Huntington Bancshares Inc (HBANM) 2025 Q4 法說會逐字稿

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

您好，歡迎參加亨廷頓銀行2025年第四季財報電話會議及網路直播。 （操作說明）提醒您，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轉交給投資者關係總監埃里克·瓦瑟斯特羅姆。埃里克，請開始。

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

謝謝大家。早安，歡迎各位參加我們第四季電話會議。今天發言的有：董事長、總裁兼執行長史蒂夫‧史坦諾爾 (Steve Steinour)；消費者及區域銀行業務總裁布蘭特‧史丹德里奇 (Brant Standridge)；以及財務長 Zach Wasserman。首席信貸官布倫丹·勞勒 (Brendan Lawlor) 將參與問答環節。

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

收益文件（包括我們的前瞻性聲明免責聲明和非GAAP資訊）以及我們今天將要審查的幻燈片副本可在我們網站的投資者關係部分獲取，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.

提醒各位，本次通話正在錄音，通話結束後約一小時後即可收聽錄音回放。

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, and thank you for joining us. Beginning on slide 3, as we enter 2026 the year of Huntington's 160th anniversary, it's a moment of pride but even more a moment of anticipation. Our heritage and deeply rooted values continue to guide us yet it's the opportunity ahead that energizes us.

謝謝，埃里克。早上好，感謝您的參與。從第三張投影片開始，我們即將迎來2026年，也就是亨廷頓成立160週年，這既是值得驕傲的時刻，也是充滿期待的時刻。我們的傳統和根深蒂固的價值觀將繼續指引我們，而未來的機會激勵我們繼續前進。

We're focused on becoming the country's leading people-first, customer-centered bank, and that ambition is taking shape across the franchise. Nearly every part of Huntington is performing at a high level, creating powerful momentum as we look to the future.

我們致力於成為全國領先的以人為本、以客戶為中心的銀行，這一願景正在整個集團內部逐步實現。亨廷頓銀行的幾乎每個部門都表現出色，為我們展望未來奠定了堅實的基礎。

We've developed a differentiated operating model. Beginning next month, our Consumer & Regional Banking franchise will have a presence in 21 states, many of the fastest growing in the country. Our local delivery of national capabilities is a franchise defining competitive advantage.

我們開發了一種差異化的營運模式。從下個月開始，我們的消費者及區域銀行業務將涵蓋21個州，其中包括許多全國成長最快的州。我們以在地化的方式提供全國性的服務，這是我們業務的核心競爭優勢。

We also have a leading national commercial bank, which includes the fifth largest equipment finance lender in the nation, 15 unique specialty finance verticals as well as an expanding set of capital markets capabilities. These functions make us a premier provider to companies ranging from small and middle-market businesses to large corporate entities.

我們還擁有一家領先的全國性商業銀行，其中包括全美第五大設備融資機構、15個獨特的專業金融業務板塊以及不斷擴展的資本市場服務能力。這些優勢使我們成為眾多企業的首選服務供應商，服務對象涵蓋中小企業到大型企業集團。

Our approach is entirely customer-centric. Our business lines lead with advice and guidance, deliver award-winning customer service, and are supported by top-tier digital capabilities. And we adhere to our aggregate moderate to low-risk profile.

我們始終堅持以客戶為中心。我們的業務線以提供建議和指導為先導，打造屢獲殊榮的客戶服務，並依托頂尖的數位化能力。同時，我們也恪守中低風險的投資策略。

In summary, our vision and values guide how our colleagues support our customers. These attributes, combined with our scalable business model and recent positioning in the most attractive states will enable growth far into the future.

總而言之，我們的願景和價值觀指導著我們的同事如何為客戶提供支援。這些特質，加上我們可擴展的商業模式以及近期在最具吸引力的州的市場佈局，將使我們在未來持續成長。

Slide 4 illustrates the core components of our model and how they drove excellent full year results for 2025. We have activated a flywheel of value creation in which our operating model drives sustainable high growth, enabling us to accelerate reinvestment and strengthening our competitive advantage. In '25 this model delivered truly outstanding results, 11% revenue growth, 16% adjusted EPS growth, 290 basis points of positive operating leverage, and strong credit performance. All of this drove powerful capital generation.

幻燈片 4 展示了我們模式的核心組成部分，以及它們如何推動 2025 年全年業績取得優異表現。我們已啟動價值創造的飛輪機制，我們的營運模式驅動可持續的高成長，使我們能夠加速再投資並增強競爭優勢。 2025 年，此模式取得了卓越的成果：營收成長 11%，調整後每股盈餘成長 16%，經營槓桿率提升 290 個基點，信貸表現強勁。所有這些都推動了強大的資本累積。

Slide 5 summarizes our key messages. First, our focused execution is generating significant organic growth. Second, we have proven expertise in integrating new partner banks. And third, we're delivering exceptional profitability and value creation to our shareholders. We are driving outstanding revenue, earnings, tangible book value growth, and returns while investing for growth in the years ahead.

第五張投影片總結了我們的關鍵訊息。首先，我們專注的執行力正在帶來顯著的內生成長。其次，我們在整合新的合作銀行方面擁有豐富的經驗。第三，我們正在為股東創造卓越的獲利能力和價值。我們正在推動收入、利潤、有形帳面價值和回報率的顯著成長，同時也為未來的成長進行投資。

As shown on slide 6, our organic growth engine remains exceptionally strong. We delivered another year of significant above peer cumulative organic loan and deposit growth. And as Zach will talk to in a moment, our value-added fee services are showing a similar trend. These outcomes reflect how our teams are executing with discipline across all of our customer segments.

如投影片6所示，我們的內生成長引擎依然強勁。我們連續第二年實現了顯著高於同業的累積內生貸款和存款成長。正如Zach稍後將要提到的，我們的加值服務也呈現類似的成長趨勢。這些成果體現了我們團隊在所有客戶群中嚴謹且有效率的執行力。

This quarter, we delivered strong growth in primary bank relationships, up 4% year-over-year in Consumer Banking and 7% in Business Banking. We are focused on deepening customer relationships and expanding wallet share while maintaining diversified portfolios.

本季度，我們在主要銀行客戶關係方面實現了強勁成長，其中零售銀行業務年增4%，企業銀行業務較去年同期成長7%。我們致力於深化客戶關係，擴大客戶錢包份額，同時保持投資組合的多元化。

Slide 7 highlights some of the strategic investments we made in 2025 that accelerate our flywheel and enhance our long-term growth trajectory. We continued our branch build-out in North and South Carolina and expanded our middle market banking in Texas. We added new commercial verticals, and the Veritex and Cadence partnerships augment our scale and density in states that are projected to grow roughly 30% faster than the national average.

第 7 張投影片重點介紹了我們在 2025 年進行的一些策略投資，這些投資將加速我們的成長引擎，並增強我們的長期成長勢頭。我們繼續在北卡羅來納州和南卡羅來納州擴大分支機構，並擴大了我們在德克薩斯州的中端市場銀行業務。我們新增了商業垂直領域，與 Veritex 和 Cadence 的合作將提升我們在預計成長速度比全國平均高出約 30% 的州的規模和密度。

We also added to our platform and capabilities. With the addition of TM Capital and Janney Capital Markets, we expanded the breadth of our financial advisory as well as increased our categories of fixed income trading.

我們還擴展了平台並增強了功能。透過收購TM Capital和Janney Capital Markets，我們拓寬了財務諮詢服務的範圍，並增加了固定收益交易的類別。

Additionally, we added functionalities and services within our Commercial Payments platform. We executed several integrated partnerships to deliver new fintech solutions for our consumer and small business customers, and we continued our investment in industry-leading digital capabilities. These initiatives expand the breadth of customers we serve, deepen our relationships, and help accelerate our fee revenue growth.

此外，我們還在商業支付平台中新增了多項功能和服務。我們達成了多項整合合作，旨在為消費者和小型企業客戶提供全新的金融科技解決方案，並持續投資於業界領先的數位化能力。這些舉措拓展了我們的客戶群，深化了客戶關係，並有助於加速手續費收入的成長。

In summary, 2025 was an extraordinary year for Huntington. Our outstanding financial results reflect the substantial investments we've made in our capabilities over the past several years and we intend to continue investing across all elements of our franchise going forward. These investments and our recent partnerships position us to sustain strong growth well into the future.

總而言之，2025年對亨廷頓來說是意義非凡的一年。我們卓越的財務表現反映了過去幾年我們在能力建設方面所做的巨額投資，我們計劃未來繼續在特許經營的各個方面進行投資。這些投資以及我們近期建立的合作夥伴關係，使我們能夠在未來保持強勁的成長勢頭。

With that, let me turn it over to Brant to share some updates on the partnership integrations.

接下來，我將把麥克風交給布蘭特，讓他來分享一些關於合作夥伴關係整合的最新進展。

All right. Thank you, Steve. Starting on slide 8. I want to share our differentiated and proven approach to partnerships. Our approach is collaborative and transparent, designed to align around our common objectives, creating a strong foundation for long-term value creation. We're able to quickly identify and engage the leaders and make thoughtful decisions around the talent of the combined organization.

好的。謝謝你，史蒂夫。從第8張投影片開始。我想分享我們獨樹一格且行之有效的合作模式。我們的模式是協作透明的，旨在圍繞共同目標達成一致，為長期價值創造奠定堅實的基礎。我們能夠迅速識別並吸引領導者，並圍繞合併後組織的人才做出深思熟慮的決策。

Our objective is to create a welcoming environment for our new colleagues. We work with rigor and speed, mobilizing dedicated teams to migrate our partners' entire organization to Huntington platforms. We thoughtfully sequence the activities to minimize customer disruption and operational risk. We found that this approach creates an experience that is as frictionless as possible for both colleagues and customers.

我們的目標是為新同事創造一個熱情友善的工作環境。我們以嚴謹且有效率的方式進行工作，組成專門團隊，將合作夥伴的整個組織遷移到亨廷頓平台。我們精心安排各項活動的順序，以最大限度地減少對客戶的影響和營運風險。我們發現，這種方法能夠為同事和客戶帶來盡可能順暢的體驗。

We are also intentional about approaching key customer product migrations with a people-first, white-glove process. We actually like to call it the green-glove process. We will quickly deploy the full suite of Huntington capabilities including products, balance sheet capacity, value-added services, and digital capabilities. This approach for our new customer-facing colleagues enables them to stay engaged with their customers throughout the entire process expanding their existing relationships and growing new ones.

