The PNC Financial Services Group, Inc. (PNC) 2026 Q3 法說會逐字稿

Greetings, and welcome to The PNC Financial Services Group Q3 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 PNC 金融服務集團 2026 年第三季（Q3）財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。（接線員指示）

It's now my pleasure to turn the call over to Bryan Gill, Executive Vice President and Director of Investor Relations. Bryan, please go ahead.

現在我很榮幸將電話交給執行副總裁兼投資人關係主管 Bryan Gill。Bryan，請開始。

Well, good morning, and welcome to today's conference call for The PNC Financial Services Group. I am Bryan Gill, Director of Investor Relations for PNC and participating on this call are PNC's Chairman and CEO, Bill Demchak; and Rob Reilly, Executive Vice President and CFO.

各位早安，歡迎參加今天 PNC 金融服務集團的電話會議。我是 PNC 投資人關係主管 Bryan Gill；參與本次電話會議的還有 PNC 董事長兼執行長 Bill Demchak，以及執行副總裁兼財務長 Rob Reilly。

Today's presentation contains forward-looking information. Cautionary statements about this information as well as reconciliations of non-GAAP measures are included in today's earnings release materials as well as our SEC filings and other investor materials. These are all available on our corporate website, pnc.com, under Investor Relations. These statements speak only as of October 15, 2026, and PNC undertakes no obligation to update them.

今天的簡報包含前瞻性資訊。關於該等資訊的警示性聲明，以及非 GAAP 衡量指標的調節表，均載於今日的財報新聞稿資料、我們向 SEC 提交的文件及其他投資人資料中。上述資料皆可於我們公司網站 pnc.com 的「投資人關係」專區取得。這些聲明僅截至 2026 年 10 月 15 日為準，PNC 不承擔更新之義務。

Now I'd like to turn the call over to Bill.

現在我想把電話交給 Bill。

Thank you, Bryan, and good morning, everyone. PNC delivered another strong quarter reflecting the consistent execution of our strategy and the strength of our franchise. As you saw, we generated $2.1 billion of net income, or $5.09 per diluted share as adjusted, while delivering a return on tangible common equity of more than 18%. Rob's going to take you through the financial results in more detail in a second.

謝謝你，Bryan，各位早安。PNC 再度交出強勁的一季，反映我們策略的一貫執行力以及特許經營體系的實力。如各位所見，我們創造了 21 億美元的淨利，調整後稀釋每股盈餘為 5.09 美元，同時有形普通股權報酬率超過 18%。Rob 稍後會更詳細帶各位檢視財務結果。

But I wanted to start off by highlighting the substantial client momentum we've been experiencing all year, which has continued through the third quarter. All of our businesses are experiencing robust growth, in part driven by the high growth rates of our expansion markets and most recently, the successful conversion of FirstBank. In Corporate & Institutional Banking, our national platform continues to generate impressive growth.

不過我想先強調我們今年以來持續展現的顯著客戶動能，且在第三季仍延續。我們所有業務都呈現強勁成長，部分受惠於擴張市場的高成長率，以及近期 FirstBank 成功完成系統轉換。在企業與機構銀行（C&IB）方面，我們的全國性平台持續帶來亮眼成長。

Expansion markets have added approximately 500 new client relationships year-to-date, contributing materially to a 5% average C&IB loan growth during the quarter and 17% growth year-over-year. Beyond loans, capital markets fees are up 40% year-to-date, and treasury management revenue is up 8%. In retail banking, we continue to grow clients organically, adding 215,000 net new checking accounts so far in 2026, with total accounts up 2% year-over-year, including 6% growth in our Southwest markets. And we continue to deepen relationships with credit card balances up 12% and brokerage assets up 9% year-over-year. At the same time, we continue to invest in capabilities to enhance our franchise with the introduction of both a new mobile app and TotalRewards program, as well as our continued branch expansion.

擴張市場今年迄今新增約 500 個新客戶關係，對本季 C&IB 貸款平均成長 5% 以及年增 17% 皆有實質貢獻。除貸款外，資本市場手續費今年迄今成長 40%，財資管理收入成長 8%。在零售銀行方面，我們持續以自然成長方式增加客戶，2026 年迄今新增 215,000 個支票帳戶淨戶數；總帳戶數年增 2%，其中西南市場成長 6%。同時我們持續深化客戶關係，信用卡餘額年增 12%，券商資產年增 9%。此外，我們持續投資能力以強化特許經營體系，包括推出全新行動 App 與 TotalRewards 計畫，以及持續擴增分行據點。

Asset management fees are up approximately 10% year-to-date, and assets under administration total $500 billion. Favorable equity markets have obviously helped here, but once again, our expansion markets have accelerated our growth. In these markets, AUM is growing five times faster than our legacy markets, albeit off a smaller base. When we step back and look at the year as a whole, we have grown considerably faster than we anticipated coming into 2026.

資產管理手續費今年迄今約成長 10%，受託管理資產（AUA）總額達 5,000 億美元。有利的股市表現顯然有所助益，但再一次地，我們的擴張市場加速了成長。在這些市場中，資產管理規模（AUM）的成長速度是既有市場的五倍，儘管基期較小。回頭檢視全年表現，我們的成長顯著快於 2026 年初的預期。

We are bringing new clients into the franchise, expanding relationships across businesses and markets, and converting that activity into durable growth in loans, deposits, and fee income. As we enter the final quarter of the year, we remain focused on disciplined growth, prudent risk management, and continued investment in the capabilities that strengthen our competitive position. As always, I would like to thank our employees for their hard work and commitment.

我們正將新客戶導入特許經營體系，跨業務與跨市場擴大關係，並將這些活動轉化為貸款、存款與手續費收入的可持續成長。進入今年最後一季，我們仍聚焦於有紀律的成長、審慎的風險管理，以及持續投資於強化競爭地位的能力。一如既往，我要感謝同仁們的辛勤付出與投入。

With that, I'll turn the call over to Rob to take you through the details of the quarter. Rob?

接下來我把電話交給 Rob，請他帶各位了解本季細節。Rob？

Thanks, Bill, and good morning, everyone. Our balance sheet is on slide 5 and is presented on an average basis. For the linked quarter, loans of $372 billion grew by $9 billion or 2%. Security balances increased 3% to $151 billion. Average deposits increased $4 billion, or 1%, to $461 billion, and the borrowings increased $7 billion to $86 billion. However, on a spot basis, deposits increased $17 billion and borrowed funds declined $6 billion, reflecting continued optimization of our funding mix.

謝謝 Bill，各位早安。我們的資產負債表在第 5 張投影片，並以平均餘額呈列。就連續季度（linked quarter）而言，貸款為 3,720 億美元，增加 90 億美元或 2%。證券餘額增加 3% 至 1,510 億美元。平均存款增加 40 億美元或 1% 至 4,610 億美元，借款增加 70 億美元至 860 億美元。然而，以期末（spot）基礎計算，存款增加 170 億美元、借入資金下降 60 億美元，反映我們持續優化資金來源組合。

Our tangible book value was $108 per common share, down 3% linked quarter, entirely driven by the decline in AOCI, and was stable compared with the same period a year ago. We remain well capitalized with an estimated CET1 ratio of 9.8%. We continue to be well-positioned with capital flexibility.

我們每股普通股的有形帳面價值為 108 美元，較前一季下降 3%，完全由 AOCI 下滑所致；與去年同期相比則持平。我們仍維持充足資本，估計普通股權一級資本（CET1）比率為 9.8%。我們持續具備良好的資本彈性。

During the quarter, we returned $1.4 billion of capital to shareholders, which included approximately $800 million of common dividends and $560 million of share repurchases. Going forward, we expect fourth quarter repurchases to approximate the same level. And our return on tangible common equity was more than 18% in the third quarter.

本季我們向股東返還 14 億美元資本，其中包括約 8 億美元普通股股利與 5.6 億美元庫藏股回購。展望未來，我們預期第四季回購規模大致與本季相當。而我們第三季的有形普通股權報酬率超過 18%。

Slide 6 shows our loans in more detail. During the third quarter, average loans increased $9 billion or 2% to $372 billion. C&I balances increased $9 billion or 4%, reflecting broad-based growth across our businesses and higher utilization. Commercial real estate balances increased $2 billion or 4%, driven by strong new production. Consumer loans declined $1 billion or 1%, as growth in credit card was more than offset by lower residential mortgages, as well as the transfer of our student loan portfolio to held for sale.

第 6 張投影片更詳細呈現我們的貸款情況。第三季平均貸款增加 90 億美元或 2%，至 3,720 億美元。商業與工業（C&I）餘額增加 90 億美元或 4%，反映各業務全面性成長以及動用率提高。商用不動產餘額增加 20 億美元或 4%，主要由強勁的新承作所帶動。消費者貸款下降 10 億美元或 1%，因信用卡成長被住宅房貸下降以及我們將學生貸款組合轉列為待售所抵銷。

You may recall we stopped originating student loans last year, and the transfer represents the final step in exiting this non-strategic business. We expect the sale to have a de minimis financial impact. In regard to loans overall, spot loans grew $11 billion in the quarter, contributing to the strong loan growth we've had throughout the year, all of which substantially exceeded what we expected at the beginning of the year.

