Huntington Bancshares Inc (HBAN) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Huntington Bancshares 2023 First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Huntington Bancshares 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to our host, Tim Sedabres, Director of Investor Relations. Thank you. You may begin.

我現在想把會議轉交給我們的主持人，投資者關係總監 Tim Sedabres。謝謝。你可以開始了。

Thank you, operator. Welcome, everyone, and good morning. Copies of the slides we will be reviewing today can be found in the Investor Relations section of our website, 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. Our presenters today are Steve Steinour, Chairman, President and CEO; and Zach Wasserman, Chief Financial Officer. Rich Pohle, Chief Credit Officer, will join us for the Q&A. Earnings documents, which include our forward-looking statements disclaimer and non-GAAP information are available on the Investor Relations section of our website.

謝謝你，運營商。歡迎大家，早上好。我們今天要查看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，此通話正在錄音中，通話結束後約 1 小時可以重播。我們今天的主持人是董事長、總裁兼首席執行官 Steve Steinour；和首席財務官 Zach Wasserman。首席信貸官 Rich Pohle 將加入我們的問答環節。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。

With that, let me now turn it over to Steve.

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're pleased to announce our first quarter results, which Zach will detail later. Huntington is very well positioned. We operate a diversified franchise with disciplined risk management. Our approach to both our colleagues and customers is grounded in our purpose to make people's lives better, help businesses thrive and strengthen the communities we serve. And during times like these, Huntington's purpose is evident in how we look out for each other and serve as a source of strength for our customers and communities.

謝謝，蒂姆。大家早上好，歡迎光臨。感謝您今天加入電話會議。我們很高興地宣布我們的第一季度業績，Zach 將在稍後詳細介紹。亨廷頓的位置非常好。我們通過嚴格的風險管理經營多元化的特許經營權。我們對同事和客戶的態度基於我們的目標，即改善人們的生活、幫助企業蓬勃發展並加強我們所服務的社區。在這樣的時期，亨廷頓的宗旨在我們如何互相照顧並成為我們客戶和社區的力量源泉中顯而易見。

Now on to Slide 4. These are the key messages I want to highlight to you. First, we have one of the strongest deposit franchises of any regional bank. We have a diversified base of primary bank customer relationships, which has been built over many years, supported by our Fair Play philosophy. We also have the leading percentage of insured deposits as of year-end. Second, we maintain a robust liquidity position, consistent with our long-standing approach to conservative risk management practices. Third, our capital base is solid and building. Common equity Tier 1 has increased for 3 quarters in a row, and we intend to continue to build to the high end of our range. Fourth, our credit reserves are top tier. Credit quality continues to perform exceptionally well and remains a hallmark of our disciplined credit management.

現在轉到幻燈片 4。這些是我想向您強調的關鍵信息。首先，我們擁有所有區域性銀行中最強大的存款特許經營權之一。在我們的公平競爭理念的支持下，我們擁有多元化的主要銀行客戶關係基礎，這些關係是多年來建立起來的。截至年底，我們的受保存款比例也處於領先地位。其次，我們保持穩健的流動性頭寸，這與我們長期以來保守的風險管理做法一致。第三，我們的資本基礎穩固並正在建設中。一級普通股已連續三個季度增加，我們打算繼續擴大到我們範圍的高端。四是信用儲備一流。信用質量繼續表現出色，並且仍然是我們嚴格的信用管理的標誌。

Fifth, we are dynamically managing through the current environment, bolstering capital and liquidity. We're also incrementally optimizing the balance sheet and loan growth, while continuing to proactively manage the expense base. Finally, we are well positioned to operate through uncertainty with a focus on our long-term strategy and our commitment to top quartile returns.

第五，我們正在通過當前環境進行動態管理，增強資本和流動性。我們還在逐步優化資產負債表和貸款增長，同時繼續積極管理費用基礎。最後，我們完全有能力在不確定性中運營，重點關注我們的長期戰略和我們對最高四分之一回報的承諾。

I believe Huntington is built to thrive during times like this and ultimately to benefit and to capture opportunities as they arise. Moments of market disruption present opportunities to take market share, to win new customers and to hire great talent. We are confident in our strategy and strong position.

我相信亨廷頓生來就是為了在這樣的時期茁壯成長，並最終在機會出現時受益並抓住機會。市場混亂時刻提供了獲取市場份額、贏得新客戶和聘請優秀人才的機會。我們對我們的戰略和強勢地位充滿信心。

Moving on to Slide 5. We entered this period of disruption in to best position the company has been since I've joined over a dozen years ago. The reputation our colleagues have created a best-in-class customer service results in customer confidence and trust in us. The 2023 J.D. Power award for customer satisfaction reflects our colleagues' efforts. Grounded in our Fair Play philosophy, we continue to acquire and deepen primary bank relationships, resulting in our granular and diversified deposit base. For many years, we focused on gathering deposits that are sticky operating accounts and proactively placed larger deposits off balance sheet.

轉到幻燈片 5。自從我十多年前加入公司以來，我們進入了這段混亂時期，處於公司的最佳位置。我們的同事創造了一流的客戶服務，從而贏得了客戶的信心和對我們的信任。 2023 年 J.D. Power 客戶滿意度獎反映了我們同事的努力。基於我們的公平競爭理念，我們繼續獲得併深化主要銀行關係，從而形成我們細化和多樣化的存款基礎。多年來，我們專注於收集粘性經營賬戶的存款，並主動將較大的存款置於資產負債表之外。

We continue to invest across the franchise to drive deposit growth. We are also incrementally optimizing loan growth to generate the highest returns and ensure the capital we deploy is put to the highest and best use, and we remain focused on delivering the revenue synergies we previously shared, accelerating the growth of our fee businesses, and deepening our customer relationships.

我們繼續投資整個特許經營權以推動存款增長。我們還在逐步優化貸款增長以產生最高回報，並確保我們部署的資本得到最高和最佳利用，我們仍然專注於提供我們之前分享的收入協同效應，加速我們收費業務的增長，並深化我們的客戶關係。

In regards to capital, CET1 increased 19 basis points from the prior quarter to 9.55%, and we plan to build capital to the high end of our range over the course of 2023. Our credit reserves are top tier in the peer group at 1.9%. We will continue to be proactive in our expense management. In the first quarter, we completed a number of actions to support our ongoing efficiency programs such as the 31 branch consolidations, the voluntary retirement program and our organizational realignment with reductions in personnel. And in addition to Operation Accelerate, we have a road map to deliver continued efficiencies going forward. Importantly, risk management is embedded within all our business lines. At Huntington, everyone owns risk, and we continue to operate within our aggregate moderate- to low-risk appetite.

在資本方面，CET1 比上一季度增加 19 個基點，達到 9.55%，我們計劃在 2023 年期間將資本建設到我們範圍的高端。我們的信貸儲備為 1.9%，在同行中名列前茅.我們將繼續積極主動地進行費用管理。在第一季度，我們完成了一系列行動來支持我們正在進行的效率計劃，例如 31 家分行合併、自願退休計劃以及我們通過裁員進行的組織調整。除了 Operation Accelerate 之外，我們還有一個路線圖來提供持續的效率。重要的是，風險管理融入了我們所有的業務線。在亨廷頓，每個人都承擔風險，我們繼續在我們的總體中低風險偏好範圍內運營。

Finally, I want to reiterate Huntington is built for times like this. We have a strong, well-diversified franchise with a distinctive brand and loyal customers. Our high-quality deposit base, robust liquidity and solid credit metrics are the direct result of focused and disciplined execution over many years. We have an experienced management team supported by highly engaged colleagues executing on our strategy. And as you know, management is collectively a top 10 shareholder, and we are fully committed to driving top-tier performance and growing shareholder value.

最後，我想重申亨廷頓是為這樣的時代而建的。我們擁有強大、多元化的特許經營權，擁有獨特的品牌和忠實的客戶。我們高質量的存款基礎、強勁的流動性和可靠的信用指標是多年來專注和嚴格執行的直接結果。我們擁有一支經驗豐富的管理團隊，由高度敬業的同事支持執行我們的戰略。如您所知，管理層是前 10 大股東之一，我們完全致力於推動頂級業績和增加股東價值。

Zach, over to you to provide more detail on our financial performance.

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 first quarter results. We reported GAAP earnings per common share of $0.39 and adjusted EPS of $0.38. Return on tangible common equity, or ROTCE, came in at 23.1% for the quarter. Adjusted for notable items, ROTCE was 22.7%. Further adjusting for AOCI, ROTCE was 17.8%. Pre-provision net revenue expanded 41% year-over-year to $844 million.

謝謝，史蒂夫，大家早上好。幻燈片 6 提供了我們第一季度業績的亮點。我們報告的 GAAP 每股普通股收益為 0.39 美元，調整後每股收益為 0.38 美元。本季度有形普通股回報率 (ROTCE) 為 23.1%。針對值得注意的項目進行調整後，ROTCE 為 22.7%。進一步調整 AOCI，ROTCE 為 17.8%。撥備前淨收入同比增長 41% 至 8.44 億美元。

Loan balances continue to grow as total loans increased by $1.5 billion from the prior quarter. Liquidity coverage remains robust, with over $60 billion of available liquidity, representing a peer-leading coverage of uninsured deposits of 136%. Credit quality remains strong, with net charge-offs of 19 basis points and allowance for credit losses of 1.9%.

貸款餘額繼續增長，貸款總額較上一季度增加 15 億美元。流動性覆蓋面依然強勁，可用流動性超過 600 億美元，未投保存款覆蓋率達到 136%，處於同行領先水平。信用質量依然強勁，淨註銷為 19 個基點，信用損失準備金為 1.9%。

Turning to Slide 7. Average loan balances increased 1.3% quarter-over-quarter, driven by commercial loans, which increased by $1.5 billion or 2.2% from the prior quarter. Primary components of this commercial growth included distribution finance, which increased $800 million tied to continued normalization of dealer inventory levels as well as seasonality with shipments of spring equipment arriving to dealers. Corporate and Specialty Banking increased $242 million, primarily driven by growth in mid-corp, health care and tech and telecom.

