M&T Bank Corp (MTB) 2025 Q2 法說會逐字稿

Good morning, everyone, welcome to the M&T Bank second-quarter 2025 earnings conference call. (Operator Instructions) And please be advised that today's conference is being recorded. I would now like to hand the conference over to Mr. Steve Wendelboe, Senior Vice President, Investor Relations. Please go ahead, sir.

大家早安，歡迎參加 M&T 銀行 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給投資者關係高級副總裁史蒂夫·溫德爾博先生。先生，請繼續。

Thank you, Bo, and good morning. I'd like to thank everyone for participating in M&T's second-quarter 2025 earnings conference call. If you've not read the earnings release we issued this morning, you may access it along with the financial tables and schedules by going to our new and improved investor relations website at ir.mtb.com.

謝謝你，博，早安。感謝大家參加 M&T 2025 年第二季財報電話會議。如果您還沒有閱讀我們今天早上發布的收益報告，您可以訪問我們全新改進的投資者關係網站 ir.mtb.com，查看該報告以及財務表格和時間表。

Also, before we start, I'd like to mention that today's presentation may contain forward-looking information. Cautionary statements about this information are included in today's earnings release materials and in the investor presentation as well as our SEC filings and other investor materials.

另外，在我們開始之前，我想提一下，今天的演示可能包含前瞻性資訊。有關此資訊的警告聲明包含在今天的收益發布資料和投資者介紹以及我們的美國證券交易委員會文件和其他投資者資料中。

The presentation also includes non-GAAP financial measures as identified in the earnings release and investor presentation. The appropriate reconciliations to GAAP are included in the appendix.

該報告還包括收益報告和投資者報告中確定的非公認會計準則財務指標。附錄中包含了與 GAAP 的適當對帳。

Joining me on the call this morning is M&T Senior Executive Vice President and CFO, Daryl Bible.

今天早上與我一起參加電話會議的還有 M&T 高級執行副總裁兼財務長 Daryl Bible。

Now, I'd like to turn the call over to Daryl.

現在，我想把電話轉給達裡爾。

Thank you, Steve, and good morning, everyone. Our purpose continues to drive M&T's Bank's success. We strive to make a difference in people's lives, serving our communities with dedication and integrity.

謝謝你，史蒂夫，大家早安。我們的目標將繼續推動 M&T 銀行的成功。我們努力改變人們的生活，以奉獻和誠信服務我們的社區。

This quarter, we continue to deliver on our purpose as we supported entrepreneurs with our small business-accelerator labs invested in our New England and Long Island communities through our third and final round of our amplified fund and announced several high-visibility sponsorships. We remain optimistic about the ability to deliver shareholder value and continue serving our communities with excellence.

本季度，我們繼續履行我們的目標，透過我們的第三輪也是最後一輪擴大基金，利用我們的小型企業加速器實驗室為企業家提供支持，投資於我們的新英格蘭和長島社區，並宣布了幾項備受矚目的贊助。我們對於實現股東價值和繼續為社區提供優質服務的能力仍然持樂觀態度。

Turning to slide 4, we continue to enjoy notable recognition from our customers and the industry. I want to thank our teams in commercial, business banking, corporate trust, and wealth that made these recognitions possible.

翻到第 4 張投影片，我們繼續獲得客戶和業界的廣泛認可。我要感謝我們的商業、企業銀行、企業信託和財富團隊，是他們讓我們獲得了這些認可。

Turn to slide 6, which shows the results for the second quarter. Our second-quarter results reflect M&T's continued momentum with several successes to highlight. First, we are pleased with a recent stress test outcome. Our SCB declined from 3.8% to 2.7%, reflecting the resiliency and strength of our earnings power and continued risk-management efforts.

翻到投影片 6，其中顯示的是第二季的結果。我們第二季的業績反映了 M&T 持續的發展勢頭，並取得了多項值得強調的成功。首先，我們對最近的壓力測試結果感到滿意。我們的 SCB 從 3.8% 下降到 2.7%，反映了我們的獲利能力的彈性和實力以及持續的風險管理努力。

We started this effort five years ago to reduce our on-balance sheet CRE exposure and still serve our customers. We are also focused on reducing our criticized loans. I want to thank both our commercial and credit teams for a great job they have done to make this happen.

我們五年前就開始了這項工作，以減少資產負債表上的企業房地產風險敞口，同時繼續為客戶提供服務。我們也致力於減少受到批評的貸款。我要感謝我們的商業和信貸團隊為實現這一目標所做的出色工作。

We executed $1.1 billion in share repurchases in the second quarter while also growing tangible book value per share by 1%. We grew average residential mortgage and consumer loans by $1.1 billion combined, reflecting our diversified business model.

我們在第二季執行了 11 億美元的股票回購，同時每股有形帳面價值成長了 1%。我們的平均住宅抵押貸款和消費貸款總額增加了 11 億美元，這反映了我們多元化的業務模式。

Fee income continues to perform well. Excluding security gains and losses and other notable items, fee income grew 11% since the second quarter of 2024.

費用收入持續表現良好。不包括證券損益和其他值得注意的項目，費用收入自 2024 年第二季以來成長了 11%。

Our expenses remain well controlled, reflected in our second-quarter efficiency ratio of 55.2%. Asset quality continues to improve with a $1 billion or 11% reduction in commercial criticized balances.

我們的開支仍然得到良好的控制，這反映在我們第二季 55.2% 的效率比率上。資產品質持續改善，商業批評餘額減少 10 億美元，或 11%。

Net charge-offs of 32 basis points also remain below our full-year expectations as we discussed in January.

正如我們一月份所討論的，32 個基點的淨沖銷額仍低於我們的全年預期。

Now, let's look at the specifics for the second quarter. Diluted GAAP earnings per share was $4.24, up from $3.32 in the prior quarter. Net income was $116 million compared to $584 million in the late quarter.

現在讓我們來看看第二季的具體情況。稀釋後 GAAP 每股收益為 4.24 美元，高於上一季的 3.32 美元。淨收入為 1.16 億美元，而本季末為 5.84 億美元。

M&T's second-quarter results produced an ROA and ROCE of 1.37% and 10.39% respectively.

M&T 第二季的業績顯示，ROA 和 ROCE 分別為 1.37% 和 10.39%。

There were three notable items in the second quarter, including $17 million in catch-up premium amortization on tax-exempt bonds obtained from the People's United acquisition.

第二季有三個值得注意的項目，包括從 People's United 收購中獲得的 1700 萬美元的免稅債券補繳保費攤銷。

The corresponding impact of that item on a taxable-equivalent basis was $20 million. This item reduced EPS by $0.09. We also had two gains reported within fee income. Which included a $15 million pre-tax gain on sale of our out-of-footprint CRE loan portfolio and a $10 million pre-tax gain on the sale of an ICS subsidiary. Those two gains impacted EPS by $7.04, respectively.

該項目對應稅等值的影響為 2000 萬美元。此項費用導致每股收益減少0.09美元。我們也報告了兩項費用收入的收益。其中包括出售我們超出範圍的 CRE 貸款組合獲得的 1500 萬美元稅前收益，以及出售 ICS 子公司獲得的 1000 萬美元稅前收益。這兩項收益分別對每股收益產生了 7.04 美元的影響。

Slide 7 includes supplemental reporting of M&T's results on a net operating or tangible basis. M&T's net operating income was $724 million compared to $594 million in the late quarter. Diluted net operating earnings per share were $4.28, up from $3.38 in the prior quarter.

投影片 7 包括 M&T 淨營業或有形績效的補充報告。M&T 的淨營業收入為 7.24 億美元，而本季末為 5.94 億美元。每股攤薄淨營業收益為 4.28 美元，高於上一季的 3.38 美元。

Net operating income yielded an ROTA and an ROTCE of 1.44% and 15.54%. Next, we'll look a little deeper into the underlying trends that generated our second-quarter results.

淨營業收入產生的 ROTA 和 ROTCE 分別為 1.44% 和 15.54%。接下來，我們將更深入探討影響第二季業績的潛在趨勢。

Please turn slide 8. Taxable equivalent net interest income was $1.72 billion, an increase of $15 million or 1% from the late quarter. The net interest margin was 3.62%, a decrease of 4 basis points from the prior quarter.

請翻到第 8 張投影片。應稅等值淨利息收入為 17.2 億美元，較上一季末增加 1,500 萬美元，增幅為 1%。淨利差為3.62%，較上季下降4個基點。

But that interest margin decline was primarily driven by a negative 4 basis points related to the premium amortization impact, negative 5 basis points related to higher costs and interest-bearing deposits and long term debt, negative 2 basis points from lower net-free funds contribution. Partially offset by a 7-basis-point benefit related to fixed asset repricing, including reduction in negative carry on our interest-rate swaps.

但利息差下降主要是由於與保費攤銷影響相關的負 4 個基點、與成本增加和計息存款及長期債務相關的負 5 個基點、以及淨自由資金貢獻減少相關的負 2 個基點。部分抵銷了與固定資產重新定價相關的 7 個基點的收益，包括減少我們的利率互換的負向利差。

Excluding the notable premium amortization, the net interest margin would be 3.66%, unchanged from the first quarter.

剔除顯著的保費攤銷，淨利差為 3.66%，與第一季持平。

Turn to slide 10 to talk about average loans. Average loans and leases increased $0.6 billion to $135.4 billion. Higher consumer and residential mortgage loans were partially offset by a decline in CRE balances. Commercial loans were unchanged at $61 billion with continued growth in certain specialty segments such as CNI and mortgage warehouse offset by a decline in dealer floor plan balances.

