Huntington Bancshares Inc (HBAN) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Huntington Bancshares first-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加亨廷頓銀行控股公司（Huntington Bancshares）2026 年第一季財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

I would now like to turn the conference over to your host, Eric Wasserstrom, Director of Investor Relations.

現在我想把會議交給主持人——投資人關係總監 Eric Wasserstrom。

Please go ahead.

請開始。

Thank you, operator, and good morning, everyone. Welcome to our first quarter call. Our presenters today are Steve Steinour, Chairman, President, and CEO; and Zach Wasserman, Chief Financial Officer. Brant Standridge, President of Consumer and Regional Banking; and Brendan Lawlor, Chief Credit Officer, will join us for the Q&A.

謝謝接線員，各位早安。歡迎參加我們的第一季電話會議。今天的簡報人員包括董事長、總裁兼執行長 Steve Steinour，以及財務長 Zach Wasserman。消費與區域銀行總裁 Brant Standridge 與首席信用長 Brendan Lawlor 也將加入問答環節。

Earnings documents, which include our forward-looking statements disclaimer and non-GAAP information, and copies of the slides we'll be reviewing, are available on the Investor Relations section of our website, which is www.ir.huntington.com.

財報文件（包含我們的前瞻性陳述免責聲明與非 GAAP 資訊）以及我們將檢視的投影片副本，皆可於本公司網站的投資人關係專區取得，網址為 www.ir.huntington.com。

As a reminder, this call is being recorded, and a replay will be available starting about one hour after the close of the call.

提醒您，本次電話會議將被錄音，並將於會議結束約一小時後提供重播。

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

接下來，我把時間交給 Steve。

Thanks, Eric. Good morning, and thank you for joining us. We delivered an outstanding first quarter by all measures, driven by disciplined execution across the franchise that is translating into strong profitability and returns. The essential question that we, our peers across the industry, and our customers, all face in this moment is about the outlook for the economy. So let me open with our perspective.

謝謝你，Eric。各位早安，感謝各位加入。我們在第一季各項指標上都交出非常出色的成績，這得益於全行嚴謹的執行力，並轉化為強勁的獲利能力與報酬。此刻我們、同業以及客戶共同面臨的核心問題，是對經濟前景的看法。因此我先分享我們的觀點。

We're operating in a dynamic global environment, with geopolitical developments adding complexity to the outlook. We're watching these factors closely. And currently, we characterize conditions across our footprint as remaining consistent with prior quarters. We see broad-based strength across commercial end markets. Our clients are taking a thoughtful, long-term approach to decisions, and we're not seeing any signs of a material shift in underlying demand.

我們正處於動態的全球環境中，地緣政治發展使前景更為複雜。我們正密切關注這些因素。目前，我們將本行營運版圖內的狀況描述為與前幾季一致。我們看到商業終端市場呈現廣泛的強勁態勢。我們的客戶以審慎、長期的方式做決策，而我們尚未看到基礎需求出現任何實質轉變的跡象。

The consumer story is a bit more mixed with middle and upper-income consumers continuing to spend in a manner supportive of the overall economy, while lower income households continue to feel pressure from the cumulative impacts of inflation.

消費者面向則較為分歧：中高收入消費者仍持續支出，對整體經濟形成支撐；而低收入家庭則持續承受通膨累積影響所帶來的壓力。

Importantly, these factors do not change our outlook for performance this year. We delivered a strong first quarter. Pipelines for the second quarter are healthy and customer activity continues to be steady. What differentiates Huntington in this environment is the flexibility and resilience of our operating model. We are a well versified, super regional banks supported by strong capital, liquidity, and credit fundamentals, and we are well positioned to perform in a range of scenarios.

重要的是，這些因素並未改變我們對今年表現的展望。我們第一季表現強勁；第二季的業務管線健康，客戶活動也持續穩定。亨廷頓在此環境中的差異化優勢，在於我們營運模式的彈性與韌性。我們是一家多元化的超區域銀行，具備強健的資本、流動性與信用基本面支撐，並已做好準備在多種情境下都能維持良好表現。

As we look ahead, we believe the firm is approaching an inflection point where strong core performance, combined with the benefits of our new partnerships, will drive higher returns and accelerate our earnings and tangible book value growth.

展望未來，我們相信公司正接近一個拐點：強勁的核心表現，加上新合作夥伴關係帶來的效益，將推動更高的報酬，並加速我們的獲利與有形帳面價值成長。

There are five key messages I'd like to leave with you. First, we operate a differentiated super regional bank model with multiple growth engines. And that model is working exceptionally well. We've continued to invest in strategic areas, including our Carolinas expansion, the build-out of our vertical specialty businesses, partnerships with Cadence and Veritex and the Janney and TM Capital acquisitions, which will support durable earnings generation for years to come.

我想留下五個關鍵訊息。第一，我們採用具差異化的超區域銀行模式，擁有多個成長引擎，而這個模式運作得非常出色。我們持續在策略領域投資，包括卡羅來納州擴張、垂直專業業務的建置、與 Cadence 與 Veritex 的合作，以及 Janney 與 TM Capital 的收購案，這些都將在未來多年支持穩健的獲利能力。

Second, our core continues to perform very well. Organic growth remains the foundation of our strategy with strong performance across our businesses and geographies and standout results in value-added services including record capital markets performance in the first quarter.

第二，我們的核心業務持續表現非常亮眼。有機成長仍是我們策略的基石，各業務與各地區均展現強勁表現；在增值服務方面也有突出的成果，包括第一季資本市場業務創下歷史新高。

Third, our balance sheet. Grounded in our aggregate moderate to lowest appetite provides us the confidence and flexibility to perform well in an uncertain future. We have very strong liquidity as well as good capital and reserves and remain vigilant in our outlook. Consistent with this, we made the decision to temporarily build additional liquidity, improving our already peer-leading liquidity position.

第三，我們的資產負債表。以整體「中度至最低」風險偏好為基礎，使我們對於在不確定的未來仍能良好表現，具備信心與彈性。我們擁有非常強的流動性，以及良好的資本與準備金，並持續保持警覺。基於此，我們決定暫時增加額外流動性，進一步強化我們原本就領先同業的流動性部位。

Fourth, our partner integrations are on track to deliver expected cost and revenue synergies from Veritex and Cadence, and we remain excited about the extraordinary growth opportunities we continue to see in our core and across Texas and the South. We also successfully integrated the Janney and TM Capital acquisition, which became accretive within three months and contributed to a record quarter for our Capital Markets businesses, reflecting strong execution by the team.

第四，我們的合作夥伴整合進度符合預期，將帶來 Veritex 與 Cadence 預期的成本與營收綜效；我們也持續對核心市場以及德州與南方地區所見的卓越成長機會感到振奮。我們亦成功整合 Janney 與 TM Capital 的收購案，該案在三個月內即具增益效果，並推動資本市場業務創下單季新高，反映團隊強勁的執行力。

And fifth, our earnings power generates significant capital, gross tangible book value, and supports consistent shareholder returns. That strength enables us to reinvest in the franchise while returning excess capital in a value-creating way. We bought back shares in Q1 and continued buying quarter to date.

第五，我們的獲利能力可產生可觀的資本、提升有形帳面價值總額，並支持穩定的股東報酬。這股實力使我們能在回饋股東的同時再投資於本行，並以創造價值的方式返還多餘資本。我們在第一季回購股票，並在本季迄今持續回購。

Turning to slide 4. On an adjusted basis, we generated 9% earnings per share growth, 36% PPNR growth, and 9% tangible book value growth. Importantly, over the last five quarters, we have consistently delivered ROTCE at the target range we set at our 2025 Investor Day of 16% to 17% on a rolling 12-month basis.

請看投影片第 4 頁。以調整後基礎計算，我們的每股盈餘成長 9%、PPNR（撥備前淨收益）成長 36%、有形帳面價值成長 9%。重要的是，在過去五個季度，我們在滾動 12 個月基礎上，持續達成我們在 2025 年投資人日所設定的 ROTCE 目標區間 16% 至 17%。

Building on that performance, we raised our ROTCE target to 18% to 19%, driven by expected synergies from our partnerships, growth in high-return value-added services, as well as continuing capital return. We remain confident in our ability to deliver that level of profitability in 2027.

在此表現基礎上，我們將 ROTCE 目標上調至 18% 至 19%，主要由合作夥伴關係帶來的預期綜效、高報酬增值服務的成長，以及持續的資本回饋所驅動。我們仍有信心在 2027 年達成該獲利水準。

Slide 5 highlights the strength of our balance sheet. Our liquidity, capital, and credit profile put us in a position of strength to deliver consistent performance across a wide range of operating environments.

投影片第 5 頁突顯我們資產負債表的強勁。我們的流動性、資本與信用概況，使我們在各種營運環境下都能維持一致表現，並處於有利位置。

Liquidity is a clear point of differentiation. We added cash to our balance sheet this quarter, and available contingent liquidity now represents approximately 173% of uninsured deposits. 69% of our total deposits are insured and our unmodified liquidity coverage ratio is 118%. All of these metrics are well above peer median.

流動性是明確的差異化重點。本季我們增加了資產負債表上的現金，而可動用的或有流動性目前約為未投保存款的 173%。我們總存款中有 69% 為受保存款，未調整的流動性覆蓋率為 118%。上述指標皆明顯高於同業中位數。

Capital remains strong. Our adjusted CET1 ratio is well above regulatory minimums and within our 9% to 10% operating range. We expect Basel III end game to be beneficial to our regulatory capital position. As you know, we manage credit with rigor and conservatism. Our reserve levels remain well above peers, while net charge-offs continued to trend well below the peer median.

資本仍然強勁。我們的調整後 CET1 比率遠高於監管最低要求，並位於我們 9% 至 10% 的營運區間內。我們預期巴塞爾協定 III 最終方案（Basel III end game）將有利於我們的監管資本部位。如各位所知，我們以嚴謹且保守的方式管理信用。我們的準備金水準仍明顯高於同業，而淨沖銷（net charge-offs）則持續遠低於同業中位數。

Taken together, this balance sheet strength enables consistent performance throughout economic cycles and the ability to selectively capture organic growth opportunities.

綜合而言，這樣的資產負債表實力，使我們能在經濟循環中維持穩健表現，並有能力選擇性地掌握有機成長機會。

Turning to slide 6. We remain exceptionally focused on disciplined, rigorous execution of the integration of our partnerships, which is proceeding very well. Importantly, our core business continues to perform at a very high level as we execute this integration.

請看投影片第 6 頁。我們仍高度聚焦於以紀律與嚴謹的方式推進合作夥伴整合，而整合進展非常順利。重要的是，在執行整合的同時，我們的核心業務仍維持極高水準的表現。

Dedicated integration teams are operating with clarity and discipline across three priorities: first, welcoming new colleagues and customers into the franchise. This includes aligning regional leadership, expanding specialty banking and targeted fee capabilities, and successfully onboarding over 6,000 new colleagues and 1.5 million new customers.

