Regions Financial Corp (RF) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Regions Financial Corporation's Quarterly Earnings Call. My name is Christine, and I will be your operator for today's call. (Operator Instructions) I will now turn the call over to Dana Nolan to begin.

早上好，歡迎來到地區金融公司的季度收益電話會議。我叫克里斯汀，我將擔任今天電話的接線員。 （操作員說明）我現在將把電話轉給 Dana Nolan 開始。

Thank you, Christine. Welcome to Regions First Quarter 2023 Earnings Call. John and David will provide high-level commentary regarding the quarter. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP information are available in the Investor Relations section of our website. These disclosures cover our presentation materials, prepared comments and Q&A.

謝謝你，克里斯汀。歡迎來到地區 2023 年第一季度財報電話會議。 John 和 David 將提供有關本季度的高級評論。收益文件，包括我們的前瞻性聲明免責聲明和非 GAAP 信息，可在我們網站的投資者關係部分找到。這些披露包括我們的演示材料、準備好的評論和問答。

I will now turn the call over to John.

我現在將電話轉給約翰。

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Once again, Regions delivered another solid quarter, underscoring our commitment to generating consistent sustainable long-term performance. We generated earnings of $588 million, resulting in earnings per share of $0.62. Despite recent events in the banking industry, we remain focused on the fundamentals and things we can control.

謝謝你，達娜，大家早上好。感謝您今天加入我們的電話會議。 Regions 再次實現了另一個穩健的季度業績，突顯了我們致力於產生一致的可持續長期業績的承諾。我們產生了 5.88 億美元的收益，每股收益為 0.62 美元。儘管銀行業最近發生了一些事件，但我們仍然專注於基本面和我們可以控制的事情。

We've spent over a decade enhancing our interest rate risk, credit risk, capital and liquidity management frameworks. Our relationship-based banking approach, coupled with our favorable geographic footprint uniquely positions us to weather an uncertain market backdrop.

十多年來，我們一直在加強我們的利率風險、信用風險、資本和流動性管理框架。我們基於關係的銀行業務方法，加上我們有利的地理足跡，使我們能夠經受住不確定的市場背景。

Further, balance and diversity on both sides of the balance sheet have been a key focus for years. As a result, we are well positioned to withstand an array of economic conditions. Approximately 70% of our deposits are retail deposits. These deposits tend to be granular and less rate sensitive. In fact, approximately 90% of these deposits are insured.

此外，多年來，資產負債表兩邊的平衡和多樣性一直是關注的重點。因此，我們有能力承受一系列經濟狀況。我們大約 70% 的存款是零售存款。這些存款往往是顆粒狀的，對利率的敏感性較低。事實上，這些存款中約有 90% 已投保。

Our strategy focuses on primacy and customer loyalty. We want to be our customers' primary banking relationship. This strategy is evident in the fact that over 90% of our consumer checking households include a high-quality checking account, and over 60% of consumer checking deposit balances are with customers that have been with Regions for 10 years or more.

我們的戰略側重於首要地位和客戶忠誠度。我們希望成為客戶的主要銀行業務關係。這一策略顯而易見，因為我們超過 90% 的消費者支票家庭都擁有高質量的支票賬戶，並且超過 60% 的消費者支票存款餘額與在地區服務 10 年或更長時間的客戶有關。

Our wholesale or business services deposits are also highly diversified from an industry, size and geography perspective, with approximately 75% of deposits that are either insured, operational in nature or collateralized. In total, approximately 75% of our deposits across all business lines are insured or collateralized by securities and our deposits are with customers we know is over 97% reside within our 15-state footprint.

從行業、規模和地域的角度來看，我們的批發或商業服務存款也高度多樣化，大約 75% 的存款有保險、具有經營性質或有抵押。總的來說，我們所有業務線中大約 75% 的存款由證券進行保險或抵押，我們知道 97% 以上的客戶存款都位於我們 15 個州的足跡內。

Further supporting our high-quality deposit franchise, we had access to total primary liquidity of approximately $41 billion at the end of the quarter, sufficient to cover uninsured retail and nonoperational wholesale deposits by more than a 2:1 ratio. If you include access to the Federal Reserve discount window, available liquidity increases to $54 billion or approximately 3:1 coverage. We have a strong team of bankers and the recent disruption has given us an opportunity to connect with our customers and top prospects to answer questions and reassure them of our stability. We've experienced some deposit outflows as corporate treasurers look to diversify and sought higher interest rates for their excess cash.

