Huntington Bancshares Inc (HBANM) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Huntington Bancshares third quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加亨廷頓銀行控股公司2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Eric Wasserstrom, Director of Investor Relations. Eric, please go ahead.

現在我很高興將電話交給投資者關係總監埃里克·瓦瑟斯特羅姆。埃里克，請繼續。

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

謝謝大家，大家早安。歡迎參加我們第三季財報電話會議。今天的演講嘉賓是董事長、總裁兼首席執行官史蒂夫·斯坦諾爾；以及首席財務官扎克·沃瑟曼；首席信貸官布倫丹·勞勒將參加問答環節。

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

包含前瞻性聲明免責聲明和非GAAP財務資訊在內的獲利報告文件以及我們將要審查的幻燈片副本，均可在我們網站的投資者關係頁面（www.ir.huntington.com）查閱。請注意，本次電話會議正在錄音，錄音回放將於會議結束後約一小時提供。

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

那麼，現在讓我把麥克風交給史蒂夫。

Thanks, Eric. Good morning, everyone, and welcome. We delivered another outstanding quarter. The business is performing exceptionally well across all fronts. We have tremendous momentum, and we are poised to accelerate from here. I'll cover the highlights and then Zach will take you through the details.

謝謝你，埃里克。各位早安，歡迎各位。我們又完成了一個出色的季度。公司各方面表現都非常優秀。我們勢頭強勁，並已準備好從這裡加速發展。我先介紹重點，然後札克會詳細講解。

Turning to slide 5. There are three key messages that we'd like you to take away from this call. First, we continue to execute our growth strategy with excellent results, all elements of our model are contributing to this growth, and we will continue investing to generate a high level of growth into the foreseeable future. Second, we are achieving top-tier profitability and returns as an outgrowth of our revenue generation and strong positive operating leverage.

翻到第5張投影片。我們希望您能從這通電話中記住三個關鍵訊息。首先，我們繼續執行成長策略並取得了優異的成果，我們模式的所有要素都為這一成長做出了貢獻，我們將繼續投資，以在可預見的未來實現高水準的成長。其次，我們實現了頂尖的獲利能力和回報，這得益於我們的收入成長和強大的正向經營槓桿作用。

And third, we are poised to further accelerate our growth in Texas. We look forward to welcoming our Veritex colleagues and customers the Huntington next Monday. The partnership and interim planning efforts led by Malcolm Holland and team have positioned us for a fast start, initiating the springboard we envisioned, so we're very excited for what lies ahead.

第三，我們已做好準備，進一步加快在德州的成長。我們期待下週一在亨廷頓迎接我們的 Veritex 同事和客戶。在馬爾科姆·霍蘭德及其團隊的領導下，合作與過渡規劃工作使我們得以快速啟動，開啟了我們設想的跳板，因此我們對未來充滿期待。

Slide 6 illustrates the outcomes of these key messages. Our foundational organic growth strategy is to deliver our national scale capabilities and expertise through local market relationships. You can see the results of that on the top of this slide. We have massively outpaced our peers on both loan and deposit growth, the outcome of which is the phenomenal pace of our PPNR expansion. And given our rigorous adherence to our risk management principles, we have not deviated from our aggregate moderate to low risk appetite while driving this performance.

幻燈片 6 展示了這些關鍵資訊的結果。我們的基礎性有機成長策略是透過本地市場關係提供我們全國規模的能力和專業知識。您可以在本投影片的頂部看到結果。我們在貸款和存款成長方面都遠遠超過了同行，結果是我們的 PPNR 擴張速度驚人。鑑於我們嚴格遵守風險管理原則，我們在取得這項業績的同時，並未偏離我們整體中低風險偏好。

Slide 7 illustrates how this operational approach creates value. We drive powerful growth. This growth enables us to invest to compound our competitive advantage. The investment results in meaningful operating leverage, and we maintain disciplined capital allocation and robust risk management to both protect our balance sheet and enable us to take advantage of moments of disruption.

投影片 7 說明了這種運作方式如何創造價值。我們實現了強勁成長。這種成長使我們能夠進行投資，從而增強我們的競爭優勢。這項投資帶來了顯著的經營槓桿效應，我們保持著嚴格的資本配置和穩健的風險管理，既保護了我們的資產負債表，也使我們能夠抓住市場動盪的機會。

All of this enables us to drive long-term shareholder value, as evidenced in this quarter's results, we grew revenue 14% year over year, adjusted PPNR 16% and tangible book value by 10% while generating an adjusted ROTC above 17%. And as Zach will discuss in a few moments, we are again raising our financial guidance for the year.

所有這些都使我們能夠推動股東長期價值成長，正如本季度業績所證明的那樣，我們的收入同比增長 14%，調整後淨利潤增長 16%，有形賬面價值增長 10%，同時調整後收益率超過 17%。正如 Zach 稍後將要討論的那樣，我們再次提高了今年的財務預期。

We also have extensive experience in integrating acquisitions and in mobilizing the combined organization to execute on the cost and revenue synergies that we identify. Based on this experience, we are very confident in the seamless integration of Veritex, which will springboard our growth in Texas. We remain extremely excited by our partnership with Veritex. When we closed this combination on Monday, we will achieve immediate scale in Texas.

我們在整合收購方面也擁有豐富的經驗，並能調動合併後的組織來實現我們所確定的成本和收入綜效。基於此經驗，我們對 Veritex 的無縫整合非常有信心，這將推動我們在德克薩斯州的成長。我們對與Veritex的合作關係仍然感到非常興奮。週一完成此次合併後，我們將立即在德克薩斯州實現規模化發展。

By our estimate, we will become the 14th largest depository in the state and the 5th largest in Dallas, ahead of nearly all of our regional bank peers, including pro forma for recently announced transactions. We will execute on the cost synergies we've identified, which we expect to drive 1 percentage point improvement in our efficiency ratio and approximately 30 basis points of lift to our ROTCE.

據我們估計，我們將成為該州第 14 大存款機構，達拉斯第 5 大存款機構，領先幾乎所有區域銀行同行，包括最近宣布的交易。我們將落實已確定的成本協同效應，預計這將使我們的效率比率提高 1 個百分點，並使我們的 ROTCE 提高約 30 個基點。

But our greater opportunity is in the revenue growth synergies that we will generate as we accelerate the rollout of the full Huntington franchise into these markets. First, we will leverage Veritex' network to deliver the full suite of our consumer and small businesses as well as digital capabilities. Second are the fee-based opportunities we can offer into Veritex's commercial and consumer customers including payments, wealth management, and capital markets.

但我們更大的機會在於，隨著我們加速將亨廷頓的全部特許經營權推廣到這些市場，我們將產生收入成長綜效。首先，我們將利用 Veritex 的網絡，提供我們面向消費者、小型企業以及數位業務的全套服務。其次，我們可以為 Veritex 的商業和消費者客戶提供基於費用的機會，包括支付、財富管理和資本市場。

Third, we will leverage our combined scale and the benefit of Veritex's deep local relationships to accelerate the growth of our existing commercial verticals and local middle market banking. We're very confident in our ability to realize these synergies.

第三，我們將利用我們合併後的規模和 Veritex 深厚的本地關係優勢，加速我們現有商業垂直領域和本地中端市場銀行業務的成長。我們非常有信心實現這些協同效應。

Additionally, we see substantial incremental opportunities to generate revenue synergy as we further invest into our Texas franchise. We will continue to build out our branch network in Dallas, Fort Worth, and Houston and expand our commercial banking activities across the state, amongst other actions. As I've said, this partnership will be a springboard for our growth in this incredibly attractive market.

此外，隨著我們對德克薩斯州特許經營業務的進一步投資，我們看到了產生收入協同效應的巨大增量機會。我們將繼續在達拉斯、沃斯堡和休士頓擴大分行網絡，並擴大我們在全州的商業銀行業務，以及其他措施。正如我所說，此次合作將成為我們在這個極具吸引力的市場中實現成長的跳板。

To summarize, we're executing on our organic growth strategies to drive industry-leading revenue growth. We're achieving outstanding profitability, which enables us to reinvest to compound our competitive advantage. We're poised to springboard our growth further through the partnership with Veritex. And all of this is driving a high level of tangible book value growth and increasing our return on tangible common equity.