專責整合團隊以清晰且有紀律的方式，圍繞三項優先事項運作：第一，歡迎新同仁與新客戶加入本行體系。這包括對齊區域領導架構、擴展專業銀行與目標型手續費能力，並成功導入超過 6,000 名新同仁與 150 萬名新客戶。

Second, executing the operational and systems integration is advancing on schedule. The Veritex conversion was completed in the first quarter, and we're on track for the Cadence conversion in June.

第二，營運與系統整合正按計畫推進。Veritex 的轉換已於第一季完成，我們也正按進度於 6 月完成 Cadence 的轉換。

And third and most exciting, we are delivering the expenses and revenue synergies we've committed to. Cost initiatives are tracking on schedule, and we're already seeing revenue benefits as customers adopt more of the Huntington platform, particularly through deeper engagement across capital markets and payments, increased card usage, and new consumer account openings.

第三，也是最令人振奮的一點，我們正在實現所承諾的費用與營收綜效。成本措施按期推進；隨著客戶採用更多亨廷頓平台服務，我們已看到營收效益，特別是透過資本市場與支付業務更深度的互動、更高的刷卡使用量，以及新增的消費者帳戶開立。

Because of this focus on realizing the synergies, combined with the continued outstanding performance of our historical core, we are approaching an inflection point where execution will compound earnings power and higher returns, engaging our flywheel that drives powerful long-term value creation.

由於我們專注於實現綜效，再加上既有核心業務持續卓越的表現，我們正接近一個拐點：執行力將疊加並放大獲利能力與更高的報酬，啟動我們的飛輪效應，推動強勁的長期價值創造。

And with that, I'll turn it to Zach to discuss the quarter's financial results in detail.

接下來，我把時間交給 Zach，請他詳細說明本季的財務結果。

Thank you, Steve, and good morning, everyone. Turning to slide 7, I'll cover our financial performance. We delivered another quarter of exceptional execution and profitability in Q1, reflecting strong underlying performance across the franchise. For the quarter, earnings per common share was $0.25. On an adjusted basis, excluding acquisition-related expenses and other notable items, EPS was $0.37, up 9% year over year.

謝謝你，Steve，各位早安。請看投影片第 7 頁，我將說明我們的財務表現。我們在第一季再次交出卓越的執行與獲利表現，反映全行各面向的強勁基本面。就本季而言，每股普通股盈餘為 0.25 美元。以調整後基礎計算，排除併購相關費用及其他顯著項目後，EPS 為 0.37 美元，年增 9%。

Growth was driven by strong organic execution across the company and contributions from recent partnerships. That performance translated into higher net interest income and strong fee revenue generation.

成長主要由全公司強勁的有機執行力以及近期合作夥伴關係的貢獻所帶動。該表現轉化為更高的淨利息收入與強勁的手續費收入創造。

Fee revenues were a particular bright spot for the quarter exceeding our plan and reflecting strong customer activity trends across the businesses. We also managed our expenses with discipline, targeting baseline efficiencies and continuing investments that drive future revenue growth initiatives.

手續費收入是本季特別亮眼的部分，超出我們的計畫，並反映各業務線客戶活動趨勢強勁。我們也以紀律管理費用，鎖定基礎效率提升，同時持續投入可推動未來營收成長的投資計畫。

Pre-provision net revenue increased 36% on an adjusted basis. Cadence and Veritex were not included in the prior year quarter and there, in addition, meaningfully increased average balances and revenue. Overall, the quarter demonstrated our ability to drive strong organic growth while simultaneously integrating our recent partnerships and executing against our cost and revenue synergy objectives. I'll review the drivers of this performance in detail on the next several pages.

撥備前淨收入在調整後基礎上成長36%。Cadence與Veritex未納入去年同期，此外也顯著提高了平均餘額與收入。整體而言，本季展現我們在整合近期合作夥伴關係的同時，仍能推動強勁的有機成長，並落實成本與營收協同效益目標。接下來幾頁我將詳細說明推動此表現的因素。

Turning to loan growth on slide 8. We delivered solid organic momentum again in the quarter. Excluding the addition of Cadence, on an end-of-period basis, loan balances increased 1.5% or $2.2 billion, reflecting solid fundamental performance across the franchise. Organic growth was driven by continued strength in our core markets and commercial verticals.

接著看第8頁的貸款成長。本季我們再次展現穩健的有機動能。若排除Cadence的併入，以期末口徑計算，貸款餘額增加1.5%或22億美元，反映整體特許經營體系的扎實基本面表現。有機成長主要來自核心市場與商業垂直領域持續強勁的表現。

Within commercial, we saw meaningful contributions from our corporate specialty banking verticals, including financial institutions, tech and telecom, and industrials, as well as growth from asset finance and middle market banking across both legacy and new geographies.

在商業業務方面，我們的企業專業銀行垂直領域帶來顯著貢獻，包括金融機構、科技與電信、以及工業；同時，資產融資與中型市場銀行業務在既有與新拓展地區均實現成長。

Overall, our first quarter performance demonstrates consistent organic execution, highlighting the durability and breadth of our multiple growth engines, and supporting continued earnings expansion.

整體而言，我們第一季的表現展現一致的有機執行力，凸顯多元成長引擎的耐久性與廣度，並支持獲利持續擴張。

Turning to deposits on slide 9. We delivered solid deposit growth while maintaining disciplined pricing. On an end-of-period basis, excluding cadence, core deposits increased $3.8 billion, or 2.3% quarter over quarter, driven by continued growth in primary banking relationships in both consumer and commercial. This reflects our sustained focus on relationship-led deposit gathering.

接著看第9頁的存款。我們在維持有紀律的定價下，實現穩健的存款成長。以期末口徑計算，排除Cadence後，核心存款較上季增加38億美元或2.3%，主要由消費與商業兩端主要往來銀行關係持續成長所帶動。這反映我們持續聚焦以關係為導向的存款募集。

Cadence deposits contributed materially to growth this quarter, and we intentionally optimize select acquired funding categories, consistent with our plan and prior guidance. Overall, our deposit strategy continues to support revenue growth and provide robust core funding for organic loan growth.

Cadence存款對本季成長有實質貢獻，我們也依照計畫與先前指引，有意識地優化部分併購取得的資金類別。整體而言，我們的存款策略持續支持營收成長，並為有機貸款成長提供穩健的核心資金來源。

On to slide 10. Turning to net interest income. We delivered strong dollar growth and continued margin expansion in the first quarter. Net interest income increased $301 million or 18.7% sequentially and was up 33% year over year.

接著看第10頁的淨利息收入。我們在第一季實現強勁的金額成長並持續擴大利差。淨利息收入較前一季增加3.01億美元或18.7%，較去年同期成長33%。

Net interest margin was 3.24%, up 9 basis points from the prior quarter. The increase in NIM was driven by lower funding costs, reduced hedge drag, and purchase accounting, partially offset by lower free funds benefit and higher Fed cash balances.

淨利差（NIM）為3.24%，較前一季上升9個基點。NIM的提升主要由資金成本下降、避險拖累減少以及購併會計因素所帶動，但部分被無息資金效益降低與聯準會（Fed）現金餘額提高所抵銷。

As Steve mentioned, during the quarter, we elected to add approximately $4 billion of higher cash balances at the Fed to further strengthen our liquidity profile. This has a negligible impact on revenues. However, the denominator effect of holding higher cash will reduce the reported NIM calculation. I'll cover this in more detail in our guidance outlook.

如Steve所提到，本季我們選擇在聯準會（Fed）增加約40億美元的較高現金餘額，以進一步強化流動性概況。這對營收影響可忽略不計。然而，持有較高現金所造成的分母效應，將降低對外揭露的NIM計算值。我會在指引展望中更詳細說明。

Moving to fee income on slide 11. We had an absolutely outstanding quarter of fee income generation. This performance reflects continued underlying momentum across our core fee businesses with contributions from both organic activity and recent acquisitions. On an adjusted basis, excluding all acquisition and divestiture activity this year and last, fee income grew 18% year over year.

接著看第11頁的手續費收入。我們本季手續費收入創造表現極為出色。此表現反映核心手續費業務持續的內生動能，並同時受惠於有機活動與近期併購的貢獻。以調整後基礎計算，若排除今年與去年所有併購與處分活動影響，手續費收入年增18%。

Payments revenue increased 21% year over year, supported by continued client activity and product penetration. On an organic basis, excluding the impact of acquisitions, overall payments grew approximately 10%, primarily driven by growth in commercial payments.

支付業務收入年增21%，受惠於客戶活動持續以及產品滲透率提升。以有機口徑、排除併購影響後，整體支付業務約成長10%，主要由商業支付成長所帶動。

Wealth management revenue grew 19%, driven by ongoing household acquisition and positive assets under management net inflows. Excluding M&A and the impact of lower revenue from our corporate institutional custody and trust business, underlying growth was approximately 10%, reflecting strong and broad-based client engagement.

財富管理收入成長19%，主要由持續新增家庭客戶以及資產管理規模（AUM）淨流入為正所帶動。若排除併購（M&A）以及企業機構託管與信託業務收入下降的影響，內生增長約為10%，反映客戶參與度強勁且具廣泛性。

Capital Markets delivered its strongest revenue quarter on record and beat our initial plan, with broad-based contributions across loan syndications, advisory, debt capital markets, fixed income sales and trading, and rate hedging as well as the inclusion of recently acquired capabilities. This was a truly phenomenal quarter of performance for our capital markets teams, with revenue, excluding the impact of all acquisitions, growing nearly 60% year over year.

資本市場創下史上最強單季收入並超越我們的初始計畫，貢獻來源廣泛，涵蓋貸款聯貸、顧問服務、債務資本市場、固定收益銷售與交易、利率避險，以及近期併購能力的納入。這對我們資本市場團隊而言是表現極為卓越的一季；若排除所有併購影響，收入年增近60%。

Loan and deposit fees also continued to trend of robust growth, supported by our commercial lending activity. These fees were up 28% year over year, driven by strong loan commitment fees. Excluding acquisition-related impacts, loan and deposit fee growth was approximately 18%.

貸款與存款相關手續費也延續強勁成長趨勢，並受我們商業放款活動支持。這些手續費年增28%，主要由強勁的貸款承諾費帶動。若排除併購相關影響，貸款與存款手續費成長約為18%。

Moving to expenses on slide 12. On a normalized basis, excluding onetime costs and the impact of absorbing Cadence's expense base as well as Janney and TM Capital, operating expenses increased just $20 million sequentially.