我們始終堅持以人為本、精益求精的服務理念，精心推廣關鍵客戶的產品遷移。我們更願意稱之為「綠色服務流程」。我們將迅速部署亨廷頓銀行的全部能力，包括產品、資產負債表容量、加值服務和數位化能力。這種方式能夠幫助我們新加入的客戶服務團隊在整個遷移過程中與客戶保持密切聯繫，從而鞏固現有客戶關係並拓展新客戶。

For their customers, it ensures continuity of service while gaining exposure to the expanded set of capabilities we can offer. This approach drives economic value by empowering and engaging our partners, being thoughtful and focused in our talent management and retention efforts, deploying the full breadth of our capabilities developing deeper lending relationships and value-added services and moving quickly to migrate systems, we're able to realize substantial cost and revenue synergies.

對客戶而言，這不僅能確保服務的連續性，也能讓他們體驗我們更廣泛的服務能力。這種方法透過賦能和激勵合作夥伴、在人才管理和保留方面深思熟慮且目標明確、充分發揮自身能力以建立更深入的貸款關係和增值服務，以及快速遷移系統，從而創造經濟價值，並實現顯著的成本和收入協同效應。

Turning to slide 9. Let me give you an update on how we've applied this approach to our partnerships with Veritex and Cadence. We've spent extensive time in the market with our new colleagues, aligning the local leadership structure and demonstrating our culture.

接下來請看第9張投影片。讓我向大家報告我們如何將這種方法應用於與Veritex和Cadence的合作。我們與新同事一起在當地市場投入了大量時間，調整了當地的領導架構，並展示了我們的企業文化。

For example, with Cadence, we undertook a 22-city tour right after the announcement to get to know our new colleagues and learn about their customers and the markets they serve. We undertook similar meetings with Veritex and have frequent senior leader connectivity and end market engagement. We could not be more excited to welcome these new colleagues to Huntington.

例如，在宣布加入Cadence後，我們立即安排了一次覆蓋22個城市的巡迴訪問，以便更好地了解我們的新同事，並深入了解他們的客戶和市場。我們也與Veritex進行了類似的會面，並保持與高層領導的頻繁溝通以及與終端市場的互動。我們非常高興地歡迎這些新同事加入亨廷頓。

Engagement with the leadership and colleagues of our partners is fundamental to our ability to execute integration activities quickly and effectively and get to the critical focus of value creation. We have undertaken a thoughtful approach to our combined organization's talent decisioning with a lot of input from the Cadence management team and completed this work well in advance of closing. This creates certainty for our new colleagues and provides immediate line of sight to a large percentage of our cost synergies.

與合作夥伴的領導階層和同事保持密切溝通，對於我們快速且有效率地執行整合活動並聚焦價值創造這一關鍵目標至關重要。我們認真考慮了合併後組織的人才決策，並廣泛聽取了Cadence管理團隊的意見，且在交易完成前就已提前完成了這項工作。這為我們的新同事帶來了確定性，並讓他們能夠立即看到大部分成本協同效應的實現。

We've made significant progress on systems integration. For Veritex, we substantially completed this process last weekend. This concludes what has been an extremely efficient and well executed conversion that's only taken 187 days since announcement. We can say with confidence that Veritex is now integrated into Huntington.

我們在系統整合方面取得了顯著進展。上週末，我們已基本完成了 Veritex 的整合工作。至此，整個轉換過程高效順利，自宣布以來僅花了 187 天。我們可以自信地宣布，Veritex 現已完全整合到 Huntington 系統中。

For Cadence, we're already advanced in our product and data mapping and expect systems migration to occur midyear. This would also represent a highly expedited time frame.

對 Cadence 而言，我們的產品和資料映射工作已經取得了一定進展，預計系統遷移將於年中完成。這將是一個非常快速的進度安排。

Because of these actions, we are already realizing our targeted cost synergies from Veritex, which we expect to be fully included in our run rate by the second quarter. For Cadence, we expect to begin realizing the identified cost benefits immediately upon closing and reach the full run rate in the fourth quarter of this year.

由於採取了這些措施，我們已開始從Veritex獲得預期的成本綜效，預計將在第二季完全計入我們的營運成本。對於Cadence，我們預計將在交易完成後立即開始實現已確定的成本效益，並在今年第四季達到完全計入營運成本。

As we deploy the full Huntington franchise in our new markets, we expect to begin benefiting from revenue synergies. This is already the case at Veritex, and we expect this to accelerate now that we are operating on the Huntington platform, and our new colleagues have access to the full array of our product platform and capabilities. We would expect a similar pattern at Cadence with some revenue synergies achieved early after close, and acceleration in the second half of the year and into 2027 following the systems migration.

隨著我們在新市場全面部署亨廷頓（Huntington）產品線，我們預計將開始受益於收入綜效。 Veritex 目前已呈現這種協同效應，隨著我們正式採用亨廷頓平台運營，新同事們也能使用我們全系列的產品平台和功能，我們預計協同效應將加速顯現。我們預期 Cadence 的情況也類似，在交易完成後不久即可達到部分收入綜效，並在下半年及系統遷移完成後，於 2027 年加速顯現。

We are excited about how these two partnerships will springboard our growth in Texas and across a number of new markets for us. We see extensive opportunities in these areas and across the totality of our expanded footprint, and we intend to invest to drive market growth, density, and share of customers' wallet.

我們對這兩項合作將如何推動我們在德州以及眾多新市場的成長感到興奮。我們看到了這些地區以及我們所有擴展業務區域的巨大機遇，我們將加強投資，以推動市場成長、提高市場密度並提升客戶消費份額。

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

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。

Thank you, Brant. And good morning, everyone. Beginning on slide 11, I'll cover our financial performance. We delivered exceptional profitability in the fourth quarter and for the full year of 2025, supported by strong organic loan and deposit growth, expanding fee revenues, improving margins, positive operating leverage, and excellent credit.

謝謝布蘭特。大家早安。從第11張投影片開始，我將介紹我們的財務表現。在強勁的貸款和存款內生成長、不斷擴大的手續費收入、利潤率的提高、積極的經營槓桿以及良好的信貸狀況的支撐下，我們在第四季度和2025年全年都實現了卓越的盈利能力。

For the quarter, earnings per common share was $0.30. On an adjusted basis, excluding acquisition-related expenses and other notable items, EPS was $0.37, up 9% year-over-year. I'll review the drivers of this performance in detail on the next several pages.

本季每股收益為0.30美元。經調整後（剔除收購相關費用及其他重要項目），每股盈餘為0.37美元，較去年同期成長9%。我將在接下來的幾頁中詳細分析推動這一業績成長的因素。

Turning to slide 11. Average loans grew 14.4% year-over-year. Excluding the addition of the Veritex portfolio, average loans grew $10.9 billion or 8.6% year-over-year. This growth was well balanced between core and new initiatives.

請看第11張投影片。平均貸款額較去年同期成長14.4%。若不計入Veritex投資組合，平均貸款額年增109億美元，增幅為8.6%。這一成長在核心業務和新業務之間實現了良好的平衡。

New initiatives accounted for $1.8 billion in the period and contributed nearly half of the total organic loan growth for the year. Key contributors included our organic expansion into Texas and North and South Carolina, as well as strong performance in our Funds Finance and Financial Institutions Group commercial verticals.

本期新業務新增資金達18億美元，貢獻了全年近一半的自然貸款成長。主要貢獻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自然擴張，以及基金融資和金融機構集團商業業務的強勁表現。

Of the remaining $1.4 billion in loan growth in the fourth quarter, from the core, we delivered $500 million from corporate and specialty banking, $400 million from regional banking, $400 million from auto, $400 million from floorplan businesses, and $200 million from commercial real estate. These gains were partially offset by a $200 million decline in equipment leasing, a $200 million decline in residential real estate balances, and a seasonal decline of $100 million in RV marine loans.

第四季剩餘的14億美元貸款成長中，核心業務部分包括：企業及專業銀行業務成長5億美元，區域銀行業務成長4億美元，汽車貸款成長4億美元，庫存融資業務成長4億美元，以及商業房地產貸款成長2億美元。這些成長部分被設備租賃業務下降2億美元、住宅地產貸款餘額下降2億美元以及房車船舶貸款季節性下降1億美元所抵銷。

All told, in 2025, we generated organic loan growth of $10.1 billion, which exceeded the $9.5 billion of loans added through our Veritex partnership. This performance underscores the exceptional execution by our colleagues across the company. The businesses are firing on all cylinders, and our teams continue to deliver outstanding organic growth.

整體而言，到2025年，我們實現了101億美元的內生性貸款成長，超過了透過與Veritex的合作新增的95億美元貸款。這項業績凸顯了公司全體員工的卓越執行力。各業務部門運作良好，我們的團隊持續創造令人矚目的內生性成長。

Turning to deposits on slide 12. Average deposits increased 5.1% quarter-over-quarter and 8.6% year-over-year. On an end-of-period basis, excluding Veritex, core deposits grew $5.5 billion year-over-year or 3.4%. We continue to drive strong volume growth while maintaining disciplined pricing throughout the rate cycle, resulting in a 35% cycle to date down beta.

請參閱第12頁投影片以了解存款狀況。平均存款較上季成長5.1%，較去年同期成長8.6%。期末數據（不計Veritex），核心存款年增55億美元，增幅3.4%。我們持續推動業務量強勁成長，同時在整個利率週期中維持穩健的定價策略，迄今為止，利率週期已累積下降35%。

This performance is enabled by our sustained focus on growing primary banking relationships across both the Consumer and Commercial segments. Veritex deposits contributed meaningfully to this quarter's growth, while we optimized select acquired funding categories as planned. Together, these dynamics underscore the depth and quality of our relationship-oriented deposit gathering capabilities and the effectiveness of our funding strategy.

這項業績得益於我們持續專注於拓展與消費者和商業客戶的主要銀行關係。 Veritex的存款對本季的成長做出了顯著貢獻，同時我們也按計畫優化了部分收購的融資類別。這些因素共同凸顯了我們以客戶關係為導向的存款吸收能力的深度和質量，以及我們融資策略的有效性。

We continue to execute well on our down beta plan. Similar to the third quarter, we quickly implemented actions after the Fed rate reduction in December to achieve a 40% down beta in the last two weeks of the fourth quarter. The deposit environment remains competitive. However, our approach to optimizing volume growth and pricing is working.