各位或許記得我們去年已停止承作學生貸款，而此次轉列代表退出這項非策略性業務的最後一步。我們預期該出售對財務影響可忽略不計（de minimis）。就整體貸款而言，以期末（spot）基礎計算，本季貸款增加 110 億美元，延續我們全年強勁的貸款成長，而這些成長幅度都大幅超出年初的預期。

Through the first nine months of 2026, we've added $47 billion, or 14%. While approximately $15 billion came through the FirstBank acquisition, more than $30 billion of the growth has been generated organically, reflecting strong client activity and execution across our franchise.

2026 年前九個月，我們新增 470 億美元，或 14%。其中約 150 億美元來自 FirstBank 併購，超過 300 億美元的成長則為自然成長所帶動，反映強勁的客戶活動以及我們在整個特許經營體系的執行力。

Slide 7 details our investment securities and swap portfolios. We continue to maintain a high-quality, short-duration position. During the third quarter, average investment securities increased $4 billion, or 3%. Our securities yield was 3.59%, an increase of 14 basis points. As of September 30, our duration was 4.1 years.

第 7 張投影片詳述我們的投資證券與交換（swap）投資組合。我們持續維持高品質、短存續期間的部位。第三季平均投資證券增加 40 億美元或 3%。我們的證券收益率為 3.59%，上升 14 個基點。截至 9 月 30 日，我們的存續期間為 4.1 年。

Looking ahead, we expect approximately $5 billion of fixed rate securities to run off during the fourth quarter at a weighted average yield of 2.65%. Our receive fixed swap portfolio totaled $83 billion at quarter end, with an average received fixed rate of 3.92%, which increased 17 basis points from last quarter. Importantly, we have a clear path for continued fixed rate asset repricing over the next several years. Overall, we remain well-positioned for a rising rate environment, which will support net interest income, capital generation, and balance sheet flexibility.

展望未來，我們預期第四季約有50億美元的固定利率證券到期（run off），加權平均殖利率為2.65%。我們的收固定利率（receive fixed）交換（swap）投資組合於季末總額為830億美元，平均收取固定利率為3.92%，較上季上升17個基點。重要的是，未來數年我們在固定利率資產重新定價方面有清晰的持續推進路徑。整體而言，我們仍然在利率上升環境下處於有利位置，這將支撐淨利息收入、資本生成以及資產負債表的彈性。

Slide 8 covers our deposit balances in more detail. Average deposits increased $4 billion to $461 billion during the third quarter, driven by growth in interest-bearing balances. Non-interest-bearing deposits were $101 billion and represented 22% of total deposits. Notably, period end deposits increased $17 billion, or 4%, compared to June 30. The strong growth was driven by commercial interest-bearing deposits, which increased $11 billion, or 7%. In addition, brokered CDs grew $7 billion. The commercial deposit growth was due in part to seasonality, but also reflective of both new and expanded client relationships.

第8頁投影片更詳細說明我們的存款餘額。第三季平均存款增加40億美元至4,610億美元，主要由計息存款餘額成長所帶動。不計息存款為1,010億美元，占總存款的22%。值得注意的是，期末存款較6月30日增加170億美元，或4%。強勁成長主要由商業計息存款帶動，該項增加110億美元，或7%。此外，經紀存單（brokered CDs）增加70億美元。商業存款成長部分源於季節性因素，但也反映了新客戶關係的建立與既有客戶關係的擴大。

In regard to deposit costs, our total rate paid on interest-bearing deposits increased 7 basis points to 1.98%, including brokered CDs. Excluding brokered CDs, the rate paid increased 5 basis points to 1.96%. The increase was primarily driven by mix as growth was concentrated in interest-bearing balances.

就存款成本而言，我們計息存款的總支付利率上升7個基點至1.98%，其中包含經紀存單。若排除經紀存單，支付利率上升5個基點至1.96%。此一上升主要由組合因素所致，因為成長集中在計息存款餘額。

Turning to slide 9, we highlight our income statement trends. Comparing the third quarter to the second quarter of 2026, total revenue was $6.6 billion, a decrease of $313 million, or 5%, while non-interest expense decreased $347 million, or 8%, to $3.8 billion. Excluding integration costs and significant items from both quarters, revenue declined $61 million, or 1%, as higher net interest income was more than offset by lower non-interest income. On the same basis, non-interest expense decreased $113 million, or 3%, reflecting disciplined expense management.

接著看第9頁投影片，我們重點說明損益表趨勢。將2026年第三季與第二季相比，總營收為66億美元，減少3.13億美元，或5%；同時，非利息費用減少3.47億美元，或8%，至38億美元。若將兩季的整合成本與重大項目排除，營收下降6,100萬美元，或1%，因較高的淨利息收入被較低的非利息收入所抵銷且抵銷幅度更大。在相同基礎下，非利息費用減少1.13億美元，或3%，反映嚴謹的費用管理。

We generated positive operating leverage and grew PPNR. Provision was $189 million, stable with the previous quarter. Our effective tax rate was 20%. Third quarter net income was $2.1 billion, or $5.09 per common share as adjusted to exclude the impact of $48 million of after-tax integration costs and significant items. Importantly, we continue to demonstrate strong momentum across the franchise. Through the first nine months of the year, PPNR increased $1.2 billion, or 17%, compared to the same period last year, driving 19% growth in diluted EPS.

我們實現正向營運槓桿並推動PPNR成長。備抵提列（provision）為1.89億美元，與前一季持平。我們的有效稅率為20%。第三季淨利為21億美元；若調整排除稅後4,800萬美元的整合成本與重大項目影響，則每股普通股盈餘為5.09美元。重要的是，我們持續展現整體業務版圖（franchise）的強勁動能。今年前九個月，PPNR較去年同期增加12億美元，或17%，帶動稀釋後EPS成長19%。

Turning to slide 10, we detail our revenue trends. Third quarter net interest income of $4.2 billion increased approximately $100 million, or 2%, driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs. Our net interest margin was 2.94% and decreased 2 basis points. The modest decline in net interest margin was largely a function of the mix in loan growth and, to a lesser extent, increased funding costs.

接著看第10頁投影片，我們說明營收趨勢。第三季淨利息收入為42億美元，增加約1億美元，或2%，主要由商業貸款成長及生息資產殖利率提高所帶動，但部分被資金成本上升所抵銷。我們的淨利息收益率（NIM）為2.94%，下降2個基點。NIM的小幅下滑主要是貸款成長組合所致，資金成本上升的影響相對較小。

Consistent with what we've seen throughout the year, loan growth during the third quarter continued to be concentrated in high credit quality, lower spread loans. Again, while these loans generate attractive overall economics through fee income and broader client engagement, by definition, they constrain NIM. Importantly, the underlying drivers of NII growth remain strong, and based on our expectations for loan growth, we calculate that our net interest margin will reach 3% or above in the fourth quarter. Fee income was $2.1 billion and decreased $137 million, or 6%.

與我們今年以來所見一致，第三季貸款成長仍集中於信用品質高、利差較低的貸款。再次強調，雖然這些貸款可透過手續費收入與更廣泛的客戶互動帶來具吸引力的整體經濟效益，但按其定義會限制NIM。重要的是，推動淨利息收入（NII）成長的基本動能仍然強勁；基於我們對貸款成長的預期，我們估算第四季NIM將達到3%或以上。手續費收入為21億美元，減少1.37億美元，或6%。

Looking at the details, asset management and brokerage increased $7 million, or 2%, driven by higher average equity markets and increased client activity. Capital markets and advisory revenue decreased $144 million, or 25%, reflecting elevated second quarter activity. Card and cash management revenue decreased $3 million as higher treasury management product revenue was more than offset by FirstBank integration-related fee waivers.

就細項而言，資產管理與經紀業務增加700萬美元，或2%，主要受平均股市水準較高及客戶活動增加所帶動。資本市場與顧問收入減少1.44億美元，或25%，反映第二季活動水準偏高。卡片與現金管理收入減少300萬美元，原因是較高的財資管理產品收入被FirstBank整合相關的費用減免所抵銷且抵銷幅度更大。

Lending and deposit services increased $12 million, or 3%, reflecting increased client activity. Mortgage revenue decreased $9 million, or 6%, primarily driven by lower residential volumes. And other non-interest income was $214 million and included a negative $25 million impact from significant items related to net Visa activity. Notably, we continue to see strong momentum across our lines of business and throughout our markets. And through the first nine months of the year, our non-interest income totaled $7.3 billion, up $979 million, or 15%, compared to the same period last year.

放款與存款服務增加1,200萬美元，或3%，反映客戶活動增加。房貸收入減少900萬美元，或6%，主要由住宅貸款量下降所致。其他非利息收入為2.14億美元，其中包含與Visa淨活動相關之重大項目帶來的負2,500萬美元影響。值得注意的是，我們在各業務線及各市場仍持續看到強勁動能。且今年前九個月，我們的非利息收入合計為73億美元，較去年同期增加9.79億美元，或15%。

Turning to slide 11, third quarter expenses decreased $347 million, or 8%, compared with the second quarter. Third quarter results included $27 million of integration costs, compared to $261 million of integration costs in significant items in the second quarter. Excluding these items from both quarters, non-interest expense decreased $113 million or 3%.