接著看第12頁的費用。以常態化口徑計算，排除一次性成本，以及吸收Cadence費用基礎與Janney及TM Capital影響後，營運費用較前一季僅增加2,000萬美元。

This reflects continued cost discipline and ongoing expense reengineering, which are core elements of our value creation flywheel. These efficiencies are supporting sustained reinvestment in the business, while also enabling delivery of strong positive operating leverage, which was 220 basis points this quarter on a trailing four-quarter basis, excluding onetime items.

這反映我們持續的成本紀律與費用再造，這些都是我們價值創造飛輪的核心要素。這些效率提升支持我們對業務的持續再投資，同時也使我們得以交付強勁的正向營運槓桿；以過去四季滾動基礎、排除一次性項目計算，本季營運槓桿為220個基點。

And to provide more detail on a very important area of investment for the moment, we have a comprehensive enterprise-wide AI program underway that is gaining momentum and already contributing to productivity and efficiency across the company.

為了進一步說明目前一個非常重要的投資領域，我們正在推動一項全面的全企業AI計畫，該計畫正加速推進，並已開始在全公司提升生產力與效率。

We're applying AI in five key areas. The first is in technology, where we're rapidly improving the software delivery life cycle. The second is in agentic process transformation where we're driving efficiencies in major processes throughout the company. The third is in customer-facing use cases, where we're identifying opportunities to embed AI into key products and services going forward.

我們將AI應用於五個關鍵領域。第一是科技領域，我們正快速改善軟體交付生命週期。第二是代理式（agentic）流程轉型，我們正推動全公司主要流程的效率提升。第三是面向客戶的使用情境，我們正識別將AI嵌入未來關鍵產品與服務的機會。

The fourth is in colleague productivity and training where we're expanding significantly the tool set for our colleagues and increasing their readiness to deploy AI in their day-to-day work. And lastly is in our data and platforms to support future customer-facing capabilities. This investment in activity is disciplined, focused on generating real operating outcomes. And we see AI as an increasingly important enabler of expense efficiency and operating leverage over time.

第四是同仁生產力與訓練，我們正大幅擴充同仁的工具組，並提升其在日常工作中部署AI的準備度。最後是我們的資料與平台，以支援未來面向客戶的能力。這些投資與活動具備紀律並聚焦於產生實際的營運成果。我們也認為，AI將隨時間成為費用效率與營運槓桿日益重要的推動因素。

Turning to slide 13. Our capital position remains strong, supporting organic growth, solid dividend yield, and increased capital return through share repurchases. Over the past year, we've increased adjusted CET1 by 30 basis points and continue to manage adjusted capital to our 9% to 10% operating range.

接著看第13頁。我們的資本水位仍然強勁，支持有機成長、穩健的股利殖利率，以及透過庫藏股回購提高資本回饋。過去一年，我們的調整後普通股權一級資本比率（CET1）提高30個基點，並持續將調整後資本管理在9%至10%的營運區間。

Our capital priorities remain unchanged, funding high-return loan growth, supporting our dividend, and then all other uses, including returning excess capital to shareholders. As noted at a conference in March, we increased our 2026 share repurchase plans to $550 million. This reflected our expectation of strong capital generation, as well as lower-than-expected upfront dilution from the Cadence marks.

我們的資本優先順序維持不變：為高報酬貸款成長提供資金、支持股利，之後才是其他用途，包括將多餘資本回饋股東。如同我們在3月的一場會議中所提到，我們將2026年股票回購計畫提高至5.5億美元。這反映我們預期強勁的資本生成能力，以及Cadence評價調整（marks）所造成的前期稀釋低於預期。

Year-to-date repurchases have totaled more than $250 million, with $150 million in the first quarter and more than $100 million thus far in Q2. In total, that represents retiring approximately 15 million shares.

年初至今的回購總額已超過2.5億美元，其中第一季為1.5億美元，第二季迄今已超過1億美元。合計而言，這相當於註銷約1,500萬股。

Finally, including our strong capital generation and confidence in our outlook, the Board approved a new $3 billion share repurchase authorization, replacing the prior program.

最後，基於我們強勁的資本生成能力以及對展望的信心，董事會核准新的30億美元股票回購授權，以取代先前的計畫。

Turning to slide 14. We are creating shareholder value through disciplined execution as reflected in our ability to consistently generate returns at our targeted levels. Today, we are operating at a return on tangible common equity that is consistent with the 16% to 17% range we outlined at our 2025 Investor Day, demonstrating the strength of our underlying earnings power and the delivery of our commitments.

接著看第14頁。我們透過有紀律的執行創造股東價值，反映在我們能夠持續以目標水準產生報酬的能力上。目前，我們的有形普通股權報酬率（ROTCE）與我們在2025年投資人日所提出的16%至17%區間一致，展現我們內在獲利能力的強度以及承諾的落實。

As we complete the Cadence integration and we realize targeted synergies, we are well positioned to further expand returns. This positions the business to increase return on tangible common equity by 200 basis points in 2027 to a range of 18% to 19%. This reinforces the power of our operating leverage, capital generation, and disciplined management approach.

隨著我們完成Cadence整合並實現目標協同效益，我們具備進一步擴大報酬的良好條件。這將使公司在2027年把有形普通股權報酬率提高200個基點至18%至19%的區間。這再次印證我們營運槓桿、資本生成能力與有紀律管理方式的力量。

Turning to slide 15. Credit performance remains stable and well controlled across the portfolio. Net charge-offs were 26 basis points, reflecting continued strong credit outcomes. Forward-looking credit metrics also remain stable, with the criticized asset ratio at 4.3%, well within our historical range. The non-performing asset ratio was 72 basis points, consistent with our expectations post merger with the Cadence portfolio.

接著看第15頁。整體投資組合的信用表現仍然穩定且控制良好。淨沖銷為26個基點，反映信用結果持續強勁。前瞻性信用指標亦維持穩定，受關注資產比率為4.3%，仍在我們歷史區間之內。不良資產比率為72個基點，符合我們在與Cadence投資組合合併後的預期。

Let's turn to slide 16 for our outlook for 2026. As we look ahead, our plan is broadly tracking within our range of expectations, and the underlying fundamentals of the franchise remains solid. Organic growth is strong. Cost and revenue synergies are tracking as expected, and the Cadence integration remains firmly on plan.

讓我們翻到第16頁，看看我們對2026年的展望。展望未來，我們的計畫整體上正落在我們預期區間內，且本行的基本面依然穩健。有機成長強勁。成本與營收綜效的進度符合預期，而Cadence的整合也仍然穩步按計畫推進。

Importantly, we continue to have strong line of sight to two important milestones. The first key milestone is our Q4 performance that will fully include the run rate benefits of the cost synergies from both Veritex and Cadence and where we expect to deliver a Q4 efficiency ratio in the mid- to low 54% level, a clarification and improvement from the prior guidance of less than 55%. This is indicative of the significant expense efficiencies we are driving.

更重要的是，我們對兩個重要里程碑仍有非常清晰的能見度。第一個關鍵里程碑是我們第四季的表現，屆時將完整納入Veritex與Cadence兩者成本綜效的常態化效益（run rate），我們預期第四季效率比率將落在約54%中段至低段，這相較於先前「低於55%」的指引，是更明確且更進一步的改善。這顯示我們正在推動顯著的費用效率提升。

This reflects our ongoing reengineering of baseline operating expenses as well as the benefits of the cost synergies. As we've noted, Veritex cost synergies will fully be reflected in the run rate in the second quarter with Cadence reaching full run rate in the fourth quarter. The Q4 efficiency ratio will also benefit from incremental targeted cost management actions we're now taking. I'll expand on those more in a moment.

這反映了我們持續對基礎營運費用進行再工程，以及成本綜效所帶來的效益。如同我們先前所提，Veritex的成本綜效將在第二季於常態化水準中完整反映，而Cadence則將在第四季達到完整常態化水準。第四季效率比率也將受惠於我們目前正在採取的額外、具針對性的成本管理措施。我稍後會再進一步說明。

The second key milestone is our 2027 earnings per share projection of $1.90 to $1.93 with a return on tangible common equity of between 18% and 19%. We're fully on track to deliver these results.

第二個關鍵里程碑是我們對2027年每股盈餘（EPS）1.90至1.93美元的預測，以及有形普通股權報酬率（ROTCE）介於18%至19%。我們完全按軌道可達成這些成果。

As we update our outlook for this year, the macro environment is certainly more uncertain now. As Steve noted, we're not yet seeing material impacts in our business. However, it is clear our customers across all segments are also watching the environment cautiously. Hence, at the margin, economic growth this year will likely be lower than originally forecasted.

在我們更新今年的展望之際，總體環境確實變得更不確定。如Steve所提，我們的業務目前尚未看到實質性的影響。然而，很明顯我們各個客群的客戶也都在謹慎觀察環境。因此，在邊際上，今年的經濟成長很可能會低於原先的預測。

Starting with net interest income, we now expect to be at the low end of our guided range. This reflects two primary dynamics. First, on loan growth, we're fine-tuning our plan to reflect the current environment and actively manage portfolio mix. And we now expect growth to track closer to the midpoint of our range versus the high end of the range earlier in the year.

先從淨利息收入（NII）談起，我們現在預期將落在指引區間的低端。這反映兩個主要動態。第一，在放款成長方面，我們正在微調計畫以反映目前環境，並主動管理投資組合結構。我們現在預期成長將更接近區間中點，而非年初時預期的區間高端。

Second, on funding. We continue to drive strong deposit growth. Q1 was yet again another quarter of approximately 2% sequential growth. And our outlook throughout the remainder of 2026 is for continued strong organic growth. We are consistently acquiring new primary bank customers at peer-leading rates and gathering core funding as we deepen those relationships, supported by highly analytical and segmented pricing management capabilities.

第二，在資金面。我們持續推動強勁的存款成長。第一季再次呈現約2%的季增。且我們對2026年剩餘期間的展望，是有機成長將持續強勁。我們以同業領先的速度持續取得新的主要往來銀行客戶，並在深化關係的同時吸收核心資金，這也受惠於高度分析化、分眾化的定價管理能力。

The environment continues to be competitive, while also rational and predictable. We expect to hold and improve on deposit costs. However, the improvement we're seeing is modestly less than our prior assumption. This reinforces our focus on optimizing loan growth rather than pursuing volume at the expense of marginal returns.

環境仍具競爭性，但同時也理性且可預測。我們預期能維持並改善存款成本。然而，我們目前看到的改善幅度較先前假設略小。這也強化了我們將重點放在最佳化放款成長，而非以犧牲邊際報酬來追求量的成長。

Additionally, as mentioned earlier, we have elected to carry approximately $4 billion of incremental Fed cash which has no material impact on actual net interest income dollars, but does reduce reported NIM.

此外，如先前所提，我們選擇持有約40億美元的額外聯準會現金（Fed cash）。這對實際淨利息收入金額沒有重大影響，但會降低揭露的淨利差（NIM）。

Putting these factors together, we now expect 2026 NIM to trend into the high 3.20s compared to our prior expectation in the mid-3.30s, 5 basis points of this change is related to the higher Fed cash balances, which reduced the NIM metric with de minimis impact on revenue. Approximately 2 to 3 basis points of the impact is from the combination of asset optimization and deposit costs.