轉到幻燈片 7。在商業貸款的推動下，平均貸款餘額環比增長 1.3%，比上一季度增加 15 億美元或 2.2%。這一商業增長的主要組成部分包括分銷融資，這增加了 8 億美元，這與經銷商庫存水平的持續正常化以及彈簧設備到達經銷商的季節性有關。企業和專業銀行業務增長 2.42 億美元，主要受中型企業、醫療保健、科技和電信業務增長的推動。

Other asset finance businesses contributed growth of $216 million. Auto floorplan continued normalization, with balances higher by $214 million. Business banking also increased $92 million. In Consumer, growth continued to be led by residential mortgage, which increased by $316 million. Partially offsetting this growth were home equity balances, which declined by $159 million. All other categories, including RV/Marine and auto declined by a collective $123 million.

其他資產融資業務貢獻了 2.16 億美元的增長。汽車平面圖繼續正常化，餘額增加 2.14 億美元。商業銀行業務也增加了 9200 萬美元。在消費領域，住宅抵押貸款繼續引領增長，增加了 3.16 億美元。房屋淨值餘額減少了 1.59 億美元，部分抵消了這一增長。所有其他類別，包括房車/船舶和汽車，總計下降了 1.23 億美元。

Turning to Slide 8. We continued to deliver average deposit growth in the first quarter. Balances were higher by $472 million, primarily driven by consumer, which more than offset lower commercial balances. On a year-over-year basis, average deposits increased by $3.2 billion or 2.3%.

轉到幻燈片 8。我們在第一季度繼續實現平均存款增長。餘額增加了 4.72 億美元，這主要是由消費者推動的，這大大抵消了較低的商業餘額。與去年同期相比，平均存款增加了 32 億美元或 2.3%。

Turning to Slide 9. I want to share more details behind Huntington's deposit franchise. Our deposit base represents a leading percentage of insured deposits at 69% as of Q1. Our deposit base is highly diversified with consumer deposits representing over half of our total deposits and the average consumer balance being $11,000.

轉到幻燈片 9。我想分享亨廷頓存款專營權背後的更多細節。截至第一季度，我們的存款基礎佔受保存款的領先比例為 69%。我們的存款基礎高度多元化，消費者存款占我們總存款的一半以上，平均消費者余額為 11,000 美元。

Turning to Slide 10. Complementing our diversified deposit base is the stability and growth of our deposits over time. During last year, we consistently delivered deposit growth well above peer levels despite the backdrop of rising rates and quantitative tightening. Through year-end 2022, cumulative deposit growth was 2.4%, nearly 6 percentage points better than the peer median.

轉到幻燈片 10。隨著時間的推移，存款的穩定性和增長是對我們多元化存款基礎的補充。去年，儘管利率上升和量化緊縮的背景下，我們的存款增長始終遠高於同行水平。截至 2022 年底，累計存款增長率為 2.4%，高於同業中值近 6 個百分點。

Over the course of Q1, monthly average deposit balances were stable at approximately $146 billion. Within consumer deposits, balances have increased for 4 months in a row. Total commercial balances were modestly lower, consistent with expected seasonality. During March, in addition to seasonality, commercial customers also incrementally utilized our off-balance sheet liquidity solutions.

在第一季度，月平均存款餘額穩定在約 1,460 億美元。消費存款餘額連續4個月增加。商業餘額總額略有下降，與預期的季節性一致。 3 月份，除了季節性因素外，商業客戶也逐漸使用了我們的表外流動性解決方案。

Turning to Slide 11. We have a sophisticated approach to customer liquidity management that comprises both on-balance sheet deposit products as well as off-balance sheet alternatives. Over the past 4 years, we have invested substantially to build out these solutions to ensure we're managing our customers' overall liquidity needs. The enhanced liquidity solutions allow us to manage the full customer relationship with primary bank and operating deposits on-balance sheet and utilizing our off-balance sheet solutions for investment or nonoperational funds.

轉到幻燈片 11。我們有一套複雜的客戶流動性管理方法，包括資產負債表內存款產品和資產負債表外替代品。在過去的 4 年裡，我們投入了大量資金來構建這些解決方案，以確保我們能夠管理客戶的整體流動性需求。增強的流動性解決方案使我們能夠管理與主要銀行的完整客戶關係和資產負債表上的運營存款，並利用我們的資產負債表外解決方案進行投資或非運營資金。

Over the course of 2020 and 2021, we intentionally leveraged these off-balance sheet solutions in order to support our customers' excess liquidity. This resulted in fewer surge deposits coming on sheet as well as less commercial deposit runoff during 2022 compared to the industry. On a year-over-year basis, our commercial banking segment on-balance sheet deposits increased 11% and our off-balance sheet liquidity balances increased 54%. During March, this approach yet again showed its value for both Huntington and our customers. We saw customers moving a modest amount of deposit balances into treasuries and other products, while we were able to maintain those primary operating accounts on our balance sheet.

在 2020 年和 2021 年期間，我們有意利用這些資產負債表外解決方案來支持我們客戶的過剩流動性。與行業相比，這導致 2022 年出現的激增存款減少，商業存款流失也減少。與去年同期相比，我們的商業銀行部門資產負債表內存款增長了 11%，我們的資產負債表外流動性餘額增長了 54%。 3 月份，這種方法再次顯示了它對 Huntington 和我們的客戶的價值。我們看到客戶將少量存款餘額轉移到國債和其他產品中，而我們能夠在資產負債表上保留這些主要運營賬戶。

Of the total change in commercial segment deposit balances between March 6 and the end of Q1, we estimate that approximately half the delta was attributable to normal seasonality, and the remainder was mainly the result of shifts into our off-balance sheet solutions. The bottom table highlights these movements as well as trends in the first 2 weeks of April. On-balance sheet deposits have returned to the March 6 level and off-balance sheet continues to grow.

在 3 月 6 日至第一季度末商業部門存款餘額的總變化中，我們估計大約一半的增量可歸因於正常的季節性，其餘主要是轉向我們的表外解決方案的結果。底部表格突出顯示了 4 月前 2 週的這些變動和趨勢。表內存款已恢復到 3 月 6 日的水平，表外存款繼續增長。

Turning to Slide 12. Our liquidity capacity is robust. Our 2 primary sources of liquidity, cash and borrowing capacity at the FHLB and Federal Reserve represented $10 billion and $51 billion, respectively, at the end of Q1. As part of our ongoing liquidity management, we continually seek to maximize contingent borrowing capacity. And as of April 14, our total cash and available borrowing capacity increased to $65 billion. At quarter end, this pool of available liquidity represented 136% of total uninsured deposits, a peer-leading coverage.

轉到幻燈片 12。我們的流動性能力很強。第一季度末，FHLB 和美聯儲的流動性、現金和借貸能力這兩個主要來源分別為 100 億美元和 510 億美元。作為我們持續流動性管理的一部分，我們不斷尋求最大限度地提高或有借款能力。截至 4 月 14 日，我們的總現金和可用借貸能力增加到 650 億美元。在季度末，這一可用流動性池佔未投保存款總額的 136%，這一覆蓋率處於同行領先水平。

On to Slide 13. For the quarter, net interest income decreased by $53 million or 4% to $1.418 billion driven by lower day count and lower net interest margin. Year-over-year, NII increased $264 million or 23%. Net interest margin decreased 12 basis points on a GAAP basis from the prior quarter and decreased 11 basis points on a core basis, excluding accretion. The reduction in GAAP NIM included 5 basis points from lower spreads, net of free funds, due to funding mix and marginally accelerated interest costs. It also included 5 basis points from the first substantive negative carry impact from our long-term downrate NIM hedging program and 3 basis points from higher cash levels.

轉到幻燈片 13。本季度，由於天數減少和淨息差下降，淨利息收入減少 5300 萬美元或 4% 至 14.18 億美元。與去年同期相比，NII 增加了 2.64 億美元或 23%。淨息差按 GAAP 計算比上一季度下降 12 個基點，在核心基礎上下降 11 個基點，不包括增長。由於資金組合和略微加速的利息成本，GAAP NIM 的減少包括利差降低 5 個基點，扣除自由資金。它還包括來自我們的長期降息 NIM 對沖計劃的第一個實質性負面套利影響的 5 個基點和較高現金水平的 3 個基點。

Slide 14 highlights our ongoing disciplined management of deposit costs and funding. For the current cycle to date, our beta on total cost of deposits was 25%. As we've noted, we expect deposit rates to continue to trend higher from here over the course of the rate cycle. Given the recent market environment, at the margin, we do expect a steeper near-term trajectory.

幻燈片 14 強調了我們對存款成本和資金的持續嚴格管理。對於目前的周期，我們對存款總成本的貝塔值為 25%。正如我們所指出的，我們預計存款利率在整個利率週期內將繼續走高。鑑於最近的市場環境，我們確實預計近期走勢會更加陡峭。

Turning to Slide 15. Our hedging program is dynamic, continually optimized and well diversified. Our objectives are to protect capital in rate scenarios and to protect NIM in down-rate scenarios. During the first quarter, we added to the hedge portfolio with both of these objectives in mind. On the capital protection front, we added $1.6 billion in additional pay fixed swaps and $1.5 billion in forward starting pay fixed swaptions. Throughout the quarter, we were deliberate in managing the balance sheet to benefit from asset sensitivity.