接著看第11頁投影片，第三季費用較第二季減少3.47億美元，或8%。第三季結果包含2,700萬美元的整合成本；相較之下，第二季重大項目中包含2.61億美元的整合成本。若將兩季上述項目排除，非利息費用減少1.13億美元，或3%。

We remain focused on expense management, and we're on track to reach our goal to reduce costs by $350 million in 2026 through our continuous improvement program, which, as a reminder, is independent of the FirstBank acquisition. This program will continue to fund significant portions of our ongoing business and technology investments.

我們仍專注於費用管理，並正按計畫透過持續改善計畫在2026年達成降低成本3.5億美元的目標；提醒一下，該計畫獨立於FirstBank收購案。此計畫將持續為我們正在進行的業務與科技投資提供相當部分的資金來源。

Our credit metrics are presented on slide 12. Overall credit quality remains strong. Non-performing loans increased $167 million or 8%, to $2.2 billion. The increase was primarily driven by the pull-through of previously reserved CRE office loans, as well as one large commercial credit. Total delinquencies declined $135 million to $1.3 billion and now represent 0.34% of total loans, down from 0.39% last quarter.

我們的信用指標呈現在第12頁投影片。整體信用品質仍然強勁。不良貸款增加1.67億美元，或8%，至22億美元。此一增加主要由先前已提列準備的商用不動產（CRE）辦公室貸款的實際落地（pull-through）所帶動，另加上一筆大型商業授信。逾期總額下降1.35億美元至13億美元，目前占總貸款的0.34%，低於上季的0.39%。

Net charge-offs were $257 million, or 28 basis points of average loans, and included $35 million associated with the student loan transfer. Excluding that impact, underlying net charge-offs remained consistent with our prior quarter. At the end of the third quarter, our allowance for credit losses totaled $5.4 billion, or 1.42% of total loans. To summarize, PNC reported a strong third quarter of 2026, and we're well-positioned for the remainder of the year.

淨沖銷（net charge-offs）為2.57億美元，約占平均貸款的28個基點，其中包含與學生貸款移轉相關的3,500萬美元。若排除該影響，基礎淨沖銷與前一季一致。第三季末，我們的信用損失備抵（allowance for credit losses）合計為54億美元，約占總貸款的1.42%。總結而言，PNC在2026年第三季表現強勁，且我們已為今年剩餘期間做好充分準備並處於有利位置。

Regarding our view of the overall economy, our base case assumes GDP growth to be above 2% in 2026, with continued modest job gains and the unemployment rate holding steady. We expect the Fed to increase rates two additional times, with a 25-basis point increase at the December 2026 and March 2027 meetings, ultimately reaching a range between 4.25% and 4.5%.

就我們對整體經濟的看法而言，我們的基本情境假設2026年GDP成長率高於2%，就業持續溫和增加，失業率維持穩定。我們預期聯準會（Fed）將再升息兩次，於2026年12月與2027年3月會議各升息25個基點，最終利率區間達到4.25%至4.5%。

For ease of comparability with our prior guidance, our full-year outlook excludes the impact of FirstBank integration charges and significant items. Considering our reported nine months operating results, fourth quarter expectations, and current economic forecast, our outlook for the full year 2026 compared to 2025 results is as follows. We expect a full-year average loan growth of approximately 13.5%. We expect full-year net interest income to be up 15.5%. We expect non-interest income to be up approximately 10.5%.

為了便於與我們先前的指引進行可比性比較，我們的全年展望不包含 FirstBank 整合費用及重大項目的影響。綜合我們已公告的前九個月營運結果、第四季預期以及目前的經濟預測，我們對 2026 全年相較 2025 年結果的展望如下。我們預期全年平均貸款成長約 13.5%。我們預期全年淨利息收入成長 15.5%。我們預期非利息收入成長約 10.5%。

Taking the component pieces of revenue together, we expect total revenue to be up approximately 13.7%, non-interest expense to be up approximately 9.5%, and we expect our effective tax rate to be approximately 19.5%. Our outlook for the fourth quarter of 2026 compared to the third quarter of 2026 is as follows. We expect average loans to be up approximately 2.5%, net interest income to be up approximately 4%, fee income to be up approximately 3.5%, other non-interest income to be approximately $250 million. We expect adjusted non-interest expense to increase approximately 5%, and we expect fourth quarter net charge-offs to be approximately $250 million.

將各項營收組成合併來看，我們預期總營收成長約 13.7%，非利息費用成長約 9.5%，且我們預期有效稅率約為 19.5%。我們對 2026 年第四季相較 2026 年第三季的展望如下。我們預期平均貸款成長約 2.5%，淨利息收入成長約 4%，手續費收入成長約 3.5%，其他非利息收入約為 2.5 億美元。我們預期調整後非利息費用增加約 5%，並預期第四季淨沖銷約為 2.5 億美元。

With that, Bill and I are ready to take your questions.

接下來，Bill 和我準備回答各位的提問。

(Operator Instructions)

（接線員指示）

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

Morning. Appreciate the color that you gave on the margin dynamics. You saw the compression in the quarter, and deposit costs up 7 basis points or 5 basis points ex the brokered. Can you maybe discuss, given the deposit dynamics, but also your continued growth in the lower spread, higher quality loans, maybe just discuss the confidence in that 3% or higher margin by the fourth quarter and maybe just how you think of that, those dynamics impacting the margin as you look at 2027. I guess maybe just a little bit of color on what the trade-off is, how you're looking at the lower spread higher quality loans in terms of the impact on NII and as you look out from here. Thanks.

早安。感謝你們對利差動態所提供的補充說明。你們在本季看到利差收窄，存款成本上升 7 個基點，若排除經紀存款則上升 5 個基點。能否請你們談談，在存款動態之下，同時你們持續成長於利差較低但品質較高的貸款，對於到第四季 NIM 達到 3% 或更高的信心，以及你們如何看待這些動態在展望 2027 年時對利差的影響。我想再請你們多補充一些取捨：你們如何看待利差較低、品質較高的貸款，對淨利息收入（NII）的影響，以及從現在往後的看法。謝謝。

Thanks, John. I'll hit it. I'm not going to talk about NIM because it's an outcome. Rob kind of says, hey, we'll be over at 3%. That's not a forecast. Many things could change that. I will talk about NII, though. The -- couple things happened. One is 50% of our loan growth occurred in the last two weeks of the quarter. So we didn't get the benefit of that in NII, even though we sort of saw it in pipeline. So that rolls forward in kind of Rob's forecast. The other thing, somewhat surprisingly, is spreads overall, where spreads on average decline was around 3 basis points or so.

謝謝你，John。我來回答。我不會談淨利差（NIM），因為那是結果。Rob 有提到，嘿，我們會高於 3%。那不是預測。很多事情都可能改變它。不過我會談淨利息收入（NII）。有幾件事發生了。第一，我們有 50% 的貸款成長發生在本季最後兩週。因此我們沒有在 NII 上享受到那部分的效益，儘管我們在案源管線中某種程度上看到了。所以那會在 Rob 的預測中往後延續。另一件事是，有點出乎意料的是，整體利差——平均利差下滑大約 3 個基點左右。

And some of that was kind of high yielding loans paying down, and some of it was just new production, as we've talked about, and kind of higher quality stuff dropping the average. Which has surprised us at the margin. The third piece, we didn't have some escrow balances we thought we'd have, which would impact non-interest bearing. So, you stick a calendar end date on this stuff and you miss by something, and you get it back. We're confident with the momentum and where we're going and the growth and all the above.

其中一部分是高收益貸款被償還，另一部分則是如我們所談到的，新承作的貸款，以及較高品質的業務拉低了平均值。這在利差上讓我們有些意外。第三，我們沒有拿到原本以為會有的一些託管（escrow）餘額，這會影響到無息存款。所以，你把這些事情卡在一個日曆期末的時間點上，差了一點，就會錯過，但之後會回來。我們對目前的動能、前進方向、成長以及上述各項都很有信心。

Which is part of our guide.

這也是我們指引的一部分。

Yeah. All that's embedded in kind of what we've put out there forward.

對，這些都已經反映在我們向前所提供的內容裡。

Yeah. I think, John, I just would add to that a little bit. In terms of NIM. Generally speaking, everything that we thought would happen in the quarter happened. Rate paid went up exactly what we thought on core deposits. So the brokered CDs added to that a bit, but we didn't expect to do brokered CDs. As you know, we just toggle between the cheapest wholesale funding.

對。我想，John，我再補充一點。就淨利差（NIM）而言，整體來說，我們原本預期本季會發生的事情都發生了。核心存款的付息利率上升幅度完全符合我們的預期。因此經紀定存（brokered CDs）讓它再多了一點，但我們原本並不預期會做經紀定存。如你所知，我們只是在最便宜的批發資金來源之間切換。

The difference was the high credit quality, low spread loans came in hotter than what we thought, and that constrained NIM. And that's the biggest difference in terms of NIM relative to our expectations. When we go forward into the fourth quarter, our calculation is to reach 3% or higher on NIM, even though we don't give NIM guidance. But the reason and the easy way to understand that is we see loan yields going up. We see that offset by deposit costs going up. So they offset each other, and then the securities fixed rate repricing will be the delta that lifts NIM. And that's just a calculation.