綜合上述因素，我們現在預期2026年淨利差（NIM）將走向3.20%高段，相較於先前預期的3.30%中段；其中有5個基點的變動與較高的聯準會現金餘額相關，該因素降低了NIM指標，但對營收的影響微乎其微（de minimis）。約2至3個基點的影響，則來自資產最佳化與存款成本的組合。

As we work through the integration and optimization of the Cadence portfolio, we would also expect some quarter-to-quarter variability in reported NIM, though the full year trajectory remains consistent with this outlook. And as before, we continue to forecast a rising NIM in the back half of this year and further increases into 2027.

在我們推進Cadence投資組合的整合與最佳化過程中，我們也預期揭露的NIM在季度之間會有一些波動，不過全年走勢仍與此展望一致。並且如同先前，我們仍預測今年下半年NIM將上升，並在2027年進一步提高。

While these dynamics move our NII outlook to the low end of our range, we're largely offsetting the impact to earnings through two factors: first, we're generating outstanding fee income growth. We have made extensive investments in payments, wealth management, and capital markets, and our teams are executing exceptionally well. Based on our current pipeline of activity, we're raising our expectations for fee revenue growth by 4 percentage points to 31% to 33%.

雖然這些動態使我們的NII展望落在區間低端，但我們主要透過兩項因素在獲利面大致抵銷其影響：第一，我們正在創造非常出色的手續費收入成長。我們在支付、財富管理與資本市場方面投入大量資源，而團隊的執行表現極為優異。基於目前的業務管線，我們將手續費收入成長預期上調4個百分點至31%至33%。

And second, we are calibrating expense growth with the revenue environment. As we've consistently said, if revenue conditions were to soften, we will modulate expenses accordingly. Against this backdrop, we're accelerating targeted efficiency initiatives and rephasing select investments. As a result, we're tightening our 2026 expense growth range to the lower half of the 32.5% to 33.5% range.

第二，我們會依據營收環境校準費用成長。如同我們一再強調，若營收條件轉弱，我們將相應調整費用。在此背景下，我們正加速推動具針對性的效率提升計畫，並重新排程部分投資。因此，我們將2026年費用成長區間收斂至32.5%至33.5%區間的下半部。

Importantly, this is inclusive of higher variable costs from the projected higher fee revenues. All of this will likely result in full year operating leverage that is modestly lower than our initial guidance. And we now expect it to be in the range of 400 to 450 basis points for this year. Importantly, as I indicated earlier, we expect to exit 2026 with a fourth quarter efficiency ratio in the mid- to low 54% level.

重要的是，這已包含因預期較高手續費收入而帶來的較高變動成本。整體而言，這可能使全年營運槓桿略低於我們最初的指引。我們現在預期今年將落在400至450個基點的區間。並且如我先前所述，我們預期在2026年結束時，第四季效率比率將落在約54%中段至低段。

One last item to call out. Our share count for 2Q will be approximately 2,055 million shares, including the first full quarter impact from the Cadence partnership. We continue to anticipate share repurchases totaling at least $550 million this year, including the approximately $250 million we've completed year-to-date.

最後再補充一點。我們第二季的流通股數約為20.55億股，包含Cadence合作案帶來的第一個完整季度影響。我們仍預期今年的庫藏股回購總額至少為5.5億美元，其中約2.5億美元已於今年迄今完成。

Concluding on slide 17. Our operating model continues to perform, generating strong revenue, earnings and tangible book value growth. This supports the investments we're making in our capabilities, which will enable our long-term competitive vibrancy and substantial value creation we create for shareholders.

在第17頁作結。我們的營運模式持續發揮效能，帶來強勁的營收、獲利與有形帳面價值成長。這也支持我們在能力建置上的投資，將使我們長期競爭力保持活力，並為股東創造可觀價值。

With that, we'll conclude our prepared remarks and move to Q&A.

以上，我們的預先準備發言到此結束，接下來進入問答。

Thank you, Zach. We will now take questions. We ask that, as a courtesy to your peers, each person asks one question and one related follow-up question. If you have additional questions, please return to the queue. Thank you.

謝謝你，Zach。我們現在開始提問。為了禮讓其他與會者，請每位提問者提出一個問題以及一個相關追問。如有其他問題，請回到排隊序列。謝謝。

(Operator Instructions) Jon Arfstrom, RBC Capital Markets.

（接線員指示）RBC Capital Markets的Jon Arfstrom。

Hey. Good morning. Just a couple of guidance clarification questions. Zach, can you talk a little bit more about the balance sheet optimization project, just why you're pursuing it, the overall goal, the timeline, and then how you measure success with the strategy of what you're pursuing?

嗨，早安。我有幾個關於指引釐清的問題。Zach，你能否再多談一些資產負債表最佳化專案：為什麼要推動、整體目標、時程，以及你們如何衡量這項策略的成功？

Yeah. Great question, Jon. Thank you. And as I noted in the prepared remarks, what we're doing is a few things really primarily to calibrate against what we see as the economic environment, which continues to be supportive generally of the plan, but at the margin is a little softer in terms of economic growth outlook. And so it's more realistic for us to forecast loan growth in the midpoint of the range.

好的。Jon，這是個好問題，謝謝你。如同我在預先準備發言中提到，我們正在做幾件事，主要是為了因應我們所看到的總體經濟環境進行校準；整體而言，環境仍支持我們的計畫，但在邊際上，對經濟成長的展望略為轉弱。因此，對我們而言，將放款成長預測在區間中點會更為務實。

And as we do that, as you noted, we're looking to further optimize the balance sheet. I would characterize that the strength we're seeing in loan growth is quite broad-based. One area, though, that we continue to see the opportunity to tune lower is commercial real estate, in particular, construction within commercial real estate. So that's a long-term strategic expectation of seeing that reduce as percent of the overall loan base. And so that's an area that we will optimize further in light of this environment.

而在這樣做的同時，如你所提，我們也希望進一步最佳化資產負債表。我會形容，我們看到的放款成長動能相當廣泛。不過，有一個領域我們仍看到可以下調的空間，就是商用不動產，特別是商用不動產中的建築融資。從長期策略來看，我們預期其占整體放款基礎的比重會下降。因此，在此環境下，這會是我們進一步最佳化的重點之一。

The other dynamic is clearly we will want to continue to match fund the loan growth with core deposit growth and my expectation is that we will continue to see deposits growing out or above the growth of loans on a sequential basis from here.

另一個動態很明確：我們會希望持續以核心存款成長來匹配放款成長的資金來源；我預期從現在起，在逐季基礎上，存款成長將持續等於或高於放款成長。

But clearly, there's an opportunity to calibrate that level and to really make sure we're being very judicious about managing the NIM ultimately as well. So those are really the primary drivers. And they noted that we'll bring NII to the low end of our growth range, offset, however, by stronger fees, lower expenses, and a profit-neutral outcome for this year.

但很顯然，我們也有機會去校準那個水準，並確保我們在管理最終的淨利差（NIM）時非常審慎。因此，這些就是主要驅動因素。並且如先前所提，這會使NII落在我們成長區間的低端，但會由更強的手續費、更低的費用所抵銷，對今年而言整體獲利影響為中性。

Okay. Fair enough. And then there's so many questions to ask here, but I just I wanted to ask about the authorization, the $3 billion buyback authorization, why that size, what's the plan for utilizing that, it's just a big gap between $3 billion and the recently updated $550 million plan. Thanks.

好的。很合理。接著這裡有很多問題可以問，但我想先問一下授權的部分，也就是 30 億美元的回購授權，為什麼是這個規模？打算怎麼運用？因為 30 億美元和最近更新的 5.5 億美元計畫之間落差很大。謝謝。

Yeah. That's a great question, Johnny. This is Zach, I'll take that one as well. A couple of things, I'll say. Firstly, I think what we're seeing now emerge in the industry as a best practice is to have an evergreen authorization that's extent for a period of time. So part of this is just ensuring that we can have a good functioning program over a multiple year time period.

是的。這是個很好的問題，Johnny。我是 Zach，我也來回答這題。我想說幾點。第一，我認為我們現在在產業中看到的一個最佳實務趨勢，是設置一個在一段期間內持續有效（evergreen）的授權。因此，這其中一部分只是為了確保我們能在多年期間內維持一個運作良好的計畫。

With that being said, I would also highlight that our guidance we've given is for approximately $550 million of share repurchases this year. And next year, $1.1 billion to $1.2 billion. So already, you're north of the $1 billion that we had before in terms of an authorization.

話雖如此，我也要強調，我們給出的指引是今年大約回購 5.5 億美元的股票。明年則是 11 億到 12 億美元。所以光是這樣，你就已經超過我們先前授權的 10 億美元水準了。

The last thing I'll say, and we may touch on this with further questions, so I'll be brief. But clearly, Basel III represents an opportunity. And we'll work through what that is over the course of time, but our expectation is that that would represent additional share repurchase opportunity in 2027.

最後我想說的是，我們可能會在後續問題再談到，所以我簡短帶過。但很明顯，巴塞爾協議 III（Basel III）代表一個機會。我們會隨時間推進釐清其影響，但我們的預期是，這將在 2027 年帶來額外的股票回購機會。

Okay. Thank you very much.

好的。非常感謝。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Yes. Thank you for taking my questions. I guess this is a two-parter. Zach, maybe if you could just further unpack the incremental cost actions. Heard you loud and clear that you're -- you would always modulate the expense outlook to reflect the revenue environment. But I'm wondering if what the cost savings that you identified incrementally are.

是的。謝謝讓我提問。我想這是一個兩段式問題。Zach，也許你可以再進一步拆解一下新增的成本行動。我很清楚聽到你說，你們會一向依照營收環境來調整費用展望。但我想知道，你們額外辨識出的成本節省具體是哪些。

And to that end, Steve, we're hearing from some of your smaller peers that they have been able to higher way Cadence producers. And talked about a culture clash. And obviously, those are your rivals. So I wanted to hear from you -- yourself in terms of the retention.

另外，Steve，我們也聽到你們一些規模較小的同業說，他們能夠挖角 Cadence 的生產人員，並提到文化衝突。顯然那些是你們的競爭對手。所以我想聽你本人談談留才（retention）的情況。

Great questions, Erika. I'll take the first one, and then we'll pass it over to Brant to take the second one. So in terms of cost efficiencies, look, couple of things I'd say. One is, and I noted that you highlighted in your question, but we really are genuinely very committed to this management of positive operating leverage, delivery of the efficiency ratio improvements that we've talked about for the fourth quarter and into 2027 and continuing this approach of very rigorous disciplined reengineering of our baseline costs.