翻到幻燈片 10 討論平均貸款。平均貸款和租賃增加 6 億美元，達到 1,354 億美元。消費者和住宅抵押貸款的增加部分被企業房地產餘額的下降所抵消。商業貸款保持不變，仍為 610 億美元，CNI 和抵押倉庫等某些專業領域的持續成長被經銷商樓層平面圖餘額的下降所抵消。

However, at the end of the period, commercial loans increased $1.1 billion, driven by growth in our specialty segments, including CNI, mortgage warehouse, and fund banking. Similarly, we saw strong growth in total commitments. The CRE loans declined 4% to $25.3 billion, reflecting continued payoffs and pay downs. However, we continue to see our CRE pipeline bill.

然而，在本期末，商業貸款增加了 11 億美元，這得益於我們的專業部門（包括 CNI、抵押倉庫和基金銀行）的成長。同樣，我們看到總承諾額也強勁成長。商業房地產貸款下降 4% 至 253 億美元，反映出持續的還款和償還。然而，我們仍然看到我們的 CRE 管道帳單。

Residential mortgage loans increased 2% to $23.7 billion. Consumer loans grew 4% to $25.4 billion, reflecting increases in recreational finance and indirect auto loans. Combined average residential mortgage and consumer loans grew $1.5 billion or 3% sequentially, representing the strength of our diversified loan portfolio and business model. Loan yields increased 5 basis points to 6.11%, aided by the reduction in negative gearing on our interest-rate swaps.

住宅抵押貸款增加2%，達到237億美元。消費貸款成長 4%，達到 254 億美元，反映了休閒金融和間接汽車貸款的成長。住宅抵押貸款和消費貸款的平均總額比上一季增加了 15 億美元，增幅為 3%，體現了我們多元化貸款組合和業務模式的實力。貸款收益率上升 5 個基點至 6.11%，這得益於我們利率互換負扣稅的減少。

Regarding commercial loan growth. Earlier this year, we implemented enhancements to our commercial credit and sales processes to improve the ability to serve customers through market cycles. Become more responsive to customer needs, scale our risk management, and position ourselves for future growth. We've taken the time to assimilate both our employees and customers to this new process. And we enter the second half of the year in a strong position to support our growing pipeline.

關於商業貸款成長。今年早些時候，我們對商業信貸和銷售流程進行了改進，以提高在市場週期中為客戶提供服務的能力。更積極地回應客戶需求，擴大我們的風險管理，為未來的發展做好準備。我們花了一些時間讓員工和客戶適應這個新流程。進入下半年，我們將以強勁勢頭支持不斷增長的產品線。

Turning to slide 11. Our liquidity remains strong. At the end of the second quarter, investment securities and cash held at the Fed totaled $54.9 billion, representing 26% of total assets.

翻到第 11 張投影片。我們的流動性依然強勁。第二季末，聯準會持有的投資證券和現金總額為5,49億美元，佔總資產的26%。

Average investment securities increased $0.9 billion to $35.3 billion. The yield on investment securities decreased 19 basis points to 3.81%, primarily from the catch-up premium amortization on certain securities. Excluding that item, the securities yield would be 4.03%, reflecting continued fixed rate repricing in the investment portfolio.

平均投資證券增加 9 億美元，達 353 億美元。投資證券收益率下降 19 個基點至 3.81%，主要因為某些證券的補繳保費攤銷。不包括該項目，證券收益率將為 4.03%，反映出投資組合中持續的固定利率重新定價。

The duration of the investment portfolio at the end of the quarter was 3.6 years, and the unrealized pre-tax gain on available sale portfolio was $82 million or 4 basis points CET1 benefit, if included in regulatory capital.

本季末投資組合的久期為 3.6 年，可供出售投資組合的未實現稅前收益為 8,200 萬美元或 4 個基點的 CET1 收益（若計入監理資本）。

Turning to slide 12. Average total deposits rose $2.2 billion or 1% to $163.4 billion. Deposit growth was across most segments, including commercial, business banking, consumer, mortgage, and corporate trust. While average broker deposits declined $0.3 billion to $10.5 billion.

翻到第 12 張投影片。平均總存款增加 22 億美元，成長 1%，達到 1,634 億美元。存款成長遍及大多數領域，包括商業銀行、企業銀行、消費者銀行、抵押貸款和企業信託。而平均經紀人存款則下降了 3 億美元，至 105 億美元。

Average non-interest bearing deposits declined $0.3 billion to $45.1 billion, primarily from lower trust demand deposits. Interest-bearing deposit costs increase 1 basis point to 2.38%. Growth in certain high-cost deposits, particularly within commercial, mortgage, and corporate trusts contributed to the deposit cost increase. That was partially offset by time and broker deposits. Continuing on slide 13, net interest income was $683 million compared to $611 million in the late quarter. We saw continued strength across many fee-income categories with increases in mortgage banking, service charges, trust, and other revenues.

平均無息存款減少 3 億至 451 億美元，主要因為信託活期存款減少。計息存款成本增加1個基點至2.38%。某些高成本存款的成長，特別是商業、抵押貸款和公司信託中的存款成長導致存款成本增加。這部分被時間和經紀人存款所抵消。繼續第 13 張投影片，淨利息收入為 6.83 億美元，而本季末為 6.11 億美元。我們看到許多費用收入類別持續保持強勁勢頭，抵押銀行、服務費、信託和其他收入均增加。

Mortgage banking revenues were $130 million, up from $118 million in the first quarter. Residential mortgage banking revenues increased $15 million sequentially to $97 million from higher servicing fee income, aided by the full-quarter benefit of sub-servicing, which started in February.

抵押貸款銀行業務收入為 1.3 億美元，高於第一季的 1.18 億美元。住宅抵押貸款銀行業務收入環比增加 1,500 萬美元，達到 9,700 萬美元，這得益於服務費收入的增加，並得益於 2 月份開始的整個季度的次級服務效益。

Trust income increased $5 million to $182 million, largely driven by higher seasonal tax preparation fees. Other revenues from operations increased $49 million to $191 million, reflecting $25 million in notable items mentioned earlier, along with higher loan-syndication fees, and merchant, and credit card revenue.

信託收入增加了 500 萬美元，達到 1.82 億美元，這主要得益於季節性報稅費用的增加。其他經營收入增加了 4,900 萬美元，達到 1.91 億美元，反映了前面提到的 2,500 萬美元的顯著項目，以及更高的銀團貸款費用以及商家和信用卡收入。

Turning to slide 14. We continue to execute our expense plans. Non-interest expenses for the quarter were $1.34 billion, a decrease of $79 million from the prior quarter.

翻到第 14 張投影片。我們繼續執行我們的支出計劃。本季非利息支出為 13.4 億美元，較上一季減少 7,900 萬美元。

Salaries and benefits decreased $74 million to $813 million mostly reflecting the seasonal decline from the first quarter, partially offset by the full-quarter impact of annual merit increases. Other non-compensation expenses items changed relatively modestly from the first quarter. The efficiency ratio was 55.2% compared to 60.5% in the late quarter.

薪資和福利減少了 7,400 萬美元，至 8.13 億美元，主要反映了第一季度的季節性下降，但年度績效加薪對整個季度的影響部分抵消了這一影響。其他非薪酬費用項目與第一季相比變化相對較小。本季的效率比率為 55.2%，而本季末的效率比率為 60.5%。

Now, let's turn to slide 15 for credit. Net charge-offs for the quarter totaled $108 million of 32 basis points, decreasing from 34 basis points in the late quarter. Net charge-offs were relatively granular with the five largest charges amounting to the less than $35 million in total representing both CNI and CRE credits.

現在，讓我們翻到第 15 張投影片來看看成績。本季淨沖銷總額為 1.08 億美元，為 32 個基點，較季末的 34 個基點下降。淨沖銷金額相對細化，五項最大沖銷金額總計不到 3,500 萬美元，涵蓋 CNI 和 CRE 信用。

Non-accrual loans increased $33 million or 2% to $1.6 billion. The non-accrual ratio increased 2 basis points to 1.16%, driven largely by higher CNI non-accruals, concentrated in recreational finance dealers.

非應計貸款增加 3,300 萬美元，成長 2%，達到 16 億美元。非應計比率上升 2 個基點至 1.16%，主要由於 CNI 非應計比率上升，且集中在休閒金融經銷商。

In the second quarter, we recorded a provision for credit losses of $125 million compared to the net charge offs of $108 million. Included within the provision for credit losses is a $20 million provision for unfunded credit commitments related to credit-recourse obligations for certain CRE loans sold by MTRCC under the Fannie Mae DUS program. The allowance for loan losses as 1% of total loans decreased 2 basis points to 1.61%, reflecting lower levels of criticized loans.

在第二季度，我們記錄了 1.25 億美元的信貸損失準備金，而淨沖銷額為 1.08 億美元。信貸損失準備金中包括一筆 2000 萬美元的未撥付信貸承諾準備金，該準備金與 MTRCC 根據房利美 DUS 計劃出售的某些 CRE 貸款的信貸追索義務有關。貸款損失準備金佔貸款總額的 1%，下降 2 個基點至 1.61%，反映出受批評貸款的水平較低。

Please turn to slide 16. The level of criticized loans was $8.4 billion, compared to $9.4 billion at the end of March. The improvement from the late quarter was driven by an $813 million decline in CRE-criticized balances and $226 million decline in commercial.

請翻到第 16 張投影片。受批評的貸款總額為 84 億美元，而 3 月底為 94 億美元。本季末的改善是由於 CRE 受批評餘額下降 8.13 億美元以及商業餘額下降 2.26 億美元。

The CRE decline was primarily within multi-family, office, healthcare, and construction, and was driven by payoffs, paydowns, and upgrades to past status. Turning to slide 19 for capital. M&T CET1 ratio at the end of the second quarter was an estimated 10.98% compared to 11.5% at the end of the first quarter. A decline in the CET1 ratio reflects increased capital distributions, including $1.1 billion in share repurchases, partially offset by continued strong capital generation.