為了進一步支持我們的高質量存款業務，我們在本季度末獲得了約 410 億美元的初級流動性總額，足以以超過 2:1 的比例覆蓋未投保的零售和非經營性批發存款。如果包括使用美聯儲貼現窗口，可用流動性將增加到 540 億美元或大約 3:1 的覆蓋率。我們擁有一支強大的銀行家團隊，最近的中斷讓我們有機會與我們的客戶和頂級潛在客戶聯繫，回答問題並向他們保證我們的穩定性。我們經歷了一些存款外流，因為企業財務主管尋求多元化並為其多餘現金尋求更高的利率。

However, we've also experienced deposit inflows from new and existing customers. Importantly, our total deposits at March 31 were roughly unchanged from what they were prior to the onset of liquidity concerns in the industry. The majority of the $3 billion deposit decrease this quarter was as expected, due primarily to further normalization in corporate deposits, which had dramatically increased during the pandemic, as well as the continuation of rate-seeking behavior in certain wealth and higher balance consumer accounts.

然而，我們也經歷了來自新老客戶的存款流入。重要的是，我們在 3 月 31 日的總存款與行業流動性問題出現之前的水平基本沒有變化。本季度 30 億美元的存款減少中的大部分符合預期，這主要是由於企業存款進一步正常化（在大流行期間大幅增加），以及某些財富賬戶和較高餘額消費者賬戶的利率尋求行為繼續存在。

From a lending perspective, our focus on risk-adjusted returns continues. Overall sentiment among our corporate customers remains positive. While most are forecasting strong performance in 2023, they are expecting modest declines from levels seen in 2022. While current market conditions weren't heightened caution, we believe our strong liquidity profile provides an advantage in terms of supporting our customers' borrowing needs.

從貸款的角度來看，我們繼續關注風險調整後的回報。我們企業客戶的總體情緒仍然積極。雖然大多數人預測 2023 年會有強勁表現，但他們預計與 2022 年的水平相比會出現小幅下滑。雖然當前的市場狀況並未更加謹慎，但我們相信我們強大的流動性狀況在支持客戶的借貸需求方面提供了優勢。

In closing, despite all the industry turmoil, we feel very good about our balance sheet and strong liquidity position. And through our proactive hedging strategies, we are positioned for success in any interest rate environment. Our granular deposit base and relationship-based banking model continue to serve us well, and we're proud to continue supporting our customers' banking needs. Now Dave will provide some highlights regarding the quarter.

最後，儘管行業動盪，但我們對資產負債表和強勁的流動性狀況感到非常滿意。通過我們積極的對沖策略，我們能夠在任何利率環境中取得成功。我們精細的存款基礎和基於關係的銀行業務模式繼續為我們提供良好的服務，我們很自豪能夠繼續支持客戶的銀行業務需求。現在戴夫將提供有關本季度的一些亮點。

Thank you, John. Let's start with the balance sheet. Average loans increased 2% sequentially. Average business loans increased 2% compared to the prior quarter, reflecting high-quality, broad-based growth across the utilities, retail trade and financial services industries. Approximately 87% of this growth was again driven by existing clients accessing and expanding their credit lines to rebuild inventories and expand their businesses.

謝謝你，約翰。讓我們從資產負債表開始。平均貸款環比增長 2%。與上一季度相比，平均商業貸款增長 2%，反映了公用事業、零售貿易和金融服務行業的高質量、基礎廣泛的增長。這一增長的大約 87% 再次受到現有客戶訪問和擴大其信貸額度以重建庫存和擴展業務的推動。

Average consumer loans increased 1% as growth in mortgage and interbank was partially offset by continued pay downs in home equity and runoff exit portfolios. Looking forward, we continue to expect 2023 ending loan growth of approximately 4%.

平均消費貸款增長 1%，因為抵押貸款和銀行同業拆借的增長部分被房屋淨值和退出投資組合的持續減少所抵消。展望未來，我們繼續預計 2023 年末貸款增長率約為 4%。

From a deposit standpoint, our deposit base remains a strength and competitive advantage with balances continuing to largely perform as expected. Previously, we indicated the combination of rapidly rising interest rates and normalization of surge deposits would likely lead to $3 billion to $5 billion of deposit declines by midyear before we would begin to generate net deposit growth.

從存款的角度來看，我們的存款基礎仍然是一個實力和競爭優勢，餘額繼續在很大程度上符合預期。此前，我們曾表示，在我們開始產生淨存款增長之前，利率快速上升和激增存款正常化的結合可能會導致到年中存款減少 30 億至 50 億美元。

While the events in March created turmoil in the banking industry, we continue to believe that range is appropriate. However, we may be at the higher end of the range as we approach midyear.

雖然 3 月份的事件在銀行業造成動盪，但我們仍然認為該區間是合適的。然而，隨著我們接近年中，我們可能處於該範圍的高端。

The preponderance of deposit outflows this quarter occurred prior to early March and were in line with our expectations. Approximately $2 billion of the $3 billion outflow came from corporate deposits, reflecting normal seasonal activity. The other $1 billion came from a continuation of rate-seeking behavior among certain wealth and higher balance consumer clients.