很好的問題，Erika。我先回答第一個，然後再請 Brant 回答第二個。就成本效率而言，我想說幾點。第一點是——你在問題裡也提到了——我們確實非常、非常致力於管理正向的營運槓桿，並交付我們談到的第四季以及一路到 2027 年的效率比率改善，同時持續以非常嚴謹、紀律化的方式，重新工程化我們的基礎成本。

We've taken out more than 1% of the cost base each year for six years in a row. This will be the seventh consecutive year of doing that, but also reinvesting significantly to the business.

我們已經連續六年每年把成本基礎削減超過 1%。今年會是第七個連續年度這麼做，但同時也大幅再投資於業務。

And so I would characterize what we're talking, we're doing now is very much tuning. We're bringing the growth of expenses down to the low end of the range, and that's inclusive by the way of incremental expenses that will come from higher fee revenues. The baseline tuning action that we did for expenses was about $50 million.

因此，我會把我們現在在做的事情描述為「微調」。我們把費用成長拉到區間的低端，而且順帶一提，這也包含因手續費收入提高而帶來的新增費用。我們針對費用所做的基礎微調動作大約是 5,000 萬美元。

And generally, what we look at when we do those things is twofold. One, can we accelerate our efficiency programs. And frankly, we are. What we're seeing is very encouraging momentum, particularly in agentic process transformation. And so we're leaning into that, and we'll see incremental benefit here.

一般來說，我們在做這類事情時會看兩個面向。第一，我們能否加速效率計畫。坦白說，我們正在加速。我們看到非常令人鼓舞的動能，特別是在代理式（agentic）的流程轉型方面。因此我們會加大投入，並在這裡看到額外的效益。

The second thing is looking at our overall investment program and seeing where there are valuable but slightly longer payback maybe less critical investments that we can rephase. And so that's really the approach.

第二件事是檢視我們整體投資計畫，看看有哪些雖然有價值、但回收期稍長、或可能沒那麼關鍵的投資，可以重新排程。因此這就是我們的做法。

Again, pretty marginal in the grand scheme of our overall expense growth this year. But important for us to demonstrate that discipline and that's the actions we're taking. We don't believe it has any substantive impact on our growth this year or expectations for next year.

再說一次，就今年整體費用成長的大局來看，這些調整相當邊際。但對我們而言，展現這種紀律很重要，這就是我們正在採取的行動。我們不認為這會對今年的成長或對明年的預期造成任何實質影響。

I'll stop there and turn it over to Brant to address the other question.

我先說到這裡，接著把問題交給 Brant 來回答另一個部分。

Erika, this is Brant. Thank you for the question on talent. First of all, we operate today in a number of markets that are very competitive from a talent perspective. And when you think about a partnership like with Cadence, turnover is something that we expect and at plan at some level. And in some cases, it's initiated by us.

Erika，我是 Brant。謝謝你關於人才的問題。首先，我們目前在多個市場營運，從人才角度來看競爭非常激烈。當你想到像與 Cadence 這樣的合作關係時，人員流動是我們在某個程度上會預期、也會納入規劃的。而在某些情況下，流動是由我們主動發起的。

I would share that overall retention remains very, very strong. We have been successful at retaining leadership and that's translated to the teams. Our leaders on the ground and our leadership has been very focused from the beginning on communicating and delivering an outstanding colleague value proposition. And it's focused on very fast decisions on talent and or early on, support as we go through the process and providing those bankers with even more capability to serve their customers.

我可以分享的是，整體留任率仍然非常、非常強。我們成功留住了領導層，而這也帶動了團隊的穩定。我們在第一時間就非常專注於溝通並落實一個出色的同仁價值主張（colleague value proposition）。重點包括：對人才做出非常快速的決策，以及在流程推進過程中提供支持，並讓這些銀行家擁有更多能力來服務他們的客戶。

I would also note that we've been successful in hiring new talent to support these teams. And you may have saw this week, we made some pretty significant announcements in both Austin and Dallas that support that effort. We feel very good about where we are with talent and our opportunities going forward.

我也要補充，我們也成功招募了新人才來支持這些團隊。你可能也看到本週我們在奧斯汀（Austin）和達拉斯（Dallas）都有一些相當重要的宣布，以支持這項努力。我們對目前的人才狀況以及未來的機會感到非常有信心。

Got it.

了解。

This is Steve. I'll comment over the top, Erika, and maybe pick a little bit up on Jon's question. We're in a position now where we've got clear line of sight to full expense synergies. Revenue synergies are off to a very good start. These are calibration moves, at least the way we think about it and very, very confident in our ability to get to our 2027 run rate.

我是 Steve。我補充一下，Erika，也許也回應一下 Jon 的問題。我們現在已經能清楚看到達成完整費用協同效益（expense synergies）的路徑。營收協同效益（revenue synergies）也有非常好的開局。這些都是校準性的調整，至少我們是這樣看待的，而且我們非常、非常有信心能達到 2027 年的運行率（run rate）。

So we're turning off a lot of capital at these return levels, and they'll support the buyback complemented with the new capital revs. In the context of the the cost actions we've always said as we see the situation requiring some level of adjustment, we'll adjust.

因此，在這些報酬水準下，我們正在釋放大量資本，而這些資本將在新的資本修訂（capital revs）的配合下支持回購。就成本行動而言，我們一直說，當我們看到情勢需要某種程度的調整時，我們就會調整。

We're -- while our customers are generally in the same position they were 90 days ago in terms of confidence in activities this year -- loan growth has been good, there is increasing concern about the impact of inflation and the consequence of what's going on in the Middle East. So we're just trying to be a little more cautious, get ahead of it, stay ahead of it. And we think these are prudent actions in a variety of ways.

我們——雖然就今年活動的信心而言，我們的客戶整體上大致仍與 90 天前相同——放款成長一直不錯，但對通膨影響以及中東局勢所帶來後果的擔憂正在升高。所以我們只是想更謹慎一些，提前因應、保持領先。我們認為這些在多方面都是審慎的作法。

In terms of our colleagues, we have great colleagues that have joined us from Veritex and Cadence. And some of the businesses that, a couple of these groups have been doing are not really in line with our credit philosophy. And so there's an adjustment.

至於同仁方面，從 Veritex 和 Cadence 加入我們的同仁都非常優秀。而其中有幾個團隊所從事的一些業務，並不完全符合我們的授信理念（credit philosophy）。因此需要做一些調整。

And if -- and so we're not going to compromise on our credit views. And so that creates a little bit of a friction for some colleagues. It's going to result in us being positioned where we want to be over time with the portfolio as a whole.

所以——我們不會在授信觀點上妥協。這會讓部分同仁感到一些摩擦。但長期來看，這會讓我們在整體投資組合（portfolio）上，站在我們希望的位置。

These are marginal areas in terms of the adjustments overall. And we're -- we have a tremendous amount of hiring. We announced some of it this week. There's a fair amount more already in the pipeline. So more to come.

就整體調整而言，這些都是相對邊際的領域。而我們——正在大量招募。我們本週宣布了其中一部分，另外還有相當多已在管線中。所以後續還會有更多消息。

We're going to be net investing. We are even more pleased and confident of the springboard that we characterize Texas as and the management team and I have been in Dallas and Houston for the last couple of weeks, we really are excited about what we're seeing there. So quite optimistic about our future. Thank you, both.

我們將會是淨投資（net investing）。我們對把德州形容為「跳板」（springboard）的看法更加滿意、也更有信心。管理團隊和我在過去幾週一直在達拉斯和休士頓，我們對在那裡看到的情況真的很興奮。所以對未來相當樂觀。也謝謝你們兩位。

Thank you. And if I could just ask my second question. And given the stock reaction to begin, I just have to compound this. So first that, could you give us more detail on what the potential RWA deflation is going to be under the revised standardized approach for Basel III end game?

謝謝。如果我可以再問第二個問題。考量到一開始股價的反應，我不得不把這點再加上去。所以第一個是：你們能否提供更多細節，說明在巴塞爾協議 III 終局（Basel III end game）修訂後的標準化方法（revised standardized approach）下，潛在的風險加權資產（RWA）縮減（deflation）會是多少？

And just to compound this, I guess I'm scratching my head a little bit, the stock is underperforming the BKX and you essentially told us your earnings outlook is the same. You're still growthy, but you're continuing to balance growth and profitability.

再把這點加上去，我想我有點困惑：股價表現落後 BKX，而你們基本上告訴我們獲利展望不變。你們仍然在成長，但也持續在成長與獲利能力之間取得平衡。

You gave us upside on buyback. You connected the Basel III opportunity to the buyback. So again, I'm sorry to compound this question. What do you all think the market is not fully understanding about your story?

你們在回購方面給了我們上行空間。你們也把《巴塞爾協定III》的機會與回購連結起來。所以再次抱歉把這個問題問得更複雜。你們認為市場對你們的故事有哪些地方還沒有完全理解？

Thanks, Erika. I'll note with humor, and I think that was the third question, but I'll take it anyway. It's a great question. Yeah. In terms of Basel III, obviously, the teams continue to dive in and really analyze this. But from what we can see at this point, it's fairly constructive. And obviously, we're pleased that the proposal is out, and I think the industry can work through it and get to finality with the Federal Reserve here.

謝謝你，Erika。我帶點幽默地說，我想這已經是第三個問題了，但我還是回答。這是個很好的問題。是的，關於《巴塞爾協定III》，顯然團隊仍在持續深入研究並仔細分析。不過就我們目前所見，整體相當具建設性。而且我們也很高興提案已經公布，我認為業界可以與聯準會一起把它推進並最終定案。

The RWA delta that we see at this point under a standardized approach is about 7.7% to be precise, so in the range of 7.5% to 8% reduction in RWA. That should represent approximately 80 basis points of reported CET1 benefit. The drivers of that are all the typical categories that you're likely seeing from any others of the mortgage book, the retail loans, commercial, industrial, et cetera. And so quite positive.

以目前在標準法（standardized approach）下我們看到的RWA變動來看，精確而言約為7.7%，也就是RWA約下降7.5%到8%的區間。這應可帶來約80個基點的已揭露CET1（普通股權益第一類資本）效益。其驅動因素涵蓋你可能也會從其他同業看到的典型類別：房貸組合、零售貸款、商業、工業等等。因此相當正面。

Clearly, more needs to take place here before this is finalized before we have certainty of the implementation date but very constructive. One thing I will highlight, and we've talked about this a lot, that we already have moved to an internal capital management framework that is inclusive of AOCI.

顯然，在最終定案之前、以及在我們對實施日期有把握之前，還需要更多進展。不過目前看起來很具建設性。我想特別強調一點，而且我們也談過很多次：我們已經轉向一個納入AOCI（累計其他綜合損益）的內部資本管理架構。

And so whereas there will be a phase-in in AOCI on a reported basis, that really won't affect the way we think about capital, our capital management plan. So this really is quite a net benefit for us.