總而言之，我們正在執行有機成長策略，以推動行業領先的收入成長。我們實現了卓越的獲利能力，這使我們能夠進行再投資，從而增強我們的競爭優勢。我們與 Veritex 的合作將進一步推動我們的成長。所有這些都推動了有形帳面價值的大幅成長，並提高了我們的有形普通股股東權益回報率。

With that, let me turn it over to Zach to discuss the quarter's financial results in detail. Zach?

接下來，我將把發言權交給札克，讓他詳細討論本季的財務表現。扎克？

Thank you, Steve, and good morning, everyone. Let's begin with the highlights of our third quarter results on slide 9. Huntington delivered another outstanding quarter, with earnings per common share of $0.41. On an adjusted basis, excluding the gain on sale of a portion of our corporate trust and custody business and FDIC deposit insurance fund assessment benefit and Veritex acquisition-related expenses, EPS was $0.40, up 18% year over year.

謝謝你，史蒂夫，大家早安。讓我們從第 9 頁幻燈片中第三季業績的亮點開始。亨廷頓銀行又迎來了一個出色的季度，每股收益為 0.41 美元。經調整後，剔除出售部分公司信託和託管業務的收益、聯邦存款保險公司存款保險基金評估收益以及 Veritex 收購相關費用，每股收益為 0.40 美元，年增 18%。

Average loan balances grew by $2.8 billion or 2% from the prior quarter, while average deposits increased by $1.4 billion or 1%, reported CET1 ended the quarter at 10.6%, with adjusted CET1 at 9.2%, up 30 basis points from last year and within our target operating range. Credit performance remained strong, with net charge-offs at 22 basis points and allowance for credit losses ending the quarter at 1.86%.

平均貸款餘額較上一季增加 28 億美元，增幅 2%；平均存款增加 14 億美元，增幅 1%。報告顯示，本季末 CET1 為 10.6%，調整後 CET1 為 9.2%，較去年同期成長 30 個基點，符合我們的目標營運範圍。信貸表現依然強勁，淨沖銷率為 22 個基點，季末信貸損失準備金率為 1.86%。

On slide 10, loan growth accelerated to 9.2% year over year, led by strength in commercial lending and significant contributions from our new initiatives. During the quarter, new initiatives accounted for $1.2 billion, representing approximately 40% of total loan growth. Key drivers included our geographic expansion in Texas and North and South Carolina, as well as strong performance in our funds finance and Financial Institutions Group commercial verticals.

第 10 頁顯示，貸款年增率加速至 9.2%，這主要得益於商業貸款的強勁成長以及我們新舉措的顯著貢獻。本季度，新措施帶來了 12 億美元的收入，約佔貸款總額成長的 40%。關鍵驅動因素包括我們在德克薩斯州、北卡羅來納州和南卡羅來納州的地域擴張，以及我們在基金融資和金融機構集團商業垂直領域的強勁表現。

Of the remaining $1.6 billion in loan growth from the core, we delivered $700 million from corporate and specialty banking, $600 million from auto, $400 million from regional banking, $200 million from middle market, and $200 million from asset finance. These gains were partially offset by a $600 million reduction in distribution finance inventories that was largely seasonal and a $100 million decrease in commercial real estate.

在核心業務剩餘的 16 億美元貸款成長中，我們實現了 7 億美元來自企業和專業銀行業務，6 億美元來自汽車業務，4 億美元來自區域銀行業務，2 億美元來自中階市場業務，2 億美元來自資產融資業務。這些收益部分被分銷融資庫存減少 6 億美元（主要是季節性因素）和商業房地產減少 1 億美元所抵銷。

Turning to deposits on slide 11. Average balances increased by $1.4 billion or 0.8% and our overall cost of deposits declined by 2 basis points during the quarter. Our relentless focus on growing households and deepening primary bank relationships within a disciplined framework has proven a powerful lever in driving sustained deposit gathering with disciplined pricing. Our teams are performing exceptionally well. as we grow our funding base, and we expect to drive funding costs lower with additional Fed cuts.

接下來請看第 11 張投影片，了解存款狀況。本季平均存款餘額增加了 14 億美元，增幅為 0.8%，存款總成本下降了 2 個基點。我們始終專注於在嚴格的框架內發展家庭客戶並深化與主要銀行的關係，這已被證明是推動存款持續成長並採用嚴格定價的有力槓桿。我們的團隊表現非常出色。隨著我們資金基礎的擴大，我們預計隨著聯準會進一步降息，融資成本將會降低。

On to slide 12. During the quarter, we drove approximately $40 million or 2.7% on sequential growth in net interest income. This represents almost 12% growth on a year over year basis. Net interest margin was 3.13% for the third quarter, up 2 basis points from the prior quarter. Operating performance accelerated throughout the quarter on a number of fronts, including NIM, powering margin to outperform the expectation I shared at the mid-quarter conference due to both better-than-expected funding costs and better asset yields.

接下來是第12張投影片。本季度，我們的淨利息收入較上季成長約 4,000 萬美元，增幅為 2.7%。這相當於年增近12%。第三季淨利差為 3.13%，較上一季上升 2 個基點。本季營運表現在多個方面加速成長，包括淨利差，推動利潤率超出我在季度中期會議上分享的預期，這得益於融資成本好於預期以及資產收益率提高。

Turning to slide 13. We continue to manage our hedging program to accomplish our objectives of protecting capital from a potential higher rate environment, while protecting NIM from a potential lower rate environment. Over the last year, we've reduced our asset sensitivity to a near neutral position.

翻到第13張幻燈片。我們繼續管理我們的對沖計劃，以實現我們的目標，即保護資本免受潛在利率上升環境的影響，同時保護淨利差免受潛在利率下降環境的影響。過去一年，我們將資產敏感度降低到接近中性水準。

Moving on to slide 14. On an adjusted basis, noninterest income increased by 14% or $75 million compared to the prior year. Our fee businesses were strong across virtually every area, but with notable performance in our key strategic areas of focus: payments, wealth management, and capital markets collectively grew 13% year over year. Momentum remains strong across these businesses and we expect them to continue driving fee growth going forward. In addition, loan and deposit fees benefited powerfully from commercial loan commitments.

接下來是第14張投影片。經調整後，非利息收入比上年增長了 14%，即 7,500 萬美元。我們的收費業務在幾乎所有領域都表現強勁，但在我們的重點策略領域表現尤為突出：支付、財富管理和資本市場合計年增 13%。這些業務的成長勢頭依然強勁，我們預計它們將繼續推動未來費用的成長。此外，貸款和存款費用也從商業貸款承諾中獲益匪淺。

Moving to slide 15. Payments delivered 10% year-over-year growth, propelled by a 20% increase in commercial payment revenues, reflecting deeper customer relationships and expanding contributions for merchant acquiring.

切換到第15張投影片。支付業務年增 10%，其中商業支付收入成長 20%，反映出客戶關係更加密切，以及對商家收單業務的貢獻不斷擴大。

Moving to Wealth Management on slide 16. Wealth fees increased by 12% year over year, with assets under management up 11% and advisory households also rising at 9%. Over the past 12 months, we've gathered approximately $1.7 billion in net flows as our teams continue to execute against our advice and guidance focused strategy.

第 16 頁進入財富管理部分。財富管理費用年增 12%，管理資產成長 11%，諮詢客戶數量也增加了 9%。過去 12 個月，隨著我們的團隊繼續執行以建議和指導為中心的策略，我們獲得了約 17 億美元的淨流入。

Moving to Slide 17. Capital Markets grew 21% year over year, supported by advisory, syndications, and commercial banking-related activities. In our Advisory business, we continue to benefit from efforts to introduce this service to more of our middle market and large corporate customers. The advisory backlog continues to build, and we expect sustained momentum in commercial banking production to carry over to capital markets for another strong result this quarter. Additionally, our leveraged finance and private equity platform is now fully built out and will start to more meaningfully contribute to our results going forward.