本季度大部分存款流出發生在 3 月初之前，符合我們的預期。 30 億美元的資金流出中約有 20 億美元來自公司存款，反映了正常的季節性活動。另外 10 億美元來自某些財富和高餘額消費者客戶的持續利率尋求行為。

The same characteristics that contribute to our deposit advantage in a rising rate environment are also helpful in a time of systemic volatility. As John noted, our focus on attracting and retaining a diverse and granular deposit base with high primacy drives loyalty and trust and instills funding stability. So let's shift to net interest income and margin.

在利率上升環境中有助於我們存款優勢的相同特徵在系統性波動時期也有幫助。正如 John 指出的那樣，我們專注於吸引和留住具有高度首要地位的多樣化和細化的存款基礎，從而提高忠誠度和信任度，並灌輸資金穩定性。因此，讓我們轉向淨利息收入和保證金。

Net interest income continued to expand with market interest rates in the first quarter, reflecting our asset-sensitive profile and funding stability. Net interest income grew 1% linked quarter to a record $1.4 billion and net interest margin increased 23 basis points to 4.22%. As the Federal Reserve nears the end of its tightening cycle, net interest income is supported by elevated floating rate loan and cash yields at higher market interest rates and fixed rate asset turnover from the maturity of low-yielding loans and securities generated through the pandemic.

第一季度淨利息收入隨著市場利率繼續擴大，反映出我們對資產敏感的狀況和資金穩定性。淨利息收入環比增長 1% 至創紀錄的 14 億美元，淨息差增長 23 個基點至 4.22%。隨著美聯儲接近其緊縮週期的尾聲，淨利息收入受到較高市場利率下浮動利率貸款和現金收益率上升以及大流行期間低收益貸款和證券到期的固定利率資產周轉率的支持。

At this stage in the rate cycle, we expect accelerating deposit costs through repricing and remixing. Importantly, recent trends remain within our expectation. The cycle-to-date deposit beta is 19%, and our guidance for 2023 is unchanged, a 35% full-cycle beta by year-end. We remain confident that our deposit composition will provide a meaningful competitive advantage for Regions when compared to the broader industry.

在利率週期的這個階段，我們預計通過重新定價和重新混合會加速存款成本。重要的是，最近的趨勢仍在我們的預期之內。週期至今的存款貝塔值為 19%，我們對 2023 年的指引不變，到年底全週期貝塔值為 35%。我們仍然相信，與更廣泛的行業相比，我們的存款構成將為地區提供有意義的競爭優勢。

Net interest income is projected to grow between 12% and 14% in 2023 when compared to 2022. The midpoint of the range is supported by the March 31 market forward yield curve, which projects nearly 75 basis points of rate cuts in 2023, a stable Fed funds level would push net interest income to the upper end of the range.

與 2022 年相比，2023 年的淨利息收入預計將增長 12% 至 14%。區間的中點受到 3 月 31 日市場遠期收益率曲線的支撐，該曲線預計 2023 年將降息近 75 個基點，穩定聯邦基金水平會將淨利息收入推高至該區間的上限。

The balance sheet hedging program is an important source of our earnings stability in today's uncertain environment. Hedges added to date create a well-protected net interest margin profile through 2025. Forward-starting receive-fixed swaps will become effective in the latter half of 2023, and '24 and generally have a term of 3 years. Activity in the first quarter focused on extending that protection beyond 2025.

資產負債表對沖計劃是我們在當今不確定環境下盈利穩定的重要來源。迄今為止添加的對沖創造了一個到 2025 年受到良好保護的淨息差概況。遠期開始的接收固定掉期將在 2023 年下半年和 24 年生效，通常期限為 3 年。第一季度的活動重點是將這種保護延伸到 2025 年以後。

In addition to forward-starting swaps, we added a $1.5 billion collars strategy, selling rate caps to pay for rate floors to limit exposure to extreme market rate movements. The resulting balance sheet is constructed to support a net interest margin range of 3.6% to 4% over the coming years, even if interest rates move back towards 1%. If rates remain elevated, our net interest margin is projected to remain above the high end of the range until deposits fully reprice.

除了遠期掉期，我們還增加了 15 億美元的領子策略，出售利率上限以支付利率下限，以限制對極端市場利率變動的敞口。由此產生的資產負債表旨在支持未來幾年 3.6% 至 4% 的淨息差範圍，即使利率回升至 1%。如果利率保持高位，我們的淨息差預計將保持在區間的高端之上，直到存款完全重新定價。

So let's take a look at fee revenue and expense. Adjusted noninterest income declined 3% from the prior quarter as modest increases in service charges and wealth management income were offset by declines in other categories. primarily capital markets and card and ATM fees. Service charges increased slightly as seasonally higher treasury management fees offset declines in overdraft fees.