因此，雖然在已揭露口徑下AOCI會有分階段納入（phase-in），但這其實不會影響我們看待資本的方式，以及我們的資本管理計畫。所以對我們而言，這確實是相當明顯的淨利多。

And presuming that the economy is in a sound position and the outlook continues to be good, our expectation is it would represent a pretty meaningful opportunity to increase capital distributions, both in the terms of -- in form of share repurchases, and dividends and that, sort of, underlying the point I made to the question earlier.

並且假設經濟處於穩健狀態、前景持續良好，我們預期這將代表一個相當有意義的機會，去提高資本分配（capital distributions），包括以股票回購與股利的形式——這也呼應我先前回答那個問題時所提到的重點。

Look, in terms of how the market is valuing the company, a couple of things I would say. One is, we, of course, are very, very frustrated that the fundamental exceptionally good performance of the company is not being represented in the valuation of the company. With that being said, we also can only focus on what we can control.

至於市場如何評價公司，我會說幾點。第一，我們當然非常、非常挫折，因為公司基本面極其優異的表現，並沒有反映在公司的估值上。話雖如此，我們也只能專注在我們能控制的事情上。

And for us, the delivery of what we talked about at our last conference, over the next -- between 2025, 2027, 30% earnings per share growth, an increase in 200 basis points of return on capital to a peer-leading level, a 53% efficiency, which will represent meaningful improvement and repositioning -- continuing to position the franchise for very significant long-term growth.

對我們而言，就是交付我們在上一次投資人會議所談到的內容：在2025到2027年之間，每股盈餘成長30%；資本報酬率提高200個基點、達到同業領先水準；效率比率53%，這將代表顯著的改善與重新定位——並持續讓這個特許經營（franchise）為非常可觀的長期成長做好布局。

We think as those results are delivered -- and importantly, by the fourth quarter when you really see the run rate of that, that will be so manifestly obvious that the valuation of the company can only recover from there.

我們認為，當這些成果逐步交付——而且很重要的是，到第四季你真正看到其運行率（run rate）時——那將會明顯到不言而喻，公司估值只能從那裡開始回升。

Okay. Thank you.

好的，謝謝。

Thanks, Erika. Great questions.

謝謝你，Erika。問題問得很好。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Hi. Good morning. On the NII guide. How much of this is coming from lower spreads on loans and higher deposit costs, given that you're competing in basically highly competitive growth markets?

嗨，早安。關於NII（淨利息收入）指引：其中有多少是來自貸款利差下降與存款成本上升，考量到你們基本上是在競爭非常激烈的成長型市場？

Yeah. Thanks for the question, Manan. I'd say the revenue outlook is really a function of both the lower loan growth coming through as we discussed. And that will be north -- at the middle of the range as opposed to we were tracking to the high end, frankly, before. And also modestly lower net interest margin.

是的，謝謝你的問題，Manan。我會說，營收展望主要同時受到兩個因素影響：第一，如我們所討論的，貸款成長較低的影響開始反映出來。因此在區間中值附近會偏上，而不是坦白說先前我們追蹤到的區間高端。第二，淨利差（net interest margin）也略低一些。

Probably, what I've discussed is margin trending into the high 3.20s relative to the mid-3.30s we were discussing before, that's, call it, 7 to 8 basis points lower, of which 5 basis points is just the calculus based on higher -- holding higher cash balances.

大概如我先前提到的，利差走勢會落在3.20%高段（high 3.20s），相較於我們之前談的3.30%中段（mid-3.30s），也就是大約低7到8個基點；其中有5個基點純粹是因為計算因素——持有較高的現金餘額。

2 to 3 bps being, sort of, a lower core NIM from a slightly higher deposit cost trajectory. We still expect to see deposit costs go down, to be clear, just not as rapidly, and slightly lower asset yields as we optimize. So that's really the core part of that and the outcome is a function of both of those things.

另外2到3個基點，算是因存款成本走勢略高而導致核心NIM略低。我們仍預期存款成本會下降，先說清楚，只是不會降得那麼快；同時在我們進行最佳化時，資產收益率也會略低一些。所以這就是核心原因，而結果是這兩個因素共同作用的函數。

So Brant, anyway, tap on to that in terms of what we're seeing in deposits.

所以Brant，請你接著補充一下我們在存款方面看到的情況。

Yeah. Manan, you mentioned deposit competition. Obviously, it's competitive, but we view it as rational and we're used to competing. The Midwest is one of the most competitive regions from a deposit perspective and Huntington has been successful for a number of years.

好的。Manan，你提到存款競爭。顯然競爭很激烈，但我們認為這是理性的，我們也習慣在競爭中取勝。就存款而言，中西部是競爭最激烈的地區之一，而Huntington多年來一直很成功。

And in fact, this quarter, our focus has been for many years and continues to be on driving primary customer household growth. And we've been able to successfully do that at a rate of 3% to 5% a year for many years. This puts us at the very top of the industry. That top quartile customer growth translates to very strong in leading deposit growth.

事實上，本季以及多年來我們的重點一直是、也仍然是推動主要客戶家庭戶數（primary customer household）成長。我們多年來都能以每年3%到5%的速度成功做到，這讓我們位居產業最前段。這種前四分位（top quartile）的客戶成長，會轉化為非常強勁、領先的存款成長。

And with the growth initiatives and efforts in the new partnerships, we have a number of new levers that create opportunity for us. Our new markets and branch expansion in the Carolinas is turning to be quite successful. In fact, our first seven branches now with less than a year, have $215 million in new deposits. We've just turned on digital in the South. And have done so already in Texas.

而且透過成長計畫與新合作夥伴的努力，我們有多個新的槓桿可以創造機會。我們在卡羅萊納州的新市場與分行擴張相當成功。事實上，我們前七家分行在不到一年的時間裡，新增存款達2.15億美元。我們也剛在南方啟用數位通路，並且先前已在德州上線。

And in fact, just in the Veritex footprint in the first two months, deposit production is up 30% year over year. We ran our first deposit growth campaign in the new Cadence footprint, and we're seeing year-over-year increase in production of 160%.

此外，就在Veritex的據點範圍內，前兩個月的存款產出（deposit production）年增30%。我們也在新的Cadence據點範圍內首次推出存款成長活動，看到產出年增160%。

And in the commercial bank, we have a number of two new deposit verticals that are contributing significant growth and one very scaled deposit vertical that continues to grow. So it is competitive. We're watching it very, very closely, but we have a number of levers that allow us to continue to expand our deposit base with the foundation of growing new customers.

在商業銀行方面，我們有兩個新的存款垂直領域（deposit verticals）正在貢獻顯著成長，另外還有一個規模很大的存款垂直領域持續成長。所以競爭確實存在。我們非常、非常密切地關注，但我們也有多個槓桿，讓我們能在新增客戶成長的基礎上，持續擴大存款基礎。

Got it. That's great. And then as my follow-up, it's good to see that you're recalibrating the expenses based on the macro environment. I was wondering if you could unpack a little bit what flexibility you have on the expense side. As you think about that $1.90 to $1.93 EPS for 2027, if some of these macro headwinds continue what opportunity you have to continue to recalibrate the expenses?

了解，很好。接著我的追問：很高興看到你們會依據總體環境重新校準費用。我想請你們再拆解一下，在費用端你們有哪些彈性。當你們思考2027年每股盈餘（EPS）1.90到1.93美元時，如果這些總體逆風持續，你們還有哪些機會可以繼續重新校準費用？

Yeah. Thanks, Manan. This is Zach. I'll take it. As we come into every year, we develop a pretty rigorous and clear expense contingency management plan so that if revenues outperform, we know where we'll manage and accelerate investments or if revenues are slightly lower, where we will modulate them.

好的，謝謝你，Manan。我是Zach，我來回答。每年年初，我們都會制定一個相當嚴謹且清晰的費用應變管理計畫（expense contingency management plan），這樣如果營收優於預期，我們知道要在哪些地方管理並加速投資；如果營收略低，我們也知道要在哪些地方調節。

And that was -- we've actually just deployed that plan just now. And certainly, there are further increments of that plan that are possible. We have a very strong ability to pull the levers of the business from an expense perspective to manage through.

而且——我們其實剛剛就已經啟動了這個計畫。當然，這個計畫還有進一步的增量措施是可行的。我們在費用面有很強的能力去拉動各項業務槓桿，以便管理並度過不同情境。

The question we will always ask ourselves, of course, is what's the best posture to ensure the long-term value creation plan, the long-term growth of the company. With that being said, our default would be to offset and to manage positive operating leverage.

我們當然會一直問自己的一個問題是：什麼樣的姿態最能確保長期價值創造計畫、以及公司的長期成長。話雖如此，我們的預設做法會是抵消影響並管理正向營運槓桿（positive operating leverage）。

And the ways we would do that are very much indicative of what I said. There are generally ways that you can continue to allocate more resources to efficiency programs maybe than we had previously done and shift resources to that. And that would be the first area that we got.

我們達成的方式很大程度上就如我所說。一般而言，你可以持續把更多資源配置到效率計畫上，可能比我們先前做得更多，並把資源轉向那裡。這會是我們首先著手的領域。

The second is really just dialing back overall expenses just hunting for opportunities in every area. And then the last is around investments. And to the extent that the revenue diminution that one would see hypothetically is economic driven, then clearly, that's very prudent to pull back the pace of investments spending in that. And so those are the typical modus operandi.

第二就是整體費用的下調，在各個領域尋找機會。最後則是投資面。若假設你看到的營收減少是由經濟因素驅動，那麼很明顯，放慢相關投資支出的節奏會是非常審慎的作法。所以這些就是我們典型的運作方式（modus operandi）。

And the answer we have quite a bit of flexibility to be able to do that. At this point, to be clear, we're not seeing that environment come through. And our expectations for this year are within percentage points of where they had been before. And the outlook for next year is likewise very much consistent to what we had planned before.

而答案是，我們有相當大的彈性可以做到這一點。就目前而言，為了說清楚，我們並沒有看到那樣的環境出現。而我們對今年的預期，與先前的預期相比僅相差幾個百分點。對明年的展望同樣也與我們先前的規劃非常一致。

Manan, we've done an extraordinary amount of investing in the last three years in the company and yet manage the core expenses quite dynamic. What we're talking about is just tuning the rate of investment at this stage.

Manan，過去三年我們在公司進行了非常大量的投資，同時仍能以相當動態的方式管理核心費用。我們現在談的是在這個階段微調投資的節奏。

But we have multiple levels, planned levels of reduction should, at some point, there's going to be a downturn, should that downturn occur. We don't think it's this year, not in the foreseeable future, but we're -- we have a recession readiness playbook, and that includes what we're going to do on the expense side, when it occurs.