切換到第17張投影片。資本市場年增 21%，這得益於諮詢、銀團貸款和商業銀行相關活動的推動。在我們的諮詢業務中，我們持續受益於向更多的中型市場和大型企業客戶推出這項服務的努力。諮詢業務積壓訂單持續增加，我們預計商業銀行業務的持續成長動能將推遲到資本市場，從而在本季度取得另一個強勁的業績。此外，我們的槓桿融資和私募股權平台現已全面建成，並將開始對我們的業績做出更有意義的貢獻。

Turning to slide 18. GAAP noninterest expense was $1.2 billion, modestly higher than the prior guidance due to revenue-related compensation from the robust revenue outperformance in the quarter. Our expense management remains focused on driving positive operating leverage, both this year and over our long-range financial plan.

翻到第18張幻燈片。GAAP 非利息支出為 12 億美元，略高於先前的預期，原因是本季強勁的收入表現帶來了與收入相關的補償。我們的費用管理仍然專注於推動積極的經營槓桿，無論是在今年還是在我們的長期財務計劃中。

As we have noted, we were executing disciplined cost efficiency programs that reduce baseline expenses and create the capacity to robustly grow investments in the business, even as we create overall positive operating leverage. On a trailing 12-month adjusted basis, we have generated 500 basis points of positive operating leverage. Our outlook for full year 2025 operating leverage is now more than 2.5 percentage points of efficiency ratio improvement, significantly wider than the original budget of approximately 1% coming into this year.

正如我們所指出的，我們正在執行嚴格的成本效益計劃，以降低基本支出，並創造能力強勁地增加對業務的投資，同時創造整體積極的經營槓桿。過去 12 個月的調整後數據表明，我們實現了 500 個基點的正向經營槓桿。我們對 2025 年全年營運槓桿的預期是效率比率提高 2.5 個百分點以上，遠高於今年年初約 1% 的原始預算。

Slide 19 recaps our capital position. We continue to increase our common equity Tier 1. Our capital management strategy remains focused on our top priority of funding high-return loan growth; and second, supporting our strong dividend yield. As we have noted, we intend to continue driving adjusted CET1, higher toward the midpoint of our 9% to 10% operating range, given our progress driving adjusted CET1 higher and our projections of continued strong capital generation, we expect to have capacity to add repurchases to the mix of distribution in the coming quarters.

第 19 張投影片總結了我們的資本狀況。我們將繼續增加一級普通股資本。我們的資本管理策略仍以資助高回報貸款成長為首要目標；其次，支持我們強勁的股息殖利率。正如我們所指出的，我們打算繼續推動調整後的CET1成長，使其達到我們9%至10%營運區間的中點。鑑於我們推動調整後的CET1成長的進展以及我們對持續強勁資本產生的預測，我們預計在未來幾季有能力將回購納入分配組合。

Our intention is to approach any share repurchase activity in a systematic manner over time, while also remaining opportunistic to overweight activity in quarters when we believe the shares are significantly undervalued. Our baseline assumption as of now is for approximately $50 million of repurchases per quarter through 2026. We will continue to optimize this amount based on the pace of loan growth and the objective of continuing a gradual upward trajectory of adjusted CET1 toward the midpoint of the range.

我們的目標是隨著時間的推移，以系統化的方式進行任何股票回購活動，同時在我們認為股票被嚴重低估的季度，抓住機會增持股票。我們目前的基準假設是，到 2026 年，每季的回購金額約為 5,000 萬美元。我們將繼續根據貸款成長速度優化這筆金額，目標是使調整後的 CET1 繼續逐步上升至區間的中點。

Turning to slide 20. Our disciplined approach is generating powerful returns and driving shareholder value. Over the past year, we've grown adjusted ROTCE by more than 1 percentage point through robust PPNR expansion while simultaneously increasing our capital base. As noted, tangible book value is up 10% year over year, and we've returned over 45% of earnings through dividends.

翻到第20張投影片。我們嚴謹的方法正在創造豐厚的回報，並提升股東價值。過去一年，我們透過強勁的淨利潤成長，同時擴大了資本基礎，使調整後的 ROTCE 成長了 1 個百分點以上。如前所述，有形帳面價值年增 10%，我們已透過股息返還了超過 45% 的收益。

Turning to slide 21. Credit quality continues to perform very well, with net charge-offs of 22 basis points. Forward-looking credit metrics remained stable. The criticized asset ratio was 3.79% while the nonperforming asset ratio declined 3 basis points since last quarter and has been trending in a narrow range for several quarters.

翻到第21張幻燈片。信貸品質持續表現良好，淨核銷率為 22 個基點。前瞻性信用指標保持穩定。備受詬病的資產比率為 3.79%，而不良資產比率自上一季以來下降了 3 個基點，並且幾個季度以來一直保持在較窄的範圍內。

On to slide 22. While economic and policy uncertainty has persisted throughout the year, we continue to deliver terrific performance and are once again raising our expectations for revenue and earnings growth. The outlook I'll share on this slide reflects both standalone Huntington and the anticipated impacts of the Veritex close.

接下來是第22張投影片。儘管今年經濟和政策的不確定性持續存在，但我們繼續取得了出色的業績，並再次提高了對收入和獲利成長的預期。我在這張投影片上分享的展望既反映了亨廷頓銀行的獨立營運情況，也反映了Veritex倒閉可能帶來的影響。

On a stand-alone basis, we're continuing to see strong loan growth and are expecting to hit the high end of our guidance range at approximately 8% for the full year. Inclusive of Veritex, we expect to see full year ADB growth of approximately 9% to 9.5%.

單就貸款業務而言，我們持續看到強勁的貸款成長，預計全年成長率將達到我們預期範圍的高端，約為 8%。包括 Veritex 在內，我們預計 ADB 全年成長率約為 9% 至 9.5%。

On deposits, we also see performance at the high end of our prior growth guidance at approximately 5.5%. Inclusive of Veritex, we expect to see deposits on a full year ADB basis, growing approximately 6.5% to 7%. On a Huntington stand-alone basis, we are increasing our net interest income full year guidance by 2 percentage points, to 10% to 11% from the prior range of 8% to 9%, driven by better-than-expected loan growth and higher NIM. We are very pleased with our management of NIM in 2025 and the expansion we have driven.

存款方面，我們也預期業績將達到先前成長預期的高端水平，約為 5.5%。包括 Veritex 在內，我們預計全年亞洲開發銀行存款額將成長約 6.5% 至 7%。就亨廷頓銀行的獨立營運而言，由於貸款成長優於預期以及淨利差提高，我們將全年淨利息收入預期從先前的 8% 至 9% 上調 2 個百分點至 10% 至 11%。我們對2025年NIM的管理以及我​​們所取得的擴張感到非常滿意。

For the fourth quarter, we expect our standalone Huntington NIM, excluding the impact of Veritex to rise between 1 and 2 basis points from the Q3 level. And as we've noted in past updates, we anticipate stand-alone NIM to rise again in 2026 by at least 10 basis points, driven primarily by continued benefits from fixed asset repricing.

我們預計，第四季度亨廷頓銀行的獨立淨息差（不包括 Veritex 的影響）將比第三季水準上升 1 至 2 個基點。正如我們在先前的更新中所指出的，我們預計 2026 年獨立淨利差將再次上升至少 10 個基點，這主要是由於固定資產重新定價帶來的持續收益。

Given our neutral asset sensitivity, our modeling would indicate we could achieve this level of NIM expansion in Fed fund scenarios ranging from 0 to as many as 7 cuts. We expect NIM expansion and continued strong growth in loans to drive another powerful expansion of spread revenues next year.

鑑於我們對資產的敏感度為中性，我們的模型表明，在聯邦基金降息 0 到 7 次的情況下，我們都可以實現這種程度的淨息差擴張。我們預計明年淨利差擴張和貸款持續強勁成長將推動利差收入再次大幅擴張。

We expect this higher NIM into 2026 and and the continued strong growth in loans to drive another powerful expansion of spread revenues next year, speaking briefly about the impact on NIM from the combination with Veritex we expect Veritex will lift the Q4 reported NIM by an additional 2 to 3 basis points.