CRE 的下降主要發生在多戶住宅、辦公大樓、醫療保健和建築領域，原因是還款、還款和對過去狀態的升級。翻到第 19 張投影片，了解資本狀況。第二季末的 M&T CET1 比率估計為 10.98%，而第一季末為 11.5%。CET1 比率的下降反映了資本分配的增加，包括 11 億美元的股票回購，但持續強勁的資本產生部分抵消了這一影響。

The AOCI impact on the CET1 ratio from AFS securities and pension-related components combined would be approximately a positive 10 basis points if included in regulatory capital.

如果納入監理資本，則可供出售證券和退休金相關成分對 AOCI 普通股權一級比率的影響將約為正 10 個基點。

Now, turning to slide 20 for the outlook. First, let's begin with the economic backdrop. The economy fared better than feared, given the market volatility and uncertainty regarding tariffs and other policies. The economy contracted in the first quarter as domestic production gave way to a surge of imports of consumer and business goods.

現在，翻到第 20 張投影片來了解展望。首先，讓我們從經濟背景開始。考慮到市場波動以及關稅和其他政策的不確定性，經濟表現優於預期。由於國內生產被消費品和商業品進口激增所取代，第一季經濟出現萎縮。

We expect a positive figure in the second quarter, thanks in part to lower imports, but also do see slowing in domestic spending, which is a risk worth watching. We see the impact of tariffs hitting categories that are most exposed to imports. But consumers are cutting back on service spending such as travel and recreation, reducing price pressure on service side and is the counterweight to tariffs.

我們預計第二季將出現正成長，部分原因是進口減少，但國內支出也將放緩，這是一個值得關注的風險。我們看到關稅對最容易受到進口影響的類別產生了影響。但消費者正在削減旅遊和娛樂等服務支出，從而減少了服務方面的價格壓力，並抵消了關稅的影響。

We acknowledge the potential for a slowing in the economy and are attuned to downside risks and uncertainty. We ended the second quarter well-positioned for a dynamic economic environment with strong liquidity, strong capital generation, and a CET1 ratio of nearly 11%.

我們承認經濟可能放緩，並關注下行風險和不確定性。我們在第二季結束時處於有利地位，處於充滿活力的經濟環境中，擁有強大的流動性、強勁的資本產生能力，並且 CET1 比率接近 11%。

With that economic backdrop, let's review our noninterest income outlook. We expect taxable equivalent net interest income, excluding notable items, to be $7 billion to $7.15 billion with net interest margin averaging in the mid-to-high 3.60s%. We lowered the range due to continued softness in commercial and CRE loan growth.

在這樣的經濟背景下，讓我們回顧一下非利息收入前景。我們預計，不包括重大項目的應稅等值淨利息收入將達到 70 億美元至 71.5 億美元，淨利差平均在 3.60% 的中高水準。由於商業和 CRE 貸款成長持續疲軟，我們降低了範圍。

We expect full-year average loan growth to be $135 billion to $137 billion. Full-your average deposit balances are expected to be $162 billion to $164 billion. We remain focused on growing customer deposits at a reasonable cost and reducing non-core funding.

我們預計全年平均貸款成長率為 1,350 億美元至 1,370 億美元。預計您的平均存款餘額將達到 1,620 億美元至 1,640 億美元。我們仍然致力於以合理的成本增加客戶存款並減少非核心資金。

Turning to fee income, we continue to expect noninterest income excluding notable items to be at the high end of our $2.5 billion to $2.6 billion range. Our strong quarter provides increased confidence in achieving the high end of the range.

談到費用收入，我們繼續預計不包括重要項目的非利息收入將達到 25 億美元至 26 億美元區間的高端。我們本季的強勁表現增強了我們實現高端目標的信心。

Continuing with expenses. We anticipate total non-interest expenses, including intangible amortization to be $5.4 billion to $5.5 billion trending toward the lower end of the range.

繼續支出。我們預計包括無形攤銷在內的非利息總支出將達到 54 億美元至 55 億美元，趨向於該範圍的低端。

Our business lines remain focused on closely managing their expenses, allowing the bank to continue to make targeted investments and projects and business opportunities that support our enterprise priorities and also achieve positive operating leverage.

我們的業務線仍然專注於密切管理其費用，使銀行能夠繼續進行有針對性的投資、專案和商業機會，以支持我們的企業優先事項並實現積極的經營槓桿。

Regarding credit, net charge off for the first half of the year were below our initial expectations. With that positive start to the year, we now expect net charge-offs for the full year to be less than 40 basis points.

關於信貸，上半年的淨沖銷額低於我們最初的預期。由於今年開局良好，我們預計全年淨沖銷額將低於 40 個基點。

We also expect criticized loans to continue to decline through 2025, though at a more moderate pace. As it relates to capital, we expect to operate in a 10.75% to 11% range for the remainder of the year. We will be opportunistic with share repurchases are also continuing to monitor the economic backdrop and asset-quality trends.

我們也預計，到 2025 年，受批評的貸款將繼續下降，但速度將更為溫和。就資本而言，我們預計今年剩餘時間的營運率將在 10.75% 至 11% 之間。我們將抓住機會進行股票回購，並繼續關注經濟背景和資產品質趨勢。

As shown on slide 21, we remain committed to our four priorities, including growing our New England and Long Island markets, optimizing our resources through simplification, making our systems resilient and scalable, and continuing to scale and develop our risk-management capabilities.

如投影片 21 所示，我們將繼續致力於我們的四個優先事項，包括發展我們的新英格蘭和長島市場、透過簡化來優化我們的資源、使我們的系統具有彈性和可擴展性，以及繼續擴大和發展我們的風險管理能力。

To conclude on slide 22, our results underscore an optimistic investment thesis. M&T has always been a purpose-driven organization with a successful business model that benefits all stakeholders, including shareholders.

在第 22 張投影片上總結一下，我們的結果強調了一個樂觀的投資論點。M&T 一直是目標驅動的組織，擁有成功的商業模式，使包括股東在內的所有利害關係人受益。

We have a long track record of credit outperforming through all economic cycles or growing within the markets we serve. We remain focused on our shareholder returns and consistent dividend growth. Finally, we are a disciplined acquirer and food and steward of shareholder capital.

我們擁有長期的信貸業績記錄，在所有經濟週期中均表現優異，並且在我們服務的市場中不斷成長。我們仍然關注股東回報和持續的股息成長。最後，我們是紀律嚴明的收購者、股東資本的提供者和管家。

Now, let's open the call to questions before, which we will briefly review the instructions.

現在，讓我們開始之前的提問環節，我們將簡要回顧一下說明。

(Operator Instructions) Ken Usdin, Autonomous Research.

（操作員指示） Ken Usdin，自主研究。

Okay. Yeah, there you go. Hey, Daryl, good morning. How are you?

好的。是的，就是這樣。嘿，達裡爾，早安。你好嗎？

Good.

好的。

Yeah, I wanted to ask you to expand on the loan dynamics. You know I think you did sell a portfolio of out-of-footprint CRE. I'm just wondering what -- you know how close are we to getting to that bottom in CRE. And are you seeing any change in terms of the, underlying originations that just keeps, getting taken out by payouts and the and the like?

是的，我想請您詳細說明一下貸款動態。你知道，我認為你確實出售了一批超出足跡的 CRE 投資組合。我只是想知道——您知道我們距離 CRE 的底部還有多遠嗎？您是否看到基礎起源方面有任何變化，這些變化一直在透過支出等方式進行？

Yeah, thanks for the question on that. And what I would tell you is the CRE portfolio, I think the pipeline continues to build. We had our best month in June that we've had this year so far.

是的，謝謝你提出這個問題。我想告訴你的是，CRE 投資組合的管道正在繼續建造。六月是我們今年迄今為止表現最好的一個月。

We had over $5 billion in the pipeline right now. So we feel pretty good that we're headed in a good direction from that perspective. If you look at when it's going to grow because of the runoff that we had this past quarter, the chances of growing link quarter and CRA would be pretty challenging.

目前，我們已籌措了超過 50 億美元的資金。因此，從這個角度來看，我們感到非常高興，我們正朝著正確的方向前進。如果您看一下由於上個季度的流失何時會成長，那麼連結季度和 CRA 成長的機會將非常具有挑戰性。

But as we get towards the end of the year, I think as the pipeline continues to build and still serve clients and all that, I think we have a chance for maybe later of the year for that to happen.

但隨著我們接近年底，我認為隨著管道繼續建造並仍然為客戶提供服務等等，我認為我們有機會在今年稍後實現這一目標。

Got it. And you mentioned on capital the good stress test results, and it's nice to see that you're kind of moving that buyback activity a little forward. So 10.75% to 11% is still way above where you need to sit, and you said that maybe you'd get towards 10% over time. But what's the right level of capital for M&T to hold and how do you think about this balancing act of all the access you have versus your potential uses of it?

知道了。您提到了資本壓力測試結果良好，很高興看到您將回購活動向前邁進了一步。因此，10.75% 到 11% 仍然遠高於您需要達到的水平，並且您說過也許隨著時間的推移您會達到 10%。但是，M&T 持有的資本額度應該是多少？您如何看待在您擁有的所有存取權限和潛在用途之間取得平衡？

Yeah. So I think it first starts with right now, there's still a lot of uncertainty in the marketplace. We did really well with our stress capital buffer. We did a great job bringing down our criticized loans but we still have more wood to chop in getting our criticized loans down further, and hopefully next year we'll get down to 2.5% on a stress capital buffer.

是的。所以我認為首先從現在開始，市場上仍然存在著許多不確定性。我們在壓力資本緩衝方面做得非常好。我們在降低受批評貸款方面做得很好，但我們在進一步降低受批評貸款方面仍有許多工作要做，希望明年我們的壓力資本緩衝率能降至 2.5%。

But if you look at what's in the marketplace right now, there's a lot of uncertainty with tariffs which create a lot of trade uncertainty. You have worsening geopolitical conditions, high fiscal deficits, and elevated asset prices. I think those risks right now, just way out there, our long-term target that the Board approved in January this year is 10%. But I think, given the risk that we have right now, we think the range of 11% to 10.75% is the right place to operate.