那麼讓我們來看看費用收入和費用。調整後的非利息收入比上一季度下降 3%，因為服務費和財富管理收入的小幅增長被其他類別的下降所抵消。主要是資本市場以及卡和 ATM 費用。由於季節性上漲的資金管理費抵消了透支費的下降，服務費略有增加。

Excluding the impact of CVA and DVA, capital markets increased 4% sequentially as growth in real estate capital markets, loan syndications, and debt and securities underwriting more than offset declines in M&A fees and commercial swaps. We did have a negative $33 million CVA and DVA adjustment, reflecting lower long-term interest rates, volatility in credit spreads as well as a refinement in our valuation methodology. Card and ATM fees were negatively impacted by a $5 million increase in reserves, driven by higher reward redemption rates.

排除 CVA 和 DVA 的影響，資本市場環比增長 4%，原因是房地產資本市場、銀團貸款以及債務和證券承銷的增長抵消了併購費用和商業掉期的下降。我們確實進行了 3300 萬美元的 CVA 和 DVA 負調整，反映出較低的長期利率、信用利差的波動以及我們估值方法的改進。由於更高的獎勵贖回率，銀行卡和 ATM 費用受到儲備金增加 500 萬美元的負面影響。

With respect to our outlook, and incorporating first quarter results, we expect full year 2023 adjusted total revenue to be up 6% to 8% compared to 2022.

關於我們的展望，並結合第一季度的業績，我們預計 2023 年全年調整後的總收入將比 2022 年增長 6% 至 8%。

Let's move on to noninterest expense. Adjusted noninterest expenses increased 1% compared to the prior quarter. Salaries and benefits increased 2%, primarily due to merit and a seasonal increase in payroll taxes. FDIC insurance assessment reflects the previously announced industry-wide increase in the assessment rate schedules.

讓我們繼續討論非利息費用。與上一季度相比，調整後的非利息支出增加了 1%。工資和福利增長了 2%，主要是由於績效和工資稅的季節性增長。 FDIC 保險評估反映了此前公佈的全行業評估率上調時間表。

In contrast to the prior 2 years, we expect first half 2023 adjusted expenses to be higher than the second half of the year. And we continue to expect full year 2023 adjusted noninterest expenses to be up 4.5% to 5.5%. We now expect to generate positive adjusted operating leverage of approximately 2%.

與前兩年相比，我們預計 2023 年上半年調整後的支出將高於下半年。我們繼續預計 2023 年全年調整後的非利息支出將增長 4.5% 至 5.5%。我們現在預計將產生約 2% 的正調整經營槓桿。

From an asset quality standpoint, overall credit performance continues to normalize as expected. Net charge-offs were 35 basis points in the quarter. Nonperforming loans and business services criticized loans increased while total delinquencies decreased. Provision expense was $135 million, while the allowance for credit loss ratio remained unchanged at 1.63%.

從資產質量的角度來看，整體信貸表現如預期繼續正常化。本季度淨註銷為 35 個基點。不良貸款和商業服務批評貸款增加，而總拖欠率下降。撥備費用為 1.35 億美元，而信貸損失準備金率保持在 1.63% 不變。

The amount of the allowance increase due primarily to economic changes and normalizing credit from historically low levels, partially offset by a reduction associated with the elimination of the accounting for troubled debt restructured loans. It is worth noting the outcome of the most recent Shared National Credit exam is reflected in our results.

準備金的增加主要是由於經濟變化和信貸從歷史低位正常化，部分被與問題債務重組貸款會計處理相關的減少所抵消。值得注意的是，最近一次共享國家信用考試的結果反映在我們的成績中。

I want to take a few minutes to speak to our commercial real estate portfolio. Since 2008, we have deliberately limited our exposure to this space. At quarter end, our exposure totaled 15% of loans, excluding owner-occupied and it is highly diverse. This total includes $8.4 billion of investor real estate and $6.7 billion of unsecured exposure, of which the vast majority is within real estate investment trust. Our REIT clients generally have low leverage and strong access to liquidity with 68% classified as investment grade.