我們預計到 2026 年，更高的淨利差以及貸款的持續強勁增長將推動明年利差收入的另一個強勁擴張。簡單來說，關於與 Veritex 合併對淨利差的影響，我們預計 Veritex 將使第四季度報告的淨息差再提高 2 到 3 個基點。

Of this 2 to 3 basis points lift from the acquisition, about 1 basis point is from PAA accretion. We expect a similar dynamic in 2026 in which Veritex adds 2 to 3 basis points on top of the NIM expansion we anticipate for next year. We have laid out a schedule of the expected PAA accretion for the fourth quarter and for 2026 in the appendix to the earnings slides. We expect that we will realize approximately two-thirds of the total PAA benefit from Veritex by the end of next year, with a much smaller amount trailing into 2027 and thereafter.

此次收購帶來的 2 至 3 個基點的成長中，約有 1 個基點來自 PAA 的成長。我們預計 2026 年也會出現類似的動態，Veritex 將在我們預期的明年淨利差擴張的基礎上再增加 2 到 3 個基點。我們在收益幻燈片的附錄中列出了第四季和 2026 年預期 PAA 成長的時間表。我們預計到明年年底，我們將從 Veritex 獲得 PAA 總收益的大約三分之二，而到 2027 年及以後，收益將減少很多。

Continuing with guidance on revenue drivers. On a stand-alone basis, we're increasing our full year fee income guidance to approximately 7% from our prior range of 4% to 6%. Momentum is building across the fee businesses, and we expect to carry that momentum into the fourth quarter and beyond. On a stand-alone basis, we expect expense growth of 6.5%, driven by volume-related drivers and higher incentive compensation.

繼續提供關於收入驅動因素的指導。就獨立營運而言，我們將全年費用收入預期從先前的 4% 至 6% 提高到約 7%。各項收費業務的成長動能正在增強，我們預計這種成長動能將推遲到第四季及以後。單就公司而言，我們預期支出成長 6.5%，主要受銷售成長及更高激勵性薪酬的影響。

Throughout the year, our outlook for positive operating leverage has continued to expand, from approximately 100 basis points at the beginning of the year to now over 250 basis points expected as of today. This is a powerful testament to the strength of our revenue generation and performance on programs to drive efficiency in baseline expenses while we continue to invest powerfully in the business.

今年以來，我們對積極經營槓桿的預期持續擴大，從年初的約 100 個基點擴大到目前預計的超過 250 個基點。這有力地證明了我們在提高基本開支效率方面所取得的成就，同時我們也持續大力投資業務。

For the fourth quarter, we expect approximately $20 million of core PPNR benefit from Veritex, which equates to about 1p of earnings per share. We also expect to incur the majority of acquisition-related onetime expenses in the fourth quarter with approximately $125 million to $150 million recognized at closing or shortly thereafter. On credit, we anticipate charge-offs at or below the midpoint of the range on a full year basis. The tax rate for the full year is expected to be between 17.5% and 18%, benefiting from some discrete items.

預計第四季 Veritex 將帶來約 2,000 萬美元的核心 PPNR 收益，相當於每股收益約 1 便士。我們也預計將在第四季度產生大部分與收購相關的一次性費用，其中約 1.25 億美元至 1.5 億美元將在交易完成時或之後不久確認。就信貸而言，我們預期全年核銷額將等於或低於該範圍的中點。預計全年稅率將在 17.5% 至 18% 之間，部分特殊項目將帶來收益。

Lastly, please note that we completed a preferred issuance in the third quarter, which will result in higher preferred dividends in the fourth quarter and subsequently. We included an updated quarterly dividend schedule in the appendix of the earnings deck.

最後，請注意，我們在第三季完成了優先股發行，這將導致第四季度及以後的優先股股息增加。我們在獲利報告的附錄中加入了更新後的季度分紅計畫表。

Turning to slide 23. In closing, our focus remains on driving long-term shareholder value. Our performance reflects disciplined execution, a powerful and scalable franchise, and a durable business model. Risk management is deeply embedded in our culture, and our capital and liquidity positions remain top tier. Organic growth continues to outpace peers, supporting attractive revenue and earnings growth, and driving value creation. The Veritex acquisition provides a springboard for future growth.

翻到第23張幻燈片。最後，我們始終專注於提升股東的長期價值。我們的業績體現了嚴謹的執行力、強大且可擴展的特許經營權以及可持續的商業模式。風險管理已深深融入我們的企業文化，我們的資本和流動性狀況仍然處於一流水平。有機成長持續超越同行，支撐了可觀的收入和獲利成長，並推動了價值創造。收購Veritex為未來的成長提供了跳板。

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

至此，我們的發言稿就結束了，接下來進入問答環節。

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

謝謝你，扎克。現在開始回答問題。為了尊重其他同學，我們要求每個人只提一個問題和一個相關的後續問題。如果您還有其他問題，請返回佇列。謝謝。

(Operator Instructions) Jon Arfstrom, RBC Capital Markets.

（操作說明）Jon Arfstrom，RBC Capital Markets。

Nice job. First question is on the loan growth outlook. Can you talk a little bit more about the pipeline? Zach, you mentioned you felt like growth is still accelerating and I guess not just curious about the expansion-driven markets, but more about the core trends, what you're seeing and you feel like that's still accelerating?.

幹得漂亮。第一個問題是關於貸款成長前景。能再詳細介紹一下這條管道嗎？Zach，你提到你感覺成長仍在加速，我想你不僅對擴張驅動的市場感興趣，更想了解核心趨勢，你看到了什麼，並且你覺得這些趨勢仍在加速？

Yeah. Jon, this is Zach. I'll take that. And the short answer is yes. We have a lot of momentum coming into the fourth quarter. The guidance we provided implies approximately 1.5% sequential growth. That's relative to the 2% sequential growth we just posted in the third quarter. So there's a lot of strength we see right now in the pipeline. It's just the momentum of the business generally.

是的。喬恩，這是札克。我接受。簡而言之，答案是肯定的。進入第四季度，我們勢頭強勁。我們給出的預期意味著大約1.5%的環比增長。這與我們剛剛公佈的第三季 2% 的環比成長率相比。所以，我們目前在產品線中看到了許多優勢。這只是整個產業發展動能的體現。

In the core business -- in the core of the business, we're seeing regional banking, for example, continues to power very strong growth. Our broad commercial specialty business performing very well. We would always expect the fourth quarter to be a quite good equipment and asset finance production quarter just given the seasonality of that and a number of other areas continue to perform well.

在核心業務方面－例如，我們看到區域銀行業務持續保持強勁成長勢頭。我們廣泛的商業特種業務表現非常出色。鑑於設備和資產融資的季節性特點，以及其他一些領域持續表現良好，我們始終預期第四季度會是相當不錯的設備和資產融資生產季度。

And then we also see continued strength in consumer. Auto is an area that has continued to grow sequentially throughout the year. And our broad other consumer lending activities continue pretty well also. So confidence is high for the fourth quarter. As I look out into next year in '26, we're clearly not giving formal guidance at this moment, but our working assumption is somewhere in the mid- to high-single digits for year over year loan growth in 2026 as well.

此外，我們也看到消費者需求持續強勁。汽車產業在過去一年中持續成長。我們其他廣泛的消費信貸業務也持續保持相當良好的發展動能。因此，人們對第四季充滿信心。展望 2026 年，我們目前顯然不會給出正式的指導意見，但我們的工作假設是，2026 年貸款同比增長率也將在個位數中高段位。

Okay. Perfect. I appreciate that. And then maybe Brendan or Steve, can you talk a little bit more about what you're seeing from a credit quality point of view. There's obviously a lot of fear and uncertainty out there. Your numbers look very clean, but anything you're watching more closely and curious how you feel about credit in general.