差異在於，高信用品質、低利差的貸款進件量比我們預期更熱，這壓抑了 NIM。這是 NIM 相對於我們預期最大的差異。展望第四季，我們的計算是 NIM 會達到 3% 或更高，儘管我們不提供 NIM 指引。原因與最容易理解的方式是：我們看到貸款收益率上升。同時我們也看到存款成本上升來抵銷。因此兩者互相抵銷，而證券固定利率的再定價將成為推升 NIM 的差額（delta）。這只是計算結果。

Got it. All right. Thank you for that. I appreciate it. And then on the lower spread lending and higher quality loans, can you just maybe elaborate a little bit more in terms of the type of lending and you gave a little bit of color there on the spread, but maybe the average origination yield. And I know you've talked about the trade-off on fee income as well, and then higher quality from the credit side. Maybe give us an idea of the type of credit loss assumption as you put these loans on your books.

了解。好。謝謝你們的說明。很感謝。另外，關於利差較低的放款與較高品質的貸款，你們能否再多談一點貸款類型？你們剛剛對利差有稍微補充，但也許可以談談平均承作收益率。我知道你們也談過手續費收入的取捨，以及從信用面來看品質更高。能否讓我們了解一下，當你們把這些貸款放進資產負債表時，對信用損失的假設大概是什麼樣的水準？

Sorry, credit loss assumption?

抱歉，你是指信用損失假設？

Very low.

非常低。

Yeah. It's -- a lot of growth in the corporate finance book broadly. I think every category in our breakdown of corporate loans increased this quarter.

對——整體而言，成長主要來自企業金融（corporate finance）業務組合。我想我們在企業貸款拆分的每一個類別，本季都有增加。

That's right. Except other.

沒錯。除了「其他」。

Yeah, except other. Growth and -- paced by growth in real estate on a percentage basis. Also, just pay down of higher spread loans had an impact, right? It's hard for new production to actually drop the total average spread by 3. And so what we saw was the mix of our existing loans, the pay downs bias towards riskier stuff paying off. Which is kind of a good thing, but it drops our spread.

對，除了「其他」。成長——以百分比來看，主要由不動產的成長帶動。另外，高利差貸款的償還也產生了影響，對吧？因為光靠新承作要把整體平均利差拉低 3 個基點其實不容易。所以我們看到的是既有貸款的組合變化：償還偏向風險較高的貸款先被還掉。這某種程度上是好事，但會拉低我們的利差。

Yeah. No, that is right. And we are a leader in trade receivables, asset-backed. That has been strong all year. But what we point to, John, and we said this on the second quarter call, you have to see capital market fees are up 40%. So when you put that together, a lot of those loans are driving those fees. So together, accretive to NII, accretive to earnings, accretive to ROTCE. Not necessarily NII because of the fee portion of that. So if you just look at NII and NIM in isolation, you are not seeing the whole transaction.

對，沒錯。而且我們在貿易應收款、資產擔保（asset-backed）方面是領先者。這一整年都很強勁。但我們想指出的是，John，我們在第二季電話會議也提過，你必須看到資本市場手續費成長了 40%。把這些放在一起看，很多貸款正在帶動那些手續費。因此合併來看，對 NII 有增益、對獲利有增益、對有形普通股權益報酬率（ROTCE）也有增益。不一定只反映在 NII，因為其中有手續費的部分。所以如果你只孤立地看 NII 和 NIM，你看不到整筆交易的全貌。

Got it. Okay. Very helpful.

了解。好的。非常有幫助。

Scott Siefers, TD Cowen.

Scott Siefers，TD Cowen。

Thank you, guys. Morning. Thanks for taking the question. First question. You guys have had a lot of really good lending momentum, particularly in C&I. I was hoping you could speak broadly to client sentiment and how, if at all, their thinking is being impacted by higher rates. I'm guessing, I think, Bill, you mentioned a second ago, like half of the quarter's total loan growth occurred in the last two weeks. So I guess I'm guessing not much but would love to hear your thoughts there. And then is there a tipping point in your mind where higher rates do start to impact the growth dynamic and client health, et cetera? How do you think about those crossroads?

謝謝各位。早安。謝謝讓我提問。第一個問題。你們的放款動能一直很強，特別是在商業與工業（C&I）方面。我想請你們從較宏觀的角度談談客戶情緒，以及（如果有的話）較高利率如何影響他們的想法。我猜想——我想 Bill 你剛剛提到，本季總放款成長大約有一半發生在最後兩週。所以我想可能影響不大，但仍很想聽聽你們的看法。另外，在你們看來，是否存在一個臨界點：當利率更高時，開始影響成長動能與客戶健康狀況等等？你們如何看待這些交會點？

Rob and I were talking about this last night, actually, just what does this spurt at the end of the quarter necessarily mean or not mean? I don't think we came to a conclusion. I would tell you part of the outsized, if not. We had loan growth everywhere. I was going to say part of the outsized, if not all of it, though, just the pace of it is in our new markets. But the new clients that we are onboarding at a record pace and our model is working. That's just driving volume. Intuitively, higher rates, this goes forward is going to crimp CapEx and otherwise slow borrowing. But we're not seeing any instance of that yet, and our pipelines remain strong.

Rob 和我昨晚其實就在談這件事：季末這一波衝刺究竟必然代表什麼，或不代表什麼？我不覺得我們有得出結論。我會跟你說，部分的超出預期——如果不是的話。我們各處都有放款成長。我本來要說，部分的超出預期——如果不是全部的話——但就其速度而言，主要是在我們的新市場。不過，我們正以創紀錄的速度導入新客戶，我們的模式正在奏效。這就是在帶動量能。直覺上，往前看更高的利率會壓抑資本支出（CapEx），並在其他方面放緩借款。但我們目前還沒有看到任何這樣的情況，我們的案源管線仍然強勁。

And we'll see. You got to imagine some of that is in anticipation of rates going up on the margin, at least a piece of it could.

而且我們再看看。你可以想像，其中有一部分至少是因為預期利率在邊際上還會上升——至少有一部分可能是這樣。

The pipeline is still strong.

案源管線仍然很強。

Yeah, the pipeline is strong. That's true.

對，案源管線很強。沒錯。

Okay, perfect. And then maybe to drop it down, I guess a little bit of a follow-up on some of the fee dynamics. I think at the larger banks, this notion of a sort of a cooling in capital markets activity since, call it post Labor Day, has been a big factor. Just curious how you're thinking about things like particularly at Harris Williams. It seems like very good activity, but just how you're thinking about the overall capital markets trajectory.

好的，完美。接著也許再往下問一點，算是對一些費用動態的追問。我想在大型銀行那邊，自從（姑且說）勞動節之後，資本市場活動有點降溫的這種看法一直是個很大的因素。我很好奇你們怎麼看，特別是在 Harris Williams 這邊。看起來活動非常好，但你們如何看待整體資本市場的走勢？

Yeah. No, we feel good about it. Like I said, we've had a very good year-to-date. We had a really strong second quarter that we didn't expect to continue into the third quarter. But the pipelines are good. We expect -- I imagine we'll get into the fee walk down, but we expect capital markets fees to be up almost 15% quarter-over-quarter in the fourth quarter, reflecting those pipelines. So it looks good.

是的。不，我們對此感覺良好。如我所說，今年以來我們表現非常好。第二季非常強勁，我們原本不預期這種強度會延續到第三季。但案源管線很不錯。我們預期——我想我們會談到費用的拆解，但我們預期第四季資本市場費用將季增將近 15%，反映這些管線。所以看起來不錯。

Great. Terrific. Thank you very much.

太好了。非常棒。非常感謝。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Yes, thank you. Hey. Just as a follow-up on that. I got a few questions on the run rate of expense growth in the fourth quarter, but it sounds like I am going to be answering my own question, Rob. With the capital markets trajectory up 15% quarter-over-quarter, that is really that related to cap markets. So that's not necessarily a pull through as we think about expense growth in 2027, right?

是的，謝謝。嗨。就此再追問一下。我對第四季費用成長的運行速度有幾個問題，但聽起來我可能要自己回答自己的問題了，Rob。資本市場走勢季增 15%，那其實是跟資本市場相關的。所以當我們思考 2027 年的費用成長時，這不一定會帶來相應的拉動效應，對吧？

That's right. Well done.

沒錯。答得很好。

Yay. Gold star. And just on net interest income. Some of your peers, unfortunately, JPMorgan and BofA gave previews on net interest income growth for the year. And correct me if I am wrong, Rob, but I am calculating something like 10% ex-FirstBank net interest income growth for 2026. The Street is at about 6.5%. Given the momentum that you have in your new markets, and you mentioned that you are well-positioned for a rising rate environment, should the rate of NII growth slow down by that much in '27?

耶。給你一顆金星。再來談淨利息收入。你們的一些同業——很不幸地——摩根大通（JPMorgan）和美國銀行（BofA）已經先行預告了明年的淨利息收入成長。Rob，如果我算錯請糾正我，但我算出 2026 年（不含 FirstBank）的淨利息收入成長大概是 10%。市場共識大約在 6.5%。考量你們在新市場的動能，以及你提到你們在升息環境下具備良好定位，到了 2027 年，NII 的成長率真的會放緩那麼多嗎？

Did you say unfortunately, the peers had talked about 2027 --

你是說「很不幸地」，同業已經談到 2027 年——

Unfortunately, they've already previewed the '27, so now we kind of have to ask you about '27 even though it's still October.

很不幸地，他們已經先預告了 2027，所以我們現在就有點不得不問你們 2027 的事，儘管現在才十月。

So that was a very long way to ask whether we had guidance on NII for 2027.