我們繼續有效執行下調β係數的計畫。與第三季類似，我們在聯準會12月降息後迅速採取行動，在第四季最後兩週實現了40%的下調β係數。存款市場競爭仍激烈。然而，我們優化交易量成長和定價的策略正在發揮作用。

Our goal remains to maximize revenue growth and ensure robust core funding for our continued strong organic loan growth. We will continue to manage our asset yields and funding costs to optimize this outcome.

我們的目標依然是最大限度地提高收入成長，並確保核心資金充足，以支持我們持續強勁的內生貸款成長。我們將繼續管理資產收益率和融資成本，以優化這一目標的實現。

On to slide 13. Our NII dollar growth and margin expansion continued to demonstrate powerful momentum. During the quarter, we drove $86 million or 5.6% sequential growth in net interest income. This represents over 14% growth on a year-over-year basis. Net interest margin was 3.15% for the fourth quarter, up 2 basis points from the prior quarter and aligned to our outlook. This is largely driven by contributions from Veritex's core NIM.

接下來是第13頁。我們的淨利息收入（NII）美元成長和利潤率擴張繼續保持強勁勢頭。本季度，我們的淨利息收入季增8,600萬美元，增幅達5.6%。這相當於年成長超過14%。第四季淨利差為3.15%，較上一季上升2個基點，與我們的預期一致。這主要得益於Veritex核心業務淨利差的貢獻。

Expanding on that for a moment, as we've noted, Veritex closed in October, and the final rate marks and detailed loan-level accretion schedule was updated at that time. This update resulted in a modest reduction in expected PAA and modest accretion to tangible book value, excluding onetime costs. The updated schedule is noted in the appendix of the presentation for your reference.

進一步說明，正如我們之前提到的，Veritex專案已於10月份完成交割，最終利率和詳細的貸款級增值計劃也於當時進行了更新。此次更新導致預期PAA略有下降，有形帳面價值略有增加（不包括一次性成本）。更新後的計劃已列於簡報的附錄中，供您參考。

Moving to fee income on slide 14. Our fee businesses were strong across virtually every area. Year-over-year, payments grew 5%. Commercial payment revenues continue to be the primary engine of this growth, up 8% year-over-year.

接下來是第14頁的手續費收入部分。我們的手續費業務在幾乎所有領域都表現強勁。與去年同期相比，支付額成長了5%。商業支付收入仍然是這一成長的主要動力，年增8%。

Wealth management grew 10%. Adjusted for the sale of a portion of our corporate institutional custody and trust business last quarter, it grew 16%. This was powered by continued household acquisition and assets under management net inflows. Capital markets performed well, delivering its second strongest revenue quarter of all time, trailing only the fourth quarter of 2024.

財富管理業務成長10%。若剔除上季出售部分企業機構託管及信託業務的影響，則成長16%。這主要得益於持續的家庭客戶成長和管理資產淨流入。資本市場業務表現良好，實現了有史以來第二高的季度營收，僅次於2024年第四季。

Some advisory deals did push from the fourth quarter to close early in 2026 and so our first quarter is off to a very good start. Loan and deposit fees are up over 20%, driven by strong loan commitment fees. Based on our solid commercial lending pipelines, we expect this trend to continue over the next several quarters.

部分諮詢交易從第四季度推遲到2026年初完成，因此我們第一季的開局非常良好。貸款和存款費用成長超過20%，主要得益於強勁的貸款承諾費。基於我們穩健的商業貸款業務，我們預計這一趨勢將在未來幾季持續。

Clearly, momentum in the fee businesses remain strong, and we anticipate broad-based growth going forward. On the next slide, I'll step back for just a moment to reflect on the multiyear trajectory of these businesses.

顯然，收費業務的成長動能依然強勁，我們預計未來將實現全面成長。在下一張投影片中，我將稍作回顧，總結這些業務多年來的發展軌跡。

Turning to slide 15. On a full year basis, our fee income businesses have been growing at a steady high single-digit CAGR since 2023, and we see this CAGR as sustainable over our long-term planning horizon. As we've highlighted many times, we view three businesses: payments, wealth management; and capital markets as having long-term strategic growth opportunities. The financial performance of these businesses validates our strategy, which is focused on expanding where we believe we can offer these value-added services to our customers in a manner that enhances our relationship and meets their needs.

請看第15頁投影片。自2023年以來，我們的手續費收入業務一直保持著穩定的高個位數複合年增長率，我們認為這種成長率在我們的長期規劃範圍內是可持續的。正如我們多次強調的，我們認為支付、財富管理和資本市場這三大業務具有長期的策略成長潛力。這些業務的財務表現驗證了我們的策略，即專注於在我們認為能夠為客戶提供增值服務、從而加強客戶關係並滿足其需求的領域進行擴張。

Moving to expenses on slide 16. On a core basis, excluding onetime costs and the impact of absorbing Veritex's expense base, Huntington's operating expenses were up just $7 million sequentially or just about one-half of 1%. This reflects our cost discipline and focus on continuous expense reengineering essential elements of our value creation flywheel. We set out in early 2025 to deliver positive operating leverage for the year, and we delivered results well above that budget.

接下來是第16頁的費用狀況。在不計一次性成本和吸收Veritex費用基礎的影響下，亨廷頓的核心營運費用較上季僅成長700萬美元，增幅約為0.5%。這反映了我們對成本的嚴格把控，以及對持續費用重組的重視，而這正是我們價值創造飛輪的關鍵要素。我們在2025年初設定了全年實現正營運槓桿的目標，而最終的業績遠超預期。

Coming into the year, our plan assumed approximately 100 basis points of positive operating leverage. This was a solid achievable planning target given our growth agenda and the level of strategic investment we intended to sustain as we drove significant outperformance on revenues over the course of the year, we delivered a much wider 290 basis points of adjusted operating leverage while accelerating investments across our enterprise. This outcome is an expression of the model we've been building toward and will drive substantial value creation.

年初，我們的計畫假設營運槓桿率為正約100個基點。鑑於我們的成長策略以及我們計劃在全年營收大幅成長的同時維持的策略投資水平，這是一個切實可行的計劃目標。然而，在加速推進全公司投資的同時，我們最終實現了高達290個基點的調整後營運槓桿率。這項成果體現了我們一直以來努力建構的商業模式，並將推動巨大的價值創造。

Slide 17 recaps our capital position. Over the last year, we drove adjusted CET1 higher. Our capital management strategy remains focused on our top priority of funding high-return loan growth, then supporting our strong dividend yield, and finally, capital return in all other uses.

第17張投影片概述了我們的資本狀況。過去一年，我們提高了調整後的CET1（一級普通股本）。我們的資本管理策略仍以優先滿足高回報貸款成長需求為核心，其次是維持強勁的股息殖利率，最後是實現所有其他用途的資本回報。

As we have noted, we intend to continue driving adjusted CET1 toward the midpoint of our 9% to 10% operating range. Given our projections for strong capital generation, we expect to have capacity to add approximately $50 million per quarter of repurchases to the mix of distribution in 2026 following the close of our partnership with Cadence.

正如我們之前所述，我們計劃繼續將調整後的CET1比率推向9%至10%營運區間的中點。鑑於我們對強勁資本產生的預期，我們預計在與Cadence完成合作後，到2026年，我們將有能力每季在分配組合中增加約5,000萬美元的股票回購。

Slide 18 gives an overview of how the flywheel of our operating and economic model is generating powerful returns and driving shareholder value. In 2025, we grew adjusted ROTCE by 40 basis points through robust PPNR expansion while simultaneously increasing our capital base. We have grown tangible book value 19% year-over-year, while returning 40% of earnings through dividends. And as noted, we intend to initiate programmatic share repurchases in the near term.

第 18 頁概述了我們營運和經濟模式的飛輪如何產生強勁回報並提升股東價值。 2025 年，我們透過強勁的淨利潤成長，在增加資本基礎的同時，使調整後的 ROTCE 成長了 40 個基點。我們的有形帳面價值年增 19%，並透過股息將 40% 的收益返還給股東。如前所述，我們計劃在近期啟動計劃性股票回購。

Turning to slide 19. Credit quality continues to perform very well. with net charge-offs of 24 basis points. Forward-looking, credit metrics remain stable. The criticized asset ratio rose to 4.2% primarily due to Veritex's commercial real estate loans that we identified during diligence and remains within our historical range. The nonperforming asset ratio was 63 basis points and has trended within our expected range for several quarters.

請參閱第19張投影片。信貸品質持續表現良好，淨核銷率為24個基點。展望未來，信貸指標維持穩定。不良資產率上升至4.2%，主要原因是我們在盡職調查中發現的Veritex商業房地產貸款問題，但仍在我們歷史預期範圍內。不良資產率為63個基點，並已連續幾季維持在我們預期的範圍內。

Let's turn to slide 20 for our outlook for 2026. We're providing guidance for Huntington on a stand-alone basis. But given that we're only a few days away from closing our partnership with Cadence we thought it would be helpful to give an initial view of how this might contribute to our 2026 results. Naturally, we will refine this outlook after the close.

讓我們翻到第20頁，看看我們對2026年的展望。我們目前提供的是亨廷頓銀行的獨立績效指引。但鑑於我們與Cadence的合作即將完成，我們認為有必要初步展望這項合作可能對我們2026年的業績產生的影響。當然，合作完成後，我們將對此展望進一步完善。

Starting with net interest income, we expect growth on a stand-alone basis between 10% and 13%, supported by 11% to 12% growth in loans and 8% to 9% growth in deposits. We anticipate further net interest margin expansion this year driven primarily by lower hedge drag and fixed asset repricing.

首先來看淨利息收入，我們預期其獨立成長幅度在10%至13%之間，這主要得益於貸款成長11%至12%以及存款成長8%至9%。我們預計今年淨利差將進一步擴大，主要驅動因素是避險風險降低和固定資產重新定價。

We expect the NII contribution from Cadence this year to be approximately between $1.85 billion to $1.9 billion, including PAA. We will update this outlook inclusive of PAA later in the first quarter after we've had the opportunity to do the analysis post-closing.

