在這裡有 190 多個儲備。所以我的意思是，根據您的想法，這似乎足夠了嗎？還是會繼續向上漂移一點？

Scott, it's Rich. I'll take that. So as you saw, we held our coverage levels flat in the second quarter, then we had 2 incremental builds in Q3 and Q4. So the 190 coverage that we're sitting with today, we think, is fully reflective of the current economic scenario.

斯科特，它很豐富。我會接受的。因此，正如您所見，我們在第二季度保持覆蓋水平持平，然後在第三季度和第四季度進行了兩次增量構建。因此，我們認為，我們今天看到的 190 份報導充分反映了當前的經濟形勢。

Now, where the reserve goes from there is really going to be a function in the short term where the economy is heading. We see significant degradation to react to that or that isn't as bad, [we] will react there.

現在，儲備金的去向在短期內確實會在經濟發展方向發揮作用。我們看到對那個做出反應的顯著退化或者沒有那麼糟糕，[我們] 會在那裡做出反應。

So it's hard to answer it. We go through that process every quarter in terms of looking at the economic scenario that's in front of us and what the potential for improvement or degradation is, and we make the call at the end of the quarter based on all that.

所以很難回答。我們每個季度都會審視擺在我們面前的經濟情景以及改善或退化的潛力，我們會根據所有這些情況在季度末做出決定。

So the near term is really going to depend on where the economy shapes up. I would say that longer term, as we've been past the downturn, however long it might be, we do think that we will bring the reserve coverage down over time.

因此，近期實際上將取決於經濟的發展方向。我想說的是，從長遠來看，因為我們已經度過了經濟低迷期，無論它可能持續多久，我們確實認為我們會隨著時間的推移降低準備金覆蓋率。

It's just a question of the timing around that. And then year-end reserves that reflects this adjusted thinking in terms of the baseline economic scenario goes off in the economy and a problem.

這只是時間問題。然後，根據基線經濟情景反映這種調整後思維的年終儲備在經濟中出現問題。

Yes. Perfect. And then, Zach, a sort of a [tech] question. Just the expense guidance for the full year, I'm presuming that includes the restructuring charges to which you alluded earlier. I know you said you'd talk into more detail about those later, but do you have maybe an approximate level of what we might expect just to get a sense for what the sort of underlying expense growth might look like from here on out?

是的。完美的。然後，Zach，一個 [技術] 問題。只是全年的費用指導，我假設其中包括您之前提到的重組費用。我知道你說過你稍後會詳細討論這些，但你是否有一個大概的水平，我們可能只是為了了解從現在開始的潛在費用增長可能是什麼樣子？

Yes. Thanks, Scott, for asking the question. I want to take the opportunity to clarify. The guidance we've given is 2% to 4% growth in underlying core. And then on top of that, the run rate for Capstone which is around $60 million, plus the FDIC surcharge, we estimate it to be $33 million, to be relatively precise about that.

是的。斯科特，謝謝你提出這個問題。我想藉此機會澄清一下。我們給出的指導是基礎核心業務增長 2% 至 4%。然後最重要的是，Capstone 的運行率約為 6000 萬美元，加上 FDIC 附加費，我們估計為 3300 萬美元，相對準確。

We have not yet fully sized the potential restructuring costs from the organizational alignment actions that Steve mentioned. So that is yet to be included in that guidance, just to put a very specific point on that. And there -- I don't expect it to be overly large, but we'll have to see.

我們尚未完全評估史蒂夫提到的組織調整行動的潛在重組成本。所以這還沒有包含在該指南中，只是為了對此提出一個非常具體的觀點。在那裡 - 我不希望它太大，但我們必須看到。

Ultimately, it will be a function of a number of factors, including the final nature of the changes. And importantly, as Steve noted, we're instituting a voluntary retirement program, which, by a certain name, has a function of employee selection and takeup on their own. And so they'll be some degree of variability until we have a sense of where that program lands.

最終，它將是許多因素的函數，包括變化的最終性質。重要的是，正如史蒂夫指出的那樣，我們正在製定一項自願退休計劃，該計劃以特定名稱具有員工選擇和自行接受的功能。因此，在我們了解該程序的落地位置之前，它們會有一定程度的可變性。

So that -- more to come on that. There's a few opportunities during the first quarter for us to provide additional updates around the nature of the program and the sizing around. And we intend to do that as we to get further out in the Q1.

所以——還有更多的事情要做。在第一季度，我們有一些機會可以提供有關該計劃的性質和規模的更多更新。我們打算這樣做，因為我們會在第一季度走得更遠。

Perfect.

完美的。

There's some pickup on that expense, that one-time expense that we would expect to see just in the run rate in '23, and there may be other things we can do to absorb that also not the forecast.

這筆費用有所增加，我們希望在 23 年的運行率中看到一次性費用，我們可能還可以做其他事情來吸收它，而不是預測。

The next question comes from the line of Matt O'Connor with Deutsche Bank.

下一個問題來自德意志銀行的 Matt O'Connor。

I just want to push on the buybacks. You've got almost 9.5% CET1 capital. You've got very strong reserves. You got a very strong capital generation, solid loan growth but not good at consumer, a ton of capital, seem pretty confident on credit.

我只想推動回購。您擁有將近 9.5% 的 CET1 資本。你有很強的儲備。你有非常強大的資本生成，穩健的貸款增長但不擅長消費，大量資本，似乎對信貸很有信心。

So I guess I'm just trying to better understand why you wouldn't buy back stock in the first half. And then just to kind of throw it out there, it feels like the uncertainty might increase as we look to the back half.

所以我想我只是想更好地理解為什麼你不會在上半年回購股票。然後只是把它扔在那裡，當我們看向後半部分時，感覺不確定性可能會增加。

So what would make you kind of more confident to buy back in the second half, heading into maybe more macro uncertainty?