轉到幻燈片 15。我們的對沖計劃是動態的、不斷優化的和多樣化的。我們的目標是在利率情景下保護資本並在降息情景下保護 NIM。在第一季度，我們在考慮這兩個目標的情況下增加了對沖投資組合。在資本保護方面，我們增加了 16 億美元的額外支付固定掉期和 15 億美元的遠期起始支付固定掉期期權。在整個季度中，我們有意識地管理資產負債表以從資產敏感性中獲益。

We also incrementally added to our hedge position to manage possible downside rate risks over the longer term as well as took actions to optimize the near-term cost of the program. During the quarter, we executed a net $400 million of received fixed swaps, terminated $4.9 billion of swaps and entered into $5 billion of floor spreads. As we've noted before, our intention is to manage NIM in as tight a corridor as possible as we protect the downside and maintain upside potential if rates stay higher for longer.

我們還逐步增加對沖頭寸，以管理長期可能出現的利率下行風險，並採取行動優化該計劃的近期成本。本季度，我們執行了淨 4 億美元的固定掉期交易，終止了 49 億美元的掉期交易，並簽訂了 50 億美元的底價差。正如我們之前指出的那樣，我們的目的是在盡可能狹窄的範圍內管理 NIM，因為如果利率長期保持較高水平，我們將保護下行並保持上行潛力。

Turning to Slide 16. On the securities portfolio, we saw another step-up in reported yields quarter-over-quarter. We benefited from higher reinvestment yields as well as our hedges to protect capital. From a portfolio strategy perspective, we expect to continue to add to the allocation of shorter duration exposures to benefit from the inverted yield curve and further enhance the liquidity profile of the portfolio. You will note that fair value marks at the end of March were lower than year-end, both in the AFS and HTM portfolios, as market interest rates moved lower sequentially. Importantly, we have also shown the $700 million total positive fair value mark from our pay fixed hedges, which are intended to protect capital.

轉到幻燈片 16。在證券投資組合中，我們看到報告的收益率環比再次上升。我們受益於更高的再投資收益率以及我們保護資本的對沖。從投資組合策略的角度來看，我們預計將繼續增加較短期限敞口的配置，以從倒掛的收益率曲線中獲益，並進一步增強投資組合的流動性狀況。您會注意到，隨著市場利率連續走低，AFS 和 HTM 投資組合中 3 月底的公允價值標記均低於年末。重要的是，我們還展示了我們旨在保護資本的薪酬固定對沖的總公允價值為 7 億美元。

Moving on to Slide 17. Noninterest income was $512 million, up $13 million from last quarter. These results include the $57 million gain on the sale of our retirement plan services business during the quarter. Excluding that gain, adjusted noninterest income was $455 million. This result was somewhat lower than the guidance we provided in early March, driven by lower capital markets revenues given the disruptions at the end of Q1. The first quarter is generally a seasonal low for fee revenues. As we've noted previously, we see Q1, excluding the RPS sale, being the low point and for fees to grow over the course of the year, driven by solid underlying performance in our key areas of strategic focus: capital markets, payments and wealth management.

轉到幻燈片 17。非利息收入為 5.12 億美元，比上一季度增加 1300 萬美元。這些結果包括本季度出售退休計劃服務業務獲得的 5700 萬美元收益。扣除該收益，調整後的非利息收入為 4.55 億美元。這一結果略低於我們在 3 月初提供的指導，這是由於第一季度末的中斷導致資本市場收入下降。第一季度通常是費用收入的季節性低點。正如我們之前指出的那樣，我們認為第一季度（不包括 RPS 銷售）是低點，並且費用在這一年中會增長，這是由於我們戰略重點領域的穩健基礎表現推動的：資本市場、支付和財富管理。

Moving on to Slide 18. GAAP noninterest expense increased by $9 million. Adjusted for notable items, core expenses decreased by $18 million, driven by lower personnel expense, primarily as a result of reduced incentives and revenue-driven compensation. We're proactively managing expenses and have taken actions over the last several quarters to orient to a low level of expense growth in order to deliver positive operating leverage and self-fund strategic investments.

轉到幻燈片 18。GAAP 非利息費用增加了 900 萬美元。針對值得注意的項目進行調整後，核心費用減少了 1800 萬美元，主要是由於減少了激勵措施和收入驅動的薪酬，從而降低了人事費用。我們正在積極管理費用，並在過去幾個季度採取行動，將費用增長調整到較低水平，以實現積極的經營槓桿和自籌資金戰略投資。

Slide 19 recaps our capital position. Common equity Tier 1 increased to 9.55% and has increased sequentially for 3 quarters. OCI impacts to common equity Tier 1 resulted in an adjusted CET1 ratio of 7.6%. as a reminder, the reported regulatory capital framework does not include OCI impacts in the capital calculation. Our tangible common equity ratio, or TCE, increased 22 basis points to 5.7%. Note that we were holding higher cash balances at the end of Q1, which reduced the TCE ratio by 13 basis points. Adjusting for AOCI, our TCE ratio was 7.27%.

幻燈片 19 回顧了我們的資本狀況。普通股 1 級增至 9.55%，連續 3 個季度增加。 OCI 對普通股一級的影響導致調整後的 CET1 比率為 7.6%。提醒一下，報告的監管資本框架在資本計算中不包括 OCI 影響。我們的有形普通股權益比率 (TCE) 增加了 22 個基點，達到 5.7%。請注意，我們在第一季度末持有更高的現金餘額，這將 TCE 比率降低了 13 個基點。調整 AOCI 後，我們的 TCE 比率為 7.27%。

Tangible book value per share increased by 7% from the prior quarter to $7.32. Adjusting for AOCI, tangible book value increased to $9.23, and has increased for the past 4 quarters. Our capital management strategy for the balance of 2023 will result in expanding capital over the course of the year, while maintaining our top priority to fund high-return loan growth. We intend to grow CET1 to the top end of our 9% to 10% operating range by the end of the year. We believe this is a prudent approach given the dynamic environment. Based on our expectation for continued loan growth, we do not expect to utilize the share repurchase program during 2023.

每股有形賬面價值較上一季度增長 7% 至 7.32 美元。調整 AOCI 後，有形賬面價值增加到 9.23 美元，並且在過去 4 個季度中有所增加。我們 2023 年剩餘時間的資本管理戰略將導致在這一年中擴大資本，同時保持我們的首要任務是為高回報貸款增長提供資金。我們打算在年底前將 CET1 增長到我們 9% 至 10% 運營範圍的頂端。我們認為，鑑於動態環境，這是一種審慎的做法。基於我們對貸款持續增長的預期，我們預計在 2023 年期間不會使用股票回購計劃。

Turning to Slide 20. Our capital plus reserves is top quartile in the peer group and gives us substantial total loss absorption capacity.

轉到幻燈片 20。我們的資本加儲備在同行組中排名前四分之一，並為我們提供了可觀的總損失吸收能力。

On Slide 21, credit quality continues to perform very well. As mentioned, net charge-offs were 19 basis points for the quarter. This was higher than last quarter by 2 basis points and up 12 basis points from the prior year as charge-offs continue to normalize. Nonperforming assets declined from the previous quarter and have reduced for 7 consecutive quarters. Allowance for credit losses was flat at 1.9% of total loans.

在幻燈片 21 中，信用質量繼續表現良好。如前所述，本季度淨註銷為 19 個基點。這比上一季度高 2 個基點，比去年同期高 12 個基點，因為沖銷繼續正常化。不良資產環比下降，已連續7個季度下降。信貸損失準備金持平，佔貸款總額的 1.9%。

Turning to Slide 22. We have provided incremental disclosures on our commercial real estate balances. This portfolio is well diversified and at 14% of total loans is in line with the peer group with no outsized exposures. The majority of the property types are multifamily and industrial. Over the last 2 years, we have grown our CRE book at a slower pace relative to the industry and peers. We remain conservative in our credit approach to CRE with rigorous client selection. Total office CRE comprises less than 2% of total loans, and the majority are suburban and multi-tenant properties. Reserve coverage on our total CRE portfolio is 3% and the office portfolio is 8%.

轉到幻燈片 22。我們提供了有關商業房地產餘額的增量披露。該投資組合非常多元化，佔貸款總額的 14%，與沒有超額風險敞口的同行組一致。大多數房產類型是多戶型和工業型。在過去的 2 年裡，我們的 CRE 圖書增長速度低於行業和同行。我們通過嚴格的客戶選擇對 CRE 的信用方法保持保守。寫字樓 CRE 總額佔貸款總額的不到 2%，其中大部分是郊區和多租戶物業。我們總 CRE 投資組合的儲備覆蓋率為 3%，辦公樓投資組合為 8%。

Let's turn to our 2023 outlook on Slide 23. As we have discussed, we analyze multiple potential economic scenarios to project financial performance and develop management action plans. We also remain dynamic in the current environment as we execute on our strategies. Our guidance is anchored on a baseline scenario that is informed by the consensus economic outlook. We have also based our guidance on a range of interest rate scenarios, bounded on the low end using the forward curve as of the end of March to one at the higher end, where rates are higher for longer with Fed funds remaining at approximately today's level over the rest of the year. On loans, our outlook range continues to be growth between 5% and 7% on an average basis. And as before, we expect this growth to be led by commercial with more modest growth in consumer.

讓我們轉到幻燈片 23 上的 2023 年展望。正如我們所討論的，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。在執行我們的戰略時，我們在當前環境中也保持活力。我們的指導基於基於共識經濟前景的基線情景。我們還根據一系列利率情景進行指導，使用截至 3 月底的遠期曲線在低端到高端，即利率較高的時間更長，聯邦基金保持在今天的水平左右在今年剩下的時間裡。在貸款方面，我們的展望範圍仍然是平均增長 5% 至 7%。和以前一樣，我們預計這種增長將由商業帶動，而消費者增長更為溫和。

As we entered the year, we were trending to the middle to higher portion of that growth range. Given the market disruption and our incremental focus on optimizing loan growth for the highest returns on capital, we now expect to be in the lower half to midpoint of this range. On deposits, we are guided by our core strategy of acquiring and deepening primary bank relationships. We're narrowing our outlook with a slightly lower top end of the range and still expect to grow average deposits between 1% and 3%. However, the composition of deposit growth from here, we now expect to be primarily consumer-led with relatively less commercial growth.