我們預計今年Cadence的淨利息收入貢獻約為18.5億美元至19億美元，其中包括PAA。我們將在第一季末完成交易後的分析後，更新包含PAA在內的預期收入。

In terms of earning assets, our cash plus securities portfolio is currently about 25% of total assets, and we expect to remain approximately at this level post-closing.

就生息資產而言，我們目前的現金加證券投資組合約佔總資產的 25%，我們預計交易完成後將保持在這一水平附近。

On the topic of quarterly expectations for deposit and loan growth, we're expecting to see loans grow faster than deposits in the first quarter as we continue to optimize the funding we have received from Veritex and begin the integration of Cadence.

關於季度存款和貸款成長預期，我們預計第一季貸款成長速度將超過存款成長速度，因為我們將繼續優化從 Veritex 獲得的資金，並開始整合 Cadence。

After that, in Q2, Q3, and Q4, we expect to see deposits growing at a level consistent with loan growth as our normal organic process of core funding loans continues. We expect to exit 2026 with our deposit growth in dollar terms, equaling our asset growth giving us strong funding momentum heading into 2027.

此後，在第二、三、四季度，我們預計存款成長將與貸款成長保持同步，因為我們核心貸款的正常融資流程仍在繼續。我們預計2026年底，以美元計價的存款成長將與資產成長持平，從而為我們進入2027年奠定強勁的融資基礎。

Moving to noninterest income. We expect fee revenues to grow between 13% and 16%. This represents the continued strong contributions from our three core value-added services, further growth in our loan commitment fees, and the contribution from the new Capital Markets teams at TM Capital & Janney, that we added at the year-end 2025. We expect Cadence to add approximately $300 million in fee revenue. We plan to provide an update on our expected revenue synergies later in the first quarter.

接下來談談非利息收入。我們預計手續費收入將成長13%至16%。這主要得益於我們三大核心增值服務的持續強勁貢獻、貸款承諾費的進一步增長，以及我們在2025年底前收購的TM Capital & Janney新成立的資本市場團隊的貢獻。我們預計Cadence將帶來約3億美元的手續費收入。我們計劃在第一季稍後發布關於預期收入綜效的最新資訊。

We anticipate core expenses will grow 10% to 11%, and we expect to deliver a baseline of 150 basis points to 200 basis points of operating leverage. This outlook includes the expected cost synergies we've targeted from Veritex, which we expect to be fully in the run rate of our cost base by the second quarter.

我們預期核心支出將成長10%至11%，並預期達到150至200個基點的營運槓桿基準。這項預期包含了我們預期從Veritex獲得的成本綜效，我們預期這些協同效應將在第二季完全融入我們的成本結構中。

We estimate Cadence will increase our expense base by approximately $1.1 billion. Similar to Veritex, we expect to begin realizing cost synergies almost immediately after closing with the full benefits run rating into expenses in the fourth quarter.

我們預計Cadence將使我們的支出基礎增加約11億美元。與Veritex類似，我們預計在交易完成後幾乎立即開始實現成本協同效應，所有收益將在第四季度計入支出。

We expect net charge-offs for the year to be between 25 basis points and 35 basis points. Given our current starting point, we think losses will likely be at the lower end and normalize closer to the midpoint of that range over time. The combination with Cadence doesn't change this view.

我們預計全年淨沖銷額將在25個基點至35個基點之間。鑑於我們目前的起點，我們認為損失可能處於較低水平，並隨著時間的推移逐漸趨於正常，接近該範圍的中點。與Cadence的合併不會改變這個觀點。

The effective tax rate for the year is expected to be between 19% and 20%. The fully diluted average share count for the year, inclusive of Cadence-related issuance is expected to be approximately 2.020 billion shares. For the first quarter, we expect a weighted average share count to be approximately 1.9 billion.

預計全年實際稅率將在19%至20%之間。包含Cadence相關發行股份在內的全年完全稀釋平均股數預計約為20.2億股。第一季加權平均股數預計約為19億股。

Cadence's anticipated February 1st close will result in a partial quarter impact to several income statement and balance sheet items. Also, with the addition of Cadence, we have a new class of preferred shares, which we have addressed in the footnote in the updated appendix slide.

Cadence預計將於2月1日完成交易，這將對部分損益表和資產負債表項目產生季度影響。此外，隨著Cadence的加入，我們新增了一類優先股，相關內容已在更新後的附錄投影片的註腳中說明。

Pulling back, let me conclude our guidance discussion with a few observations. First, our current 2026 forecast for Huntington's stand-alone growth in NII, in assets, deposits, and fees generally exceeds the growth we've experienced in these categories in 2025, while our expected operating leverage is at the top end of our typical range. This underscores our focus on delivering strong organic growth even as we move through our integration with Cadence.

最後，我想以幾點觀察來結束我們先前的業績展望討論。首先，我們目前對亨廷頓銀行2026年獨立運營的淨利息收入、資產、存款和手續費增長的預測，總體上超過了2025年這些類別的實際增長，同時我們預期的運營槓桿率也處於我們通常預測範圍的上限。這凸顯了我們即使在與Cadence進行整合的過程中，也依然致力於實現強勁的內生成長。

Second, we are executing against our integration plans. As noted, we expect to realize the cost synergies from Veritex in the second quarter and from cadence in the fourth quarter.

其次，我們正按計劃推進整合工作。如前所述，我們預計將在第二季度實現來自 Veritex 的成本協同效應，並在第四季度實現來自 Cadence 的成本協同效應。

In terms of the revenue synergies, we have already begun to benefit from incremental lending and capital markets activity with former Veritex customers. And Cadence bankers are already actively engaged with their customers to educate them about the broader product platform and capabilities that we will be able to offer. We believe this will contribute to incremental revenue growth in the back half of 2026 and into 2027.

就營收綜效而言，我們已經開始受益於與原Veritex客戶的新增貸款和資本市場業務活動。 Cadence的銀行家也已積極與客戶溝通，向他們介紹我們將提供的更廣泛的產品平台和功能。我們相信，這將有助於在2026年下半年和2027年實現收入成長。

Turning to slide 21. We remain confident in our long-term trajectory. Our operating model and the momentum across the franchise give us conviction in the sustainability of our targets for the medium and longer term. The investments we're making position Huntington for continued outperformance.

請看第21頁投影片。我們對公司的長期發展前景依然充滿信心。我們的營運模式以及整個業務部門的良好發展勢頭，讓我們確信中長期目標的可持續性。我們正在進行的投資將使亨廷頓銀行繼續保持優異的表現。

Concluding on slide 23, our flywheel of value creation is working and poised to accelerate. Our differentiated business model drive strong growth and profitability. As our profitability expands and we generate efficiency through cost reengineering, we increase our capacity to invest as we drive robust investment back into our business we grow our competitive advantage. That competitive advantage drives further market differentiation and customer expansion, driving revenue growth and sustainable share gains in a virtuous cycle.

如第23頁投影片所示，我們的價值創造飛輪正在高效運轉，並蓄勢待發，即將加速。我們差異化的商業模式推動了強勁的成長和獲利能力。隨著獲利能力的提升以及透過成本重組提高效率，我們能夠增強投資能力，並將強勁的投資重新投入業務，從而提升我們的競爭優勢。這種競爭優勢進一步推動了市場差異化和客戶拓展，進而推動收入成長和市場份額的可持續提升，形成良性循環。

Looking ahead to 2026, we believe the benefits of our strong organic growth and recent partnerships will enable further expansion of our investment capacity over the next several years. This will increasingly distinguish us from our peer set and drive substantial shareholder value.

展望2026年，我們相信強勁的內生成長和近期建立的合作夥伴關係將使我們在未來幾年進一步擴大投資能力。這將使我們與同行形成日益顯著的差異，並為股東創造可觀的價值。

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. (Event Instructions) Thank you.

謝謝你，扎克。現在開始提問。 （活動須知）謝謝。

(Operator Instructions) Erika Najarian, UBS.

（操作說明）Erika Najarian，瑞銀集團。

The first question is -- just a clarifying question on the expense trajectory, both the baseline and the cadence addition and how we layer on the cost savings. So given that you gave the guidance on stand-alone, I'm guessing the baseline for core expenses would be $4.825 billion-ish, which excludes two months of Veritex, and then we layer on the stand-alone growth.

第一個問題是－我想澄清一下費用走勢，包括基準線和後續的增量，以及我們如何疊加成本節約。鑑於您之前給出了獨立運營的指導意見，我猜測核心費用的基準線約為 48.25 億美元，這不包括 Veritex 兩個月的費用，然後我們再疊加獨立運營的增長部分。

I guess the other part of the question, is that $1.1 billion is equal to 11 months of Cadence based on consensus '26. And so I'm wondering, particularly as I think about Brant's comments if we then layer on the cost saves. And then I just have a follow-up.

我想問題的另一部分是，11億美元相當於基於2026年共識的Cadence公司11個月的營運成本。所以我在想，尤其是在考慮到布蘭特的評論之後，如果我們再把成本節省考慮進去會怎麼樣。最後我還有一個後續問題。

Sure. I'm not sure exactly what your question was there, Erika, but I'll take it into just unpack where the expense guidance is. Fundamentally, what we see at this point is underlying Huntington expense growth in the mid-single digits, aligned to generate 1.5 points to 2 points of operating leverage. And then with Veritex bringing in the entirety of the Veritex cost base.

當然。艾麗卡，我不太確定你剛才的問題是什麼，但我會認真分析一下費用指引。從根本上講，我們目前看到的是亨廷頓銀行的基本費用增長在個位數中段，預計可帶來1.5到2個百分點的營運槓桿。此外，Veritex將承擔Veritex的全部成本。

And also, I would note the two small capital markets businesses that we added on January 1, those at about 1 point of total Huntington expense growth, obviously, more revenues as well. But that piece comes in. And so the totality of all of that together is the 10% to 11% year-on-year growth, which generates really positive operating leverage, 150 basis points to 200 basis points, clearly on top of the 300 basis points operating leverage we generated in 2025.