但我們有多個層級、已規劃好的縮減幅度，以因應在某個時間點可能出現的景氣下行；如果真的發生下行。我們不認為會在今年發生，短期內也看不到，但我們——我們有一套景氣衰退備戰手冊，其中包含一旦發生時，我們在費用端將採取的作法。

Great. Thank you, all.

很好。謝謝各位。

Thanks, Manan.

謝謝，Manan。

John Pancari, Evercore.

John Pancari，Evercore。

Good morning. On the net interest income from your updated guide. On the loan side, I know you noted the optimization impact. Can you give us a little bit of color on loan pricing and spreads? Has that impacted your outlook at all?

早安。關於你們更新後的指引中的淨利息收入。在貸款端，我知道你提到最佳化的影響。你能否多補充一些關於貸款定價與利差的情況？這是否對你們的展望造成任何影響？

And then on the cash at the Fed in that component of the updated margin expectation, what drove that change in the need of cash at the Fed? Wouldn't that have already been something that would have been baked into your expectation? Thanks.

另外，關於在聯準會的現金部位，作為更新後利差預期的一部分，是什麼驅動了在聯準會持有現金需求的變化？這不應該原本就已經納入你們的預期了嗎？謝謝。

Thanks, John. I'll address that. So in terms of of loan optimization and spreads. As I noted, I think a little earlier, not seeing any significant spread movements. I think in -- for really high quality commercial borrowers in competitive markets, we're seeing some modest spread compression.

謝謝，John。我來回應。就貸款最佳化與利差而言。如我稍早提到的，我們沒有看到任何顯著的利差變動。我認為在——對於競爭激烈市場中的高品質商業借款人，我們看到一些溫和的利差收窄。

I'd characterize it on the range of between 5 and 15 basis points, but really not overly significant. And we really look at forward pipeline, there isn't an expectation of further changes from here.

我會把它描述為大約介於 5 到 15 個基點的範圍，但整體並不算特別顯著。而我們看向前瞻的管線，並不預期從現在起會有進一步的變化。

And so clearly, I think we and the whole industry is really driving for loan growth carefully calibrating deposit growth to match that, being very judicious about marginal spreads. The environment looks quite rational. I would also call it predictable, which is enabling us to to really calibrate here effectively, we believe. And so that's what we're seeing on the ground.

因此很明顯，我們以及整個產業都在推動貸款成長，同時謹慎校準存款成長以與之匹配，並且在邊際利差上非常審慎。這個環境看起來相當理性。我也會稱之為可預測，這使我們能夠有效地進行校準，我們相信如此。而這就是我們在第一線看到的情況。

In terms of the cash, look, I think -- so no, that level of cash had not been included in our prior plan, and we increased cash levels and therefore, it's a modest change. Again, a neutral revenue change. So not anything that economically really is impactful at all.

至於現金部分，坦白說，我認為——不，先前的計畫並未納入那個現金水位，而我們提高了現金水位，因此這是一個小幅變動。同樣地，這在收入上是中性的，所以在經濟上其實完全沒有實質影響。

And yeah, look, I think I would encourage you to consider that as just another example of Huntington with very disciplined, ensuring that we're always in a position of strength. Liquidity, we know is is a really critical risk pillar. It's the one that could move the fastest.

而且，是的，我想我會鼓勵你把這視為亨廷頓（Huntington）另一個例子：非常自律，確保我們始終處於強勢地位。流動性我們知道是一個非常關鍵的風險支柱；它是變化最快的一項。

We genuinely have no concern whatsoever about our own liquidity or our customers' confidence in us. With that being said, the environment could change quickly, and we want to be ensure that we're always in that incredibly strong position of strength.

我們對自身的流動性或客戶對我們的信心完全沒有任何擔憂。即便如此，環境可能迅速改變，而我們希望確保我們始終處於那種極其強勁的優勢地位。

I'd lastly just highlight that unmodified LCR of 118% is one of the highest in the industry, let alone for large banks. And so this is just more of that strength.

最後我想強調，未調整的 LCR 為 118%，這是業界最高水準之一，更不用說在大型銀行之中。因此這只是進一步展現那份強度。

And John, the Middle East issues are what drove us to that decision.

而且，John，中東的問題是促使我們做出該決定的原因。

Got it. All right. Thank you. And then secondly, on the capital front, I appreciate the priorities that you mentioned in your commentary earlier and I appreciate the buyback color. I guess, Steve, if you could just maybe update us on your thoughts around potential incremental M&A interest.

了解。好，謝謝。第二個問題，在資本方面，我很感謝你先前評論中提到的優先順序，也感謝你對回購的補充說明。我想，Steve，你是否能更新一下你對潛在額外併購（M&A）興趣的看法？

Obviously, you are very busy integrating the two deals. But can you update us on how you're thinking about potential incremental opportunities that may come around just given the regulatory backdrop? And if you do have interest, how can we think about the size of a potential deal on the whole bank side, if there was something you would pursue?

顯然你們正忙於整合兩筆交易。但在目前的監管背景下，你能否更新一下你們如何看待可能出現的額外機會？如果你們確實有興趣，若在整體銀行層面有你們會追求的標的，我們該如何思考潛在交易的規模？

John, I was waiting for that question. Thank you, for it. Our stance hasn't changed. We're consistent on this issue. The primary focus for us is driving organic growth.

John，我一直在等這個問題。謝謝你。我們的立場沒有改變。我們在這個議題上是一貫的。我們的首要重點是推動內生成長。

We are really, really pleased with what we're seeing develop. But it's early in Texas and the South. And so we are spending a lot of time in those markets. The underlying franchise, the historic core franchise is performing exceptionally well.

我們對目前看到的發展感到非常、非常滿意。但在德州與南方市場仍屬早期階段，因此我們在那些市場投入了大量時間。底層的特許經營體質、歷史核心特許經營體質表現得非常出色。

So there was a question of whether we could do two of these partnerships and integrate them and drive the core? We're answering that question, I think, very, very strongly. We're going to continue to focus on the core. There's not a reason to change our focus. We've always said if we can't drive the core, we will not pursue inorganic opportunities, and that hasn't changed.

所以曾有一個問題：我們是否能做兩個這樣的合作並完成整合，同時推動核心業務？我認為我們正在非常、非常有力地回答這個問題。我們會持續聚焦核心。沒有理由改變我們的重點。我們一直說，如果我們無法推動核心，我們就不會追求外延式機會，而這點沒有改變。

In terms of scale, I don't see us doing anything big. If you look at a company that's going to be somewhere around $300 billion and it's 5%, 10%, maybe someday, perhaps, but nothing imminent. And we can grow -- we can -- we grow the 5% level, just driving the core and that's the focus. We're going to get to those 2027 returns and deliver the goods. And that's our priority.

就規模而言，我不認為我們會做任何大型交易。如果你看一家規模大約會在 3,000 億美元左右的公司，5%、10%，也許有一天可能會，但沒有任何迫在眉睫的事情。而我們可以成長——我們可以——我們只要推動核心，就能達到 5% 的成長水準，這就是重點。我們會達成 2027 年的報酬目標並交出成果。這是我們的優先事項。

Great. Thank you, Steve.

很好。謝謝你，Steve。

Thank you.

謝謝。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Hey, Ken.

嗨，Ken。

Hey. Good morning, guys. This is [Ben Razek] on in place of Ken. I wanted to ask on fee income. Can you just walk through the raised expectations for the fee income guide and what drove some of that better performance in payments, wealth, and capital markets?

嗨。早安，各位。我是 [Ben Razek]，代替 Ken 上線。我想問關於手續費收入。你能否帶我們走一遍你們上調手續費收入指引預期的原因，以及是什麼驅動了支付、財富管理與資本市場的較佳表現？

And then like what types of growth rates should we expect out of these businesses on a go-forward basis once the acquisitions are fully integrated? And then did you include any revenue synergies in the fee income outlook? Thanks.

另外，一旦收購案完全整合後，往後這些業務我們應該預期什麼樣的成長率？以及你們在手續費收入展望中是否納入任何收入協同效益？謝謝。

Thanks, Ben. I counted three questions in there, but I'll address them all. They're all on the topic of fees, so they're fair game. Look, just as I said in some of the prepared remarks, really, really strong fee performance in the quarter. And effectively, what you're seeing is us pull that through and just continue to forecast the really exceptional performance we're seeing right now, which we have a lot of confidence in.

謝謝，Ben。我數了一下你那裡有三個問題，但我都會回應。它們都與手續費相關，所以都算在範圍內。你看，正如我在部分事先準備的發言中所說，本季手續費表現非常、非常強勁。而你看到的基本上是我們把這個趨勢延續下去，並持續預測我們目前看到的極為出色的表現，對此我們很有信心。

Every one of our businesses is exceeding the plan. So payments doing exceptionally well. Wealth continues to grow just really, really sustainably with customer acquisition, with asset gathering.

我們每一項業務都超越計畫。支付業務表現非常出色。財富管理持續成長，透過客戶獲取與資產募集，以非常、非常可持續的方式成長。

And, of course, capital markets. We just I really -- I personally want to congratulate our capital markets team on an absolute phenomenal quarter, both organically, 60% year-on-year growth, but also the welcoming of TM Capital in January, and we're thrilled to have our new colleagues contributing meaningfully as well.

當然還有資本市場。我只是——我真的——我個人想祝賀我們的資本市場團隊，交出一個絕對驚人的季度表現；不僅有機成長年增 60%，同時我們也在 1 月迎接 TM Capital 的加入，我們很高興新同仁也做出了實質貢獻。

And I would say that the broad preponderance of other fees continues to perform pretty well. Also loan and deposit fees, which are clearly calibrated to the activity we've got going on in our commercial lending primarily are really growing well also. So what you saw us do in terms of an increase in the guidance is really a function of those things continuing.

我也會說，其他各項手續費的整體占比仍表現得相當不錯。另外，貸款與存款相關費用也很明顯是依我們主要在商業放款上的活動量進行校準，這部分也成長得很好。因此，你看到我們上調指引，主要就是這些因素延續所致。

I will say we are very encouraged by the early progress on revenue synergies. And we've discussed in a mid-quarter conference this year that we expect somewhere between $50 million and $75 million of revenue synergies in our plan for this year. Well, that was largely already in our guidance.

我會說，我們對收入協同效益的早期進展感到非常鼓舞。我們在今年的期中會議中也提到，我們預期今年的計畫中會有約 5,000 萬到 7,500 萬美元的收入協同效益。嗯，那在很大程度上其實已經反映在我們的指引之中。

So I wouldn't characterize the increases really being driven by that. But certainly, we are expecting to see that. And already starting to see progress in cap markets and payments and I think wealth coming alongside that over time also. So really good.

所以我不會把這次上調描述為主要由此驅動。但我們確實預期會看到這些效益，而且已經開始在資本市場與支付業務看到進展；我認為財富管理也會隨時間推進逐步跟上。所以非常好。

As you think about the long term, and I direct you back to a couple of things. One, in our Investor Day in 2025, we talked about high single-digit fee growth, growing faster than the balance sheet generally, growing as a percentage of of the revenue base of the company and that the three major power alleys for fee growth growing in the double digits.