當我們進入這一年時，我們正趨向於該增長范圍的中高部分。鑑於市場混亂以及我們越來越關注優化貸款增長以獲得最高資本回報，我們現在預計將處於該範圍的下半部分至中點。在存款方面，我們以獲取和深化主要銀行關係的核心戰略為指導。我們正在縮小我們的前景，略低於範圍的上限，但仍預計平均存款將增長 1% 至 3%。然而，從這裡的存款增長構成來看，我們現在預計主要由消費者主導，商業增長相對較少。

Net interest income is now expected to increase between 6% and 9%. This is driven by slightly lower loan growth and marginally higher funding costs. Noninterest income on a core full year basis is expected to be flat to down 2%. The updated guidance reflects modestly lower expected growth in capital markets fees and includes the go-forward impact of the RPS business sale. As noted, we expect Q1 to be the low point for fees, growing over the course of the year, led by capital markets, payments and wealth management.

現在預計淨利息收入將增長 6% 至 9%。這是由於貸款增長略有下降和融資成本略有上升所致。全年核心非利息收入預計持平至下降 2%。更新後的指引反映出資本市場費用的預期增長略有下降，並包括 RPS 業務出售的前瞻性影響。如前所述，我們預計第一季度將是費用的低點，在一年中增長，主要是資本市場、支付和財富管理。

On expenses, we are proactively managing with a posture to keep underlying core expense growth at a very low level. We're benefiting from our ongoing efficiency initiatives, such as Operation Accelerate, branch optimization, the voluntary retirement program and the organizational realignment, providing the capacity to self-fund sustained investment in our key growth initiatives.

在費用方面，我們正在積極管理，以將基本核心費用增長保持在非常低的水平。我們正受益於我們持續的效率舉措，例如 Operation Accelerate、分支機構優化、自願退休計劃和組織重組，為我們的關鍵增長舉措提供自籌資金持續投資的能力。

Given a somewhat lower revenue outlook, we are taking actions to incrementally reduce the expense growth in 2023. For the full year, we now expect core expense growth between 1% and 3%, plus the incremental expenses from the full year run rate of Capstone and Torana and the increased FDIC insurance expense. Overall, our low expense growth, coupled with expanded revenues, is expected to support another year of positive operating leverage.

鑑於較低的收入前景，我們正在採取行動逐步降低 2023 年的費用增長。對於全年，我們現在預計核心費用增長在 1% 至 3% 之間，加上 Capstone 全年運行率的增量費用和 Torana 以及增加的 FDIC 保險費用。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。

We continue to expect net charge-offs will be on the low end of our long-term through-the-cycle range of 25 to 45 basis points.

我們繼續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。

Finally, turning to Slide 24. As you heard from Steve, the foundation we have built at Huntington over the last decade has created an institution that is well prepared for this environment. We will leverage the strength of our deposit base. We're focused on growing capital and maintaining robust liquidity. We remain disciplined in our credit posture, and we're executing our core strategy. The work we have done to build the franchise positions Huntington to outperform and be ready to opportunistically seize on pockets of growth. We will remain disciplined and dynamic in our management approach as we continue to generate long-term value for our shareholders.

最後，轉到幻燈片 24。正如你從史蒂夫那裡聽到的那樣，我們在過去十年中在亨廷頓建立的基礎創建了一個為這種環境做好充分準備的機構。我們將利用我們存款基礎的實力。我們專注於增加資本和保持強勁的流動性。我們在信用狀況方面保持紀律，我們正在執行我們的核心戰略。我們為建立特許經營權所做的工作使 Huntington 表現出色，並準備好抓住機會抓住增長點。隨著我們繼續為股東創造長期價值，我們將在管理方法上保持紀律和活力。

With that, we will conclude our prepared remarks and move to Q&A. Tim, over to you.

至此，我們將結束準備好的發言並進入問答環節。蒂姆，交給你了。

Thanks, Zach. Operator, we will now take questions. (Operator Instructions).

謝謝，扎克。接線員，我們現在開始提問。 （操作員說明）。

(Operator Instructions) First question comes from Manan Gosalia with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Manan Gosalia。

As I look through your deposit flows for the quarter, you've clearly done better than peers, whether it's on total deposits or even just noninterest-bearing deposits. Can you break out what you saw in the background? Was there a lot of movement with new accounts coming in and some of those existing commercial clients moving off balance sheet? And if so, can you talk about how sticky you think some of those new account openings are?

當我查看你們本季度的存款流量時，你們顯然比同行做得更好，無論是總存款還是無息存款。你能把你在背景中看到的東西分開嗎？隨著新賬戶的加入以及一些現有的商業客戶離開資產負債表，是否有很多變化？如果是這樣，您能否談談您認為其中一些新開戶的粘性如何？

Thanks, Manan. This is Zach. I'll take that question, and it's a good one. Overall, what we saw in our deposit base during the quarter was tremendous stability and that continued, not only through the month of March, but into early April. And we've tried to provide some incremental disclosures around that, so that you could get the visibility. And for us, it's not surprising as we've noted quite a bit. It's very granular, very diversified and, overall, it didn't happen by accident, it was a function of a really long strategy we have to focus on primary bank relationships, as you know. And to develop this commercial op balance sheet capability that we described in the prepared remarks.

謝謝，馬南。這是紮克。我會回答這個問題，這是一個很好的問題。總體而言，我們在本季度的存款基礎中看到了巨大的穩定性，而且這種情況不僅持續到 3 月份，而且一直持續到 4 月初。我們已嘗試圍繞此提供一些增量披露，以便您可以獲得可見性。對我們來說，這並不奇怪，因為我們已經註意到了很多。它非常細化，非常多樣化，總的來說，這不是偶然發生的，它是我們必須專注於主要銀行關係的長期戰略的一個功能，正如你所知。並發展我們在準備好的評論中描述的這種商業運營資產負債表能力。

To get to your question, in particular, what we saw generally, I would note, by the way, that when you're looking at balances on a day-by-day basis as we've provided them in that disclosure, you have to take them with a note of caution. It really matters what day of the week, what week of the month, et cetera, payroll days and tax payments, et cetera. Generally, we expect the end of March to be a seasonal low for commercial. And so most of the movement, around half the move we saw in commercial from, let's say, the average of March down to the end of March was really just BAU movements of commercial clients largely paying out payroll. The other half was largely movements of deposits off balance sheet as very marginal amount of customers used some of those off-balance sheet solutions to leverage that product set.

為了回答您的問題，特別是我們通常看到的情況，順便說一下，當您按照我們在該披露中提供的方式逐日查看餘額時，您有小心服用它們。一周中的哪一天、一個月中的哪一周等等、發薪日和納稅等等真的很重要。一般來說，我們預計 3 月底將是商業廣告的季節性低點。因此，大部分變動，大約是我們在商業活動中看到的變動的一半，比方說，從 3 月的平均值到 3 月底，實際上只是商業客戶的 BAU 變動，主要是支付工資。另一半主要是存款從資產負債表轉移，因為極少數客戶使用其中一些資產負債表外解決方案來利用該產品集。

Interestingly, what you can see, we provide this disclosure out into the first 2 weeks of April is that essentially completely came back in terms of the overall balance of commercial deposits. So it's very stable natural, virtually no movement.

有趣的是，你可以看到，我們在 4 月的前 2 週內提供的披露是，就商業存款的總體餘額而言，基本上完全恢復了。所以它非常穩定自然，幾乎沒有運動。

On the question of what we saw ins and outs, we, of course, saw some acquisition and we continue to acquire in every segment that we're operating in. Consumer [tended] to acquire business banking and commercial as well. And so we feel good about that kind of long-term program, which is one of the things that underlies our continued expectation for its positive growth throughout the rest of this year, just continuing to stay on strategy of acquiring and deepening primary banking relationships.

關於我們看到的來龍去脈的問題，我們當然看到了一些收購，並且我們繼續在我們經營的每個領域進行收購。消費者 [tended] 也收購商業銀行和商業。因此，我們對這種長期計劃感到滿意，這是我們在今年餘下時間持續預期其正增長的基礎之一，只是繼續堅持收購和深化主要銀行業務關係的戰略。

Great. And then just separately, can you talk about the funding and liquidity side of the balance sheet? So despite the low level of deposit outflow, I think you built up some cash and liquidity levels by taking on more wholesale funding. So how should we think about that as we get through the rest of this year?

偉大的。然後單獨談談資產負債表的資金和流動性方面嗎？因此，儘管存款流出水平較低，但我認為你通過接受更多的批發融資來建立一些現金和流動性水平。那麼，在今年餘下的時間裡，我們應該如何考慮呢？

Yes. In terms of overall funding mix, we've talked about this a number of times in prior quarters. We really like where we are coming to this rate cycle from a perspective of lots of balanced options to fund the business. We're growing loans at this point between 5% and 7% and deposits are between 1% and 3%, around 2%, call it, the midpoint of that range. So that allows us to also leverage other sources of funding to overall fund the balance sheet, and we're in a great position to be able to do that.

是的。就整體資金組合而言，我們在前幾個季度已經多次討論過這個問題。從為企業提供資金的許多平衡選擇的角度來看，我們真的很喜歡我們進入這個利率週期的地方。我們此時的貸款增長在 5% 到 7% 之間，存款在 1% 到 3% 之間，大約 2%，稱之為該範圍的中點。因此，這使我們也可以利用其他資金來源為資產負債表提供整體資金，而且我們處於能夠做到這一點的有利位置。

I will tell you, internally, we would really like that. It creates quite a bit of attention in the system where the next unit of funding is coming and really that is optimized from an economic perspective. And so our expectation is to continue to essentially add to each of those funding categories over the foreseeable future while still maintaining a level that's comparatively quite good relative to history for us. So that's the overall plan.