此外，我還想指出，我們在1月1日新增了兩項小型資本市場業務，這兩項業務約佔亨廷頓總支出成長的1個百分點，當然，收入也有所增加。但這部分業務也包含在內。因此，所有這些因素加起來，實現了10%至11%的同比增長，從而產生了非常積極的經營槓桿，達到150至200個基點，這顯然是在2025年我們實現的300個基點經營槓桿之上的。

And then Cadence is the $1.1 billion added on, as you noted, it's 11 months of expenses. It represents the full completion of the cost synergy program for both Veritex and Cadence by Q2 and Q4, respectively. And aligned to the previous guidance we've given about 75%, three-quarters of the Cadence cost synergies accruing in 2026.

正如您所指出的，Cadence 的 11 億美元支出相當於 11 個月的費用。這代表 Veritex 和 Cadence 的成本協同效應計劃分別在第二季和第四季全面完成。這與我們先前給出的預期一致，即 Cadence 成本協同效應的 75% 到四分之三將在 2026 年實現。

I think what is also in there, clearly, I tried to highlight this in some of my prepared remarks, is continued investment back into the business. And we think that, that is a terrific model not only to drive the kind of revenue performance we're achieving in '26, but even more importantly, over the longer term and continue to drive the competitive and share gains that we've got. So all of that is embedded in that and we think it's the right model, at the right posture at this point.

我認為，其中也包含著一個顯而易見的因素，我在先前的發言稿中也著重強調了這一點，那就是對業務的持續投資。我們認為，這不僅是一個推動我們在2026年取得如此營收成長的絕佳模式，更重要的是，它能夠幫助我們在長期發展中繼續保持競爭力並提升市場份額。所有這些都包含在其中，我們認為這是目前最合適的模式和策略。

Got it. That's clear. So that addition includes both cost saves and investments back into the business.

明白了。很清楚。所以新增的這部分資金既包括節省的成本，也包括對業務的再投資。

And the second follow-up question I had, maybe this is more for Steve and Brant. I thought it was notable that when you talk about Veritex and Cadence, you say, the word partnership very intentional. Maybe talk about how your approach has been generating more goodwill in order to perhaps bring revenue synergies and cost synergies and perhaps a better timeline than other traditional acquisitions that are perhaps not treated as partnerships.

我的第二個後續問題，或許更適合問史蒂夫和布蘭特。我覺得值得注意的是，在談到Veritex和Cadence時，你們特意強調了「合作」這個詞。或許可以談談你們的做法是如何贏得更多信任，從而帶來收入和成本上的協同效應，以及比其他可能不被視為合作的傳統收購項目更快的進度。

Erika, great question, and I'm going to let Brant answer this for the most part because he's been on point driving this literally from the outset. But the format of the partnership has been incredibly beneficial to us. And we have great partners in both [Malcolm Holland], their teams. And because we've been able to work together very tightly, and Brant will expand on this significantly, we are in a much better position with confidence on both the expense and the revenue synergy side.

艾麗卡，問得好。這個問題我主要還是讓布蘭特來回答，因為他從一開始就主導這件事。這種合作模式對我們來說非常有利。我們和馬爾科姆·霍蘭德以及他們的團隊都是非常優秀的合作夥伴。正因為我們能夠緊密合作（布蘭特會對此進行更詳細的闡述），我們在成本和收入協同效應方面都更有信心。

So Brant, over to you.

布蘭特，現在輪到你了。

Erika, thank you for the question. One of the things that partnership has allowed us to do is to really move with greater speed and rigor on some of the key decisions.

艾麗卡，謝謝你的提問。合作關係讓我們能夠以更快的速度和更嚴謹的態度對待一些關鍵決策。

And as it relates to Board decisions, management decisions, all of our colleague decisions, organizational structure decisions, all of those have been decided and communicated. That creates a high level of certainty for the colleagues of both Veritex and Cadence. It creates a lot of familiarity for them. And frankly, gives us a lot of confidence in our ability to deliver on the value creation given that we've created so much certainty for them so quickly.

至於董事會決策、管理決策、所有同事的決策以及組織架構決策，所有這些都已經制定並傳達給了同事們。這為Veritex和Cadence的同事們帶來了高度的確定性，也讓他們感到非常熟悉。坦白說，鑑於我們如此迅速地為他們創造瞭如此多的確定性，這讓我們對自身創造價值的能力充滿信心。

The other component, as you know, a large percentage of the cost synergies are revolved around people. And so moving quickly to decide on our make all the key people decisions in the case of Cadence gives us a line of sight to the majority of our cost synergies there. So that partnership approach is clearly gives us some advantage or a lot of advantages when we think about both cost and revenue synergies.

如您所知，另一個重要組成部分是，很大一部分成本協同效應都與人員相關。因此，在 Cadence 的案例中，迅速做出所有關鍵的人員決策，使我們能夠清楚地看到大部分成本協同效應。所以，這種合作模式顯然為我們帶來了許多優勢，尤其是在考慮成本和收入綜效時。

And the teams have just been outstanding. The collaboration here, phenomenal. We are very impressed with the quality of the teams. And both these banks are well run. So these are not sort of fixed or up turnarounds.

團隊表現非常出色。這裡的合作堪稱典範。我們對團隊的素質印象深刻。而且這兩家銀行的營運都非常良好。所以，這並非是簡單的扭虧為盈或業績提升。

This is bringing our capabilities, products, et cetera, terrific teams, which, as Zach pointed out, we will be further investing it to drive the revenue growth in the years ahead.

這將帶來我們的能力、產品等等，以及優秀的團隊，正如 Zach 所指出的那樣，我們將進一步投資於此，以推動未來幾年的收入成長。

Jon Arfstrom, RBC Capital Markets.

Jon Arfstrom，加拿大皇家銀行資本市場。

Zach, I think you're going to get a work out this morning, but on expenses. But anything you can do to give us a little tighter range on expected first quarter expenses or early '26 expenses just to help set this up.

札克，​​我覺得你今天早上會很忙，主要是處理開支方面的事情。不過，如果你能稍微縮小一下第一季或2026年初的預期開支範圍，幫助我們做好安排，那就太好了。

Here, I will give you a quarterly guidance, Jon, do appreciate it. Look, if I take a step back, for us, what's important is driving for positive operating leverage. And as we've noted sort of a number of times, even in the prepared remarks highlighted this for 2025, we come into the year thinking somewhere between 100 basis points and 200 basis points of operating leverage as a -- is a really good level. It supports the long-term earnings growth rate that we want to achieve.

喬恩，我在這裡給你提供一下季度業績指引，非常感謝。你看，如果我退一步說，對我們來說，最重要的是實現正向經營槓桿。正如我們多次提到的，甚至在2025年的準備發言稿中也強調了這一點，我們預計今年的經營槓桿將達到100個基點到200個基點之間——這是一個非常好的水平。它能夠支撐我們想要實現的長期獲利成長率。

It also is the right balance for us as we execute that flywheel model, driving reengineering into baseline costs, reinvesting deeply back into the business to really power continued long-term revenue growth. And so I think that's the approach that we're taking, and we think it's the right one, as I noted before.

對我們來說，這也是執行飛輪模型時的最佳平衡點，我們將流程再造成本納入基準成本，並將大量資金重新投入業務，從而真正推動長期持續的收入成長。所以我認為這就是我們正在採取的方法，而且正如我之前提到的，我們認為這是正確的方法。

I will also highlight, if you look at that guidance slide, I mean just stare at that plus Cadence call, the marginal profitability that we're adding as we bring Cadence into the business is really significant, 50% marginal efficiency ratio, and that's even before the full cost synergies. So all of this for us, adds up to an earnings growth trajectory that continues to meet our objectives and generate ultimately the long-term financial commitments that we've signed, importantly, including that 18% to 19% rhetoric capital.

我還要強調一點，如果你仔細看看那份業績指引幻燈片，尤其是加上 Cadence 的那部分，你會發現，隨著 Cadence 併入公司，我們獲得的邊際盈利能力提升非常顯著，邊際效率提升高達 50%，而且這還不包括全部成本協同效應。因此，所有這些因素加起來，將確保我們的獲利成長軌跡能夠持續實現我們的目標，並最終兌現我們簽署的長期財務承諾，尤其重要的是，這其中還包括那 18% 到 19% 的預期資本。

Okay. All right. Just another question here just for clarification. On slide 20, you talk about the revenue-producing initiatives that are embedded in the expense guide. How material are those? And then what revenue synergies, if any, from Veritex and Cadence is included in the guide?

好的。好的。我還有一個問題，想確認一下。在第20頁投影片中，您提到了費用指南中包含的創收舉措。這些措施的重要性如何？此外，指南中是否包含了Veritex和Cadence的任何收入綜效？

Yeah. Good question again. And the answer is very little of the revenue synergies are baked into the guidance at this point. This continues to be aligned to the longer-term objectives that we've said and we discussed at the Cadence partnership announcement call.

是的，又是一個好問題。答案是，目前為止，收入綜效帶來的收益幾乎沒有計入績效指引。這與我們先前在宣布與 Cadence 合作的電話會議上所闡述的長期目標保持一致。

I think as Brant highlighted in his prepared remarks, our expectation is to share a deep dive around where we expect the revenue synergies to be later this quarter in a further conference and then to layer that on and provide some guidance around that. So a lot more to come there, and we're very excited about it.

我認為正如布蘭特在事先準備好的演講稿中所強調的，我們預計將在本季度晚些時候的另一次會議上深入探討我們對營收協同效應的預期，並在此基礎上提供一些指導。所以，還有很多內容即將公佈，我們對此感到非常興奮。

If you think about the investments into the business, we've been growing investments back into the company at about a 20% clip for five years in a row, and our expectation is to continue to be the same. And the focus areas for those investments really continue to be digital technology development and capabilities across all areas of our business, marketing to acquire different customers.

從業務投資的角度來看，我們已經連續五年以約20%的速度將投資重新投入公司，並且我們預計這一速度將繼續保持。這些投資的重點領域仍然是公司所有業務領域的數位化技術開發和能力建設，以及透過行銷獲取不同類型的客戶。

There's going to be a terrific opportunity to deploy digital acquisition across the new partnered acquired footprints and then people to build out the businesses that we've been growing, and we'll continue to do that.

我們將迎來一個絕佳的機會，在新合作收購的業務範圍內部署數位化獲客，然後招募人員來發展我們一直在成長的業務，我們將繼續這樣做。

Ken Usdin, Autonomous Research.