所以我繞了很長一圈，其實就是想問：你們對 2027 年的淨利息收入（NII）有沒有指引？

I got to try. I got to shoot my shot.

我得試試看。我得把握機會。

Yeah, I think I can help you out there. So as you mentioned, in regard to 2027 NII, obviously, that's out there a way. So it's a bit premature for guidance, certainly precision guidance. But in fairness, given the certainty around the fixed rate asset repricing, which has been part of our story in '26, will be in '27 and beyond that. And the magnitude of that, it does add some certainty that you typically wouldn't have this far in advance.

是的，我想我可以幫你回答。如你提到的，關於 2027 年的 NII，顯然那還有一段時間。所以現在給出指引有點太早，當然更不用說精準指引。但公平地說，鑑於固定利率資產重定價的確定性——這一直是我們 2026 年故事的一部分，也會延續到 2027 年及之後——以及其規模之大，確實增加了一些通常在這麼早的時間點不會有的確定性。

So when we look at it, clearly in '27 we'll exceed in net interest income our annualized run rate of what we project to finish 2026 in. And when we look at the consensus in terms of where you are, you sort of hit it. That's $1 billion to $1.1 billion above 2026 in terms of growth. And I think we would agree with that range. When we get out into January, of course, we'll have more precision around it. But the fixed rate asset repricing and the mechanical nature of that is real. It continues for PNC. And the magnitude is big.

所以當我們來看，顯然在 2027 年，我們的淨利息收入會高於我們預估 2026 年結束時的年化運行水準。而當我們看市場共識、也就是你提到的位置，你大致抓到了。以成長來看，約比 2026 年高出 10 億到 11 億美元。我想我們會同意這個區間。當然，等到一月時，我們會有更精準的掌握。但固定利率資產重定價以及其機械性的影響是真實存在的。這對 PNC 會持續發生，而且規模很大。

Got it. Thank you.

了解。謝謝。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利（Morgan Stanley）。

Hey, good morning. Can you talk about some of the deposit beta dynamics you expect from here? Just given that the rate paid on core deposits was up, we are going to get further Fed tightening. Anything different going on with the start of this rate hike cycle relative to the prior one?

嗨，早安。你能談談你們接下來預期的存款 beta 動態嗎？考量核心存款支付利率已經上升，而且聯準會還會進一步緊縮。這一輪升息循環的起點，跟上一輪相比，有沒有什麼不同？

Hey, good morning, Manan. I don't think so. I think in terms of our expectations in terms of betas within an increasing rate cycle, we will see what we have seen in the past. So on the front --

嗨，早安，Manan。我不這麼認為。我想就我們對升息循環中 beta 的預期而言，我們會看到過去曾看到的情況。所以在前端——

One exception, though, Rob. You got to remember that back in whatever it was, '23, I try to forget. The big change was driven by non-interest bearing moving to interest bearing. Most of that, the excess deposits out of the system coupled with the kind of base balances are, I would say, pretty constant. And so now we are going to see base interest rate betas move in conjunction with history probably. The impact of that being a lot less than it once was.

不過，Rob，有一個例外。你得記得在不管是哪一年，'23，我盡量想忘掉。那次最大的變化是由無息存款轉向計息存款所驅動。其中大部分，是系統內的超額存款流出，再加上所謂的基礎餘額，我會說相當穩定。因此，現在我們會看到基礎利率的 beta 大概會與歷史走勢同步變動。其影響會比過去小得多。

Yeah. I mean, that was a special time for all of us when rates went up 500 basis points. So set that one aside. In terms of a typical rising rate environment, we'll see increased betas on the corporate side for sure, on the wealth side, less so on the lower end consumer retail side. But I think we'll settle out in some sort of cumulative beta in the mid-50s like we've done in the past.

是的。我的意思是，當利率上升 500 個基點時，對我們所有人來說那是一段特殊時期。所以先把那段情況放一邊。就典型的升息環境而言，我們肯定會看到企業端的 beta 上升；財富管理端則較不明顯；在較低端的消費者零售端更是如此。但我認為我們最終會落在某種累積 beta 約在 50% 中段（mid-50s），就像過去一樣。

And part of the drive is just deposit flows from corporates which come in naturally at a higher beta, higher rate. We have seen growth. Some of it is seasonal, some of it just coming on the back of loan growth, in effect, growth in deposits coming through corporate flows that at the margin raise your interest-bearing deposit cost even though it is all profitable. It's part of that big jump you said for [starter] That's at the end of the quarter.

而其中一部分的驅動因素，就是企業端的存款流入，這些存款自然會以較高的 beta、較高的利率進來。我們已經看到成長。其中一部分是季節性因素，一部分其實是隨著放款成長而來；也就是說，透過企業資金流帶動的存款成長，在邊際上會推升你的計息存款成本，儘管整體仍然是有利可圖的。這也是你提到那個大幅跳升的一部分原因，[starter] 那是在季末。

That's right. And that's good stuff.

沒錯。而且那是好事。

Got it. So I guess as we think about that comment you made on 50% of the growth coming in the last two weeks of the quarter. Any more color on what drove that? Was it because the long end of the curve went up? It became more expensive to borrow in the capital markets? Any comment on the sustainability of that level of growth into the end of the year? Next --

了解。所以我想，當我們思考你提到「有 50% 的成長發生在季度最後兩週」這個評論時，能否再多補充一些是什麼驅動的？是因為殖利率曲線長端上升嗎？使得在資本市場借款變得更昂貴？對於這種成長水準在年底前的可持續性，有任何看法嗎？下一個——

You got to remember that somebody doesn't wake up and say, I'm going to do a syndication today. So they're in the works, and it's a pipeline, and they kind of hit on that point. Things just don't happen quickly enough for one of the economic factors to have caused everybody to go in two weeks in the lending market, right? That happens in the bond market, but not in the lending market.

你得記得，不會有人一覺醒來就說：我今天要做一筆聯貸。所以這些案子都在進行中，是一個管線，然後剛好在那個時間點落地。事情不可能快到因為某個經濟因素，就讓大家在兩週內同時跑去放款市場，對吧？那種情況會發生在債券市場，但不會發生在放款市場。

Got it. Very helpful. Thank you.

了解。非常有幫助。謝謝。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Hey, thanks. Hey, just one quick follow-up. And Rob, I'll take you up on the fee line breakdown. But relatively to the capital markets (inaudible) Yeah, capital markets were going to be up. But wouldn't that have been already contemplated in your full-year guide? So just wondering on that 5% step-up in the expenses. Are you also just maybe pulling forward some other investments into the fourth quarter too? Or is there some seasonality in there as well? Just wanted to kind of flush that out. And then, yeah, if you give the fee lines, that would be great too. Thank you.

嗨，謝謝。嗨，就一個快速追問。Rob，我會接受你提供手續費項目拆分的提議。但就資本市場（聽不清）而言，是的，資本市場本來就會上升。但這不應該已經反映在你們全年指引裡了嗎？所以我想問的是，費用端那個 5% 的上調，你們是否也只是把一些其他投資提前到第四季？或者其中也有一些季節性因素？只是想把這點釐清一下。另外，如果你能提供手續費各項目，那也很棒。謝謝。

Yeah, sure. Of course, Ken. Why don't we do that? Complete the fee forecast. So for the fourth quarter, we say fees will be up approximately 3.5%. Inside of that, relative to our categories, capital markets is the big mover, up about 15%. Mortgage will be down. Mortgage isn't a big category for us, but obviously given where rates are and the seasonality, that'll be down. And then the other categories, asset management, credit card, treasury management, lending and deposit services, I would say are all stable. Maybe they could do a little better, but that's just what we're thinking at the moment.

好的，當然。當然可以，Ken。我們就這麼做吧。把手續費的預測補完整。所以對第四季，我們說手續費大約會成長 3.5%。在這之中，按我們的分類來看，資本市場是最大的變動項，約成長 15%。房貸會下滑。房貸對我們來說不是很大的類別，但顯然在目前利率水準與季節性影響下，會下滑。至於其他類別——資產管理、信用卡、財資管理、放款與存款服務——我會說都很穩定。也許會稍微好一點，但這是我們目前的看法。

So that's the fees. On the expenses, part of it is taking up actually what we expect to do, not only in capital markets but also in our private equity. You'll see that our other non-interest income guide is up for the fourth quarter. We'll do a little bit better there than we thought. So there's some revenue-driven expenses as part of that, but also some seasonality. The important part, obviously, and you know this, is the positive operating leverage that we're pointing to, still in excess of 4%, between 4% and 4.5%, which is fantastic.

以上是手續費。至於費用端，其中一部分其實是反映我們預期要做的事情，不僅在資本市場，也包括我們的私募股權業務。你會看到我們第四季的其他非利息收入指引上調。我們在那部分會比原先想的好一些。因此其中有一些是收入帶動的費用，但也有一些季節性因素。當然，重點是——而且你也知道——我們所指引的正向營運槓桿仍然超過 4%，大約在 4% 到 4.5% 之間，這非常好。

Absolutely. And just to follow-up, with the AOCI move, it's no longer in your materials, but do you have what the CET1 was with AOCI? And I heard, on the deck that you're going to keep the $600 million buyback in the fourth quarter. Anything to think about as we go forward, if you're obviously generating a lot of organic capital, and the push and pull between where your capital ratios are and your ability to continue that type of buyback. Thanks, Rob.