我想花幾分鐘時間談談我們的商業房地產投資組合。自 2008 年以來，我們有意限制了對這一領域的接觸。在季度末，我們的風險敞口總計佔貸款的 15%，不包括自住貸款，而且高度多樣化。這一總額包括 84 億美元的投資者房地產和 67 億美元的無擔保敞口，其中絕大部分屬於房地產投資信託。我們的 REIT 客戶通常槓桿率低，流動性強，其中 68% 被歸類為投資級別。

Importantly, total office represents just 1.8% of total loans at $1.8 billion. Of note, 83% consist of Class A properties with 62% located within the Sunbelt. The office portfolio was originated with an approximate weighted average loan-to-value of 58% and we have stressed the portfolio to include a 25% discount using the Green Street commercial property price index with the weighted average resulting loan-to-value of the book approximating 77%.

重要的是，辦公樓總數僅佔貸款總額 18 億美元的 1.8%。值得注意的是，83% 由 A 級物業組成，其中 62% 位於陽光帶內。寫字樓投資組合的加權平均貸款價值比約為 58%，我們強調該投資組合包括 25% 的折扣，使用 Green Street 商業地產價格指數和加權平均貸款價值比預定約 77%。

It is also noteworthy that 37% of our secured office portfolio is single-tenant. While we are carefully monitoring conditions, we believe our portfolio will be able to weather the weakness in the industry.

還值得注意的是，我們的安全辦公室組合中有 37% 是單租戶。在我們仔細監測情況的同時，我們相信我們的投資組合將能夠經受住行業的疲軟。

Including first quarter results, we now expect our full year 2023 net charge-off ratio to be approximately 35 basis points. Given the recent economic uncertainty and market volatility, we may see a pickup in the pace of normalization towards our through-the-cycle annual charge-off range of 35 to 45 basis points over time.

包括第一季度業績在內，我們現在預計 2023 年全年淨註銷率約為 35 個基點。鑑於最近的經濟不確定性和市場波動性，我們可能會看到正常化的步伐隨著時間的推移朝著 35 至 45 個基點的整個週期年度沖銷範圍邁進。

From a capital standpoint, we ended the quarter with a common equity Tier 1 ratio at an estimated 9.8%, reflecting solid capital generation through earnings, partially offset by continued loan growth and approximately $100 million or 7 basis points related to the phase-in of CECL into regulatory capital. Given current macroeconomic conditions, and regulatory uncertainty, we anticipate managing capital levels at or modestly above 10% over the near-term.

從資本的角度來看，我們在本季度結束時的普通股一級比率估計為 9.8%，反映了通過收益產生的穩固資本，部分被持續的貸款增長和與分階段實施相關的約 1 億美元或 7 個基點所抵消CECL 轉化為監管資本。鑑於當前的宏觀經濟狀況和監管不確定性，我們預計短期內將資本水平管理在 10% 或略高於 10%。

So in closing, we delivered solid results in the first quarter despite volatile conditions. We have balance and diversity on both sides of the balance sheet and are well positioned to withstand an array of economic conditions. We are in some of the strongest markets in the country. And while we remain vigilant to indicators of potential market contraction, we will continue to be a source of stability to our customers.

因此，總而言之，儘管形勢動盪，但我們在第一季度取得了穩健的業績。我們在資產負債表的兩邊都保持平衡和多元化，並且有能力承受一系列經濟狀況。我們在該國一些最強大的市場。雖然我們對潛在市場收縮的指標保持警惕，但我們將繼續成為客戶穩定的源泉。

Pre-tax pre-provision income remained strong, expenses are well controlled, credit remains broadly stable, and capital and liquidity levels remain robust.

撥備前稅前收入保持強勁，支出控制良好，信貸總體穩定，資本和流動性水平保持強勁。

With that, we'll move to the Q&A portion of the call.

有了這個，我們將轉到電話的問答部分。

(Operator Instructions) Our first question comes from the line of Ryan Nash with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Ryan Nash 與 Goldman Sachs 的對話。

David, maybe a question on betas and deposit balances. So you guys are one of the few that isn't increasing your deposit beta guidance given that you're at 19% and I think expectations are for 35%. Can you maybe just talk about where you expect the pressure to come from? I think you noted in the remarks, repricing and remixing, how much will each of these contribute? Are you expecting more to be in retail given the push for insured deposits? Or is it on the commercial side?

大衛，也許是關於貝塔係數和存款餘額的問題。所以你們是少數幾個沒有增加存款貝塔指導的人之一，因為你們是 19%，我認為預期是 35%。你能不能談談你預計壓力來自哪裡？我想你在評論中提到，重新定價和重新混合，每一個都會貢獻多少？考慮到受保存款的推動，您是否期望更多的零售業務？還是在商業方面？

And then second, you noted that you do expect to see stabilization of growth in balances later in the year. Can you maybe just talk about what you see driving that as we move through the year?