至於長期來看，我想請你回到幾點。第一，在我們 2025 年的投資人日上，我們談到手續費將以高個位數成長，成長速度一般會快於資產負債表，並且在公司收入基礎中占比提升；而三個主要的手續費成長動能區塊將以雙位數成長。

That continues to be our general long-term assumption. However, I will say that over the next couple of years, I'd expect even faster growth than that. And that's really driven by the revenue synergies, which are weighted heavily toward fee revenues.

這仍然是我們一般的長期假設。不過，我會說在接下來幾年內，我預期成長會比那更快。而這主要是由營收協同效應所驅動，其中權重很大一部分來自手續費收入。

I might --

我可能——

Yeah. Ben, this is Brant. Just to add to Zach's comments. First of all, from a revenue synergy perspective, the three areas, cap markets payments and wealth is the place we're seeing a lot of significant early wins. In some cases, it's because there's new product capability that we offer in either payments or cap markets that were not offered for Cadence and Veritex customers in the past, and that creates an opportunity.

是的。Ben，我是 Brant。補充一下 Zach 的評論。首先，從營收協同效應的角度來看，我們看到三個領域——資本市場、支付與財富管理——出現了許多顯著的早期成果。在某些情況下，是因為我們在支付或資本市場提供了新的產品能力，而這些過去並未提供給 Cadence 與 Veritex 的客戶，因而創造了機會。

And in some cases, the scale of those is much greater. For example, in the wealth business, we now have across the South and across Texas, access to a much larger group of advisers that can serve even more of the customers.

而在某些情況下，其規模要大得多。舉例來說，在財富管理業務方面，我們現在在南部地區以及德州各地，能接觸到更大的一群理財顧問，得以服務更多客戶。

In the wealth business, specifically, we've just in the last month announced a major platform upgrade. In fact, we are upgrading both of our wealth platforms that really make us best in class. We have seen over the course of the last year, one, AUM growth that's north of 13%.

就財富管理業務而言，我們在過去一個月剛宣布了一項重大平台升級。事實上，我們正在升級兩個財富管理平台，這將真正使我們成為同業最佳。我們在過去一年看到，第一，資產管理規模（AUM）成長超過 13%。

Now the market has helped, but net flows have actually doubled year over year. So we're seeing very strong growth in the wealth business. Early results from a payments perspective, especially as it relates to Cadence and Veritex have been very, very strong, and Zach mentioned earlier, the record quarter from a capital markets perspective.

當然市場有所助益，但淨流入實際上年增翻倍。因此我們看到財富管理業務非常強勁的成長。從支付的角度來看，尤其是與 Cadence 與 Veritex 相關的部分，早期成果非常、非常強勁；而 Zach 先前也提到，資本市場方面創下了創紀錄的一季。

So we feel great about the long-term trajectory of those three businesses. There are places that we're investing, and they're absolutely at the center of our revenue synergy opportunity and springboard that we have with the Veritex and Cadence partnership.

所以我們對這三項業務的長期發展軌跡感到非常樂觀。我們正在投入資源的領域，正是我們營收協同機會的核心，也是我們與 Veritex 與 Cadence 合作所擁有的跳板。

See, Ben, you've taken advantage of Erika's precedents. So -- thank you for the question.

你看，Ben，你利用了 Erika 的先例。所以——謝謝你的提問。

Thanks for taking my questions, guys.

謝謝各位回答我的問題。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Hi. Good morning. Thanks. This is Brian Violino on for Dave. Just a follow-up on the revenue synergy discussion from the prior question. I think you talked about reinvesting a portion of those synergies back into the business. Is that still the plan? And I guess could you talk about which areas you're looking to grow with those synergy dollars?

嗨，早安。謝謝。我是代 Dave 出席的 Brian Violino。針對上一題的營收協同討論再追問一下。我想你們提到會把其中一部分協同效益再投資回業務中。這仍然是計畫嗎？另外，你們能談談打算用這些協同資金在哪些領域推動成長嗎？

Brian, I'll take that question. Yes, we do have reinvestment. That's one of the advantages of these partnerships is our ability to be able to do that. I would mention a couple of areas. One is in the form of bankers and teams.

Brian，我來回答這題。是的，我們確實會再投資。這些合作夥伴關係的一個優勢，就是我們有能力這麼做。我會提到幾個領域，其中之一是銀行家與團隊的配置。

And we made an announcement this week where we've expanded our middle market presence in Austin and also adding to regional banking and middle market banking in Texas. We will be adding more capabilities across the footprint with more teams. So that's one example of how we're reinvesting back.

我們本週發布公告，擴大了我們在奧斯汀的中型市場布局，同時也在德州的區域銀行與中型市場銀行業務增補人力。我們將在整個營運版圖上透過更多團隊增加更多能力。這就是我們再投資回業務的一個例子。

Another example is digital. We've been able to launch digital now in Texas beginning of this year. Cadence, at the Southern footprint, we've been able to launch just this month. And this will give us the ability to substantially upgrade and reimagine, reengineer the digital capabilities that we offer customers today. We have leading capabilities. We intend to make them even better.

另一個例子是數位化。我們今年年初已能在德州推出數位服務；而 Cadence 在南部版圖則在本月剛推出。這將使我們能大幅升級並重新想像、重新設計我們今天提供給客戶的數位能力。我們已具備領先能力，並打算讓它們更上一層樓。

So those would be two very large examples of things that we will do to invest back in the business. We're going to continue to invest in our payments business and ensure that we have world-class products and capabilities to serve the growing commercial and regional bank that we have within the company.

所以這兩項會是我們回投業務的兩個非常大的例子。我們也會持續投資支付業務，並確保我們擁有世界級的產品與能力，以服務公司內日益成長的商業銀行與區域銀行。

And then lastly, I just mentioned earlier, the major platform upgrades that we're doing in the wealth business to continue to support its growth. Those would be some of the examples of things that we're doing to invest back in the business.

最後，我先前也提到，我們正在財富管理業務進行重大平台升級，以持續支持其成長。以上就是我們回投業務的一些例子。

Chris McGratty, KBW.

Chris McGratty，KBW。

Good morning. This is Sean Culhane on for Chris. Really appreciate the color you guys have given so far this morning. Just a quick one on credit and underwriting and reserve expectations from here? Saw you reiterated the [25, 35 NCO] guide? Kept your reserve comfortably above peers.

早安。我是代 Chris 出席的 Sean Culhane。非常感謝各位今天早上到目前為止提供的細節。我有個關於信用、承作審核以及後續備抵預期的簡短問題。看到你們重申了 [25, 35 NCO] 的指引？並且把備抵維持在同業之上、相當充裕。

But is there any industries you guys are watching? Or anything in terms of how we should think about the rest of the year?

但你們有在關注哪些產業嗎？或者就今年剩餘時間而言，我們應該如何看待？

Thanks, Sean, for the question. This is Brendan, and I'll take that. You noted the strong credit quarter that we've had and the peer -- the top quartile peer reserve that we have as well, and I think that positions us for the future.

謝謝你，Sean，提問。我是 Brendan，我來回答。你提到我們本季強勁的信用表現，以及我們也擁有同業——前四分位數的備抵水準，我認為這讓我們在未來具備良好定位。

As we look out over the horizon, one of the areas that we've talked about being a little bit more measured in is commercial real estate and particularly on the construction side. And that's an area that over time, we will reduce our exposure to.

展望未來，我們曾談到會更審慎的一個領域是商用不動產，尤其是建築（construction）端。這是我們會隨時間降低曝險的領域。

But it will be in an organic fashion over the next 2 years-plus. So it's a place for watching. We're always vigilant on the entire portfolio. But we feel good about our positioning, and this quarter is just another example of that.

但這會在未來兩年以上以自然方式逐步進行。因此這是一個需要觀察的地方。我們對整體投資組合始終保持警覺。但我們對自身的定位感到良好，而本季只是另一個例證。

Great.

很好。

Good question, Chris. Thanks.

好問題，Chris。謝謝。

Thank you very much. And let me conclude with three key thoughts. First, we continue to have tremendous organic growth momentum across our franchise. This is evident in our strong core loan and deposit growth and then the outstanding contributions from our strategic value-added fee services, payments, wealth management, and capital markets, which are all contributing meaningfully to the results.

非常感謝。最後我用三個重點作結。第一，我們在整個特許經營版圖上，仍持續擁有強勁的內生成長動能。這可從我們強勁的核心放款與存款成長看出，此外，我們策略性的增值手續費服務——支付、財富管理與資本市場——也都有卓越貢獻，並對結果帶來實質助益。

And second, our integration activities are fully on track. Veritex is fully integrated and the Cadence systems migration in June marks the final major milestone in that process. So we're focused on delivering the cost synergies from these partnerships, which we expect to accelerate in the third quarter to be fully run rated in our earnings power in the fourth quarter. Executing against these commitments is a key priority for us ahead of other strategic actions.

第二，我們的整合作業完全按計畫進行。Veritex 已完全整合，而 Cadence 在六月的系統遷移標誌著該流程的最後一個主要里程碑。因此我們專注於交付這些合作夥伴關係的成本協同效益；我們預期第三季將加速，並在第四季於我們的獲利能力中完全反映為常態化水準（run-rate）。在其他策略行動之前，落實這些承諾是我們的關鍵優先事項。

And third, we are firmly on track to deliver our key financial targets. We continue to see a clear path on 2027 EPS target of $1.90 to $1.93, driven by organic revenue growth, disciplined expense management, and realization of the cost and revenue synergies from these partnerships.

第三，我們正穩健地朝著達成關鍵財務目標前進。我們仍清楚看到 2027 年每股盈餘（EPS）目標 $1.90 至 $1.93 的達成路徑，動能來自內生營收成長、嚴謹的費用管理，以及這些合作夥伴關係所帶來的成本與營收協同效益的實現。

Fourth quarter of this year will provide a clear view of the earnings power of our go-forward franchise. We've got strong momentum, a clear plan, and a team that knows how to execute, and we are performing at a very high level.

今年第四季將能清楚呈現我們未來特許經營體的獲利能力。我們動能強勁、計畫清晰，團隊也知道如何執行，而且我們正以非常高的水準在表現。

So finally, let me say thank you to the more than 25,000 colleagues for everything you do to serve our customers and strengthen the franchise every day. Thank you all for your interest in Huntington. Have a good day.

最後，讓我向超過 25,000 位同仁致謝，感謝你們每天為服務客戶、強化特許經營體所做的一切。也謝謝各位對 Huntington 的關注。祝各位有美好的一天。

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

今天的會議到此結束。您現在可以掛斷電話線。再次感謝您的參與。