那麼什麼會讓你更有信心在下半年回購，進入可能更多的宏觀不確定性？

Yes, Matt, it's a good question. I think just take a step back to [probably] to frame it, the expectation now as we get out over the course of the totality of '23 and certainly as we think about '24 and beyond to get back to a more normal mix overall payout ratios between dividends and share purchases and retaining capital to grow.

是的，馬特，這是個好問題。我認為只是退後一步 [可能] 來構建它，現在的期望是我們在 23 年的整體過程中走出去，當然當我們考慮 24 年及以後，以恢復到更正常的整體組合時股息和股票購買之間的支付比率以及保留資本增長。

And so I think you could see this buyback is really just the program with the repurchase program as being indicative of that part of that, and I think a really healthy sign.

因此，我認為你可以看到這次回購實際上只是帶有回購計劃的計劃，作為這一部分的指示，我認為這是一個非常健康的跡象。

And when we thought a little more tactically, zooming in into the near term, I just really want to see the depth of the economic environment during the course of '23 before you make any substantive or significant commitments. And hopefully, the logic of that is understood.

當我們從戰術上考慮一點，著眼於近期時，我真的很想在你做出任何實質性或重大承諾之前，先看看 23 年期間經濟環境的深度。希望大家理解其中的邏輯。

How long exactly does it take to get clarity, to your point, is somewhat uncertain. I suspect we'll know a bit more over the course of Q1 and as we get into Q2.

就你的觀點而言，究竟需要多長時間才能弄清楚，這有點不確定。我懷疑我們會在第一季度和進入第二季度時了解更多。

If it's more resolved at that point, then I think we'd be more active, but still highly uncertain. We'll have to see and be dynamic. But generally speaking, the size of the program was designed to keep us in the middle of our CET1 operating range over the course of the proceeding periods. And so that will be our plan to generally manage in that way. I'll give you more clarity in the near term.

如果到那時它得到了更多解決，那麼我認為我們會更加積極，但仍然存在很大的不確定性。我們必須看到並保持活力。但總的來說，該計劃的規模旨在讓我們在進行期間的過程中保持在我們的 CET1 操作範圍的中間。因此，這將是我們以這種方式進行總體管理的計劃。我會在短期內更清楚地告訴你。

Okay. And then as we think about potential uses of the capital besides buyback, just remind us your appetite for bolt-on deals and I guess, specifically within fees, right? Because we kind of step back right now in net interest income, maybe it's not peaking, but it's probably not going to be a key driver of growth as we get through this year and beyond.

好的。然後，當我們考慮回購之外的資本潛在用途時，請提醒我們您對補強交易的興趣，我想，特別是在費用方面，對吧？因為我們現在在淨利息收入方面有點倒退，也許它還沒有達到頂峰，但它可能不會成為我們今年及以後增長的關鍵驅動力。

And I know you guys have been talking about kind of better balancing some of that fee mix over time. So what's the appetite to do something, whether it's small or maybe bigger, than you kind of in the past?

而且我知道你們一直在談論隨著時間的推移更好地平衡一些費用組合。那麼做某事的胃口是什麼，無論是小還是大，比你過去的那種？

Matt, Steve. We are interested in building our fee income opportunities and that revenue stream. And so if we can find things that we think make sense, that would enhance our current business lines and/or what we can offer to our customers, we would be interested. Just as last year, we were fortunate to get [cash] on the board and fintech payments from (inaudible).

馬特，史蒂夫。我們有興趣建立我們的收費收入機會和收入來源。因此，如果我們能找到我們認為有意義的東西，這將增強我們當前的業務線和/或我們可以為客戶提供的東西，我們會很感興趣。與去年一樣，我們很幸運地獲得了董事會的 [現金] 和來自（聽不清）的金融科技付款。

So we'll be looking, as the year progresses, whether it makes sense to bolster the acquisition on the fee side of our businesses. But that's not sort of an intended [set aside] on that buyback [conclusions] that just related. Our capital priorities haven't changed.

因此，隨著時間的推移，我們將關注在我們業務的費用方面加強收購是否有意義。但這並不是那種有意 [擱置] 剛剛相關的回購 [結論]。我們的資本優先事項沒有改變。

Thank you. At this time, we've reached the end of the question-and-answer session. And I will now turn the floor back to Mr. Steinour for closing remarks.

謝謝你。至此，我們的問答環節已經結束。現在我將把發言權轉回施泰諾先生的閉幕詞。

So thank you very much for joining us today. As you know, we're very pleased with the record year for Huntington and a third straight quarter of record net income, fourth straight quarter of PPNR growth.

非常感謝您今天加入我們。如您所知，我們對亨廷頓創紀錄的一年以及連續第三個季度創紀錄的淨收入、連續第四個季度的 PPNR 增長感到非常滿意。

We come into this year with a lot of momentum. We think we're well positioned to manage through a mild recession, and we remain committed to and confident of our ability to continue creating value for shareholders.

我們帶著很大的動力進入今年。我們認為我們有能力度過溫和的衰退，我們仍然致力於並相信我們有能力繼續為股東創造價值。

And as a reminder, the Board executives, our colleagues are a top 10 shareholder collectively, reflecting our strong alignment with our shareholders. So thank you for your support and interest in Huntington. Have a great day.

提醒一下，董事會高管和我們的同事是前 10 大股東，反映了我們與股東的高度一致。因此，感謝您對亨廷頓的支持和興趣。祝你有美好的一天。

This concludes today's conference. You may disconnect at this time, and thank you for your participation.

今天的會議到此結束。此時您可以斷開連接，感謝您的參與。