我會告訴你，在內部，我們真的很喜歡這樣。它在下一個資金單位即將到來的系統中引起了相當多的關注，並且確實從經濟角度進行了優化。因此，我們的期望是在可預見的未來繼續從根本上增加這些資金類別中的每一個，同時仍然保持相對於我們的歷史相對較好的水平。這就是總體計劃。

On the topic of liquidity, I would just note a couple of things. This is a key risk that the company has been focused on managing for more than a decade. We purposely create exceptionally robust pools of contingent liquidity to cover any potential issue. I think we noted in the prepared -- in the deck some of the key sources of, and also noted that we continue to, over time, add to them.

關於流動性這個話題，我只想指出幾件事。這是公司十多年來一直專注管理的一個關鍵風險。我們特意創建了異常強大的或有流動資金池，以應對任何潛在問題。我想我們在準備好的--在甲板上註意到了一些關鍵來源，並且還注意到我們會隨著時間的推移繼續添加它們。

I will tell you that one of the statistics that's in the document today highlights $65 billion of contingent cash and borrowing capacity as of last Friday. I'm pleased to report that out of this morning, there's an incremental efforts we've done now $84 billion, which, in total, represents 187% of relative to our term deposits. So exceptionally strong liquidity profile, and, as I said, kind of very balanced funding mix.

我會告訴你，今天文件中的一項統計數據強調了截至上週五 650 億美元的或有現金和借款能力。我很高興地報告說，從今天早上開始，我們已經做出了一些增量努力，現在已經達到 840 億美元，總計占我們定期存款的 187%。如此異常強勁的流動性狀況，正如我所說，一種非常平衡的融資組合。

Our next question comes from John Pancari with Evercore.

我們的下一個問題來自 Evercore 的 John Pancari。

You mentioned the actions you've taken incrementally to lower expense growth across the firm. Are those actions factored into your 1% to 3% expense guidance? And also what are those actions involved?

你提到了你為降低整個公司的費用增長而逐步採取的行動。這些行動是否已計入您的 1% 至 3% 的費用指導中？還有那些涉及的行動是什麼？

Yes. It's a great question, John. This is Zach. I'll elaborate on that. So the short answer to your question is yes. Our guidance of 1% to 3% underlying core growth includes those actions. And I think just back to the sort of strategic intent of it, as we've said for a while, we are very intense on driving a low level of overall expense growth and really leveraging our ongoing program of efficiency initiatives to do that even while we continue to drive outsized growth and self-fund investments within that overall low growth framework. And so as we came into this updated guidance period, and we saw somewhat lower revenue trajectory.

是的。這是一個很好的問題，約翰。這是紮克。我會詳細說明。所以對你的問題的簡短回答是肯定的。我們對 1% 至 3% 基礎核心增長的指導包括這些行動。我想回到它的戰略意圖，正如我們已經說過一段時間的那樣，我們非常積極地推動低水平的總體費用增長，並真正利用我們正在進行的效率計劃來做到這一點，即使在我們繼續在整體低增長框架內推動超大規模增長和自籌資金投資。因此，當我們進入這個更新的指導期時，我們看到收入軌蹟有所下降。

For us, it was important and to kind of continue to execute on the discipline of driving the positive operating leverage to also ratchet down expenses. I think the kind of things that we give, we always enter the year with a contingent set of expense management options menu. You could think about it as a different kind of options we could undertake if we need to.

對我們來說，重要的是繼續執行推動積極經營槓桿的紀律，以減少開支。我認為我們提供的那種東西，我們總是以一組或有的費用管理選項菜單進入這一年。您可以將其視為我們在需要時可以採取的另一種選擇。

And that's essentially what we're going to go through now. We'll modulate the pace of hiring. We'll be very judicious in the discretionary expense categories, and we will look at sort of every possible area of expense control to ratchet back expenses and offset a good amount of what was otherwise profit and revenue pressure. So that's the playbook, and we -- that's something we've done numerous signs over the course of the years. And so we feel really good about our ability to execute again now.

這基本上就是我們現在要經歷的事情。我們將調整招聘步伐。我們將在可自由支配的費用類別中非常明智，我們將研究各種可能的費用控制領域，以減少費用並抵消大量的利潤和收入壓力。這就是劇本，我們——這是我們多年來在很多跡像上所做的事情。因此，我們對我們現在再次執行的能力感到非常滿意。

Okay. Great. All right. And then on the -- back to the balance sheet. Can you just give us your expectation in terms of an updated through cycle deposit beta? I believe you had expected 35% previously. But if you can update us there on what you're thinking, and also what net interest margin outlook is baked into your up 6% to 9% net interest income projection?

好的。偉大的。好的。然後在 - 回到資產負債表。你能告訴我們你對更新的周期存款測試版的期望嗎？我相信您之前曾期望 35%。但是，如果你能告訴我們你的想法，以及你對 6% 至 9% 的淨利息收入預測中的淨息差前景是什麼？

You got it, you got it. Let me elaborate more on that. Overall -- pulling back, overall, the strategy we have is to continue to drive sustained growth in net interest income on a dollar basis, and to do that, driving continual growth in higher-term loan categories coupling that with the management of NIM around in a tight corridor as we can, where the top end benefits from our continued asset sensitivity and we stand to really benefit if rates do stay a lot higher for longer. But also at the lower end, protected with our hedge portfolio. And all that adds up to the 6% to 9% NII growth that we're guiding to.

你明白了，你明白了。讓我詳細說明一下。總體而言——總體而言，我們的戰略是繼續推動以美元計算的淨利息收入持續增長，並為此推動長期貸款類別的持續增長，並將其與 NIM 的管理相結合盡我們所能，在一個狹窄的走廊裡，高端受益於我們持續的資產敏感性，如果利率確實在更長時間內保持高位，我們將真正受益。但也在低端，受到我們對沖組合的保護。所有這些加起來就是我們指導的 6% 到 9% 的 NII 增長。

On beta, in particular to your question, it clearly is a market-positive environment, and, hence, it's realistic to expect some higher beta and, frankly, an earlier impact than we had previously seen. I do expect now a few percentage points higher than the original -- than the prior guidance of 35% beta. I will note that we provide a guidance on beta because we want to give you an indication of where we think that's going. But for us, the most important thing is the execution day-to-day of driving the deposit growth and staying incredibly disciplined in terms of the overall funding mix as I noted in my prior response.

在貝塔上，特別是對於你的問題，這顯然是一個市場積極的環境，因此，期望更高的貝塔是現實的，坦率地說，比我們之前看到的更早的影響。我確實預計現在比原來高幾個百分點——比之前 35% 的指導要高。我會指出，我們提供了關於測試版的指導，因為我們想給你一個我們認為的方向的指示。但對我們來說，最重要的是推動存款增長的日常執行，並在整體資金組合方面保持令人難以置信的紀律，正如我在之前的回應中指出的那樣。

How beta ultimately plays out here over the end game is going to be clearly a function of where the yield curve goes. But I do think that a few -- a few percent higher than 35% is a reasonable range based on the new scenarios I laid out. In terms of overall spread, as we noted, we've moved the guidance range from what was previously 8% to 11% to 6% to 9%, so down about 2% in terms of that guidance range. About 40% of that is just slightly lower loan growth and the rest is spread. As I think about the kind of the way the year plays out, I would expect that kind of a more front-loaded impact of spreads than we were previously expecting. So we would expect to see $1 decline in NII, in Q2 about the same as we saw in Q1, but then growing from there. And I think the NIM range that we have there is sort of consistent with that dollar trends.

貝塔最終如何在遊戲結束時在這裡發揮作用顯然取決於收益率曲線的走向。但我確實認為，根據我提出的新方案，比 35% 高出幾個百分點是一個合理的範圍。正如我們所指出的，就整體傳播而言，我們已將指導範圍從之前的 8% 到 11% 移動到 6% 到 9%，因此在該指導範圍內下降了約 2%。其中約 40% 只是貸款增長略有下降，其餘部分是分散的。當我考慮今年的表現時，我預計利差的影響會比我們之前預期的要大。因此，我們預計第二季度的 NII 將下降 1 美元，與我們在第一季度看到的大致相同，但隨後會從那裡增長。而且我認為我們擁有的 NIM 範圍與美元趨勢有點一致。

And our next question comes from Ebrahim Poonawala with Bank of America.

我們的下一個問題來自美國銀行的 Ebrahim Poonawala。

Two questions. One, in terms of the deposit growth outlook, I think you mentioned it's expected to be more consumer-led. Just give us a sense of strategically how either the interest rate environment or the events of the last month have changed how you're thinking about deposit acquisition? And has it materially changed the pricing on new deposit growth relative to the how you thought about it back in January?

兩個問題。第一，就存款增長前景而言，我想你提到它預計將更多地由消費者主導。只是讓我們從戰略上了解利率環境或上個月的事件如何改變了您對存款收購的看法？相對於你在 1 月份的想法，它是否實質性地改變了新存款增長的定價？

Yes. Thanks, Ebrahim. Overall, I would say, as we noted, we've tightened the range with a kind of a lower top end but still expect growth and pretty consistent with what we had thought before in terms of the overall amount growth. So we still see nice traction, and I think we've seen that a little bit in some of the disclosures we've given just in the first month of the first week of into, for example. With that being said, I think the mix will be different. And we now expect commercial to be largely flat from here and really the growth to be consumer-led. Frankly, from our perspective, it's a great highlight of the strength of the consumer franchise that we've got that we can lean in now and continue to support high profit loan growth with that consumer funding. I think the dust has not fully settled in terms of all of the competitive and customer behavioral impacts of the last month, but I think one of them will clearly be more moderated commercial growth that will just be leveraging off-balance sheet structures that much more. So I'm sure that what we do have on sheet is incredibly stable.