但如果你看看現在的市場狀況，你會發現關稅存在著許多不確定性，造成許多貿易不確定性。地緣政治條件不斷惡化，財政赤字高企，資產價格上漲。我認為目前這些風險還很大，董事會今年 1 月批准的長期目標是 10%。但我認為，考慮到我們目前面臨的風險，我們認為 11% 到 10.75% 的範圍是正確的操作範圍。

Okay, got it. Alright. Thanks, Daryl.

好的，明白了。好吧。謝謝，達裡爾。

Steven Alexopoulos, TD Cowen.

史蒂文·亞歷克斯普洛斯（Steven Alexopoulos），TD Cowen。

Hey, Daryl, how's everything?

嘿，達裡爾，一切都好嗎？

Good. And you, Steve?

好的。你呢，史蒂夫？

Good, good. I wanted to start because I saw you were guiding to the high end of the fee income range, and when I look at trust, there's a nice positive surprise this quarter again, $182 million. Did you get some color what's driving that? And do we think of that as back to being high-single digit, low double-digit grower from here?

好，好。我想開始是因為我看到你正在引導費用收入範圍的高端，當我看信託時，本季再次出現了一個令人驚喜的驚喜，1.82 億美元。您是否知道造成這種情況的原因是什麼？我們是否認為從現在起，成長率將回到高個位數或低兩位數？

It's had a tremendous last year and it's had a tremendous this year. We are actually investing in Europe. We've started operations there and it's starting to grow now. We had some big wins this past quarter in that space. So -- and we were asked by our customers to support them in Europe. So we're just following where our customers are from that perspective. So we're very positive in our corporate trust business. I think, it's growing really well and have a lot of potential.

去年取得了巨大的成功，今年也取得了巨大的成功。我們實際上正在歐洲投資。我們已經開始在那裡開展業務，現在開始發展。上個季度我們在該領域取得了一些重大勝利。所以——我們的客戶要求我們在歐洲為他們提供支援。因此，我們只是從這個角度關注我們的客戶。因此，我們對企業信託業務非常樂觀。我認為它發展得很好並且有很大的潛力。

But if you look at the other fees that we have on the mortgage side, we have a great, sub-servicing business that's growing really well. And we have from an origination perspective; we've been investing in producers and [resi]. You can't see it because rates aren't really down yet, but that will happen at some point down the road. And then our commercial mortgage business, RCC is really doing well, really core to our businesses as we operate. And we'll have a lot of potential. But I think the highlight that we have right now, Steve, is really in treasury management. If you look at treasury management revenues year over year, we're up 12%, 13%, which is really strong.

但如果你看看我們在抵押貸款方面的其他費用，你會發現我們的次級服務業務發展得非常好。從起源的角度來看，我們一直在投資生產者和[住宅]。你看不到這一點，因為利率還沒有真正下降，但這將在未來的某個時候發生。然後，我們的商業抵押貸款業務 RCC 表現非常好，這是我們運營的核心業務。我們將擁有巨大的潛力。但我認為，史蒂夫，我們現在的亮點確實在於財務管理。如果你看一下財務管理收入的年比變化，你會發現我們成長了 12%、13%，這確實很強勁。

Right, that's great. And Daryl, I'd love to get your reaction to this. So we just wrapped a PNC call and I had asked Bill about the argument that they need more scale. And the comment was competing against the mega banks in order to drive retail deposit growth, you do need more scale. You're in a pretty unique position because you came from a much larger bank and now, you're in M&T.

對，太好了。達裡爾，我很想知道你對此的反應。因此，我們剛剛結束了 PNC 電話會議，我向比爾詢問了他們需要擴大規模的理由。評論說，為了推動零售存款成長，與大型銀行競爭確實需要擴大規模。您的職位非常獨特，因為您來自規模較大的銀行，現在在 M&T 工作。

I mean, what's your take on this? I mean, you guys have always done a good job of -- M&T of growing retail deposits, lower cost, commercial deposits. But do you feel more of a burning need just to get larger to compete against the megabanks, which are net growing checking accounts pretty well here?

我的意思是，您對此有何看法？我的意思是，你們在增加零售存款、降低商業存款成本的管理和技術方面一直做得很好。但是，您是否感到更迫切地需要擴大規模，以便與大型銀行競爭，而這些銀行的支票帳戶淨增長相當不錯？

Absolutely not, Steve. I mean, if you look at our business model, we are basically serving our communities and we bring our full bank to those customers within those communities. I think that's a huge advantage for us. I think that's very successful. We also look at efficiency ratios and all that. We operate with one of the best efficiency ratios in the industry. And while we will continue to grow in size, one of the advantages we have and what we focus on is being simple, less complexity in the company.

絕對不是，史蒂夫。我的意思是，如果你看看我們的商業模式，我們基本上是為我們的社區服務，並將我們的整個銀行業務提供給這些社區內的客戶提供。我認為這對我們來說是一個巨大的優勢。我認為這是非常成功的。我們也關注效率比率等等。我們的營運效率是業內最好的之一。雖然我們的規模會繼續擴大，但我們的優勢之一以及我們關注的重點是公司變得簡單、不那麼複雜。

So we can manage the company as we get bigger and all that. I think that's really key. We don't have to be the biggest bank to serve in our communities and all that. We just do a really great job doing that. I think everybody's happy from that. We will probably grow in market, maybe contiguous markets over time when it's right. But here again. we're real compact in one area. So you get a lot of advantages of scale in those areas, too. So we love our business model. It's very successful. Our community's customers love us. So I think it's going to continue to stay with that.

這樣，隨著公司規模不斷擴大，我們就可以管理公司。我認為這真的很關鍵。我們不必成為最大的銀行來為我們的社區提供服務。我們在這方面做得非常出色。我想每個人都會為此感到高興。當情況合適時，我們可能會在市場上，甚至隨著時間的推移在相鄰的市場上實現成長。但在這裡，我們在一個區域內確實非常緊湊。因此，您在這些領域也能獲得許多規模優勢。所以我們喜歡我們的商業模式。這是非常成功的。我們社區的客戶喜愛我們。所以我認為這種情況將會持續下去。

Okay. I'm with you. Thanks for that color.

好的。我和你在一起。謝謝你這個顏色。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Oh great, thanks for the question. (inaudible) want to ask that tech that topic from a different angle. The expense guy for the back half of the year, I know you've had this [GO] cost that's been nearing completion. I guess, number one is that a part of the reason for the expense improvement. And two, I believe in the past, you've talked about needing to get that done before you consider perhaps a tuck in, not a large-scale acquisition, but any thoughts about timing where you might be ready to do a deal if it afforded you? Thank you.

哦，太好了，謝謝你的提問。 （聽不清楚）我想從不同的角度向技術人員詢問這個主題。負責下半年費用的人員，我知道您有這筆 [GO] 費用已經接近完成。我想，首先這是費用改善的部分原因。第二，我相信您過去曾談到，在考慮進行小額收購（而非大規模收購）之前，需要先完成這項任務，但是，如果條件允許的話，您有沒有想過在什麼時機準備進行交易？謝謝。

Yeah. So we got about a half dozen major projects going on in the company. The GL is one of them that had nothing to do with the change in guidance. It really was -- at the end of the day, we want to make sure we can contribute and have positive operating leverage. And our leadership team decided that we could bend the expense curve down a little bit and flatten it out so that we can still generate positive operating leverage.

是的。因此，我們公司正在進行大約六個重大項目。GL 是其中之一，與指導方針的變化無關。確實如此——最終，我們希望確保我們能夠做出貢獻並擁有積極的經營槓桿。我們的領導團隊決定，我們可以將費用曲線稍微向下彎曲一點，使其變平，這樣我們仍然可以產生積極的營運槓桿。

Our loan growth isn't as much as we thought it would be for this plan year. We're still doing really well and hope that we finish the year out stronger. But it's the unselfishness and the leadership that we have on our leadership team that actually made that happen.

我們的貸款成長並不像我們預期的本計劃年度的那麼多。我們目前的表現仍然很好，希望今年我們能以更強的姿態結束。但實際上，正是我們領導團隊的無私和領導力使得這個目標得以實現。

Okay. Thank you for that, Daryl. And it's a follow up, you've done a lot of progress on the CRE diversification. Does -- do acquisitions -- a lot of the small and community banks that you might be talking to. They have a lot of commercial real estate. Does that stop the conversation or is there perhaps ways to work around not trying to go backwards on the improvement and create concentrations? Thanks.

好的。謝謝你，達裡爾。這是後續行動，您在 CRE 多樣化方面取得了巨大進展。是否會收購您可能正在洽談的許多小型銀行和社區銀行。他們擁有大量商業地產。這是否會停止對話，或者是否有辦法避免在改進和集中精力方面出現倒退？謝謝。

Yeah, Chris. there's a lot of optionality and things you can do with what's been developed. I mean, obviously, you could potentially sell credits once you close the transaction. You could do risk transfer trades; you can do a lot of things. But first and foremost, to acquire somebody we'll look for somebody that basically fits with us from a culture perspective, from a credit perspective.

是的，克里斯。利用已經開發的東西，你可以做很多可選的事情。我的意思是，顯然，一旦您完成交易，您就有可能出售信用。你可以進行風險轉移交易；你可以做很多事情。但首先，為了招募人才，我們會尋找從文化角度和信用角度與我們基本契合的人。

So the hope is that we would maintain most of those relationships. But for -- if we wanted to reduce some of them or exit some of them, we do have ways of doing that or minimizing the risk now. So I -- that's not a concern whatsoever, it's just the cost of doing the transaction.