好的。完美的。我很感激。那麼，Brendan 或 Steve，你們能否再多談談你們從信用品質角度觀察到的情況？顯然，現在社會上充滿了恐懼和不確定性。你的財務數據看起來非常乾淨，但你更關注的是什麼？我很好奇你對信貸的整體看法。

Jon, we've had just -- this is Steve. We've had a really exceptional year in terms of credit performance and our outlook would suggest that's going to continue. Everything we see at this point would suggest that's the case. We -- there have been some issues with different companies and impacting different lenders. We've fortunately not had any issues. I traced that back, we put an aggregate moderate to over risk appetites in place 15 years ago. You've seen our reporting on the consumer side, how tight it is. We're essentially that tight on the commercial side as well.

喬恩，我們剛才──這位是史蒂夫。今年我們的信貸業績表現非常出色，而且我們的展望表明，這種情況將會持續下去。目前來看，所有跡像都表明情況確實如此。我們—有些公司出現了一些問題，影響了不同的貸款機構。幸運的是，我們沒有遇到任何問題。我追溯到15年前，我們制定了整體上適度至過高的風險偏好政策。您已經看到了我們關於消費者權益方面的報道，市場情況非常緊張。我們在商業方面也基本上是這麼嚴格。

The policies, the front-end guidance, the active portfolio management the other controls, the disciplines, the diversification all have -- will help us at some point will be downturn, but will help us significantly. And again, you've seen that in the stress tests that have been done over the years as well. So we're optimistic about loan growth going forward, as Zach said a minute ago, and we're confident in our ability to manage the risks. We're not seeing anything at this point that concerns us.

政策、前期指導、積極的投資組合管理、其他控制措施、紀律、多元化等等——所有這些都會在某個時候幫助我們度過經濟低迷期，但會對我們有很大的幫助。而且，多年來進行的壓力測試也證明了這一點。正如 Zach 剛才所說，我們對未來的貸款成長持樂觀態度，並且我們有信心管理風險。目前我們還沒有發現任何令人擔憂的事情。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Just as a follow-up to the last question. Just given the recent headlines around alleged fraud, double pledging of collateral, can you talk about the safeguards that you implemented got against that?

作為上一個問題的補充。鑑於最近有關涉嫌詐欺、雙重抵押等事件的新聞報道，您能否談談您為防範此類事件而實施的保障措施？

Sure, Manan. This is Brendan. I'll take that. As kind of tidying on to what Steve said, the aggregate moderate to low risk appetite that we've -- that's been sort of the foundational for us for the last 15 years, where it also begins.

當然可以，馬南。這是布倫丹。我接受。順著史蒂夫剛才說的，我們總體上保持著中低風險偏好——這在過去 15 年裡一直是我們的基礎，也是我們一切的起點。

The client selection -- the disciplined client selection on the front end active and rigorous portfolio management as we oversee these loans through their financial performance as well as collateral monitoring help us to pull out any soft spots that we might see. And because of that active major, we work with our clients well in advance of any things like the events that have happened over the last month. So I feel really confident in our ability to actively manage our book.

客戶選擇－前期嚴格的客戶選擇，以及積極嚴謹的投資組合管理，因為我們透過監督這些貸款的財務表現和抵押品監控，幫助我們發現並解決可能出現的任何弱點。正因為如此，我們才會積極與客戶合作，提前應對類似上個月發生的事件。所以我對我們積極管理帳簿的能力非常有信心。

Manan, we always had a relationship orientation. And so that, I think, helps us avoid situations like those that have recently been reported because we're not looking to just make a loan, we're looking for a relationship. And absent that, we tend to pass. In fact, of a couple of ones that have been -- that have occurred recently, we passed on those.

馬南，我們一直都很注重人際關係。因此，我認為這有助於我們避免最近報道的那些情況，因為我們不僅僅是想提供貸款，我們是在尋求建立關係。如果沒有這些因素，我們往往會選擇放棄。事實上，最近發生的幾起事件中，我們都選擇忽略了。

Great. And can you talk a little bit more about the NDFI book, what's in there and how we should think about the risk around that book?

偉大的。您能否再詳細談談 NDFI 債券，它包含哪些內容，以及我們應該如何看待該債券的風險？

Sure, Manan. I'll take a trail take a swing at that. If you exclude out things like loans to REITs and subscription lines into higher-rated insurance companies, our NDFI portfolio exposure is approximately -- it's right around 2% of total loans. So those as Steve was talking about, those loans are really characterized through a relationship approach with a lot of diversity baked in there, and then the active portfolio management that I talked about.

當然可以，馬南。我打算試試看。如果排除對 REIT 的貸款和對評級較高的保險公司的認購額度等項目，我們的 NDFI 投資組合曝險約為——大約佔總貸款的 2%。正如史蒂夫剛才提到的，這些貸款的特點是注重關係，並且包含許多多樣性，再加上我剛才提到的積極的投資組合管理。

So all in all, as we look at that, we feel very good about how we're positioned against the NDFI portfolio.

總而言之，從這個角度來看，我們對自己在非發展金融機構 (NDFI) 投資組合中的定位感到非常滿意。

(Operator Instructions) Chris McGratty, KBW.

（操作說明）克里斯·麥格拉蒂，KBW。

There we go. Sorry about that. Zach, when we think about operating leverage comments, the $250 million or so, I guess, medium term, how do you see this trending given the balance of synergies and investments to become larger?

好了。抱歉。Zach，當我們談到經營槓桿時，大約 2.5 億美元，我猜，中期內，考慮到協同效應和投資規模擴大的平衡，你認為這個數字會如何變化？

It's a great question, Chris. Let me unpack that for you. So really, really pleased with how we managed operating leverage this year, rising from less than 1% in our budget to over 2.5% now as we continue to drive very significant investments into the business, investments growing almost 20% year on year in the business. So just powerful testament to the way we're managing expenses.

克里斯，你問得好。讓我來為你解釋一下。今年我們對經營槓桿的管理非常滿意，從預算中的不到 1% 上升到現在的超過 2.5%，因為我們繼續對業務進行非常重大的投資，業務投資每年增長近 20%。這充分證明了我們在費用管理方面的有效性。

As we think about the expense model going forward, the approach we're taking is very sustainable. We're continuing to drive fundamental reengineering into the cost base, taking out about 1% of baseline operating expenses every year. And then funneling that into offensive investment-related expense categories like technology development, marketing, the addition of new people to build up these businesses.

在考慮未來的支出模式時，我們採取的方法非常永續。我們正在持續推進成本基礎的根本重組，每年削減約 1% 的基本營運費用。然後將這些資金投入與進攻性投資相關的支出類別中，例如技術開發、行銷、增加新員工以發展這些業務。

And so that baseline model continues to be really strong and and it's our approach for the next several years. All things equal, when we do budgeting, we start with an assumption of at least 1% operating leverage in any given year and potentially up to 2%. As I'm thinking about next year, we're still finalizing that budget, but that's a pretty reasonable range for you to expect for '26.

因此，該基準模型依然非常強大，並且將是我們未來幾年的方法。在其他條件相同的情況下，我們在做預算時，會假設任何一年的經營槓桿率至少為 1%，最高可達 2%。說到明年，我們還在敲定預算，但對 2026 年來說，這是一個相當合理的範圍。

All right. Very helpful. And then maybe, Steve, on the strategic question, right? You've got a lot of momentum in your business. I think you've got a stock that people want to own. Can you just speak to the M&A conversations that might be happening as you kind of close the Veritex deal?

好的。很有幫助。然後，史蒂夫，或許可以談談策略問題，對吧？你的事業發展勢頭強勁。我認為你們的股票很有市場，大家都想買。您能否談談在完成 Veritex 交易的過程中可能正在進行的併購談判？

Chris, I was waiting for that one. Thank you for the question. We've done 3 combinations in 15 years. We've invested a lot in the last three years in the organic growth of the businesses, the Carolinas, the specialty businesses, Texas expansion, including the combination with Veritex. And we have a lot on our plate that will drive organic growth.