其次，您指出您確實希望在今年晚些時候看到餘額增長穩定下來。你能不能談談你在這一年中看到的驅動力？

Sure. So as we've mentioned before, we had $41 billion worth of surge deposits. We didn't think those would stay with us as long as they actually have stayed with us. And we furthermore said as rates continue to increase that people would be seeking higher returns than we were offering at the time. And so you can see our cumulative beta, as you mentioned, at 19%, well below everybody else.

當然。因此，正如我們之前提到的，我們有價值 410 億美元的激增存款。我們認為只要他們真的和我們在一起，他們就不會和我們在一起。我們還表示，隨著利率繼續上漲，人們會尋求比我們當時提供的更高的回報。所以你可以看到我們的累積貝塔，正如你提到的，19%，遠低於其他人。

We do understand that we're going to end up -- there's going to be a shift of deposits into CDs, more expensive deposits. And so we do also expect some continued runoff. We had given you the guide of $3 billion to $5 billion. We're down $3.3 billion. We expect to be at the upper end of that by the end of the second quarter. And a lot of that is putting money to work in businesses, but also some seeking higher rates.

我們確實知道我們最終會 - 存款將轉變為 CD，更昂貴的存款。因此，我們也確實預計會有一些持續的徑流。我們給了你 30 億到 50 億美元的指導。我們減少了 33 億美元。我們預計到第二季度末將達到這一水平的上限。其中很多是把錢投入到企業中，但也有一些人尋求更高的利率。

And so the combination of where we are relative to our deposit costs relative to the peers would imply that we would be increasing some of that over time, and that's going to drive our beta, and we still believe 35% is the right number by the end of the cycle, which we're calling the end of this year.

因此，我們相對於我們的存款成本相對於同行的組合將意味著我們將隨著時間的推移增加其中的一些，這將推動我們的貝塔，我們仍然相信 35% 是正確的數字週期結束，我們稱之為今年年底。

Got it. And maybe as a follow-up, so you guys are now expecting losses at the high end of your previous guidance. It looks like the increase this quarter was driven by C&I. And I think, David, I think you just noted you could see a pickup in the pace of normalization. Can you maybe just talk about, one, what is driving the incremental pressure? And what are you expecting to be the higher driver of charge-offs, both for the rest of this year and then the pace of normalization that we could see?

知道了。也許作為後續行動，所以你們現在預計會在之前指導的高端出現損失。看起來本季度的增長是由 C&I 推動的。我想，大衛，我想你剛剛注意到你可以看到正常化步伐的加快。你能不能談談，一個，是什麼推動了增量壓力？在今年剩餘時間以及我們可以看到的正常化步伐中，您期望什麼會成為沖銷的更高驅動力？

Well, so as we've, I believe, stated many times, the charge-off level is below normal. And that we said it would be normalizing over time. We've furthermore set our normalized loss rate based on the risk profile we maintain is 35 to 45 bps. As we get through the end of this year, we're trying to give you the message that, that could kind of lead you into a run rate towards that 35 to 45 bps by the end of the year. We're already at 35 this quarter, which would imply we expect a reduction in charge-offs in the second and/or third quarter.

好吧，我相信，正如我們多次聲明的那樣，沖銷水平低於正常水平。我們說過隨著時間的推移它會正常化。我們還根據我們維持的風險狀況將標準化損失率設定為 35 至 45 個基點。隨著今年年底的到來，我們正試圖向您傳達這樣的信息，這可能會導致您在年底前達到 35 至 45 個基點的運行率。本季度我們已經達到 35，這意味著我們預計第二和/或第三季度的沖銷會減少。

But all in, we still think we're going to be at 35 basis points, which is below normal. So we have a lot of confidence in that. We had certain things that happened in the first quarter we don't think will repeat. And so I think our 35 bps is a pretty good number.

但總而言之，我們仍然認為我們將達到 35 個基點，這低於正常水平。所以我們對此很有信心。我們在第一季度發生了一些我們認為不會重演的事情。所以我認為我們的 35 個基點是一個非常好的數字。

Yes. Ryan, I'd just add to the question about where we're seeing the stress. We've identified a couple of areas on previous calls where we are experiencing some stress in the portfolio. That would be health care, where we're seeing rising costs and pressure on labor. Transportation, particularly on the smaller end of the transportation sector where customers are competing in the spot market to move product.

是的。瑞安，我只想補充一下我們在哪裡看到壓力的問題。我們在之前的電話會議中確定了我們在投資組合中遇到一些壓力的幾個領域。那將是醫療保健，我們看到成本上升和勞動力壓力。運輸，特別是在運輸部門的較小端，客戶在現貨市場上競爭運輸產品。

Consumer discretionary, where consumers are changing their buying patterns and moving away from more discretionary items towards services where we're seeing some pressure, office obviously and then senior housing, which is a sector that we believe is improving but still not returned to occupancy levels that we experienced prior to the pandemic. And again, it's a sector where labor is a factor in the operations of those businesses and driving cost up. So those are all areas where we are seeing more pressure than in the rest of the portfolio.