因此我們希望能夠維持大部分的關係。但是——如果我們想減少其中一些或退出其中一些，我們現在確實有辦法做到這一點或將風險降到最低。所以我——這根本不是一個問題，這只是交易的成本。

Understood. Thanks so much.

明白了。非常感謝。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Hey, Daryl, good morning.

嘿，達裡爾，早安。

Good morning.

早安.

But you still maybe -- one on the margin outlook as we think about it. It's kind of in the range where you expect it to be for the full year in the mid-to-high 3.60s%. It just remind us X any changes to interest rates? Are we at a point where incremental assets repricing is offset by funding cost? Like how do you think about just mechanically how the margin should operate like what brings it -- what could take it above 3.70% versus below 3.60%, I guess, X-rate changes?

但當我們考慮這一點時，你仍然可能 - 對利潤前景持懷疑態度。它處於您預期的全年 3.60% 中高水準範圍內。它只是提醒我們 X 利率有任何變化嗎？我們是否正處於增量資產重新定價被融資成本抵銷的階段？例如，您如何從機械角度思考保證金應該如何運作，是什麼讓它高於 3.70% 而不是低於 3.60%，我猜，X 率變化？

Yeah. So we've kept the guidance in the mid- to high 3.60s%. It's really -- it depends on how much commercial and CRE growth that we get is really the biggest driver, Ebrahim, at the end of the day. I think we're optimistic that we will be growing our commercial CNI balances, third and fourth quarter that will turn positive. And we're hoping that we end the year strong with CRE as well so we can start ‘26 really strong.

是的。因此，我們將預期維持在 3.60% 左右。這真的取決於我們獲得多少商業和 CRE 成長，這才是最終最大的驅動力，Ebrahim。我認為，我們對我們的商業 CNI 餘額的成長持樂觀態度，第三季和第四季將變為正數。我們希望今年的 CRE 也能取得好成績，這樣我們就能強勢開啟 2026 年。

As far as getting to 3.70%, we have a lot of positives going on in the balance sheet still. That fixed asset repricing was really huge for us this quarter with our auto loans and RV loans that we put on and we put on a lot of those loans, and you know we priced higher in in those areas. Even our residential mortgages that we booked also we priced higher if you look at the yields. So all that's really positive. The investment portfolio as we continue to invest, we're probably averaging about 150 basis points on what's rolling off to what's rolling on. We've been adding a little bit to the portfolio as well that which has been a positive.

就達到 3.70% 而言，我們的資產負債表上仍有許多正面因素。本季度，固定資產重新定價對我們來說影響巨大，包括我們發放的汽車貸款和房車貸款，我們發放了大量此類貸款，而且您知道，我們在這些領域的定價更高。如果從收益率來看，我們所預訂的住宅抵押貸款的定價也更高。所以這一切都是正面的。隨著我們繼續投資，投資組合的滾動收益率平均約為 150 個基點。我們也在投資組合中增加了一些內容，這是正面的。

And then our swap book. Our swap book, yeah. I've mentioned a couple of times in the prepared remarks. But we are getting positive repricing in the swap book and you're going to continue to see that drag on for the next four quarters. So that a positive.

然後是我們的交換書。是的，我們的交換書。我在準備好的發言中已經提到過幾次。但我們在掉期帳簿中獲得了積極的重新定價，你將繼續看到這種拖累在接下來的四個季度中持續下去。所以這是一個積極的方面。

So, well, is it possible to get to 3.70% this year? Yes, but it's really going to rely on loan growth, Ebrahim. And right now, I'm just a little cautious, which is why we're keeping it in the mid-to-high 3.60s%.

那麼，今年有可能達到 3.70% 嗎？是的，但它實際上要依靠貸款成長，易卜拉欣。而現在，我只是有點謹慎，這就是為什麼我們將其保持在 3.60% 的中高水平。

That's helpful. Thanks for that. And I guess maybe just on CNI loan growth -- and sorry if I missed it but remind us when we think about the opportunity within the People's market in Long Island, et cetera. Just how big is that pipeline like is it a multi-year thing? Means -- it's been helpful to the bank over the last year or two. So if you don't mind just double clicking on CNI loan growth in some of these markets we acquired through People’s. Thanks.

這很有幫助。謝謝。我想也許只是關於 CNI 貸款成長——如果我錯過了，請抱歉，但當我們考慮長島人民市場等的機會時，請提醒我們。這條管道到底有多大？它是需要多年時間才能建成的嗎？意思是——在過去的一兩年裡，它對銀行有幫助。因此，如果您不介意的話，只需雙擊我們透過 People's 收購的某些市場中的 CNI 貸款成長情況即可。謝謝。

Yeah, Ebrahim. We've put lots of people, new leaders into those markets. If you look at this past quarter, Eastern [Mass] was one of the fastest growing regions of our 27 regions that we had this quarter. So it has a lot of momentum. Connecticut, it's also a great market for us. We have a lot of share in that space. So that's a positive.

是的，易卜拉欣。我們向這些市場派遣了大量人才和新領導者。如果你回顧上個季度，東部[馬薩諸塞州]是我們本季 27 個地區中成長最快的地區之一。因此它具有很大的發展勢頭。康乃狄克州對我們來說也是一個很好的市場。我們在該領域佔有很大的份額。這是積極的。

So I think all that's really good. But the key thing though that we got from People's, which is the -- whenever you do acquisitions sometimes you get some positive and tangibles, is that we got a lot of specialty businesses like fund banking, mortgage warehouse, corporate institutional. And we didn't have those businesses at M&T.

所以我認為這一切都很好。但是，我們從人民銀行獲得的關鍵資訊是——無論何時進行收購，有時你都會獲得一些積極和有形的東西，那就是我們獲得了許多專業業務，例如基金銀行、抵押倉庫、企業機構。但在 M&T 我們卻沒有這些業務。

So we've been able, over the last couple of years, to scale those businesses, invest in those businesses. Because they're really good sound businesses that we have and we're growing them very nicely. And that's really, I think, where the growth of the second half of the year is going to come from, is from these businesses that we've acquired from People's and they continue to grow and really pay dividends for us.

因此，在過去的幾年裡，我們已經能夠擴大這些業務，並對這些業務進行投資。因為我們擁有的都是非常好的業務，而且我們正在很好地發展它們。我認為，下半年的成長真正來自於我們從人民收購的這些業務，它們將繼續成長並真正為我們帶來獎金。

It's helpful. Thanks, Daryl.

這很有幫助。謝謝，達裡爾。

Peter Winter, DA Davidson.

彼得溫特、DA 戴維森。

Hi, good morning. Daryl, the consumer loan growth has really been consistently strong. I'm just wondering, would you expect some of that growth maybe to moderate just as discretionary expending is slowing and consumer prices are starting to rise as some of these tariff pass throughs are just starting?

嗨，早安。達裡爾，消費貸款成長確實一直保持強勁。我只是想知道，您是否預計，隨著可自由支配支出放緩、消費者價格開始上漲（因為部分關稅轉嫁才剛開始），部分成長可能會放緩？

Yeah. So the big amount of loans that we had in indirect RV and in our auto -- it was basically just people buying ahead of before higher car prices or RV prices came on board. So that was a pull forward. But I think in the RV space talking to our leader Mike Drury in that space. He's pretty optimistic that RV will continue auto as well.

是的。因此，我們在間接 RV 和汽車方面獲得的大量貸款——基本上只是人們在汽車價格或 RV 價格上漲之前購買的。所以這是向前邁進。但我認為在 RV 領域與我們的領導者 Mike Drury 進行交談。他非常樂觀地認為 RV 也將繼續自動化。

Auto, it really depends on which manufacturers and what's going on the lots. That's actually hurt us on the commercial side beyond floor planning because our utilization's down. But as manufacturers, figure out where to make the cars and put them on the lots, I think that will be a positive for both sides of us as we move forward. So I think that's good.

汽車，這實際上取決於製造商以及市場情況。除了樓層規劃之外，這實際上在商業方面也對我們造成了損害，因為我們的利用率下降了。但作為製造商，弄清楚在哪裡製造汽車並將其投放到市場上，我認為這對我們雙方來說都是一件好事。所以我認為這很好。

One of the nice surprises though that we have, and I really give a call out to Rich McCarthy, who ran the branches and all that is we actually grew Helock for the first time in a while and our credit card book this past quarter and they believe they're pretty optimistic for the rest of the year. So that that's a huge positive for us. So we have a lot of really good things going on in that space today.

不過，我們有一個驚喜，我真的要感謝里奇·麥卡錫 (Rich McCarthy)，他負責管理分支機構，事實上，我們在一段時間內首次實現了 Helock 的增長，並且在上個季度實現了信用卡賬簿的增長，他們相信他們對今年剩餘時間的表現非常樂觀。這對我們來說是一個巨大的利好。因此，我們今天在該領域發生了很多非常好的事情。

Got it, thank you. And then separately, last quarter, you lowered the average deposit range but mentioned that you expected to be at the high end of that new range. And I was just wondering with average deposits at $162 billion in the first half of the year, do you still expect to be at that upper end of that range of $162 billion to $164 billion?

知道了，謝謝。另外，上個季度，您降低了平均存款範圍，但提到您預計該範圍將處於新範圍的高端。我只是想知道，今年上半年的平均存款額為 1620 億美元，您是否仍預計會達到 1620 億美元至 1640 億美元這一範圍的上限？

Peter, we will -- we -- I have -- we haven't always on, we're always paying competitive rates to our customers as they come in. We'll get our share from that perspective. We had a great quarter this quarter. We grew $2.2 billion of what we brought in. It was from mortgage or corporate trust business as well as commercial. But it was really nice growth. It allowed us to pay off some broker deposits and some other non-core funding, which is what I'm all about.