Ken Usdin，自主研究。

Zach, can you just back to slide 20? Do you have the starting point FY25 baseline for core expenses that the 10%, 11% is built on?

Zach，你能回到第20頁嗎？你有2025財年核心支出基準線的起始數據嗎？那10%和11%的成長率就是基於這個基準線計算出來的。

Sure. It's $4.871 billion, Ken.

當然。是48.71億美元，肯。

Yes. Exactly. Okay. Great. And then the second question is, I guess there's a little back and forth today about the cost base still being a little bit higher. But I wanted just to ask, if I look back at the October deck, when you talked about $2 of pro forma EPS in '27.

是的。沒錯。好的。太好了。第二個問題是，我想今天大家對成本基礎仍然略高這個問題有一些討論。但我只想問一下，如果我回顧一下您十月份的演講稿，您當時提到2027年的預計每股收益為2美元。

I just want to make sure that there might be some timing differences in terms of how much you're reinvesting and how much things all come together. So we're still tracking towards that $2 a pro forma EPS that you guys had suggested back in October in the merger deck.

我只是想確認一下，在你們的再投資金額和各項工作最終落實到位方面，可能存在一些時間上的差異。所以我們仍然朝著你們在10月份的合併方案中提到的2美元的預估每股收益目標穩步前進。

Yeah. It's a terrific question, Ken. I love that question because it kind of comes back to ultimately the value creation model that we're trying to drive here is where our focus is. And the answer is yes. We continue to be on track for the fundamental drivers of that earnings power.

是的，肯，你問得太好了。我喜歡這個問題，因為它最終還是回到了我們努力打造的價值創造模式上來，而這正是我們關注的重點。答案是肯定的。我們繼續朝著獲利能力的基本驅動因素穩步前進。

If you think about it, the way I think about it is, first of all, three major drivers of value creation from the partnership, seamless integration and retention of talent kind of continuing the momentum of the underlying businesses. I will note that both Veritex in the period after a close before conversion, was performing exceptionally well, driving above expectations, loan and deposit and revenue growth.

仔細想想，我的看法是，首先，合作關係創造價值的三大主要驅動因素是：無縫整合和人才保留，從而延續基礎業務的發展動能。值得注意的是，Veritex 在完成收購後的過渡期內表現異常出色，貸款、存款和收入成長均超出預期。

And Cadence, likewise, we haven't even closed. We were expecting that just a week from now. They just reported their results this morning. And those likewise feet expectations continue to show very strong underlying growth. And so our partnership model, we just enable that to continue.

同樣，Cadence 的情況也類似，我們甚至還沒完成交易。我們原本預計一週後就會完成交易。他們今天早上剛公佈了業績。同樣，這些業績預期也顯示出非常強勁的潛在成長。因此，我們的合作模式旨在確保這種成長動能持續下去。

Secondly, it's the cost synergies, and we have full line of sight to achieve or beat them. And then lastly, it's these revenue synergies, which are not in this guidance yet, but really will be powerful as we add those on. We continue to finalize the plans to go and achieve them. And so those are kind of the fundamental building blocks.

其次是成本綜效，我們完全有能力實現甚至超越這些目標。最後是收入綜效，雖然目前尚未納入績效指引，但隨著這些綜效的實現，其影響將非常顯著。我們正在繼續完善實現這些協同效應的計劃。以上這些都是至關重要的基石。

As I think about the EPS. Look, we've generated 16% earnings per share growth in '25. The guidance I've given here on page 20 applies somewhere in the kind of mid- to high teens for underlying organic EPS in '26. You should expect the same kind of growth in earnings power as we go into '27. And on top of that, you'll get the full run rate of the cost synergies, that's probably something on the order of a dime.

我考慮一下每股盈餘（EPS）。你看，我們在2025年實現了16%的每股盈餘成長。我在第20頁給出的指引適用於2026年基本有機每股收益，預計在15%到10%之間。進入2027年，你們應該會預期獲利能力維持同樣的成長動能。除此之外，你們還將獲得成本綜效的全部收益，這大概相當於每10美分左右。

And then revenue synergies. And of course, the PAA will be what it is ultimately and what would give guidance on that when it's finalized.

然後是所得協同效應。當然，PAA最終會是什麼樣子，到時候定稿後才能給予指導。

Matt O-Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

You (inaudible) the expense impact from the capital market deals. You said it added about 1% to the expense base. Have that on the fee side with a rough acuity contribution from the capital market deals?

您（聽不清楚）提到了資本市場交易對費用的影響。您說這大約增加了1%的費用基數。這筆費用是否也計入了收費方面，並大致反映了資本市場交易帶來的收益？

Yes, it's coming in somewhere for $80 million and $90 million of expense above revenues.

是的，支出將比收入高出 8,000 萬至 9,000 萬美元。

Okay. And then I just maybe talk about some of the other drivers of the fees because obviously my model could have been wrong, but the fee guys seen a lot better than I had even adjusting for $80 million to $90 million. So maybe some details in terms of what are the key drivers of that growth.

好的。接下來我可能會談談其他一些影響費用的因素，因為我的模型顯然可能存在誤差，但即使考慮到 8000 萬到 9000 萬美元的增長，費用方面的數據也比我預想的要好得多。所以，或許可以詳細說說推動成長的關鍵因素。

Absolutely. Fundamentally, if you think about fees this year -- in last year '25, we generated 7% growth in core fees, and it was in those three major feed driving categories. We talk a lot of payments, cap markets, and wealth management. As we go into 2026, our expectation was to see acceleration of all of those categories, something on the order of 1% to 2% acceleration.

當然。從根本上講，如果你看看今年的費用狀況——去年（2025年），我們的核心費用成長了7%，而且成長主要來自三大驅動因素：支付、資本市場和財富管理。展望2026年，我們預期所有這些類別都將加速成長，增幅在1%到2%之間。

And we've got a strong line of sight to delivering that. As we've noted, it's been a locus of a lot of investment over time. So we're seeing that come through now in terms of acceleration of revenue growth.

我們很有信心實現這個目標。正如我們之前提到的，這方面一直以來都是我們投入大量資金的領域。因此，我們現在看到這些投資正在轉化為實際收益，收入成長速度顯著加快。

And then on top of that, you will add the $80 million to $90 million of revenues from the two new small capital markets divisions that are joining us close Veritex. And so that's really the kind of the ingredients that get us to this guide and have strong line of sight and confidence to deliver.

此外，Veritex 旗下兩個新成立的小型資本市場部門也將帶來 8,000 萬至 9,000 萬美元的收入。正是這些因素促成了這份指南的發布，也讓我們對未來的發展方向充滿信心。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

This is [Eric] on for EP. Just maybe another one on the expense side. I was curious if you can talk about the level of investments that you guys have embedded into that underlying Huntington expense growth that you've mentioned at the mid-single digit, anything new there? Any new investments or acceleration in spend that's kind of embedded?

我是[Eric]，今天來做EP的訪問。可能還會問一些關於支出方面的問題。我想請教一下，你們在之前提到的亨廷頓銀行中，針對中個位數的支出成長，都做了哪些投資？這方面有什麼新的進展嗎？有沒有新的投資或支出加速成長之類的？

Yes. Good question, Eric. Thanks for the follow-up. I'll highlight that we -- we expect to grow investments at around 20% back into the business as we go into this upcoming year. And again, as I see before, kind of the focus of that is always threefold. Digital and technology capabilities across the business; secondly, marketing and last people to build out the business.

是的，問得好，艾瑞克。謝謝你的跟進。我想強調的是，我們預計在未來一年裡，將以大約20%的速度把投資重新投入到業務中。而且，正如我之前所看到的，重點始終圍繞著三個面向：首先是提升整個業務的數位化和技術能力；其次是行銷；最後是人才引進，以拓展業務。

So I think about the kind of the initiatives that, that will power we're still early days in a lot of the major new growth initiatives we've been talking about for the last couple of years, new commercial specialty verticals, both lending and deposit oriented new geographies that we've been growing into organically in North and South Carolina, Texas, all of those will be focused for continued investment. We've talked about in the Carolinas, for example, the expectation in 2026 is to open a new branch there almost every two weeks. And so of course, that will be an area that we're investing in.

所以，我認為，過去幾年我們一直在討論的許多重大成長計畫仍處於早期階段，這些計畫將推動我們實現成長。這些計劃包括新的商業專業垂直領域，涵蓋貸款和存款業務，以及我們在北卡羅來納州、南卡羅來納州和德克薩斯州等地自然增長的新市場，所有這些都將是我們持續投資的重點。例如，我們之前提到過，在卡羅來納州，我們預計到2026年將幾乎每兩週就開設一家新分店。因此，這當然是我們投資的重點領域。

And then I think Brant highlighted earlier, one of the biggest areas that we see opportunity to really capture revenue synergies from the combined franchise is in digital acquisition and customer acquisition across the footprint. And so there's funding in the investment plan to go after that.

正如布蘭特先前所強調的，我們認為合併後業務能夠真正實現營收綜效的最大機會之一，在於數位獲客和覆蓋整個業務區域的客戶獲取。因此，投資計畫中已撥出資金用於這方面的拓展。

Got it. That's helpful. And then I think just a quick follow-up to clarify. I know you said you'll provide more details post the close, but just curious what level of PAA is embedded into the NII guide?

明白了，這很有幫助。我還有一個問題想確認一下。我知道您說過會在結束後提供更多細節，但我只是好奇NII指南中具體包含了哪個級別的PAA（個人評估評估）？

Yes. It's somewhere between 7 basis points and 10 basis points of NIM aligned to the prior expectations we have. Again, I think we've highlighted that in the Cadence earnings call, Cadence announcement call, and we'll update that as we get through the close here in the next month.

是的。淨利差在7到10個基點之間，與我們先前的預期一致。我想我們在Cadence的財報電話會議和公告電話會議上都強調過這一點，我們會在下個月收盤後更新相關資訊。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Zach, in your comments on the investment spend just now, you didn't mention AI. Is there any AI-related investment spend in there? And I guess the broader question there is, just given that there's a lot going on this year with the acquisitions, that's probably driving a lot of your investment spend. Would you say that 2026 is the high point for investment spend that you plan to make?