完全同意。再追問一下，隨著 AOCI 的變動，它不再出現在你們的資料裡，但你們有包含 AOCI 時的 CET1 是多少嗎？另外我聽到，在簡報裡你們第四季會維持 6 億美元的回購。往後有什麼需要考量的嗎？因為你們顯然正在產生大量內生資本，而資本比率的位置與你們持續進行這類回購能力之間的拉扯，該怎麼看？謝謝，Rob。

Yeah, sure. So we feel good about our capital position. We rounded down to 9.8%. Our target is 10%. That was simply a result of loans coming in higher than we expected, which drove up RWA. So we did have a meaningful repurchase in the third quarter. We expect to do something similar to that in the fourth quarter. So we feel good about capital. On the AOCI front, naturally you got to think about the Basel III rules that are just around the corner or somewhere along those lines, which will increase us including AOCI.

好的，當然。我們對資本狀況感覺良好。我們四捨五入後是 9.8%。我們的目標是 10%。那純粹是因為放款高於我們預期，推升了 RWA。因此我們在第三季確實做了相當可觀的回購。我們預期第四季會做類似規模的動作。所以我們對資本很有信心。至於 AOCI，當然你得考慮 Basel III 規則已近在眼前或差不多那樣的時間點，屆時會要求我們把 AOCI 納入。

But obviously the benefit of the private ratings will increase our capital ratings by about a point or so. So we feel good about that positioning. So loading AOCI into the CET1 ratio is a little bit of a stale measure because of those Basel III considerations. But if we did that, we'd drop to low 9s, but certainly above 9 and still a pretty healthy TCE ratio.

但顯然，私評（private ratings）的效益會讓我們的資本評等提升大約 1 個百分點左右。所以我們對這樣的配置感到放心。因此，把 AOCI 納入 CET1 比率在某種程度上是一個有點過時的衡量方式，因為有這些 Basel III 的考量。但如果真的那樣做，我們會降到 9% 出頭，但肯定仍高於 9%，而且 TCE 比率仍相當健康。

Got it. Great. Thanks a lot, Rob.

了解。很好。非常感謝，Rob。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Hey, good morning. I just wanted to go back. Bill, I think you mentioned you gave two stats in your opening remarks, 500 new commercial clients and 215,000 checking account clients year-to-date. Just talk to us in terms of, one, should we measure low-cost deposits as a way to measure whether or not that strategy is working out and client conversion is being successful? And tied to that, how hard or difficult is it to convert those clients into driving core deposit growth, low-cost deposit growth?

嗨，早安。我想回到前面一點。Bill，我想你在開場致詞提到兩個數據：今年以來新增 500 位新的商業客戶，以及 215,000 位支票帳戶客戶。想請你談談：第一，我們是否應該用低成本存款作為衡量該策略是否奏效、以及客戶轉換是否成功的指標？以及延伸來看，把這些客戶轉換成帶動核心存款成長、低成本存款成長，有多難或多具挑戰？

So separate the two. Retail share has been a real focus, and so we're proud of the DDA growth. Part of that's coming on the back of the branch builds and just more presence in markets. Part of it's being good at what we do. Ultimately, yes, that drives growth in non-interest bearing and interest bearing and full relationships.

所以把兩者分開來看。零售端的市占一直是我們真正的重點，因此我們對活期存款（DDA）的成長感到自豪。其中一部分來自分行建置帶動，以及在各個市場更高的能見度。另一部分則是我們把該做的事做得很好。最終，是的，這會帶動無息存款、有息存款以及完整往來關係的成長。

You'll hear, as we go forward, some of the things we're going to do in credit card that kind of cement the full relationship with these new clients. But that's to come. And on the C&IB side, we're adding the same kind of clients we always have had, right? We don't -- this isn't sort of a new segment of something we're trying to do. We're just doing what we've always done in new markets and gaining share. All of which kind of just builds the franchise.

接下來你們會聽到，我們在信用卡方面將要做的一些事情，這些作法會把與這些新客戶的完整往來關係進一步鞏固。但那是後續的內容。至於 C&IB 端，我們新增的客戶類型跟我們一直以來的客戶一樣，對吧？我們並不是在做某個全新的客群區隔。我們只是把一直以來在做的事帶到新市場，並取得市占。這些都在逐步壯大我們的特許經營版圖。

So my whole point in the introduction is the client momentum and growth in this company has never been as fast as this, as good as this. We're executing. And that growth effectively replicates, right? We're not changing what we do, so it just replicates who we are in a larger size, which is what we've been pursuing.

所以我在開場想表達的重點是：這家公司客戶動能與成長的速度，從來沒有像現在這麼快、這麼好。我們正在落實執行。而這樣的成長本質上是可複製的，對吧？我們沒有改變我們在做的事，所以它只是把我們的本質以更大的規模複製出來，這正是我們一直在追求的。

Got it. And I guess maybe just moving to expenses, I think we debate whether AI, AI deployment is going to boost productivity and maybe that will lead to lower expense growth for the banks versus there's a lot of discussion about spend on cyber risk due to AI. Just if you don't mind, where do you shake out on sort of at least as we think about the next 12 to 24 months, is the cost drag a bigger deal than the productivity gains?

了解。那我想把話題轉到費用面：我想大家一直在討論，AI、AI 的部署是否會提升生產力，進而讓銀行的費用成長變低；但同時也有很多討論是 AI 會帶來資安風險，導致資安支出增加。若你不介意，至少就未來 12 到 24 個月來看，你怎麼看：成本拖累會比生產力提升更重要嗎？

No. I mean, it's such a long answer to that. I want to figure out how I address it. We've -- look, the incremental cyber costs associated with the AI frontier models, I think you see in our run rate today. The cost as we work towards, I'm going to call it an agentic workforce, the fundamental transformation of the company into one that has an ability to deploy agents across workloads. Today, you see that mostly in creeping depreciation expense on the back of all of our data center rebuilds, remembering that we put GPU chips in our data centers. Much of the work in preparation for all this was done in past years.

不會。我的意思是，這題要完整回答會很長。我得想想怎麼回答。我們——你看，與 AI 前沿模型相關的增量資安成本，我認為你今天在我們的費用跑速（run rate）裡已經看得到。至於我們朝向我稱之為「代理型勞動力（agentic workforce）」邁進的成本，也就是把公司從根本上轉型成能在各種工作負載上部署代理（agents）的能力。目前你主要看到的是：因為我們重建資料中心而帶來的折舊費用逐步上升，別忘了我們在資料中心裡部署了 GPU 晶片。為了準備這一切，很多工作其實在過去幾年就已完成。

So our data lake and data configuration all in one place, one source of truth, digitized policies, procedures, papers, HR systems that recognize agents as employees, the risk framework on access control, all of that stuff has been built. What comes next is the re-engineering of the company using AI harnesses, which would speed the development and ultimately lower the cost associated with technology development and maintenance followed quickly by product development delivery that aids revenue.

所以，我們的資料湖與資料配置都集中在同一個地方、單一真實來源（one source of truth）、政策與流程文件的數位化、能把代理視為員工的 HR 系統、以及存取控制的風險框架——這些都已經建好了。接下來要做的是用 AI 工具（AI harnesses）重新工程化公司，這會加速開發，並最終降低科技開發與維護相關成本，接著很快也會帶動產品開發與交付，進而有助於營收。

We've been purposefully quiet on all of the above. I think one of our peers said it, we'll show up when we have something positive to show you. Quit talking about that until it shows up. I would assure everyone that we have a well-thought-out program that isn't about bells and whistles that will ultimately allow for a transformation of this company.

對於上述所有事情，我們刻意保持低調。我想我們某位同業說得很好：等我們有正面的成果可以展示時再出現。在成果出現之前就先別一直談。我可以向大家保證，我們有一套深思熟慮的計畫，不是為了花俏噱頭，而是最終能讓這家公司完成轉型。

Well, especially when you talk about it in a two-year, three-year time frame.

嗯，尤其是你把時間框架放在兩年、三年。

Yeah.

對。

That's helpful because I think there's a sense of banks kind of falling behind on agentic AI, especially on the revenue and the client side. So sounds like you're already far along in terms of maybe we wait and watch in terms of what's to come. Thank you.

這很有幫助，因為我覺得市場上有種感覺是：銀行在代理型 AI（agentic AI）上有點落後，尤其是在營收與客戶端的應用。所以聽起來你們其實已經走得很前面，接下來我們就等著看會推出什麼。謝謝。

What I would say is that it's so easy to get hooked on the bells and whistles and cool toys that come with AI. But to succeed long term, I think you need to have the core infrastructure that allows you to do this at scale, and importantly, allows you to do it yourself without vendor support, without compute costs coming from third parties, and with your own personnel instead of vendors. So that's the path we're pursuing.

我想說的是：AI 很容易讓人沉迷於那些花俏功能與酷炫玩具。但要長期成功，我認為你需要能讓你以規模化方式落地的核心基礎設施；更重要的是，能讓你自己做、而不是依賴供應商支援，不讓運算成本來自第三方，並且用自家人員而不是外包廠商。這就是我們正在走的路。

Understood. Thank you.

了解。謝謝。

(Operator Instructions)

（接線員指示）

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC Capital Markets。

Hi, Rob. Bill, talking about bells and whistles on AI and all the toys that go with it. What's your guys' view? A lot of managements have been asked this question on these third quarter calls about the agentic AI agents moving deposits around and forcing deposit costs up for the industry. What's your take on that?