彼得，我們會——我們——我——我們並不總是這樣，我們總是向進來的客戶支付有競爭力的價格。從這個角度來說，我們會得到自己的份額。本季我們表現非常出色。我們的收入成長了 22 億美元。它來自抵押貸款或企業信託業務以及商業業務。但這確實是一次很好的成長。它使我們能夠償還一些經紀人存款和一些其他非核心資金，這正是我所關心的。

So I would continue to focus and growing as much as we can as long as we grow it at a competitive, reasonable rate at that sense. And we'll fund loans with it and then if we have not -- more than what we need there, we will pay down non-core funding, which is what we've been doing. So I it's a positive and I think we will continue to see growth in that sector.

因此，只要我們能夠以具有競爭力的、合理的速度發展，我就會繼續集中精力，盡可能地發展。我們將用它來為貸款提供資金，如果沒有超過我們所需的資金，我們將償還非核心資金，這就是我們一直在做的事情。所以我認為這是積極的，我認為我們將繼續看到該領域的成長。

Got it. Okay. Thanks, Daryl.

知道了。好的。謝謝，達裡爾。

John Pancari, Evercore ISI.

約翰·潘卡里（John Pancari），Evercore ISI。

Good Morning, Daryl.

早安，達裡爾。

Hey, good morning, John.

嘿，早上好，約翰。

Just to go back to capital, a couple of things there. Good to see the acceleration and the buybacks to the $1.1 billion level up from the $600 million to $700 million before that. Can you maybe give us your thoughts on the pace of buybacks through the remainder of the year? I believe you had indicated the $4 billion authorization could be completed over six quarters. Are you still on that type of pace as you look at it?

回到首都，那裡有幾件事。很高興看到回購金額從先前的 6 億至 7 億美元加速成長至 11 億美元。您能否告訴我們您對今年剩餘時間回購速度的看法？我相信您曾表示 40 億美元的授權可以在六個季度內完成。從您的角度來看，您現在還保持著這樣的步伐嗎？

And then separately, I know M&A has been brought up a couple times. And you mentioned that you may be interested when the time is right. I guess, if you could just talk about it. Anything about the evolving backdrop with the other regional starting to do deals that's made whole bank M&A any more interesting to you, or would you say you're no change in your outlook on that perspective today? Thanks.

另外，我知道併購已經被提及過幾次了。您提到時機成熟時您可能會感興趣。我想，如果你能談論一下的話。隨著其他地區開始進行交易，不斷變化的背景是否讓您對整個銀行併購更感興趣，或者您認為您今天對這個觀點的看法沒有改變？謝謝。

Yeah. So John, I mean we're always looking and talking to people and all that. So I mean that's just part of what we do. We don't really have anything known. Obviously, we wouldn't say anything. But when opportunities are right and when we find a partner that really fits us for all the various reasons, that will happen when it happens. It's happened 27 times since the early 80s, so I'm sure it will happen at some point down the road from that perspective.

是的。所以約翰，我的意思是我們總是在觀察、與人交談等等。所以我的意思是這只是我們工作的一部分。我們確實不知道任何事。顯然，我們不會說什麼。但是，當機會合適並且我們因為各種原因找到真正適合我們的伴侶時，就會發生這種情況。自 80 年代初以來，這種情況已經發生過 27 次，所以從這個角度來看，我相信將來某個時候還會發生這種情況。

As far as the pace goes, I would say we will probably operate at 11%, and if the economy -- if we get more constructive on the economy and feel good about it, we could go down to 10.75% at some point down the road. If you look at what we've done for the first half of the year, John, and we bought 5.7% of our shares outstanding in the first and second quarter. So we're buying a fair amount of stock back from that perspective. And I think our investors would be happy that we would continue to do that when it makes sense from that perspective.

就速度而言，我認為我們可能會以 11% 的速度運行，如果經濟——如果我們對經濟更加樂觀並感覺良好，我們可能會在未來某個時候降至 10.75%。約翰，如果你看看我們今年上半年的表現，我們在第一季和第二季購買了 5.7% 的流通股。因此，從這個角度來看，我們回購了相當數量的股票。我認為，當從這個角度來看這是合理的時候，我們的投資者會很高興我們繼續這樣做。

Okay, got it. All right, thanks, Daryl. And then just separately back to the NII guide and then you -- regarding the lowering of the lower bound of that guide that you discussed, CRE is a factor and mentioned that already. You also mentioned CNI. Can you just give us a little bit more detail in terms of what you're seeing on the CNI front that's contributing still to the sluggishness or are you beginning to see some green shoots there? Thanks.

好的，明白了。好的，謝謝，達裡爾。然後分別回到 NII 指南，然後您 - 關於降低您所討論的該指南的下限，CRE 是一個因素並且已經提到了這一點。您還提到了 CNI。您能否向我們提供一些更詳細的信息，說明您在 CNI 方面看到哪些因素仍然導致經濟低迷，或者您是否開始看到一些復甦的跡象？謝謝。

Yeah. I think if you look at CNI, I mean, our fastest growth regions besides, Eastern Mass was in Jersey and New York. They were all really positive, which is really good. I would say if we have a really good growth among many of our portfolios, pipeline and middle market continues to be robust. As far as line utilization and dealer commercial services, that's low now that could start to drift back up towards the end of the year. That could be a positive for us. I think that that would be good.

是的。我想如果你看看 CNI，我的意思是，除了馬薩諸塞州東部之外，我們成長最快的地區是新澤西和紐約。他們都非常積極，這真的很好。我想說，如果我們的許多投資組合都實現了良好的成長，那麼管道和中端市場將繼續保持強勁。就生產線利用率和經銷商商業服務而言，目前水準較低，到年底可能會開始回升。這對我們來說可能是件好事。我認為那樣就很好了。

And then as far as uncertainty of paydowns and all that, it's been relatively strong to date. That pace will probably moderate at some point whether it's this quarter or next quarter. It's hard to call when that moderates, but it's going to happen at some point and then that will bring more natural growth to the portfolio.

至於償還的不確定性等等，到目前為止，情況一直相對較強。無論是本季還是下個季度，這種成長速度可能都會在某個時候放緩。很難預測何時會緩和，但它會在某個時候發生，然後會為投資組合帶來更自然的成長。

But our specialty businesses, specifically CNI or for a house and fund banking, are operating really strong. And our RMs are out there calling and -- with our customers and very active in our pipelines both in commercial and CRE are building and continuing to get stronger. So I think we're optimistic. I'm just a little bit cautious to be honest with you. I think you know that about me, John. So -- but you know I think we will have some good green shoots and we'll actually pay dividends.

但我們的專業業務，特別是 CNI 或房屋和基金銀行業務，運作得非常強勁。我們的 RM 正在與客戶聯繫，並且非常活躍於我們的商業和 CRE 通路建設並不斷壯大。所以我認為我們很樂觀。說實話，我只是有點謹慎。我想你了解我，約翰。所以——但你知道我認為我們會有一些好的復甦跡象，而且我們實際上會帶來回報。

Great. All right, thank you, Daryl.

偉大的。好的，謝謝你，達裡爾。

[Mananga Hasalia], Morgan Stanley.

[Mananga Hasalia]，摩根士丹利。

Hey, good morning. Daryl. Just a follow up on the capital return question is we think about the back half of the year. How much of a priority is raising the dividend? So I know it's a Board decision, but M&T's dividend yield is below [Pears]. So is that more of a focus than buybacks?

嘿，早安。達裡爾。關於資本回報問題的後續問題是，我們考慮的是今年下半年的情況。提高股息的優先順序有多高？我知道這是董事會的決定，但 M&T 的股息殖利率低於[梨子]。那麼這是否比回購更值得關注？

They're both really important. I mean, when I look at how we allocate capital, first and foremost, we allocate to our customers organically.

它們都非常重要。我的意思是，當我考慮我們如何分配資本時，首先，我們會有機地分配給我們的客戶。

Secondly, I put dividends in there to make sure we can pay a strong growing dividend and make it repeatable over time. You'll see some action out of our Board this quarter. So I think you will be pleased when the Board votes on that and we make our public press release on it. Then, after dividends, we look at organic and then after that we buy back. Buyback is probably at the end.

其次，我把股息放進去，以確保我們能夠支付強勁增長的股息，並使其隨著時間的推移具有可重複性。本季您將看到我們董事會採取的一些行動。因此，我認為，當董事會對此進行投票並且我們就此發佈公開新聞稿時，您會感到高興。然後，在派發股息後，我們會考慮有機股息，然後再回購。回購可能已經結束了。

Got it. Very helpful. And then on NIM. Can you talk about what drove that 5-basis-point headwind to NIM from higher liability costs? And I know you spelled out a few categories in on the deposit side where cost went up Q-on-Q, but I was hoping you would -- you could give us some more color on that. How much of that is one time in nature versus what could be some more sticky, I guess, pressure on those funding costs?

知道了。非常有幫助。然後在 NIM 上。您能否談談是什麼原因導致負債成本上升對淨利差造成 5 個基點的不利影響？我知道您詳細說明了存款方面的幾個類別，其中成本環比上漲，但我希望您能 - 給我們更多詳細資訊。其中有多少是一次性的，有多少是對這些融資成本造成更棘手的壓力？

So it really wasn't sticky funding costs and all that. We actually asked for and brought in these deposits. The average cost came in at around $390 million to $440 million. We view that as something less than our marginal funding curve. So it's -- we aren't fluid in that when you bring a deposit and you just can't pay off a borrowing and you have to do it over time to right size it.

所以這其實並不是黏性的融資成本之類的問題。我們確實要求並帶來了這些存款。平均成本約為 3.9 億美元至 4.4 億美元。我們認為這低於我們的邊際資金曲線。所以，當您存入一筆存款卻無法償還借款時，我們不會採取靈活措施，您必須隨著時間的推移才能償還貸款。

But it came in and made sense to come on our balance sheet because it's under the funding curve -- and if we don't need it to fund loans, we will pay off more non-core funding with that growth. So it's the right thing to do. We're always taking it from our customers and pay them fair rates, reasonable rates from that perspective. So I think this was a great quarter for us for our ability to attract these good funds, and we got them at a really good cost. It's just it's higher than the average of the interest-bearing costs that we have just because we have a lot lower rates in certain categories. But these marginal deposits actually were good for us.