札克，​​你剛才談到投資支出時，沒有提到人工智慧。其中是否包含任何與人工智慧相關的投資？我想更廣泛的問題是，鑑於今年收購活動很多，這很可能推動了你們大部分的投資支出。你認為2026年是你們計畫投資支出的高峰期嗎？

Thanks, Manan. Great questions, both. And to answer the second one first, the answer is no, and the investments are not a high point here. In fact, investing into the business is the flywheel of value creation that we've talked about. We will always want to grow investments at a at a fast clip.

謝謝馬南。兩個問題都很好。先回答第二個問題，答案是否定的，投資不是我們關注的重點。事實上，投資企業本身正是我們先前討論的價值創造飛輪。我們始終希望投資能夠快速成長。

And just think about the model in on for a second, look back the last six years, revenue growth CAGR, 10%; investment growth CAGR, just about 20%; and earnings growth in the teens. And so that model is a sustainable long-term model, and we just keep driving it, and it's powered by not only earnings growth, but also disciplined reengineering of our cost base, something on the order of 1% per year. And so that's the model we expect to sustain in perpetuity, and that's what's driving our competitive success.

不妨仔細想想我們採用的模式，回顧過去六年，營收複合年增長率 (CAGR) 為 10%；投資複合年增長率接近 20%；盈利增長率也達到了兩位數。因此，這是一個可持續的長期模式，我們會持續推進，而這不僅得益於獲利成長，也得益於我們對成本結構的嚴格重組，每年約降低 1%。這就是我們期望永久維持的模式，也是我們保持競爭優勢的關鍵。

If you just move to AI, absolutely, there's significant investment happening in AI. I wouldn't characterize the nature of the driver of our investment growth is because of AI, but certainly, AI is growing along with those other investments as well. And we're seeing use cases across the organization really exponentially increase at this point, driving cost savings, driving productivity, driving a better customer experience in a lot of different ways. And, of course, more efficient technology engineering.

如果只談人工智慧，那當然，人工智慧領域的投資非常可觀。我不會把我們投資成長的驅動力完全歸結於人工智慧，但人工智慧無疑也與其他投資同步成長。目前，我們看到人工智慧在整個組織中的應用案例呈指數級增長，從多方面降低成本、提高生產力、改善客戶體驗，當然，還能提陞技術工程效率。

Zach, referenced digital and technology, the AI was included in that.

Zach提到了數位和技術，其中就包括人工智慧。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

It's actually -- this is [Derek] on for Steven Chubak. First question we had was on the credit guidance. And it looks like the year-on-year increase, like our assumption is a lot of that is like kind of the seasoning of the loans you've put on the last year. But just curious if that's right. And just sort of what would cause you to fall on like one end of the guidance -- one end of the guidance range versus the other?

實際上，我是德瑞克，我是史蒂文·丘巴克。我們第一個問題是關於信貸指引。看起來同比增幅很大程度上是由於去年貸款的帳齡增長。但我想確認一下我的理解是否正確。另外，是什麼原因導致你們的指引值落在指引範圍的某一端，而不是另一端呢？

You sound a little -- could you repeat it. I think you referenced seasoning as the reason for the guide.

你聽起來有點——你能再說一次嗎？我記得你提到過調味料是寫這份指南的原因。

Yeah. I'm sorry, that's right.

是的，抱歉，沒錯。

If that was the case, let me just say that yes, there's a little bit of that in there. But I mean, the reality is the performance this year was just exceptional. And as you look back over the history, we've been trending between that 25-basis-point to 35-basis-point range. for some time, and that's really the basis of our guide.

如果真是那樣的話，我承認，確實有那麼一點因素。但實際上，今年的表現確實非常出色。回顧歷史，我們一段時間以來一直徘徊在25個基點到35個基點的區間內，而這正是我們指導方針的基礎。

And as Zach said in his prepared remarks that we would be really in the lower end of that range. And so that's really the expectation for '26.

正如札克在事先準備好的發言稿中所說，我們的成績會處於這個範圍的下限。所以，這確實是我們對2026年的期待。

That's helpful. And then just as a follow-up question on the deposit beta. You mentioned the 40% beta in the last two weeks of the quarter. Just curious as we're thinking about two more rate cuts, if that's also the right level to be thinking about with incremental cuts on the way down.

這很有幫助。關於存款利率，我還有一個後續問題。您提到本季最後兩週的利率為 40%。考慮到我們可能還會降息兩次，我想知道這個利率水準是否也適合作為後續逐步降息的目標。

Yes. That's also a terrific question. It's an area of a lot of focus, as you know. And our expectation is to continue to get a solid down beta, something in the high 30% to 40% aligned with the guidance we've given.

是的，這也是個非常好的問題。如您所知，這是我們重點關注的領域。我們預期下行風險係數將持續維持穩健成長，大約在30%到40%之間，這與我們先前預期的一致。

I'll tell you that beta in and of itself, it's not our objective function. Our objective function is core funding loan growth really powering the ability to continue to drive peer-leading both loan growth and revenue growth with a great marginal return on capital, and that model is working exceptionally well. And you see -- it's, of course, a competitive environment, but the ability of the teams to execute on both volume growth and disciplined pricing continues to be very strong.

我要說明的是，β值本身並不是我們的目標。我們的目標是核心融資貸款的成長，這真正能夠推動我們持續保持領先同業的貸款成長和收入成長，並實現極高的資本回報率，而這種模式目前運作得非常出色。當然，市場競爭激烈，但團隊在實現貸款量成長和嚴格定價方面的能力仍然非常強勁。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Going back to the tech conversation for a second. This quarter, a lot of focus, tech wallet, growth rate percent of revenues. Any -- I heard you on the one of the three things that you're really investing in, but do you have dollars around what you're put in the tech and the rate of growth?

讓我們再回到技術方面的話題。本季度，我們將重點放在技術投入、資金投入以及成長率佔營收的百分比。我聽您提到您真正投資的三件事之一，但您能否提供一些關於技術投入和成長率的具體金額？

Yes. Great question, Ken. We're smiling here because -- Chris, I'm sorry, because we're -- our expectation is in some of the conferences later this year maybe this quarter, really double-click into the investments to share with you more guidance on it. So I won't steal that thunder and give you a number today.

是的，問得好，肯。我們現在心情不錯，因為——克里斯，抱歉，因為我們——我們預計在今年晚些時候，或許就在本季度，會在一些會議上深入探討投資方面的情況，並與您分享更多相關信息。所以今天我就不搶先透露具體數字了。

But certainly, it's a powerful growth. And we've seen -- in our view, we're investing in technology in exactly the right places. It's all about customer-facing capabilities, driving both our value-added services, but also customer acquisition, digital marketing.

但毫無疑問，這是一個強勁的成長。而我們認為，我們在技術方面的投資正處於最恰當的階段。這一切都關乎面向客戶的能力，它不僅推動了我們的增值服務，也促進了客戶獲取和數位行銷。

The question that we just got a second ago in terms of beta, the amount of MarTech capabilities that we've built over the last several years, is really what's enabling us to achieve these dual results of great deposit volume and pricing. And so those are the kind of things that we put our technology investments against -- I'll come back to you with more details here in the sort order as we go to these conferences.

剛才有人問到，就測試版而言，我們過去幾年建構的行銷科技能力究竟是如何幫助我們達成存款量與定價這兩大目標的？這就是我們進行技術投資的初衷——稍後我會依序在會議上詳細闡述。

Understood. Yes, we'll wait for that. And then on kind of the balance sheet. A lot of times, you do acquisitions, companies have certain portfolios that maybe don't fit strategically. As you kind of evaluate both portfolios, is there any tweaking that you presume might happen in the next couple of quarters as you get some other companies a little bit better?

明白了。好的，我們會等。然後是關於資產負債表的問題。很多時候，在進行收購時，公司的一些業務組合可能在策略上並不契合。在評估這兩個業務組合時，隨著其他一些公司業績的改善，您是否預計在接下來的幾個季度中需要進行一些調整？

Chris, as we looked at both partnerships and combined what that would do for the portfolios, we like them on the whole. And there's not, say, an exit portfolio there's a little more commercial real estate construction than we would prefer, and we'll manage that in due course, nothing special with that. And -- but we've got some great growth areas that we're looking for that will offset anything we end up doing on the construction side.

克里斯，我們仔細研究了這兩個合作項目，並分析了它們對投資組合的整體影響，總體來說我們比較滿意。雖然目前沒有所謂的退出策略，只是商業地產建設方面略微超出了我們的預期，但我們會妥善處理，這方面沒什麼特別的。而且，我們正在尋找一些極具成長潛力的領域，這些領域足以彌補我們在建設方面投入的資金。

Brian Foran, Truist.

Brian Foran，Truist。

I'm going to apologize in advance, I'm still on the struggle bus with the guidance. So on expenses, I guess the way I'm trying to think about it is, if I understand the math right, you plan on reporting something like $6.5 billion of expenses this year, maybe $6.46 billion to $6.5 billion, if I take the guide literally.

我先道個歉，我還在努力理解這份指南。關於支出方面，我的想法是，如果我理解沒錯的話，你們計劃今年申報大約65億美元的支出，如果我完全按照指南來算，可能是64.6億美元到65億美元之間。

And then as I think about the exit from the year, pushing that up would be the 12th month of Cadence, pushing that down would be the cost saves, but then maybe pushing that back up is how much of the cost saves are reinvested over the course of the year?

然後，當我思考如何結束這一年時，向上推算的是 Cadence 的第 12 個月，向下推算的是成本節約，但也許向上推算的是在這一年中，有多少成本節約被重新投資？

So is there any way to relate -- because people have really different takeaways. Some people are like we're going to exit the year with like $6.6 billion, and some people are like we're going to exit the year at $6.2 billion. Like is there any way to talk to an exit run rate of dollars of annualized expenses for the whole thing pro forma?

所以，有沒有辦法把這些數據連結起來──因為大家的看法真的各不相同。有些人說我們年底能賺66億美元，有些人說我們年底可以賺62億美元。有沒有辦法用預估的方式，把整個專案的年度支出以美元為單位，來估算一下最終的業績？

I don't have that right in front of me, to be honest with you, Brian. My guidance that you would see -- look like I think we're on a full year to see an efficiency ratio of around 55%, and we'll continue to see that improve as we go into '27. The growth rate of expenses relative to revenue should be very attractive as we get through Q4. And all the kind of goes back to that question, which we're talking before, are we on track for the earnings power in '27? And the answer is yes.