嗨，Rob。Bill，談到 AI 的花俏功能和各種玩具。你們怎麼看？很多管理團隊在這些第三季電話會議上都被問到：代理型 AI 代理（agentic AI agents）會把存款到處搬移，迫使整個產業的存款成本上升。你怎麼看這件事？

So, I mean, at its most basic form, there's no question that deposit movement is going to become more efficient. By the way, that's happened progressively for years. Is it going to accelerate? Maybe. But at some point in time, given the movement in technology, you're going to see more competition in deposits. It's not showing up in the moment.

所以，我的意思是，最基本的層面上，毫無疑問存款移動會變得更有效率。順帶一提，這些年來其實一直在逐步發生。會加速嗎？也許。但在某個時間點，隨著科技演進，你會看到存款端的競爭更激烈。只是目前當下還沒有反映出來。

The current attempts at this with some of the new agentic applications that have come out where frankly, they try to come in and transact on your behalf inside of your accounts. Incredibly unsafe. It's not going to happen. Bad idea, yeah. And for that to ultimately take place, there's going to have to be laws passed on liability shifting. It's going to have to happen through secure connections and authentication and human in the loop. So it's big splashy headlines, cool thing, not going to happen on my watch that something can come in here and transact on your behalf without you knowing it. It's incredibly dangerous thing. Independent of the fact I run a bank.

目前一些新推出的代理型應用在嘗試做這件事，坦白說，它們想要進到你的帳戶裡，代表你在帳戶內進行交易。極度不安全。這不會發生。是個壞主意，沒錯。而要讓這件事最終能發生，必須先有法律通過，針對責任歸屬的轉移做出規範。它必須透過安全連線與身分驗證，而且要有人在迴路中（human in the loop）。所以這些都是很吸睛的頭條、很酷的概念，但在我任內不可能讓某個東西在你不知情的情況下進來替你交易。那是非常危險的事情。這跟我是不是銀行執行長無關。

Yeah. I would just advise everybody (multiple speakers) But your basic premise, look, there's been capital market portals that allow you to shop money market funds for a basis point. You can sweep into a deposit account, you can put it in a money fund, you can move it here. All that stuff's going to get easier, and this is going to happen over time. To win in that period of time, we're going to have to offer our clients technology that is as good as these third-party providers, so we can allow them to do what they want. Importantly, we're going to need to produce it cheaply to keep their business.

對。我只想建議大家（多位講者）——但你的基本前提是對的：你看，早就有資本市場入口網站，讓你為了 1 個基點去比價貨幣市場基金。你可以掃入存款帳戶、也可以放進貨幣基金、也可以把錢移到別的地方。這些事情都會變得更容易，而且會隨時間推進而發生。要在那段期間勝出，我們必須提供給客戶的科技能力要跟這些第三方供應商一樣好，讓他們能做他們想做的事。更重要的是，我們必須以低成本把它做出來，才能留住他們的業務。

And maintain the service aspects of a transaction account.

並維持交易帳戶的服務面向。

Very good. And coming back to your opening comments, Bill, you were talking about coming into the year, how the client momentum has been stronger than you had maybe originally anticipated. Can you try to frame out where, aside from the new business, I understand you got the 500 new client relationships that you identified, but from the existing relationships, where's the economic. I know it's AI-related probably, but what are you guys seeing in terms of what's driving this momentum? And do you think it's sustainable going into '27?

非常好。回到你開場的評論，Bill，你提到在進入今年時，客戶動能比你原先可能預期的還要強。你能否試著說明一下，除了新業務之外——我知道你們提到新增了500個新客戶關係——但就既有客戶關係而言，這股動能的經濟面向是什麼？我知道可能與AI有關，但你們看到的是什麼在驅動這股動能？你覺得這在走向'27年時具有可持續性嗎？

Look, clearly there's -- we're not large in the data center finance space, but there is impact from the capital that has gone into data centers and tangential businesses. And that's driven some of it. And I also think, we see this in some of the activity in Harris Williams. I think people have basically gotten used to an uncertain world, and so they kind of have to get on with their business.

你看，很明顯地——我們在資料中心融資領域的規模不大，但投入資料中心以及相關周邊業務的資本確實帶來影響。這推動了其中一部分。而且我也認為，我們在Harris Williams的一些活動中也看得到。我覺得大家基本上已經習慣了一個不確定的世界，所以他們某種程度上必須繼續把生意做下去。

And so everybody was kind of holding and waiting and waiting to see, have just figured out this is a new norm. The economy's ripping. So there's opportunity sets for people. I think that's what's driving it. I mean, the clouds are as dark as they've ever were, but the economy's still strong. And people are investing into it. I think it's more complicated than that.

所以，原本大家都在觀望、等待、再等待，想看看會怎樣，但現在已經認清這就是新的常態。經濟表現非常強勁。因此對大家而言有很多機會。我認為這就是驅動因素。我的意思是，烏雲依然跟以往一樣黑，但經濟仍然強勁。人們也在往裡面投資。我覺得事情比這更複雜。

Well, I'd add to that. What Bill just described, I think all the banks are benefiting from. I think we're benefiting from that obviously as well. But in addition, PNC might be a little bit different because of the compounded success of our expansion markets, which just keep showing up.

我再補充一下。Bill剛才描述的情況，我認為所有銀行都在受益。我們當然也同樣受益。但另外，PNC可能有點不同，因為我們在擴張市場的成功是疊加式的，而且一直持續顯現。

It's just all you got. That share gain is --

就是一直都有。那個市占提升是——

It just keeps, yeah. It just keeps showing up, and it is driving our numbers higher than industry averages. You see it in the (inaudible) data, you see it in the momentum.

它就是一直在，是的。它一直持續顯現，並且推動我們的數字高於產業平均。你在（聽不清）數據裡看得到，也在動能上看得到。

And coming back to that, Rob, on the growth with those 500 new client relationships, are you replacing their banks or are you just a complement to maybe an existing banking relationship that these new customers have?

回到這點，Rob，關於那500個新客戶關係帶來的成長，你們是在取代他們原本的銀行，還是只是作為這些新客戶既有銀行關係的補充？

It's both.

兩者都有。

It's both for sure.

確實兩者都有。

We have a definition in terms of what is a primary client, and it's basically enough share of wallet to check that box as opposed to just doing ancillary business --

我們對「主要客戶」有一個定義，基本上是指在客戶錢包份額上達到足夠比例，能勾選那個框，而不是只做一些附屬性業務——

Yeah. The larger corporates, it is typically a multi-bank deal. The smaller middle market, we will be the new bank in some instances.

是的。對大型企業而言，通常是多家銀行共同參與的案子。對較小的中型市場客戶，在某些情況下我們會成為他們的新銀行。

Great. Thank you, guys.

很好。謝謝各位。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行。

Hi. Just more questions on the commercial loan growth. Just maybe slice and dice it a few different ways. So for every $100 of additional commercial loan growth, how much would you say is additional industry growth versus market share? Because I think the industry is picking up the commercial loan growth.

嗨。我還有一些關於商業貸款成長的問題。想用幾種不同方式拆解一下。所以，每增加100美元的商業貸款成長，你們會說其中有多少來自產業整體成長、多少來自市占提升？因為我認為整個產業的商業貸款成長正在回升。

And then how much of it would you say is kind of AI CapEx related versus non-AI CapEx related or other? And then the third part would be how much of this would be kind of new markets in, let us say, the Texas or the Southwest? Thank you.

然後，其中有多少你們會說是與AI資本支出（CapEx）相關、多少是非AI資本支出或其他因素？第三個部分是，其中有多少是來自新市場，例如德州或西南地區？謝謝。

All easy questions.

全都是簡單的問題。

Yeah, absolutely.

對，完全是。

So let's do it this way, Rob.

那我們這樣做吧，Rob。

Yeah. That might be a take-home assignment.

對。那可能得當作回家作業。

What was the new markets growth rate? What was it? 2, 3 times the legacy markets.

新市場的成長率是多少？是多少來著？是傳統市場的2到3倍。

In C&I.

在C&I（商業與工業貸款）。

Yeah. So take that -- all that excess growth rate is per share. It's one way to think of it. The -- it's hard to come up with an answer on how much of the AI CapEx is driving loan growth broadly across the economy, because there is clearly tangential effects on any sort of heavy equipment, transportation, energy component produced (inaudible) yeah, that's driving it. So I just don't know that I have an accurate answer to that.

對。所以把那個——所有超出的成長率都可以視為市占帶來的。這是一種思考方式。至於AI資本支出在整體經濟中到底推動了多少貸款成長，很難給出答案，因為很明顯它對任何重型設備、運輸、能源等相關環節都有外溢效應，（聽不清）對，這確實在推動。所以我不確定我能給出一個精準的答案。

And maybe the negative of it, Mike, is the more worrisome thing, right? So if the CapEx broadly slows down related to AI, do we think even though we don't lend directly to that it would slower loan growth? Yes, I do.

而且也許從負面角度看，Mike，更令人擔心的是這一點，對吧？如果與AI相關的資本支出整體放緩，我們是否認為即便我們沒有直接放貸給那個領域，也會讓貸款成長變慢？是的，我認為會。

(multiple speakers)

（多位講者同時發言）

And what's the size of the new markets versus the legacy? I guess it is growing 2 to 3 times faster off a smaller base.