是的。謝謝，易卜拉欣。總體而言，我會說，正如我們所指出的那樣，我們已經收緊了範圍，但仍然預計會出現增長，並且與我們之前在總體增長方面的想法非常一致。因此，我們仍然看到了很好的牽引力，例如，我認為我們已經在第一周的第一個月的一些披露中看到了一點點。話雖如此，我認為組合會有所不同。我們現在預計商業將基本持平，真正的增長將由消費者主導。坦率地說，從我們的角度來看，這是我們現在可以依靠並繼續通過消費者資金支持高利潤貸款增長的消費者特許經營權實力的一大亮點。我認為，就上個月的所有競爭和客戶行為影響而言，塵埃尚未完全落定，但我認為其中之一顯然是商業增長將更加緩和，這將更多地利用資產負債表外結構.所以我確信我們在表格上所做的是非常穩定的。

And on the consumer side, it's just running the same playbook that we have. And we have invested so much over the last few years and capabilities to build our marketing technology and customer targeting capability with the consumer that we really have the opportunity to optimize and to drive incremental consumer-oriented acquisition, not only of higher rate categories, but just fundamentally, we're growing -- we noted 2% growth in primary bank relationships on the consumer side, 4% growth in business banking. And so it's a very balanced source of growth, and we just going to lead into it at this point to continue to grow overall deposit balances.

在消費者方面，它只是在運行我們擁有的相同劇本。在過去的幾年裡，我們投入了大量資金和能力來建立我們的營銷技術和與消費者的客戶定位能力，我們真的有機會優化和推動增量的以消費者為導向的收購，不僅是更高的類別，而且從根本上說，我們正在增長——我們注意到消費者方面的主要銀行關係增長了 2%，商業銀行業務增長了 4%。因此，這是一個非常平衡的增長來源，我們現在將引導它繼續增加整體存款餘額。

Got it. And just as a follow-up, I guess, on the lending side. So I appreciate your comments in terms of where the growth has been in the outlook. But if you could give us a sense of just customer sentiment, given your business mix, some of the legacy TCF businesses, just the health of the economy in terms of when you speak to your customers, are you seeing a slowdown in demand also occurring at the same time, which increases the likelihood of a potential downturn and a recession based on what you're saying?

知道了。我想，作為後續行動，在貸款方面。因此，我感謝您對前景增長的評論。但是，如果你能讓我們了解一下客戶情緒，考慮到你的業務組合，一些傳統的 TCF 業務，就你與客戶交談時的經濟健康狀況而言，你是否看到需求也在放緩同時，根據你所說的，這會增加潛在衰退和衰退的可能性？

Ebrahim, this is Steve, and thank you for the question. We are seeing customers become more cautious, in some cases, deferring investments and/or postponing on acquisitions or other transactions. And this has increased during the quarter, it's one of the reasons we've sort of guided without changing the loan range to the lower end of that low range from where we would have been at the upper end of that loan range at the end of '22. There's a clear -- clearly more angst about, is there a recession and what '24 look. Having said that, many of these customers are doing quite well in '23 thus far and remain optimistic. But again, there's been a lot of media, a lot of headline noise and it's having an impact in addition to what the Fed's doing.

易卜拉欣，我是史蒂夫，謝謝你提出這個問題。我們看到客戶變得更加謹慎，在某些情況下，他們會推遲投資和/或推遲收購或其他交易。這在本季度有所增加，這是我們在不將貸款範圍從年底時處於該貸款範圍上限的情況下調整到該低範圍下限的情況下進行指導的原因之一'22。有一個明確的 - 顯然更焦慮，是否有經濟衰退以及'24'的樣子。話雖如此，到目前為止，這些客戶中的許多人在 23 年的表現都相當不錯，並且保持樂觀。但同樣，有很多媒體，很多頭條新聞，除了美聯儲正在做的事情之外，它還在產生影響。

Next question comes from Scott Siefers with Piper Sandler.

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

I was hoping you could expand upon some of the NII comments from a question or so ago. So I think if I interpreted you correctly, I guess, NII will take a step down in the second quarter. What would cause that margin or NII to start expanding from there in light of, I guess, fairly limited overall balance sheet growth through the remainder of the year? Just curious about the nuances as you see them.

我希望您能對 NII 之前某個問題的一些評論進行擴展。所以我想如果我對你的解釋正確的話，我猜 NII 會在第二季度下台。鑑於今年剩餘時間整體資產負債表增長相當有限，什麼會導致利潤率或 NII 從那裡開始擴大？只是對您看到的細微差別感到好奇。

Yes. I mean, mainly, it's going to be volume from there, Scott, just continue to sequentially grow loans from second into the third and third into the fourth quarter is the primary driver. We see the spreads much more flat in the back half than kind of accelerated impact. What I -- just to make elaborating a little bit on kind of the NIM trajectory that we see overly precise. When we walked into the year, we were expecting, frankly, a pretty ratable trend in NIM over the course of the year. I think at the time we provided some guidance around single-digit basis points kind of trajectory throughout the course of the year. Most of that we now see kind of front-loaded just based on the shape of the curve and kind of how the outlook has shaped up at this point. So that's really the driver. Overall, my outlook for NIM is going to be 5 or 6 basis points lower on a (inaudible) basis to give you a sense a portion of which is yield with both of which is just funding costs being slightly higher.

是的。我的意思是，主要是從那裡開始，斯科特，只是繼續按順序將貸款從第二季度增長到第三季度，從第三季度增長到第四季度是主要驅動力。我們看到後半部分的利差比加速影響要平緩得多。我——只是想詳細說明一下我們看到的過於精確的 NIM 軌跡。坦率地說，當我們步入這一年時，我們預計 NIM 在這一年中會有一個相當可觀的趨勢。我認為當時我們在整個一年中圍繞個位數基點的軌跡提供了一些指導。我們現在看到的大部分都是基於曲線的形狀和前景在這一點上的形成方式。所以這才是真正的驅動力。總的來說，我對 NIM 的展望將在（聽不清）的基礎上降低 5 或 6 個基點，讓你感覺到其中一部分是收益率，而這兩者只是融資成本略高。

Okay.

好的。

Remember, we are a large equipment finance lender. And that generally has much more activity in the fourth quarter. That's part of this second half build-a-tech, records.

請記住，我們是一家大型設備融資貸方。而且通常在第四季度會有更多的活動。這是下半年構建技術的一部分，記錄。

Okay. Perfect. And then can you guys speak broadly to some of the trends you're seeing in the auto portfolio. I mean I know your portfolio, just given the quality and tenure of it, it tends to be a lot different than the industry as a whole. But at least in the media, you would think the industry is sort of collapsing, I guess. Just curious at top level trying to sort of appetite from you guys and then what you're seeing at sort of overall?

好的。完美的。然後你們能不能廣泛地談談你們在汽車投資組合中看到的一些趨勢。我的意思是我知道你的投資組合，只是考慮到它的質量和任期，它往往與整個行業有很大不同。但至少在媒體上，你會認為這個行業有點崩潰，我猜。只是對高層感到好奇，試圖從你們那裡得到一些胃口，然後你們在某種程度上看到了什麼？

Scott, it's Rich. I can take that and Zach and Steve can tack on to it. So from my standpoint, on the credit side, as we showcased during Investor Day, I mean, this is really a business we like through all sorts of cycles. I mean it just become truly the core competency of the bank. If you look at what we saw in the first quarter, it was a continued gradual normalization in both delinquencies and charge-offs. But it's still trending well below the historic losses that we would normally see. It was 14 basis points in the first quarter, up from 12 in the fourth quarter. From my standpoint, I look really closely at the origination metrics that we've got, we're still originating at FICOs north of 780 and the loan to values are remaining relatively constant, reflecting a little bit more mix in new versus used. So from my standpoint, we're going to expect this portfolio to continue to show our best-in-class performance. And unemployment rates are still low, which is certainly going to help the credit metrics here. That's the big driver of losses. So I'm feeling good about it. And maybe Zach can talk about the optimization that we've got from a return on capital standpoint.

斯科特，它很豐富。我可以接受，Zach 和 Steve 可以堅持下去。因此，從我的角度來看，在信貸方面，正如我們在投資者日展示的那樣，我的意思是，這確實是我們在各種週期中都喜歡的業務。我的意思是它真正成為銀行的核心競爭力。如果你看看我們在第一季度看到的情況，就會發現拖欠和沖銷都在持續逐漸正常化。但它的趨勢仍遠低於我們通常看到的歷史損失。第一季度為 14 個基點，高於第四季度的 12 個基點。從我的角度來看，我非常仔細地研究了我們所獲得的原始指標，我們仍然在 780 以北的 FICO 原始，並且貸款價值保持相對穩定，反映出新舊混合更多。因此，從我的角度來看，我們預計該投資組合將繼續展現我們一流的表現。失業率仍然很低，這肯定會有助於這裡的信用指標。這是虧損的主要驅動力。所以我感覺很好。也許 Zach 可以談談我們從資本回報的角度來看的優化。

Sure. I'll just tack on to that. Just I second the comment that the Rich made, feel great about the trajectory of the portfolio and we still see sustained demand and great relationships by the way, by a dealer. So I think we're a core and integral funding partner for our dealers, which really gives us great access. In terms of optimization, that is one of the loan categories that we are actively modulating. We kind of detailed this at Investor Day last November, should you remember, that's a business that is so effectively managed with respect to pricing and volume trade-offs that you can really pull those levers quite effectively to drive higher return and higher yield times that we want to need to, and this is certainly one of them.

當然。我會堅持下去。我同意 Rich 的評論，對投資組合的軌跡感覺很好，順便說一句，我們仍然看到經銷商的持續需求和良好的關係。所以我認為我們是我們經銷商的核心和不可或缺的資金合作夥伴，這真的給了我們很大的機會。在優化方面，這是我們正在積極調整的貸款類別之一。我們在去年 11 月的投資者日對此進行了詳細說明，你應該記得嗎，這是一個在定價和交易量權衡方面管理得如此有效的企業，你可以真正有效地拉動這些槓桿來推動更高的回報和更高的收益率時間我們需要，這當然是其中之一。

And so we're bringing back production a bit and seeing really strong returns as a result of it. So we'll see some of that and continue to optimize as we go forward for the rest of the year. But that is still a really important business for us and one we're pleased with the current (inaudible).