克里斯，我一直在等你這麼說。謝謝你的提問。15年來，我們總共進行了3次組合。過去三年，我們對業務的有機成長、卡羅萊納州的業務、專業業務、德克薩斯州的擴張（包括與 Veritex 的合併）進行了大量投資。我們有很多工作要做，這些工作將推動有機成長。

That is -- that has been and continues to be our primary focus. We're extraordinarily pleased and confident of what we have before us and Veritex excited to be closing Monday. This past Monday through Wednesday, our Board was in Texas meeting with our new colleagues. Brant Standridge has gotten us into a great position for an accelerated start with Malcolm Holland and team and I think we've got a lot to go after. So those are the priorities.

也就是說，這一直是並將繼續是我們的主要關注點。我們非常高興，也對眼前的一切充滿信心，Veritex 也對週一即將完成的交易感到興奮不已。上週一至週三，我們的董事會成員在德州與新同事會面。布蘭特·斯坦德里奇帶領馬爾科姆·霍蘭德和他的團隊為我們創造了一個良好的開局，我認為我們還有很多目標可以追求。這些就是優先事項。

We -- again, we've had 3 combinations in 15 years. At some point, there'll be something else. But our focus is driving the organic growth of the company. And we -- I'm going to preempt the potential another question. We were not involved in Comerica. We are focused on driving organic growth for the company.

我們——再說一遍，15年來我們經歷了3次組合。總有一天，還會出現其他事情。但我們的重點是推動公司的內生成長。而且──我先預先回答可能還會有人問的問題。我們沒有參與 Comerica 的營運。我們專注於推動公司的內生式成長。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

This is Nate Stein on behalf of Matt O'Connor. You talked about NII increasing again next year, and you gave some specific commentary on the NIM and loan growth operating assumptions. But can we think about your operating assumptions for NII on a stand-alone basis relative to up 10% to 11% this year.

我是內特·斯坦，代表馬特·奧康納。您提到明年淨利息收入將再次成長，並且您對淨利差和貸款成長的營運假設做出了一些具體評論。但是，我們能否考慮一下您今年對淨利息收入 (NII) 的獨立營運假設，即成長 10% 至 11%？

Yeah. Great question, Nate. Thank you. This is Zach. I'll take that. As I think about the spread revenue model, 2025 is a great example of how we're driving it. Strong loan growth, 8% loan growth this year and 10 basis points of NIM expansion is driving that, what we just posted 12% year-on-year growth in spread in the third quarter.

是的。問得好，內特。謝謝。這是札克。我接受。當我思考價差收入模式時，2025 年就是一個很好的例子，說明了我們如何推動這個模式的發展。強勁的貸款成長（今年貸款成長 8%）和淨利差擴大 10 個基點是推動這一成長的主要因素，我們剛剛公佈的第三季利差年增率為 12%。

As I think about '26, I think the model is going to look similar. You just heard me say earlier to Jon Arfstrom's question that I'd expect mid- to high-single digits in loan growth. And from my prepared remarks earlier, I noted my expectation of at least 10 basis points of spread revenue expansion. And so that should drive a pretty strong outcome or of NIM expansion. And so that would drive a pretty strong overall spread revenue outcome for 2026 as well.

展望2026年，我認為車型會和現在類似。你剛才也聽到我回答 Jon Arfstrom 的問題時說，我預期貸款成長率將達到個位數中高段。根據我之前準備好的發言稿，我預計利差收入至少會擴大 10 個基點。因此，這應該會推動NIM的強勁擴張。因此，這將推動 2026 年整體利差營收取得相當強勁的成果。

Okay. Sounds good. And then I won't ask about M&A, but I guess just on the organic growth, and you guys have demonstrated a lot of really good growth the past few years and then in 3Q as well. But the expansion markets are really ultra competitive. And can you just talk about how you're continuing to grow in those regions against both the national players and also the very long-standing local banks?

好的。聽起來不錯。那麼我就不問併購方面的問題了，我想問的是內生成長方面的問題，你們在過去幾年以及第三季都展現出了非常好的成長。但擴張市場的競爭真的非常激烈。您能否談談您是如何在這些地區與全國性企業以及歷史悠久的本地銀行競爭並持續發展的？

Sure, Nate. This is Steve. We compete against all these banks. All of our markets are competitive in the Carolinas and Texas, those are rapidly growing local economies. And Texas is the soon to be the seventh largest economy in the world. So you have a massive amount of economic activity there.

當然可以，內特。這是史蒂夫。我們與所有這些銀行競爭。我們在卡羅萊納州和德克薩斯州的所有市場都充滿競爭，這些地區的當地經濟都在快速成長。而德州即將成為世界第七大經濟體。所以那裡的經濟活動非常活躍。

In the Carolinas, we made that move a couple of years ago. We were in early. We have great colleagues who we've attracted to the company, and they've done a phenomenal job. We're very, very pleased with the progress we've made in North of South Carolina and the build-out that's occurring. We opened a handful of branches this year. There'll be a couple of dozen next year. And the same the following year, that will allow us to bring the full franchise, all the businesses that we operate today into the Carolinas.

在卡羅萊納州，我們幾年前就做了這個決定。我們到得很早。我們公司吸引了很多優秀的同事，他們工作非常出色。我們對在南卡羅來納州北部取得的進展以及正在進行的建設感到非常非常滿意。我們今年開設了幾家分店。明年應該會有幾十個。第二年也將如此，這將使我們能夠將整個特許經營權，也就是我們今天經營的所有業務，帶到卡羅萊納州。

We've also brought some teams on a couple of adjacent states in Atlanta and a couple of parts of Florida that are off to a fabulous start as well. So the average tenure of our colleagues in terms of experience in the Carolinas is a couple of decades. So we -- these are seasoned colleagues, they've got great relationships. They're well established. They're doing an excellent job carrying our brands forward, and they've accelerated our profitability well beyond what we thought was possible.

我們也從亞特蘭大附近的幾個州以及佛羅裡達州的幾個地區引進了一些團隊，這些團隊的開局也非常出色。因此，我們同事在卡羅萊納州的平均工作年資為二十年。所以我們——這些都是經驗豐富的同事，他們關係很好。它們已經發展成熟。他們出色地推動了我們品牌的發展，並將我們的盈利能力提升到了我們意想不到的高度。

And then in the case of Texas, essentially the same thing. Our Texas teams and middle market teams we put in place in Dallas and Houston 1.5 years or so ago. turned profitable very, very quickly. They're growing nicely. We're number one SBA lender in Texas. We've got some specialty in corporate businesses in Texas. And now we have Veritex, and that will allow us to bring the full franchise into Texas. So these markets are competitive to be sure.

而德州的情況也基本相同。我們在德克薩斯州的團隊以及大約一年半前在達拉斯和休斯頓設立的中端市場團隊，很快就實現了盈利。它們長得很好。我們是德州排名第一的小型企業管理局（SBA）貸款機構。我們在德克薩斯州的企業業務方面擁有一些專長。現在我們有了 Veritex，這將使我們能夠將整個特許經營權引入德克薩斯州。所以這些市場競爭確實很激烈。

And the Carolinas, we're off to a great start, and that started several years ago. So we're established. And in Texas, we expect to rapidly establish ourselves because we've got great new colleagues joining us from Veritex. We're not doing a de novo build. We're already there at scale, as I mentioned, number five share in Dallas. It's a great position of [players] So we're very excited, as you can tell, about the opportunities before us. But I'll also come back, the core franchise is performing very well. We expect to grow in the core on a continuing basis.

卡羅萊納州的情況也很好，我們開局不錯，而這一切始於幾年前。我們已經站穩了。在德克薩斯州，我們預計會迅速站穩腳跟，因為我們有來自 Veritex 的優秀新同事加入我們。我們不是要從頭開始建造。正如我之前提到的，我們已經實現了規模化，在達拉斯的市佔率排名第五。球員們處於非常有利的位置，所以正如你所看到的，我們對擺在我們面前的機會感到非常興奮。但我還會回來的，核心系列表現非常出色。我們預計核心業務將持續成長。

And I'm optimistic based on the great colleagues we have here and the overall strategies of diversification and bringing our national capabilities through at a local level that we've had a winning set of strategies. So combined, very optimistic about organic growth well into '26, and potentially beyond assuming the economy holds up.