坦白說，布萊恩，我手邊沒有相關數據。但我預計，到2027年，我們的效率比率預計將達到55%左右。隨著2027年的推進，這數字還會繼續提升。第四季度，費用相對於收入的成長率應該會非常可觀。而這一切最終都指向我們之前討論過的那個問題：我們能否按計劃實現2027年的獲利目標？答案是肯定的。

Okay. Maybe I'd like to try the same question on loan growth because I find myself in the same set of knots. Like we get to the back half of the year, everything is integrated. We're not talking about the year-over-year, we're talking about quarter-over-quarter annualized. So Veritex and Cadence aren't in there. But I don't know if the cadence number for loans is just where they are today or has some assumption in it.

好的。或許我想就貸款成長問題再問一遍，因為我發現自己也遇到了同樣的難題。到了下半年，所有數據都整合在一起了。我們討論的不是同比數據，而是季度環比年化數據。所以Veritex和Cadence的資料不包含在內。但我不知道Cadence的貸款數據是反映了當前的實際情況，還是其中包含了一些假設。

But like you kind of put this all together, would you expect to be like still at 9% annualized loan growth exiting the year like where you are today before the acquisitions? Would you expect it to be slower as you do the integrations faster as you recognize revenue synergies?

但綜合所有因素來看，您預計到年底貸款年化成長率還能像收購前一樣維持在9%嗎？還是隨著整合速度加快、收入綜效顯現，您預期成長率會放緩？

Like any kind of -- again, I understand the difficulty of doing a guide on what you're going to report when things are partial year impacts. But once we get through that, any way to talk to like what you expect the core loan growth rate to look like in the back half of '26, again, linked quarter annualized, not year-over-year?

就像任何情況一樣——我再次強調，我理解在涉及部分年度影響的情況下，要製定一份報告指南的困難。但是，一旦我們解決了這個問題，能否談談您預計2026年下半年核心貸款成長率會是多少？同樣，這裡指的是季度環比年化成長率，而不是年成長率？

Yeah. Good question, for sure. Look, the way I think about it is our underlying loan momentum has been in the 8% to 9% range. As we thought about Huntington's stand-alone in 2026, our expectation was around the same amount. And in our long-range plan, we say long-range plan in the next few years after those three years, was it a similar growth rate.

是的，問得好。你看，我的想法是，我們貸款業務的基本成長率一直維持在8%到9%之間。當我們考慮亨廷頓銀行2026年的獨立營運時，我們的預期也大致相同。而且，在我們未來幾年的長期規劃中——也就是我們所說的三年之後的長期規劃——我們預計成長率也會維持類似水準。

One of the strategic themes and rationales for us entering the partnership with Cadence and then also with Veritex was that they would expose Huntington to even faster organic growth opportunities over the course of time and great new opportunities to invest and build the business from there as well.

我們與 Cadence 以及後來的 Veritex 建立合作關係的策略主題和理由之一是，隨著時間的推移，他們將為 Huntington 帶來更快的有機成長機會，以及從那裡投資和發展業務的絕佳新機會。

And so that 8% to 9% to me is the minimum. We would expect to see revenue synergies, growth synergies, lift that, particularly in the near term. And of course, not giving '27 guidance this morning. But I think that kind of fundamental growth power is at or as we get into the latter part of '26 and beyond.

因此，在我看來，8%到9%是最低限度。我們預期營收協同效應和成長綜效將推動這一成長，尤其是在短期內。當然，今天早上我們沒有給出2027年的業績指引。但我認為，這種根本性的成長動力將在2026年下半年及以後顯現。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Steve, just a big picture question beyond all the guidance-related questions. It feels like there's a lot going on at the bank in terms of banker hiring a couple of deal integrations. As we look forward, just talk to us in terms of how you feel about just the integration of all this over the next 6 to 12 months.

史蒂夫，拋開所有與指導方針相關的問題，我想問一個更宏觀的問題。感覺銀行這邊有很多事情要做，包括招募銀行家和推動幾筆交易的整合。展望未來，請您談談您對未來6到12個月內所有這些整合工作的看法。

And I think there's an expectation that Huntington could still be on the lookout for additional deals. How should shareholders think about the potential for more M&A over the next maybe six months?

我認為市場預期亨廷頓可能仍在尋找其他收購機會。股東應該如何看待未來六個月內可能出現的更多併購活動？

Ebrahim, thank you for the question. We sort of thought that one would come even a little earlier initially. But the -- let's start with -- we've got two partners, and they are performing exceptionally well with us. The teams are doing great work together. Brant, [Derek], Malcolm Holland, and their teams and our teams have come together in a very fundamentally sound and strong fashion, and we're off to a great start.

易卜拉欣，謝謝你的提問。我們原本以為會更早。不過——先說說——我們有兩位合作夥伴，他們和我們合作得非常出色。團隊合作非常棒。布蘭特、德里克、馬爾科姆·霍蘭德以及他們的團隊和我們自己的團隊已經以一種非常穩固和強大的方式融合在一起，我們開局良好。

We've just completed -- we are completing the Veritex conversion as we speak, started over the weekend. We will close with Cadence in two weeks. As you heard from Brant, the -- management and personnel decisions are made and communicated. We're moving very quickly with that.

我們剛剛完成——或者說，我們正在完成Veritex系統的轉換，這項工作從週末就開始了。我們將在兩週內與Cadence公司完成交割。正如您從Brant那裡聽到的，管理和人事方面的決定已經做出並傳達給了相關人員。我們正在迅速推進這項工作。

At the same time, the core of the company is performing well, and that's our primary focus, drive the core results. So we're completing these integrations. They don't end at a conversion, but we're completing these conversions over the course of this year, maybe this year, a little bit more in terms of culture. But rapidly, so we can get at the revenue opportunities that we've talked about.

同時，公司核心業務表現良好，這也是我們工作的重中之重——推動核心績效成長。因此，我們正在推動這些整合工作。整合並非一蹴而就，而是會在今年內完成，或許今年在文化上會取得更大進展。但我們會加快步伐，以便抓住之前討論過的營收成長機會。

We've used this term springboard on purpose. We think we have great growth potential in these markets. They're much better on average than the markets we've been operating it. And Texas is very unique, and we come together with a number five share.

我們特意使用了「跳板」這個詞。我們認為這些市場擁有巨大的成長潛力。平均而言，這些市場比我們之前營運的市場要好得多。而且，德克薩斯州非常獨特，我們在那裡的市場份額排名第五。

So we've never been in these markets or markets like these before. So very optimistic. We're very focused on driving organic growth and executing these integrations extraordinarily well. And the partnerships are facilitating that, and we're aligned at creating shareholder value.

我們以前從未涉足過這些市場，或類似的市場。因此，我們非常樂觀。我們專注於推動內生成長，並力求出色地完成這些整合。合作夥伴關係正在為此提供便利，我們的目標是為股東創造價值。

As to other M&A, maybe someday, we've been clear, I think it was the Goldman conference. We're not going to do [MOE]; we're not going to go to auctions. They have to be strategic in nature where they're adding value and revenue growth for us, and they have to meet financial and risk metrics. And if someone approaches us with something of that nature, then we would take a look at it. But we're very focused on driving the organic growth of the business, and that's priority one, two, and three for us.

至於其他併購，也許將來會考慮，我們已經明確表示過，我記得是在高盛會議上。我們不會進行大規模收購（MOE），也不會參與競標。收購必須具有戰略意義，能夠為我們創造價值和收入成長，並且必須符合財務和風險指標。如果有人提出此類收購方案，我們會考慮。但我們目前非常專注於推動業務的內生成長，這才是我們最重要的優先事項。

We like the position we're coming into '26 with and the momentum we have, and we're ecstatic about the quality of the partners. These are two really good banks, great people coming into Huntington. I think we've got a terrific back half of the decade just with these combinations.

我們對2026年的發展現況和動能非常滿意，也對合作夥伴的素質感到無比興奮。這兩家銀行都非常優秀，而且許多傑出人才都會加入亨廷頓銀行。我認為，僅憑這些合併，我們就能在下半個十年取得輝煌的成就。

Got it. And while I have you, maybe Zach, just clarifying the 55% efficiency ratio you believe, hopefully, (technical difficulty) --

明白了。趁你（或許還有紮克）在，我想確認你認為的55%效率比，希望如此（技術上可能存在一些問題）——

Your voice cut out a little bit EP there at the end. I think you said, am I confident we'll hit 55% efficiency ratio. Is that right?

EP，你最後那段聲音好像有點斷斷續續的。我想你是問，我是否有信心我們能達到55%的效率。是這樣嗎？

Yeah, for '25 or '26.

是的，可能是 2025 年或 2026 年。

Yes. Very, very confident.

是的，我非常有信心。

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

謝謝。我們的問答環節到此結束。現在請各位繼續發言，或提出任何補充或總結性意見。

Well, thank you all for joining us today. We didn't mean to confuse you. And I hope we've sorted some of that out in the discussion. We're performing very well. We're coming off an extraordinary year. We've got a lot of momentum and very clear objectives as we move into '26.

感謝各位今天蒞臨。我們無意讓大家感到困惑，也希望透過討論已經澄清了一些問題。我們目前表現非常出色，剛剛度過了非凡的一年。展望2026年，我們勢頭強勁，目標明確。

We've never been better positioned for the future. and we're excited about that. And our 20,000 colleagues and soon to be 25,000 are going to do everything we can to create shareholder value and build the franchise for years and years to come. We look forward to welcoming these 5,000 new colleagues coming to us from Cadence in the next couple of weeks.

我們從未像現在這樣為未來做好如此充分的準備，對此我們感到無比振奮。我們現有的2萬名同事（即將增至2.5萬名）將竭盡全力為股東創造價值，並為公司未來的長遠發展奠定堅實的基礎。我們期待在未來幾週內，迎接來自Cadence的5000名新同事的加入。

Thanks for your interest. We'll be back to you in next quarter for more details on the models and appreciate again your support. Have a great day.

感謝您的關注。我們將在下個季度與您聯繫，提供更多關於這些型號的詳細信息，再次感謝您的支持。祝您一切順利。

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。您可以掛斷電話了，祝您有美好的一天。感謝您今天的參與。