因此，我們正在稍微恢復生產，並因此看到了非常強勁的回報。所以我們會看到其中的一些，並在今年餘下的時間裡繼續優化。但這對我們來說仍然是一項非常重要的業務，我們對當前（聽不清）感到滿意。

Our next question comes from Erika Najarian with UBS.

我們的下一個問題來自瑞銀的 Erika Najarian。

I just had one follow-up question for Steve. Steve, your starting point of CET1 is 9.5%. You accrete about 20 basis points of capital or more in the quarter. And like you said, your allowance already accounts for a tougher economic environment. I think your shareholders absolutely appreciate the focus on returns. But do you see an opportunity for Huntington to perhaps, as we have a little bit more clarity on the downside to the macro backdrop, to take advantage of that capital and reserve resilience, so to speak, and perhaps start thinking about being more opportunistic in market share taking?

我剛剛有一個跟進問題要問史蒂夫。 Steve，你的CET1起點是9.5%。你在本季度積累了大約 20 個基點或更多的資本。就像你說的，你的津貼已經說明了更嚴峻的經濟環境。我認為您的股東絕對欣賞對回報的關注。但是你認為亨廷頓有機會利用資本和儲備的彈性，可以這麼說，因為我們對宏觀背景的不利因素有了更清晰的了解，並且也許開始考慮在搶占市場份額？

Yes. Erika, thanks for the question. We do -- we have focused on and will continue throughout the year building the capital position of the company, strengthening it. We're quite pleased with the results delivered in the first quarter and look for comparable results as we go through the year. We're intending to be at or near the high end of our CET1 rank. And we're doing that with a view that this threat of a recession is increasing. And there's also a backdrop of that there's going to be some kind of regulatory action at some point in the foreseeable future around capital requirements. So with that in mind, that's the purpose of it.

是的。埃里卡，謝謝你的提問。我們確實 - 我們一直專注於並將在全年繼續建立公司的資本狀況，加強它。我們對第一季度交付的結果感到非常滿意，並期待在我們全年取得可比較的結果。我們打算達到或接近我們 CET1 等級的高端。我們這樣做是為了應對經濟衰退的威脅正在增加。還有一個背景是，在可預見的未來的某個時候，圍繞資本要求將採取某種監管行動。所以考慮到這一點，這就是它的目的。

Having said that, we intend to be opportunistic. We've got a lot of organic growth potential in the business lines. We're very focused on our execution. And as you saw last year with the acquisition of Capstone and Torana, we're always looking to build out ancillary fee businesses within the company. Beyond that, in times of disruptions, there are -- there tend to be people or teams that might be available, and we will again be -- look to be opportunistic there. And we see this in aggregate as a moment to take market share, and that's what we're driving towards. We're investing the businesses. The outlook Zach has shared with you, we'll have continued investment in the businesses, all of which is designed to enhance our flow our earnings and enhance our returns.

話雖如此，我們打算投機取巧。我們在業務領域有很大的有機增長潛力。我們非常專注於我們的執行。正如你在去年收購 Capstone 和 Torana 時看到的那樣，我們一直在尋求在公司內部建立輔助收費業務。除此之外，在混亂時期，往往會有人或團隊可用，我們將再次出現——在那裡尋找機會主義。我們總體上將此視為奪取市場份額的時刻，這就是我們正在努力實現的目標。我們正在投資這些企業。 Zach 與您分享的前景，我們將繼續對這些業務進行投資，所有這些都是為了提高我們的收入流量和回報率。

Got it. And just to be clear, Steve, I was asking about organic opportunities. That wasn't a hidden bank acquisition question.

知道了。需要明確的是，史蒂夫，我問的是有機機會。這不是一個隱藏的銀行收購問題。

Well, I'm glad you clarified that. I thought you might go in a different direction.

好吧，我很高興你澄清了這一點。我以為你可能會走不同的方向。

Yes, absolutely. And just as a follow-up to that, Zach, heard you loud and clear in terms of continuing to optimize the right-hand side of your balance sheet. As you think about senior debt issuance, I suspect that everything that you may be doing in the future would have a lend towards the potential for TLAC eligibility.

是的，一點沒錯。作為後續行動，扎克 (Zach) 清楚地聽到了您繼續優化資產負債表右側的聲音。當您考慮優先債券發行時，我懷疑您將來可能做的所有事情都會有可能獲得 TLAC 資格。

It's certainly on the thought process, Erika. And Yes, we're watching that development carefully. Still pretty early days, clearly to see where that might play in, but it's part of the thought process.

這當然是在思考過程中，Erika。是的，我們正在仔細觀察這一發展。還很早，清楚地看到可能發揮作用的地方，但這是思考過程的一部分。

Our next question comes from Ken Usdin with Jefferies.

我們的下一個問題來自 Jefferies 的 Ken Usdin。

Just 1 follow-up on the capital front. Zach, you show on that Slide 19, where the current potential impact of AFS would be on CET1. I'm just wondering, do you have a rule of thumb if we kept all rates equal on just how fast that would pull to par either on a sequential basis or maybe by the end of '24?

僅在資本方面進行了 1 次跟進。 Zach，你在幻燈片 19 中展示了 AFS 當前的潛在影響將在 CET1 上。我只是想知道，如果我們保持所有利率相等，那麼您是否有經驗法則可以按順序或可能在 24 年底達到標準？

Yes, it's a great question, and a considerable analysis around this. It's around 5% to 10% a year kind depending on which year in it is, which your maturities are so like a totally flat curve basis. I'll give you a sense, we've just read this analysis on the forward curve as of March, it will be 42% recaptured by the end of 2024 in a forward curve scenario. I just benefiting in that one of interest rates declining relative to coming flat scenario.

是的，這是一個很好的問題，並且對此進行了大量分析。每年大約 5% 到 10%，這取決於它是哪一年，你的到期日就像一個完全平坦的曲線基礎。我會給你一個感覺，我們剛剛閱讀了截至 3 月份的遠期曲線分析，在遠期曲線情景中，到 2024 年底將重新獲得 42%。我只是受益於利率相對於即將持平的情況而下降的情況之一。

Great. And just one question on the asset repricing side. You guys have some fixed rate assets that are still repricing even though I understand how you're slowing production. Just can you give us a sense on just what your front book, back book benefits are in some of your fixed rate portfolios. And have we even really started to see some of those benefits come through given where rates have moved to?

偉大的。還有一個關於資產重新定價方面的問題。你們有一些固定利率資產仍在重新定價，即使我知道你們是如何減慢生產的。您能否讓我們了解一下您的某些固定利率投資組合中的正面賬面收益和背面賬面收益。考慮到利率的變化，我們是否真的開始看到其中的一些好處？

Yes, it's a great question. We look at that very carefully. And we're seeing really nice step-up in loan yields. To give you a sense, new volume rates up almost 50 basis points -- sorry, new volume up almost 70 basis points, back book up almost 50 basis points in Q1. We estimate that our loan beta at this point through Q1 is 37%, and that could easily be over the next couple of years approaching 60% so if you just sort of model the yield curve.

是的，這是一個很好的問題。我們非常仔細地看。我們看到貸款收益率的上升非常好。為了給你一種感覺，新成交量上漲了近 50 個基點——抱歉，新成交量上漲了近 70 個基點，第一季度回購上漲了近 50 個基點。我們估計我們在第一季度的貸款貝塔值為 37%，並且在接下來的幾年中很容易接近 60%，所以如果您只是對收益率曲線進行建模。

So we're a little further through the loan beta than we are at the deposit beta, but not much. And there's certainly much more room to go in terms of loan yields from here. Just given kind of about just over 10% of the portfolio is in auto, that turns pretty quick, just over 2 years. So going to get the benefit of that repricing and some at delays but impactful beta there. And then obviously, the sort of the longer-dated loan book likewise is seeing a nice reset in terms of rates, and it's about a benefit for us over the coming quarters as well.

因此，我們在貸款貝塔中比在存款貝塔中更進一步，但並不多。從這裡的貸款收益率來看，肯定還有更大的空間。鑑於大約略高於 10% 的投資組合是在汽車領域，這種情況很快就發生了，僅僅 2 年多一點。因此，將獲得重新定價的好處，以及一些延遲但有影響力的測試版。然後很明顯，這種較長期的貸款賬簿在利率方面同樣出現了很好的重置，這對我們未來幾個季度也有好處。

Next question comes from Jon Arfstrom with RBC.

下一個問題來自 RBC 的 Jon Arfstrom。

A few questions here. Zach, on Slide 14, that green line on the bottom, the less tightening like, it took a couple of quarters for deposit cost to roll over after the Fed stop. If we're done in May, do you think that relationship holds? Does it -- is it 2 quarters and deposit costs stopped going up? Is that fair?

這裡有幾個問題。扎克，在幻燈片 14 上，底部的綠線，收緊程度越小，美聯儲停止後存款成本需要幾個季度才能回滾。如果我們在 5 月完成，您認為這種關係是否成立？是否 - 是 2 個季度並且存款成本停止上升了嗎？這公平嗎？

That's generally the expectation we've got, John, yes, based on just prior (inaudible). Obviously, as well, it could be a kind of function of the pace with which rates might begin to decline and also what the kind of economic environment, hence, the loan growth environment across the industry that would affect the competitive environment of deposits. So that will clearly play into it. But generally, our planning assumption is, as you know, which is very much in keeping with what we've seen, not only in the last year's cycle, but in multiple recycles for that.