但它出現在我們的資產負債表上是合理的，因為它處於融資曲線之下——如果我們不需要它來為貸款提供資金，我們將用這種增長來償還更多的非核心資金。所以這是正確的做法。我們始終從客戶那裡獲取利益，並從這個角度向他們支付公平、合理的價格。因此我認為這對我們來說是一個偉大的季度，因為我們能夠吸引這些優質資金，而且我們以非常優惠的成本獲得了這些資金。只是因為我們在某些​​類別中的利率要低得多，所以它高於我們的平均利息成本。但這些邊際存款其實對我們有利。

So from a total funding cost perspective, it sounds like it's a little bit more of a timing difference than anything else?

那麼從總融資成本的角度來看，這聽起來更像是時間差異，而不是其他因素？

It is. That's exactly right, Mananga.

這是。完全正確，馬南加。

Got it, thank you.

知道了，謝謝。

Bill Carcache, Wolfe Research.

比爾‧卡卡什（Bill Carcache），沃爾夫研究公司。

Hey, good morning, Daryl. I'm following up on your diversification strategy as your CRE mix falls and you get bigger in CNI and consumer, how much room is there to increase your CNI and consumer mix from here as we look ahead?

嘿，早上好，達裡爾。我正在關注您的多元化策略，隨著您的 CRE 組合下降，而 CNI 和消費者的規模擴大，展望未來，您的 CNI 和消費者組合還有多少成長空間？

Yeah, Bill. We will continue to grow and our CNI. And right now, our CRE businesses have been shrinking. We're trying to stabilize that and grow that. We actually like the mixes that we have today.

是的，比爾。我們將繼續發展我們的 CNI。而目前，我們的CRE業務一直在萎縮。我們正在努力穩定和發展這一狀況。我們實際上喜歡今天所擁有的混合物。

Right now, if you look at CRE, it's -- I think it's under 20%, closer to 18% or 19%. So that actually has room to maybe grow a little bit from that perspective. CNI, we are obviously trying to grow that as much as we can in our markets that we serve as well as in our specialty businesses that we operate in.

現在，如果你看一下 CRE，我認為它低於 20%，接近 18% 或 19%。因此從這個角度來看，實際上可能還有一點成長空間。CNI，我們顯然正在盡力在我們服務的市場以及我們經營的專業業務中實現成長。

I think that's really good. And we also want to continue to grow our consumer portfolios. We like the diversification that we have and what it gives us and I think it's a good mix for us. And we'll be tilted a little bit more on the consumer side. So you might see us run with a little bit higher allowance ratios just because of our jobs. But net net overall, the risk adjusted spreads are strong.

我認為這真的很好。我們也希望繼續擴大我們的消費者組合。我們喜歡我們所擁有的多樣化以及它給我們帶來的好處，我認為這對我們來說是一個很好的組合。我們將更加傾向於消費者方面。因此，您可能會看到，我們僅僅因為工作原因而採用稍高一點的津貼比率。但整體而言，風險調整後的利差仍然強勁。

Thanks, that's helpful, they're all. And then following up on your comments around the increase in your interest-bearing deposit cost to the extent that loan growth were to further accelerate from here, is there room to let your loan growth outpace your deposit growth for a time or do you envision having to pay up a little bit more for deposits?

謝謝，這很有幫助，它們都是。然後，關於您關於隨著貸款增長進一步加速，您的計息存款成本也會增加的評論，是否有空間讓您的貸款增長在一段時間內超過您的存款增長，或者您是否預計需要為存款支付更多一點的費用？

I would say we will always continue to be consistent in trying to attract deposits at the right price from that perspective. And we've been very successful and I think we can do that and manage that with the loan growth that we're going to have. I don't view that as an issue one way or the other. Pricing up isn't really something we really do at M&T that much to be honest with you. We give fair prices more consistently.

我想說，從這個角度來看，我們將始終如一地努力以合適的價格吸引存款。我們已經非常成功，我認為我們可以做到這一點，並且透過貸款成長來實現這一目標。無論如何，我都不認為這是個問題。說實話，在 M&T 我們實際上並不經常提高價格。我們更一致地提供公平的價格。

Helpful. Thanks, thanks very much.

很有幫助。謝謝，非常感謝。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi, good morning or afternoon. Just following up with the question on capital. You mentioned you'd like to operate around 11% and cited some economic and macro factors. As we think about the difference between you guys operating around 11% and like [BVA] operating around 11%. How much are the ratings agencies versus the regulators playing a part in how regional banks like M&T are setting their targets?

你好，早安或下午好。只是想繼續回答有關資本的問題。您提到您希望在 11% 左右的範圍內運營，並列舉了一些經濟和宏觀因素。當我們思考你們營運成本約為 11% 和 [BVA] 營運成本約為 11% 之間的差異。評級機構和監管機構在 M&T 等區域性銀行如何設定目標方面發揮了多大作用？

Brady and she definitely have some say in that as well as the regulators and other constituencies too. From our perspective though, we've been on a journey to de-risk the company. I think, our stress capital buffer that came out really showed the progress that we made with that. And with us still continuing to shrink our criticize book, we have a shot of even improving from where we are next year.

布雷迪和她以及監管機構和其他選民在這方面肯定有發言權。不過，從我們的角度來看，我們一直在努力降低公司的風險。我認為，我們推出的壓力資本緩衝確實顯示了我們在這方面的進展。而且，隨著我們繼續縮減我們的批評書，我們有機會在明年的基礎上取得進展。

So I think we're getting more aligned with where we want to operate with and feel more comfortable. And when you do that, the rating agencies take notice of that and acknowledge that. Because this is the one test that all banks take at the same time and they can compare you against everybody else from that perspective. So that's why it's a good test out there. And I think we will continue to make great progress from that.

因此我認為，我們越來越了解我們想要開展的運營，並且感覺更舒服。當你這樣做時，評級機構會注意到並承認這一點。因為這是所有銀行同時進行的測試，他們可以從這個角度將你與其他人進行比較。這就是為什麼它是一個很好的測試。我認為我們將繼續取得巨大進步。

Got it. And just to clarify your deposit cost that increase in your response to Mananga. You mentioned that you did gather deposits at more wholesale rates that were under your funding costs. In terms of core deposit competition, how is that faring underneath the surface? And we clearly just had some headlines as you guys are running this call about Chair, Powell. How should we think about deposit competition in the scenario of more cuts versus scenario of maybe a prolonged hold from the Fed.

知道了。只是為了澄清您在回覆 Mananga 時存款成本的增加。您提到，您確實以低於融資成本的批發利率吸收了存款。就核心存款競爭而言，其暗中表現如何？當你們進行有關主席鮑威爾的通話時，我們顯然剛剛看到了一些頭條新聞。在聯準會進一步降息和可能長期維持利率的情況下，我們該如何看待存款競爭？

Yeah. So Erica, I mean, we have six businesses. And all of our businesses first and foremost come with the mindset that -- to attract new customers too we want to get operating accounts. And that's first and foremost to us. When you look at the tracking of what our businesses do and what we generate, we generate lots of new operating accounts each and every month and every quarter that we have. And we track that and we really value that. And once you get the operating account that opens up other channels so you can get other services, other deposit products, other loan products and all that. But that is first and foremost the core to us.

是的。艾麗卡，我的意思是，我們有六家公司。我們所有的業務首先都秉持這樣的理念——為了吸引新客戶，我們也希望獲得營運帳戶。這對我們來說是最重要的。當您查看我們的業務活動和產生的收益的追蹤資訊時，您會發現我們每個月和每季都會產生大量新的營運帳戶。我們跟踪這一點並且非常重視這一點。一旦您獲得了營運帳戶，您就可以打開其他管道，這樣您就可以獲得其他服務、其他存款產品、其他貸款產品等等。但這對我們來說首先是核心。

So I mean, the value of M&T, one of the biggest things we have is our core-deposit franchise and it starts with the operating accounts that we have from that. So I think that's really what we focus on. And then we pay competitive rates to our customers to get more share of the wallet over time. But getting the operating count is really first and foremost and we've been very successful. And we'll continue to be successful in accomplishing that.

所以我的意思是，M&T 的價值，我們擁有的最大的東西之一是我們的核心存款特許經營權，它始於我們從中獲得的營運帳戶。所以我認為這才是我們真正關注的重點。然後，我們向客戶支付有競爭力的價格，以便隨著時間的推移獲得更多的份額。但獲得營運數量確實是首要任務，而且我們已經非常成功。我們將繼續成功實現這一目標。

Got it thanks.

明白了，謝謝。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Good morning. Most of the questions have been answered. But just looking at the criticized CNI and CRE loans on $516 million. Obviously, this is one of the things that rating agencies look at, one of the things you look at. This big drop that you're down to $8.5 billion or $8.4 billion. How does that compare to a few years ago? I don't know if you have anything handy. I'm just trying to figure out like are we back to more normalized levels or pre-Fed hike levels or trying to frame the current levels. Thanks.

早安.大部分問題都已解答。但僅看受到批評的 5.16 億美元 CNI 和 CRE 貸款。顯然，這是評級機構關注的事項之一，也是您關注的事項之一。這一大幅下降意味著下降至 85 億美元或 84 億美元。與幾年前相比如何？我不知道你手頭上是否有東西。我只是想弄清楚我們是否回到了更正常的水平或美聯儲加息前的水平，或者試圖確定當前的水平。謝謝。

Yeah. So I would say we probably peaked a few years ago at our highest level at least in the history that I've seen here at M&T. And we've been coming down for the last couple years nicely. I think our goal is to continue to come down, over the next year or two to levels that maybe be a little bit lower than where we operate today. But we're making great progress and doing really well from that. So I think that has been really good.