鑑於我們這裡優秀的同事，以及多元化發展和將國家能力帶到地方層級的整體策略，我對我們抱持樂觀態度，認為我們已經制定了一套成功的策略。綜上所述，我對 2026 年及以後的有機成長前景非常樂觀，前提是經濟保持穩定。

Stephen Alexopoulos, TD Cowen.

Stephen Alexopoulos，TD Cowen。

Wanted to start -- so Steve, you're one of the very few regional bank CEOs, which have been in the seat since GFC. And even though you feel good about your credit book, you know as well as anybody, this is an industry where a few banks can take down the rest. I mean your stock is now down double digit over the past month. Steve, are you concerned that there are more credit quality issues out there lingering in the industry?

想先說點什麼——史蒂夫，你是極少數自全球金融危機以來就一直擔任區域銀行執行長的人之一。即使你對自己的信用記錄感到滿意，你也比任何人都清楚，在這個行業裡，少數幾家銀行就能打垮其他所有銀行。我的意思是，在過去一個月裡，你的股票已經下跌了兩位數。史蒂夫，你是否擔心業界還有更多長期存在的信貸品質問題？

Steven, I suspect there are isolated issues that are in the industry. But I think on the whole, the industry has derisked since the GFC. And that's part of what you're seeing with the rapid rise in shadow banking system or NDFI, whatever you would call it. I think the banks are in a much better position today, particularly those that are broadly diversified and most of us are. Certainly, we are. And again, we've managed with this aggregate moderate to low-risk appetite in place.

史蒂文，我懷疑業界存在一些零星問題。但我認為，總體而言，自全球金融危機以來，該行業的風險已經降低。這就是為什麼影子銀行體系或非銀行金融機構（無論你怎麼稱呼它）迅速崛起的部分原因。我認為如今銀行的處境要好得多，尤其是那些業務廣泛多元化的銀行，而我們大多數銀行都是如此。當然，我們是。再次強調，我們一直保持著這種整體中低風險偏好。

You've seen 15 years of consumer quarterly reporting, it's incredibly tight. And I think the industry is -- there'll be some episodic moments and some one-offs, but I think the industry is in very good shape. And I'm obviously aware of Jamie's position comments this week, but I don't see it broadly affecting the industry. And many of those who reported are suggesting the consumer is in relatively good shape. We certainly are not seeing forward indicators in terms of delinquency or other measures. Sorry for the long-winded answer. Go ahead, Steven.

你已經看過過去 15 年的消費者季報，競爭非常激烈。我認為整個行業——雖然會有一些零星的插曲和一次性的事件，但我認為整個行業目前狀況良好。我當然知道傑米本週的立場言論，但我認為這不會對整個行業產生廣泛影響。許多受訪者表示，消費者的狀況相對良好。我們目前確實沒有看到任何關於犯罪率或其他指標的正面訊號。抱歉回答得這麼囉嗦。請繼續，史蒂文。

I appreciate that answer. If I could pivot just for a follow-up, maybe for Zach. So the return on tangible equity is very impressive here, and I'm looking at the 16% to 17% medium-term goal you're calling out for 2027. Are you signaling that the return is going to decline in that range? I don't know if it's the Veritex deal. Can you just walk us through how you get from the current returns to that target?

感謝您的解答。如果我能稍微調整一下話題，也許是為了札克。因此，這裡的有形權益回報率非常令人印象深刻，我正在關注您提出的 2027 年 16% 至 17% 的中期目標。你是說在這個區間內收益率會下降嗎？我不知道是不是Veritex的交易。能詳細解釋如何從目前的收益達到目標嗎？

Yeah. Thanks for the question, Steven. I appreciate you calling that out. When we set those medium-term targets, we obviously wanted to signal what we thought was the most likely case, but also to be somewhat conservative and give ourselves a chance to beat it. And so really pleased that we were able to drive ROTCE up over 1 percentage point this year and already get above the high end of that medium term range, which, clearly, you can imagine would help us take a step back and see whether we would want to adjust that range going forward, and we could potentially do that.

是的。謝謝你的提問，史蒂文。感謝你指出這一點。當我們設定這些中期目標時，我們顯然想表明我們認為最有可能的情況，但同時也想保持一定的保守，給自己一個超越目標的機會。因此，我們非常高興今年能夠將 ROTCE 提高 1 個百分點以上，並且已經超過了中期範圍的上限。顯然，你可以想像，這將有助於我們退後一步，看看我們是否想要在未來調整該範圍，而我們也有可能這樣做。

For us, the focus is really that kind of dual approach to drive value here for our shareholders, drive tangible book value per share higher in a very powerful way, 10% growth this quarter in our Investor Day, I signaled to high-single-digit to low-double-digit growth for the foreseeable future of that, but also couple it with a really strong return. And so we're certainly doing that now. And we'll give that targets and thoughts as we go into next year.

對我們來說，重點在於採取這種雙管齊下的方法來為股東創造價值，以非常強勁的方式提高每股有形帳面價值，本季實現 10% 的成長。在投資者日上，我暗示在可預見的未來，這一數字將保持高個位數到低兩位數的成長，同時還要實現非常強勁的回報。所以我們現在當然正在這樣做。我們將在明年提出這些目標和想法。

(Operator Instructions) Ken Usdin, Autonomous Research.

（操作說明）Ken Usdin，自主研究。

This is Ben on from Ken's team. You guys talked about the deposit pricing outperformance. I guess, what's kind of driving that? And then how do you expect betas to look over the next 100 basis points or so of cuts?

這是來自肯的團隊的本。你們之前討論過存款定價方面的優異表現。我想，這背後的驅動力是什麼？那麼，您預期在接下來的100個基點左右的降息幅度下，β值會如何改變？

Yes. Great question, Ben. I'll take that. This is Zach. So we feel just incredibly pleased with how our deposit teams are executing on both rate and volume. Frankly, they handily exceeded our plans in the third quarter on both of those fronts. And just the execution is extraordinarily good.

是的。問得好，本。我接受。這是札克。因此，我們對存款團隊在利率和數量方面的表現感到非常滿意。坦白說，他們在第三季在這兩方面都輕鬆超出了我們的計劃。而且執行得非常出色。

And if I was to show you and zoom into the last two weeks of the quarter when the rate cut really occurred, we had a 40% beta in the last two weeks of the quarter. So that 40% is what we've guided before over the long term. It continues to be our expectation for what we'll see over the course of this overall down rate cycle, however, it ultimately manifests itself.

如果我向你展示並放大到本季最後兩週（也就是真正降息發生的時候），我們會發現，本季最後兩週的貝塔係數為 40%。所以，40%是我們之前長期指導的目標。無論最終結果如何，我們仍然預期在整體利率下降週期中將會看到這樣的結果。

I think your question was sort of how are we doing it? And what I would tell you is it's an incredibly sophisticated approach that our teams have of managing deposit activities. And it's all underpinned by the fact that we have primary bank relationships. And we say that a lot, but it really is foundational strategy.

我認為你的問題有點像是“我們該如何做？”我想告訴大家的是，我們的團隊在管理存款活動方面採用了極其複雜的方法。這一切都建立在我們與主要銀行建立良好關係的基礎上。我們常這麼說，但這確實是基礎性策略。

We're winning the checking and operating accounts of our consumer and commercial customers. We're gathering other pools of liquidity, and we're managing the overall rate to be very efficient for us to gather marginal funding and it's all supported by extraordinarily sophisticated analytical and operational approaches that allow us to do that at a pretty granular level. So that's the playbook.

我們正在贏得消費者和商業客戶的支票帳戶和營運帳戶。我們正在籌集其他流動性資金，並控制整體利率，以非常有效率地籌集邊際資金。這一切都歸功於極其複雜的分析和營運方法，使我們能夠在非常精細的層面上做到這一點。這就是行動方案。

It's working very, very well and underlies our expectation of continue to drive solid volume into next year. We talked a little bit about our loan growth outlook for next year, but I didn't comment on our deposit growth outlook. But that likewise is in a pretty solid position as well. We expect to match fund loan growth as we go into next year with core deposits.