這通常是我們的期望，約翰，是的，基於之前（聽不清）。顯然，這也可能是利率可能開始下降的速度以及經濟環境的一種函數，因此，整個行業的貸款增長環境會影響存款的競爭環境。所以這顯然會發揮作用。但總的來說，正如你所知，我們的計劃假設與我們所看到的非常一致，不僅在去年的周期中，而且在多次循環中也是如此。

Okay. Fair enough. Steve or Rich, maybe for one of you. You used the term in the deck rigorous client selection for commercial real estate. Can you talk a little bit more about that, what you go through? Help us understand the type of work you do and do you think this is different than what your peers are doing?

好的。很公平。史蒂夫或里奇，也許是你們中的一個。您在商業地產的嚴格客戶選擇中使用了這個術語。你能多談談你經歷了什麼嗎？幫助我們了解您從事的工作類型，您認為這與您的同行所做的有何不同？

I really can't speak to what our peers are doing, but I can tell you that we, for 4 years now, have developed a process of really fine-tuning who we do business with in this space. As you know, real estate cycles and you have to be able to depend on who you're doing business with to support the projects. And so we really narrowed the funnel around the types of the sponsors that we work with. And we said -- we cure them. We look at their -- just how long they've been in business. We look at their financial wherewithal. We look at their liquidity. And more importantly, we look at how they've behaved in past cycles. And we cure them and our curing drives how much we'll have out to any particular sponsor, how big in a single project we will have to them and other metrics associated with that. So we -- right now, we are focused on serving the core and that has served us well going forward.

我真的不能說我們的同行在做什麼，但我可以告訴你，4 年來，我們已經開發了一個真正微調我們在這個領域做生意的人的過程。如您所知，房地產是周期性的，您必須能夠依賴與您有業務往來的人來支持項目。因此，我們確實縮小了與我們合作的讚助商類型的範圍。我們說——我們治癒了他們。我們看看他們——他們經營了多長時間。我們看看他們的財力。我們看看他們的流動性。更重要的是，我們研究了他們在過去週期中的表現。我們治癒了他們，我們的治療推動了我們對任何特定贊助商的投入程度，在一個項目中我們對他們的投入有多大，以及與此相關的其他指標。所以我們——現在，我們專注於為核心服務，這對我們的未來很有幫助。

John, we're always disciplined in our credit. And I think that's going to prove to be the case as we come through the cycle. Obviously, pleased with where we are at the moment. So we'll see. But I can tell you, especially in (inaudible), where we had enormous challenges and now we (inaudible), we have sustained a discipline here since that time. And Rich has been a big part a bit along with us in a lot of the things.

約翰，我們的信用一直很嚴格。我認為當我們經歷這個週期時，情況將被證明是這樣。顯然，對我們目前所處的位置感到滿意。所以我們拭目以待。但我可以告訴你，尤其是在（聽不清），我們在那裡面臨著巨大的挑戰，現在我們（聽不清），從那時起我們就一直在這裡堅持紀律。在很多事情上，Rich 與我們一起發揮了重要作用。

Good. One more for you, Steve. I know this seems like a softball, but if not, I'm genuinely curious. But what surprised you the most over the past 6 weeks as you manage through some of this disruption?

好的。再給你一個，史蒂夫。我知道這看起來像壘球，但如果不是，我真的很好奇。但是，在過去的 6 周中，當您應對其中的一些干擾時，最讓您感到驚訝的是什麼？

The speed of the ROD on the banks was a surprise, John, faster than that we've seen that I can ever recall. And I think, as a consequence, it lead -- the regulators and others, maybe a little behind what they would become they didn't expect either. And that's why I think it's a couple of weeks to go as we be resolved and signature as well. Normally, there's more front-end planning. They have a chance to line things up. This turned into a little bit more of a scramble. Having said that, I thought there is a reaction that something from treasury and FDIC was just outstanding timing and to make fully appropriate.

ROD 在岸上的速度令人吃驚，John，比我記憶中的速度還要快。我認為，因此，它領先於監管機構和其他人，也許有點落後於他們也沒有想到的結果。這就是為什麼我認為還需要幾週的時間來解決和簽署我們的問題。通常，有更多的前端規劃。他們有機會把事情排好。這變成了更多的爭奪。話雖如此，我認為財政部和 FDIC 的一些反應恰逢其時，並且完全合適。

Our next question comes from Steven Alexopoulos with JP Morgan Chase.

我們的下一個問題來自摩根大通的 Steven Alexopoulos。

I want to start. So on the net interest income, outlook, which has taken down a bit. Given everything is actually detailed on the swaps and the forward curve, as of right now, where do you see yourself trending within that? Is there a bias either to the upside or downside within that range right now?

我想開始。因此，在淨利息收入方面，前景有所下降。考慮到掉期和遠期曲線的所有細節，截至目前，您認為自己的趨勢在哪裡？現在在該範圍內是否存在向上或向下的偏差？

When we set these ranges, we try to set them with our general expectation to be the right at the midpoint. So that's kind of the baseline expectation. I think kind of what -- the puts and takes that would take you to the high and the low and coded volume on one hand just sort of the shape of the yield curve and the competitive drive the beta on the other hand. So it's hard to generalize, but we feel quite good about landing in that range at this point, and that's what we're driving toward.

當我們設置這些範圍時，我們會嘗試將它們設置為符合我們的一般預期，使其處於中點的正確位置。所以這是一種基線期望。我認為某種東西 - 一方面會帶你到高點和低點的看跌期權和編碼量只是收益率曲線的形狀和另一方面競爭驅動貝塔。所以很難一概而論，但我們對在這一點上降落在那個範圍內感覺很好，這就是我們正在努力的方向。

Got it. And is the way we should think about it, so if we're at the low end, say, of the NII range, should then we should be at the low end of the expense guidance? Should we just connect those 2?

知道了。這是我們應該考慮的方式，所以如果我們處於 NII 範圍的低端，那麼我們應該處於費用指導的低端嗎？我們應該只連接這兩個嗎？

Generally speaking, that is the way we think about it. We throttled the expense growth based on where the revenue trajectory is going. And that's why we try to have a really disciplined forecasting process with as we've said, multiple economics in there so we try to do that. Obviously, the expense level takes some time to pull. And so you need to have a good line of sight to where that's going and it's possible if there's a rapid move but a surprising movement, but that's not possible at given short time period, but over the longer term, yes.

一般來說，這就是我們的思考方式。我們根據收入軌蹟的走向限制了費用增長。這就是為什麼我們嘗試建立一個真正有紀律的預測過程，正如我們所說的那樣，其中包含多種經濟學，所以我們嘗試這樣做。顯然，費用水平需要一段時間才能拉高。因此，您需要很好地了解它的發展方向，如果有快速但令人驚訝的移動，這是可能的，但在給定的短時間內這是不可能的，但從長遠來看，是的。

Got it. Okay. So maybe just one last one for Steve. Just following up on your response just now to John's question, given the speed at which deposits went out, Silicon Valley Bank, when you look at that, do you view that from a distance as a unique one-off event? Or are there lessons that you're now applying the way you think about managing capital risk, liquidity that even a stable regional bank like yourself will change potentially fairly materially than the aftermath of what we just saw?

知道了。好的。所以也許只有最後一個給史蒂夫。只是跟進你剛才對約翰的問題的回應，考慮到存款流出的速度，矽谷銀行，當你看到這一點時，你是否從遠處將其視為一個獨特的一次性事件？或者，您現在是否正在應用管理資本風險、流動性的方式，即使像您這樣穩定的區域性銀行也可能比我們剛剛看到的後果發生相當大的變化？

Steve, I think there are always lessons learned. But the business model is of SVB and Signature were so different from us and other regional banks, but particularly from us. The concentrations of the uninsured deposit level of 95%, just in retrospect, it seems rather clear that the liquidity risk was very, very different and a huge miss combined with their asset liability.

史蒂夫，我認為總有經驗教訓。但 SVB 和 Signature 的商業模式與我們和其他地區銀行非常不同，尤其是與我們不同。 95% 的無保險存款集中度，回想起來，流動性風險非常非常不同，並且與資產負債相結合，這是一個巨大的失誤。

In terms of lessons for us, it's made us even that much more aware of liquidity. We've always seen this as a prime risk. We've always had good back up, and we've been very granular and advantaged to have that best-in-class uninsured to total deposit ratio. But we'll probably be even more cautious, not probably, we will be even more cautious given the speed at which things move as we go forward. Having said all that, we're in a very strong position today. We expect to grow deposits as we continue through the year. And so it's like extra vigilance. We may give some policy adjustments to reinforce and strengthen further, but that will be of a minor nature, I don't think it will impact our performance.

就我們的教訓而言，它讓我們更加意識到流動性。我們一直將此視為主要風險。我們一直有很好的支持，我們一直非常精細，並且有優勢擁有一流的未保險與總存款比率。但我們可能會更加謹慎，不太可能，考慮到我們前進的速度，我們會更加謹慎。話雖如此，我們今天處於非常有利的地位。隨著我們繼續這一年，我們預計存款會增加。所以這就像額外的警惕。我們可能會進行一些政策調整以加強和進一步加強，但這將是次要的，我認為這不會影響我們的表現。

And ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Mr. Steinour for closing remarks.

女士們，先生們，我們的問答環節已經結束。我想將電話轉回給 Steinour 先生作結束語。

So thank you very much for joining us today. And as you've heard, we're operating from a position of strength with the foundation that's been built over a long period of time. We're very, very focused on continued growth and intend to be opportunistic. We're confident in our ability to continue creating value for shareholders. And as a reminder, the Board executives and our colleagues are a top 10 shareholder collectively, reflecting our strong alignment with our shareholders.

非常感謝您今天加入我們。正如您所聽到的，我們在長期建立的基礎上處於強勢地位。我們非常非常專注於持續增長，並打算投機取巧。我們對繼續為股東創造價值的能力充滿信心。提醒一下，董事會高管和我們的同事是前 10 大股東的總和，反映了我們與股東的高度一致。

So thank you for your support and interest in Huntington. Have a great day.

因此，感謝您對亨廷頓的支持和興趣。祝你有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。