是的。所以我想說，我們可能在幾年前就達到了最高水平，至少是我在 M&T 見過的歷史上的最高水平。過去幾年，我們的業績一直保持良好勢頭。我認為我們的目標是在未來一兩年內繼續下降，降至可能比現在的營運水平略低的水平。但我們正在取得巨大進步，並且做得很好。所以我認為這真的很好。

But I think, overall, we'll be back down in the next couple of years to something that's probably half of what we peaked.

但我認為，總體而言，未來幾年我們的產量將回落至高峰的一半左右。

Yeah, okay. And then the -- [Maya’s] reserve, the $20 million for unfunded credit commitments, did you comment on what that related to or is that maybe a little conservatism expecting growth in the future? What's that for?

嗯，好的。然後——[Maya] 的儲備金，即 2000 萬美元的無資金信貸承諾，您是否評論過這與什麼有關，或者這是否是對未來成長的一點保守預期？那是做什麼用的？

Yeah. So we have our MTRCC business, has relationships with all the agencies. Specifically, there's one program with Fannie Mae that we have where we sell loans to them. We remain a third of the risk is on our balance sheet and two-thirds is on their balance sheet. And we've been in this business since 2003. And to date, we have until this quarter had very minimal losses at all in this portfolio. I think over that 22-year time period, we had $7 million of net charge offs this quarter, right, up until this quarter. This quarter we had 4 clients come through. And the provision's $20 million, but the charge off we took is closer to $15 million or $16 million so far that we have.

是的。因此，我們有 MTRCC 業務，與所有機構都有關係。具體來說，我們與房利美有一個合作項目，我們向他們出售貸款。我們仍然有三分之一的風險在我們的資產負債表上，三分之二的風險在他們的資產負債表上。我們從 2003 年就開始從事這項業務了。到目前為止，截至本季度，我們投資組合的損失非常小。我認為，在這 22 年的時間裡，截至本季度，我們本季的淨沖銷額為 700 萬美元。本季我們有 4 位客戶。撥備金額為 2000 萬美元，但到目前為止，我們已沖銷的金額接近 1500 萬美元或 1600 萬美元。

And they're all very unique clients. One client focuses on manufactured housing with pads. Fannie Mae actually had a special program called Pilot where they were targeting these customers. They've now discontinued that program. And we are just basically sharing the losses with the agency on this transaction. Another one involved a multi-family project with the university. And the university was housing students and it was for foreign students.

他們都是非常獨特的客戶。一位客戶專注於帶有墊塊的預製房屋。房利美實際上有一個名為 Pilot 的特殊計劃，專門針對這些客戶。他們現在已經停止了該計劃。我們基本上只是與該機構分擔這筆交易的損失。另一個計畫涉及與大學合作的多戶家庭計畫。這所大學為學生提供住宿，而且是為外國學生提供的。

And now that the need for foreign students isn't there anymore. That project isn't as profitable as it as it was before. And then another one is the senior living facility. And the other one was just a renovation that had bad luck and had fire and flood issues and behind schedule. So I think they're one-offs. I think we expect to have our allowance and reserves for this business to go back to where it was before on a go-forward basis. MTRCC is really important to our strategy in the CRE space.

現在對外國學生的需求已經不存在了。那個專案不再像以前那麼賺錢了。另一個是老人生活設施。另一項只是一次翻修工程，但運氣不佳，遭遇了火災和水災，而且進度落後。所以我認為它們是一次性的。我認為，我們預計這項業務的津貼和儲備將在未來恢復到以前的水平。MTRCC 對於我們在 CRE 領域的策略確實非常重要。

We can serve a lot of clients with permanent financing by selling to the agencies and keep it off our balance sheet and just make it a fee income perspective for us. So we love the business. One quarter doesn't mean much and that we had some losses here. But long term it's been a great business and will be a great business for M&T as we move forward.

我們可以透過向代理商出售產品為許多客戶提供永久融資，並將其從我們的資產負債表中剔除，而只將其作為我們的費用收入來源。所以我們熱愛這項事業。一個季度並不意味著什麼，我們在這裡遭受了一些損失。但從長遠來看，這是一項偉大的業務，隨著我們未來的發展，它對 M&T 來說仍將是一項偉大的業務。

Okay, thank you.

好的，謝謝。

Gerard Cassidy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Gerard Cassidy。

Oh Daryl. Hey.

哦，達裡爾。嘿。

Hey, Daryl. Daryl, can you give us some thoughts on how you guys are looking at the expectation that stablecoins once the Coin Act is passed down in Washington may impact your payments business or deposit gathering. How are you guys approaching, adopting a digital currency as part of your offerings for your customers?

嘿，達裡爾。達裡爾，您能否向我們介紹一下，一旦華盛頓通過《硬幣法案》，您如何看待穩定幣可能對您們的支付業務或存款收集產生的影響？你們如何看待採用數位貨幣作為向客戶提供的服務的一部分？

Yeah. So we have a group of people that are looking at this. And obviously, stablecoin could be a payment rail that people could use potentially, and you maybe do it for cross-border trading if you want to. I think from our perspective for people to adopt that, it's got to be something that's easier than what we have today and that it's less expensive to move the money than what we have today.

是的。因此我們有一群人正在研究這個問題。顯然，穩定幣可以成為人們可能使用的支付管道，如果你願意的話，你可以用它來進行跨國交易。我認為，從我們的角度來看，要讓人們接受這一點，它必須比我們今天所擁有的成本更容易，而且轉移資金的成本也比我們今天所擁有的更低。

Some of the usage that you see happening right now is doing in the off hours when banking hours are closed. So late at nights or on weekends, I think people are using this type of payment rail for that piece. We'll see how much it develops over time. Obviously, we will continue to monitor this, probably partner with some folks over time to participate in this space if our customers want this product. We will be there to service and serve it to them.

現在您看到的一些使用情況是在銀行下班時間進行的。所以我認為在深夜或週末，人們會使用這種付款方式來購買該物品。我們將看到隨著時間的推移它會發展到什麼程度。顯然，我們將繼續監控這一點，如果我們的客戶想要這個產品，我們可能會隨著時間的推移與一些人合作參與這個領域。我們將在那裡為他們提供服務。

Very good. And then circling back to the net charge of guidance, if I heard it correctly, it's less than 40 basis points, which is a modest improvement from the beginning of the year. And you guys pointed out that charge offs are coming in less than expected. Any color on where you're seeing the charge offs today versus what you expected at the beginning of the year? what segments of the portfolio are doing better than expected?

非常好。然後回到淨指導費用，如果我沒聽錯的話，它不到 40 個基點，與年初相比有所改善。你們指出沖銷金額低於預期。與年初的預期相比，您今天看到的沖銷情況有何不同？投資組合中哪些部分的表現優於預期？

Yeah. So year-to-date we're 33 basis points right now. So can it be 40? Yes. But I think that we're just very cautious right now just because of the uncertainty in the marketplace. The tariff issues are still out there. I talked about all these other risks that are still out there. That could impact. And we're just being a little cautious with some of our guidance. We may come in and be much better than that, but right now we feel comfortable that it's under 40, but we don't really know how much under 40 yet.

是的。因此，今年迄今為止，我們的利率為 33 個基點。那麼可以是 40 嗎？是的。但我認為，由於市場不確定性，我們現在非常謹慎。關稅問題仍然存在。我談到了所有其他仍然存在的風險。這可能會產生影響。我們只是對一些指導持謹慎態度。我們可能會做得更好，但現在我們感覺很舒服，因為它在 40 以下，但我們還不知道它在 40 以下有多少。

I see. And then just a quick follow up on the sale of the commercial real estate that you guys had the $15 million gain. Any color there and the buyer or the types of loans that were sold?

我懂了。然後快速跟進商業房地產銷售的情況，你們獲得了 1500 萬美元的收益。那裡有任何顏色和買家或出售的貸款類型嗎？

I mean, it was an out of footprint business, it was really a business decision because we really didn't have relationships with these customers, we just had loans with them, because it wasn't in our on our footprint. And from a credit perspective, they perform very well credits that's what we got to gain on the sale from that, but it was in the CRE space from that perspective. But we think long term we can deploy that capacity that we sold out to our core clients within our footprint and have more wholesome relationship with that space. So it's an M&T thing. It's a long-term trade to do the right thing.

我的意思是，這是一項超出我們業務範圍的業務，這實際上是一項商業決策，因為我們實際上與這些客戶沒有關係，我們只是向他們提供貸款，因為這不在我們的業務範圍內。從信用角度來看，他們的信用表現非常好，這就是我們從銷售中獲得的收益，但從這個角度來看，這是在 CRE 領域。但我們認為，從長遠來看，我們可以在我們的業務範圍內部署已出售給核心客戶的產能，並與該領域建立更健全的關係。所以這是 M&T 的事情。做正確的事是一項長期的交易。

Very good thank you.

非常好謝謝。

Thank you, and gentlemen, it appears we have no further questions today, Mr. Wendelboe, I'd like to turn things back to you for any closing comments, sir.

謝謝您，先生們，看來我們今天沒有其他問題了，溫德爾博先生，我想把話題轉回給您，請您做最後的評論，先生。

Again, thank you all for participating today and as always, if clarification is needed, please contact our investor relations department at 716-842-5138. Thanks.

再次感謝大家今天的參與，如有任何疑問，請聯絡我們的投資者關係部，電話：716-842-5138。謝謝。

Thank you. Again, ladies and gentlemen, as we'll conclude the M&T Bank second-quarter 2025 earnings conference call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

謝謝。女士們、先生們，我們即將結束 M&T 銀行 2025 年第二季財報電話會議。再次感謝大家的參與，祝福大家有個愉快的一天。再見。