非必需消費品，消費者正在改變他們的購買模式，從更多非必需品轉向我們看到一些壓力的服務，顯然是辦公室，然後是高級住宅，我們認為這是一個正在改善但仍未恢復入住率的行業我們在大流行之前經歷過。同樣，在這個行業中，勞動力是這些企業運營的一個因素，並推高了成本。因此，與投資組合的其他部分相比，這些都是我們看到更大壓力的領域。

And I would finally comment, I think we'll see some additional "movement" toward normalization. But we've probably gotten there a little faster than I think we thought we would. So we don't expect a whole lot of additional deterioration as we move towards normalization.

最後我要評論，我認為我們會看到一些額外的正常化“運動”。但我們到達那裡的速度可能比我想像的要快一點。因此，隨著我們走向正常化，我們預計不會出現大量額外惡化。

Our next question comes from the line of Erika Najarian with UBS.

我們的下一個問題來自瑞銀集團的 Erika Najarian。

My first question is for David. You continue to have that line about a long-term NIM of 3.6% to 4%. I think investors are starting to think about rate cut in 2024, and (inaudible) always ask about 2024, but I think investors are thinking about how inexpensive bank stocks are really right, trying to evaluate them on what could be trough earnings next year. So if the Fed cuts, can you still stay within that range? And I think nobody is expecting a cut to 0, but perhaps walk us through the scenario of that range in the scenario of like a 200 basis point cut over 1 year?

我的第一個問題是給大衛的。你繼續保持關於 3.6% 到 4% 的長期 NIM 的那條線。我認為投資者開始考慮 2024 年降息，並且（聽不清）總是詢問 2024 年，但我認為投資者正在考慮便宜的銀行股是多麼正確，並試圖根據明年可能出現的收益低谷來評估它們。那麼如果美聯儲降息，你還能保持在這個區間內嗎？而且我認為沒有人期望降息至 0，但也許在 1 年內降息 200 個基點的情況下，讓我們了解一下該範圍的情況？

Yes. So the bottom line answer is yes, we do feel comfortable under any scenario as we mentioned that we would operate in that 3.60% to 4% range. Clearly, our guidance is based on the market. I mean, on the March 31 forward that has 3 cuts, 75 basis points worth of cuts after one increase. So to the extent that were to happen, we will still be within that range. If it stays higher than that, then we'd be at the upper end of the range.

是的。所以底線答案是肯定的，我們確實在任何情況下都感到舒服，因為我們提到我們將在 3.60% 到 4% 的範圍內運作。顯然，我們的指導是基於市場的。我的意思是，3 月 31 日的遠期利率有 3 次降息，一次加息後降息 75 個基點。因此，就發生的情況而言，我們仍將處於該範圍內。如果它保持高於該水平，那麼我們將處於該範圍的上限。

And we have some receive-fixed swaps that actually come on board in the second half of the year to protect us from lower rates. We're not saying that the rates will be cut. That's what the market says. I personally don't see that, that will happen at that pace. But we wanted to be able to center the discussion on what the market is saying, and that's why we gave you that and then we gave you some sensitivity around it. So we feel very good about the range.

我們有一些實際在今年下半年開始使用的接收固定掉期，以保護我們免受較低利率的影響。我們並不是說利率會降低。市場就是這麼說的。我個人不認為那會以那樣的速度發生。但我們希望能夠將討論集中在市場的說法上，這就是為什麼我們給了你這個，然後我們給了你一些關於它的敏感性。所以我們對這個範圍感覺很好。

Where we are in the range? There are a whole lot of factors. The pace, the timing of cuts would take us down even if we had a couple of hundred basis points of cuts, then '24, we're still in the range. So does that get you what you wanted?

我們在範圍內的哪個位置？有很多因素。即使我們有幾百個基點的削減，削減的速度和時機也會讓我們失望，然後 24 年，我們仍在範圍內。那麼這能得到你想要的嗎？

Yes. And as we think about perhaps a more measured pace of cut, how would you anticipate being able to normalize your deposit costs in that backdrop?

是的。當我們考慮可能更謹慎的削減步伐時，您如何預計能夠在這種背景下使您的存款成本正常化？

Say that again, how would we? Say it again, Erika.

再說一遍，我們會怎樣？再說一遍，埃里卡。

Yes, how quickly could you lower deposit costs in an environment where the Fed is cutting in a measured pace? I'm just trying to think about the other side as I think about your sort of your long-term NIM target range?