目前來看，效果非常好，也印證了我們明年將繼續保持穩健銷售的預期。我們簡單談了一下明年的貸款成長前景，但我沒有對存款成長前景發表評論。但同樣，它的地位也相當穩固。我們預計明年基金貸款成長將與核心存款成長相符。

Great. And just a clarification for next year. The 10 basis points of NIM expansion, is that on a full year basis, '26 over '25? And then, I guess, is fixed rate repricing going to be the biggest driver there? Just any color on that.

偉大的。還有一點要澄清一下明年的情況。淨利差擴張10個基點，是指2026年全年相對於2025年的成長嗎？那麼，我想，固定利率重新定價會是最大的驅動因素嗎？隨便什麼顏色都行。

Yeah, that's the short answer to your first question. And if you unpack the drivers of NIM expansion here, the biggest and most significant type of net driver is that fixed asset repricing. We've talked about this for a while. We've got 12 basis points of year-over-year benefit in repricing of 2024. We estimate this year 2025 to be around 10 basis points. Next year, we're estimating this 0.7 basis points of additional fixed asset repricing and even, frankly, further into 2027 benefits.

是的，這就是你第一個問題的簡短答案。如果仔細分析淨利差擴張的驅動因素，就會發現最大、最重要的淨驅動因素是固定資產重新定價。我們已經討論這個問題一段時間了。2024 年重新定價後，我們獲得了 12 個基點的年比收益。我們預計到 2025 年將達到 10 個基點左右。我們預計明年固定資產重新定價將帶來 0.7 個基點的額外收益，坦白說，收益甚至會持續到 2027 年。

And it's really driven foundationally by the roll-off yields we're seeing in categories like auto and equipment leases is a lot lower than our new production yield, something like 70 to 75 basis points today in terms of that difference. And so that's really what drives that, and it's quite sustainable.

從根本上來說，這是因為我們看到的汽車和設備租賃等類別的到期收益率遠低於我們的新生產收益率，目前兩者之間的差距約為 70 到 75 個基點。這就是推動這一趨勢的真正原因，而且這種趨勢是相當可持續的。

We're also generally pretty asset neutral here in terms of our asset sensitivity position as we indicated in the prepared materials. And so that really helps us to buffer the various scenarios in rate. And so we think that, that roughly 10 basis points or even more in most likely scenarios is durable under a very wide range of ultimate interest rate and outcomes here.

正如我們在準備的材料中指出的那樣，就資產敏感性而言，我們總體上也保持著相當中性的資產配置策略。因此，這確實有助於我們緩衝各種利率變化的情況。因此我們認為，在大多數可能的情況下，大約 10 個基點甚至更多，在非常廣泛的最終利率和結果範圍內都是可持續的。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Zach, just following up on the deposit growth. I think the question I had was as we think about this deposit pricing competition and where you're able to grow these deposits both from a market standpoint and price standpoint, just speak to the competitive landscape.

Zach，我只是想跟進一下存款成長情況。我想問的問題是，當我們思考存款定價競爭以及如何從市場和價格角度增加存款時，請談談競爭格局。

And I think where I'm going with this is as we think about the balance sheet growth outlook from here incrementally, is that accretive to where the net interest margin is today or dilutive?

我認為我想表達的是，當我們從現在開始逐步考慮資產負債表的成長前景時，這會提高目前的淨息差，還是會稀釋淨利差？

Yeah. Terrific question. And I think the short answer is accretive. We're seeing very strong marginal returns. And I think the combination of what we're doing with asset yields both benefiting from fixed asset repricing was a little mechanical, but also actively modulating where we're producing to really optimize rate on the yield side and then couple that with driving down deposit costs is a very intentional strategy to drive marginal returns higher. And so we're seeing that.

是的。非常好的問題。我認為簡而言之，答案是累積性的。我們看到了非常強勁的邊際收益。我認為，我們目前採取的措施，一方面受益於固定資產重新定價，另一方面積極調整生產地點，以真正優化收益率，再加上降低存款成本，這是一種旨在提高邊際收益的有意策略。所以我們看到了這一點。

We get a lot of questions, but certainly a lot of interest on what's the vector right now in the competitive environment? And what I would tell you is we're not seeing anything very significant on the whole in terms of the change. It has been competitive, it remains competitive, and we have to be very, very smart in terms of how we operate.

我們收到了很多問題，但大家對當前競爭環境下的發展方向非常感興趣。我想告訴大家的是，就整體變化而言，我們並沒有看到任何非常顯著的變化。競爭一直很激烈，現在依然如此，我們在經營方式上必須非常非常聰明。

And to be honest, it's a battle of sort of 100 different levers all at the same time. It's incredibly sophisticated and granular. And -- but the team is just executing exceptionally well to drive both lower volume and yield, but also drive down deposit costs and really make marginal funding as efficient as possible. So high confidence we're going to keep that off.

說實話，這就像是同時操控 100 個不同槓桿的戰鬥。它極其複雜精細。而且——但團隊的執行力非常出色，既降低了交易量和收益率，又降低了存款成本，並真正使邊際融資盡可能高效。所以我們非常有信心能夠阻止這種情況發生。

Understood. And one, just on loan growth. Sorry if you addressed this. Steve, you talked about the bonus depreciation seasonally, equipment finance lending, it's a strong quarter for Huntington. I'm just wondering, has the tax bill related sort of stimulus flowing through where clients are now beginning to make those investments? And is that driving increased lending demand as we go into 2026?

明白了。其中一項是關於貸款成長的。如果您已經回覆過這個問題，我深表歉意。史蒂夫，你談到了季節性的額外折舊、設備融資貸款，這對亨廷頓銀行來說是一個強勁的季度。我只是想知道，與稅收法案相關的刺激措施是否已經顯現，以至於客戶現在開始進行相關投資？到 2026 年，這是否會推動貸款需求的成長？

Ebrahim, we are -- we typically have a very good fourth quarter for asset finance. The activity is firming up now and will be in line with our expectations. I don't think this will be a record year. Part of that is because of tariffs having some impact on the imported components and then some delays that occurred earlier in the year and just ordering that they can't get physical delivery now in the fourth quarter, but this is a good quarter, and I think it sets up next year to be a very good year.

易卜拉欣，我們－我們通常第四季的資產融資表現會非常好。目前活動正在逐步穩定，將符合我們的預期。我不認為今年會創下紀錄。部分原因是關稅對進口零件產生了一定影響，再加上年初的一些延誤，導致他們現在在第四季度無法收到實物交付，但這是一個不錯的季度，我認為這為明年成為一個非常好的年份奠定了基礎。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

我們的問答環節結束了。我想把發言權交還給管理階層，讓他們再補充或作總結發言。

Thank you for joining us today. In closing, our teams continue to deliver just exceptional results highlighted by our peer-leading growth, our robust profit growth, and strong return on capital. And we've never been better positioned, and we're very confident in our ability to drive continued strong performance.

感謝您今天蒞臨。總而言之，我們的團隊繼續取得卓越的成績，表現突出，包括業界領先的成長、強勁的利潤成長和強勁的資本回報率。我們從未像現在這樣處於如此有利的地位，我們對繼續保持強勁的業績表現非常有信心。

And finally, as usual, I'd like to thank our nearly 20,000 Huntington colleagues who every day look out for each other, for our customers and have driven this performance. But as you heard throughout the call today, we're really excited for our partnership with Veritex and to welcome Malcolm and our new Veritex colleagues this coming Monday. So thank you all for your interest in Huntington. Have a great day.

最後，像往常一樣，我要感謝我們近 20,000 名亨廷頓同事，他們每天都互相照顧，照顧我們的客戶，正是他們推動了這一業績。但正如您今天在電話會議中聽到的那樣，我們非常高興能與 Veritex 建立合作關係，並歡迎 Malcolm 和我們新的 Veritex 同事們在下週一加入我們。感謝大家對亨廷頓的關注。祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。