那新市場相對於傳統市場的規模有多大？我想它是在較小的基期上，以2到3倍的速度成長。

Well, right now in corporate banking, the majority of our in-market loans are in the expansion markets.

嗯，目前在企業銀行業務中，我們在市場內貸款的大多數是在擴張市場。

So the balances are actually bigger.

所以餘額其實更大。

Yeah.

對。

So you're growing 2 to 3 times faster in the new markets, the new markets at this point are bigger than legacy markets.

所以你們在新市場的成長速度是2到3倍，而新市場在這個時間點上已經比傳統市場更大。

Ex our national businesses. Yes, that's true.

不含我們的全國性業務。是的，這是真的。

And as far as Texas or the Southwest in particular, because that's been a hot area recently, is that how fast is that growing? Is that the 2 to 3 times faster or is that even still faster?

那就德州或西南地區而言，因為那最近一直是熱門區域，那邊的成長速度有多快？是2到3倍那個速度，還是甚至更快？

It's -- that's the obvious one, and it's growing at that rate. But California is growing.

那是最明顯的一個，而且它就是以那個速度在成長。但加州也在成長。

Florida.

佛羅里達。

Florida, yeah. The business we're getting out of in Colorado.

佛羅里達，對。還有我們正在退出的科羅拉多那部分業務。

And then there is some industry tailwind, though, right, with CapEx picking up overall. I mean, how much is that contributing, and do you think this is kind of a multi-year change? Because just go back a couple of years ago, there wasn't much growth, and now there's growth again. Is this like one quarter, one year, the next five years? I know nobody has a crystal ball, but you're closer to it than we are.

不過，整體資本支出回升確實也帶來一些產業順風，對吧？我的意思是，那對你們的貢獻有多大？你們覺得這會是一個多年的變化嗎？因為回到幾年前，幾乎沒有什麼成長，而現在又恢復成長。這會是像一季、一年，還是接下來五年？我知道沒有人有水晶球，但你們比我們更接近第一線。

Yeah. Look, I think it has legs for the time being. I think there's a lot of things that could knock the legs out. Pipelines are strong, activity levels are strong. And that's going to continue. But we all see stuff that can cause that to stop. I can't see out that far. I'm not getting better than you can.

對。你看，我認為短期內它還有後勁。我覺得有很多事情可能會把這股動能打斷。案源管線很強、活動水準也很強。這會持續下去。但我們也都看得到一些可能讓它停下來的因素。我看不了那麼遠。我不會比你們看得更準。

All right, great. Thank you.

好的，很棒。謝謝。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Hi, thanks for taking the questions. Can you remind us of PNC's sensitivity to rates and positioning of the balance sheet?

嗨，謝謝讓我提問。能否提醒我們PNC對利率的敏感度，以及資產負債表的配置狀況？

Yeah. We're on record, and you can see that in terms of our guidance. We've worked hard relative to short-term rates that were pretty neutral. So anything that happens in the short term in terms of rate increases for '26 in particular (inaudible) Obviously, and we've said this before, and it's obvious, the steeper the yield curve in a good economy is better for us because of this fixed rate asset repricing dynamic that if we can price these loans that are on our books at higher levels, that's accretive. So we're well-positioned for that environment. And that's part of our confidence in terms of our NII growth.

可以。我們在這方面已有公開說明，你也可以從我們的指引中看到。相較於短端利率，我們一直努力讓整體維持相當中性。因此，短期內若發生任何利率上升，特別是針對26年（聽不清）顯然——而且我們之前也說過，這也很明顯——在良好經濟環境下，殖利率曲線越陡峭對我們越有利，因為固定利率資產的重訂價動態：如果我們能把帳上這些貸款以更高水準重新定價，將帶來增益。所以我們在那樣的環境下具備良好布局。這也是我們對淨利息收入（NII）成長有信心的一部分。

Thanks for that. And then hitting on credit quality, solid trends overall. You mentioned about the NPL increase, CRE office, and one large commercial credit. If you are able to share or willing to share what industry was the large commercial credit in and your outlook from here on credit.

謝謝說明。接著談到信用品質，整體趨勢穩健。你提到不良貸款（NPL）增加，與商用不動產（CRE）辦公室以及一筆大型商業授信有關。如果你方便或願意分享，那筆大型商業授信屬於哪個產業？以及你對後續信用品質的展望。

Sure. On the one large credit, it is in the service providers. You can see that in our detail of loans. Nothing particularly thematic about it, just a company that has hit some cash flow issues. The other part of the NPLs that is important to point out is the continued pull-through of the already reserved CRE office loans. So we have worked that book down pretty well. We still have a lot of reserves, but as we had said for years, that will flow through non-performers and ultimately charge-offs. But again, that is all been paid for. Outside of that, credit quality is good. Consumer, you can see that in the consumer numbers, delinquencies are down. C&IB corporate with the occasional deal or two very strong.

當然。那一筆大型授信屬於服務供應商產業。你可以在我們的貸款明細中看到。沒有什麼特別的主題性因素，就是一家公司遇到一些現金流問題。另外一個關於不良貸款需要指出的重點，是先前已提列準備的CRE辦公室貸款持續轉入不良。所以我們已把那個投組縮減得相當不錯。我們仍有大量準備金，但正如我們多年來所說，這些最終會流入不良並進一步形成核銷。但再次強調，這些都已經付過帳了（已由準備金覆蓋）。除此之外，信用品質良好。消費金融方面，你從消費者數據可以看到，逾期率在下降。C&IB企業端，偶爾會有一兩筆個案，但整體非常強勁。

Great, maybe if I can squeeze one more question. Just on the M&A appetite, what your latest thoughts are there. FirstBank acquisition clearly is seeing some nice tailwinds and success there, but provide your latest thoughts on the M&A front.

很好，如果我可以再塞一個問題。關於併購（M&A）意願，你們最新的想法是什麼？FirstBank的收購顯然帶來一些不錯的順風與成果，但請分享你們對M&A面的最新看法。

Sure, I'll take that. So a couple of things. One is our organic growth is surprising even us. You see that in the client numbers and the pace and size of pipelines. So two, as I look into the foundation we are putting forth on AI and the necessary organizational change and efficiencies that will come with that, I am hesitant to slow that down which would perhaps necessarily be the case were we to do an acquisition of any size.

當然，我來回答。有幾點。第一，我們的有機成長甚至讓我們自己都感到驚喜。你可以從客戶數量，以及管線的速度與規模看出來。第二，當我看到我們在AI上的基礎建設，以及隨之而來必要的組織變革與效率提升，我會猶豫是否要放慢這些進程；但如果我們做了任何具規模的收購，可能就不得不放慢。

So put differently, I think the world is going to change in the next couple of years, and we want to lead that. And if that gets slowed down because we otherwise got into some big M&A deal, I think you could destroy massive value. That doesn't -- there are always small things, and Rob always says this. We see everything that shows up and you can never say never. Maybe there is some small thing. But at the moment, our momentum is fantastic. And the transformation we're going to go through, I think is strategically more important than bulk.

換句話說，我認為未來幾年世界會改變，而我們想要引領這個變化。如果因為我們去做一筆大型M&A交易而讓這件事被拖慢，我認為可能會摧毀巨大的價值。但這不代表——總是會有一些小型機會，Rob也一直這麼說。我們會看所有出現的機會，你永遠不能說絕不可能。也許會有一些小案子。但就目前而言，我們的動能非常好。而我們即將進行的轉型，我認為在策略上比追求規模更重要。

And needs to stay top of mind.

而且必須一直放在首要考量。

Yes.

是的。

Very helpful. Thank you.

非常有幫助。謝謝。

Chris McGratty, KBW.

Chris McGratty，KBW。

There we go. Sorry about that. More of a question on risk tolerance. I think in your prepared remarks, you talked about the growth in the quarter was high quality, lower risk. I guess, is there any change in either PNC's or client risk tolerance that you're observing with the changes in the macro and the rate through to the next specs?

好了。抱歉剛剛那樣。我比較想問風險承受度。我想在你們的事先準備講稿中，你提到本季的成長是高品質、低風險。我想問的是，隨著總體環境與利率變化一路到下一次（聽不清）的情況，你觀察到PNC或客戶的風險承受度有任何改變嗎？

None inside of the way we're deploying capital. I'm not sure I understood client risk tolerance question.

在我們資本部署方式上沒有任何改變。我不確定我是否理解你關於客戶風險承受度的問題。

(inaudible)

（聽不清）

I guess that's more the demands of credit. Yeah.

我想那更像是信貸需求的問題。對。

It's -- you'll hear us say this over and over again for years. We kind of stay inside of our basic structures and types of clients and grow the book through increasing clients as opposed to jumping into new risky buckets.

是——你會聽到我們多年來一再重複這點。我們基本上會維持在既有的基本架構與客戶類型之內，透過增加客戶來擴大投組，而不是跳進新的高風險領域。

Thank you.

謝謝。

Thank you. We reached the 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。我想把時間交回去，看看是否有任何進一步或結語的評論。

Well, thank you all for joining our call today and your interest in PNC, and please feel free to reach out to the IR team if you have any additional questions.

好的，感謝各位今天參加我們的電話會議並關注PNC；若還有任何其他問題，歡迎隨時聯繫投資人關係（IR）團隊。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝。

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。今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。