是的，在美聯儲有節制地降息的環境下，你能以多快的速度降低存款成本？當我考慮您的長期 NIM 目標範圍時，我只是想考慮一下另一面？

Yes. Well, so you can see our deposit cost relative to our peers is 19% (inaudible) lagging. And so the ability to cut, we have to be competitive. We have to offer a fair price to our customer base. And I think to the extent you start seeing a pause and/or cuts coming from the Fed. The beta that we just mentioned could change and may not be as severe. What happens is the increase in deposit cost lagged the last increase of -- that the Fed is going to have. So it will take some time for that to manifest itself.

是的。嗯，所以你可以看到我們的存款成本相對於我們的同行落後 19%（聽不清）。因此，削減的能力，我們必須具有競爭力。我們必須為我們的客戶群提供公平的價格。而且我認為你開始看到美聯儲暫停和/或削減的程度。我們剛才提到的測試版可能會發生變化，而且可能不會那麼嚴重。發生的事情是存款成本的增加滯後於美聯儲將要進行的最後一次增加。因此，這需要一些時間才能體現出來。

So if you look at the retail side, the retail side is very slow to react. But on the commercial side, it's almost instantaneous as treasurers look to lock in the best yield that they can. We have some index deposits that move with changes in Fed funds. So that will react pretty quickly, which I think is a benefit to us in that scenario.

所以如果你看零售端，零售端反應非常慢。但在商業方面，這幾乎是瞬間發生的，因為財務主管希望鎖定他們能獲得的最佳收益。我們有一些指數存款隨著聯邦基金的變化而變化。所以這會很快做出反應，我認為這對我們在這種情況下是有好處的。

Our next question comes from the line of John Pancari with Evercore.

我們的下一個問題來自 Evercore 的 John Pancari。

In terms of your maintaining the cumulative or through-cycle beta at 35%, I hear you where you're trending down 19% in your confidence. But I'm just curious how the liquidity crisis through March and how it really impacted that outlook. We saw a number of other banks increased their deposit beta expectations given the intensifying pressure around deposit costs as well as broader funding costs. So how has the liquidity crisis impacted your view? And how does that not influence an increase in how you're thinking about the through-cycle data? If you could just walk us through that.

就將累積或整個週期 beta 保持在 35% 而言，我聽說你的信心有下降 19% 的趨勢。但我只是好奇 3 月份的流動性危機是如何發生的，以及它是如何真正影響這種前景的。鑑於圍繞存款成本和更廣泛的融資成本的壓力越來越大，我們看到許多其他銀行提高了存款貝塔預期。那麼，流動性危機如何影響您的觀點？這如何不影響您對整個週期數據的思考方式的增加？如果你能引導我們完成那個。

Yes, John. So our -- this is our competitive advantage is our deposit base. And so we haven't had to react at the pace that others. So if you look at the incremental beta of our core peer group, that was some 73% this quarter. And ours was 40%, 41%. So we just haven't had to move at the pace and I still think based on how we fund ourselves, the core retail, 70% of our deposits being retail really has helped us from being able to keep that beta where it is at 35%.

是的，約翰。所以我們 - 這是我們的競爭優勢是我們的存款基礎。因此，我們不必以其他人的速度做出反應。因此，如果您查看我們核心同行組的增量測試版，本季度約為 73%。而我們的是 40%、41%。因此，我們只是不必跟上步伐，我仍然認為，根據我們為自己提供資金的方式，核心零售，我們 70% 的零售存款確實幫助我們能夠將貝塔保持在 35 的水平%。

So as we think about some of the larger customers that are seeking rates, seeking returns, that's where there's been more competitive pressure and we saw some of that being put to work in the first quarter. And we called for some of that. That's part of the $3 billion to $5 billion that we're talking about. As a matter of fact, in our beta assumption, we had all that coming out of noninterest bearing. That wasn't quite what we saw, but we gave it -- we assumed noninterest-bearing because that was more conservative to give you the guidance.

因此，當我們考慮一些正在尋求利率、尋求回報的大客戶時，那裡的競爭壓力更大，我們看到其中一些在第一季度投入使用。我們呼籲其中的一些。這是我們正在談論的 30 億至 50 億美元的一部分。事實上，在我們的貝塔假設中，我們所有的一切都來自無息。那不是我們所看到的，但我們給出了它——我們假設不計息，因為這更保守地給你指導。

And so if you take all that into consideration, I think that's why you didn't see us change our cumulative beta to 35%. And being at 19%, there's a long way to go from 19% to 35%. We understand that, but if we miss it, maybe it's a tad underneath that, which is why we gave you also some guidance on our Slide #7, that would show you if beta was a little bit better than 35%, how much it might be.

因此，如果您考慮到所有這些因素，我認為這就是您沒有看到我們將累積貝塔值更改為 35% 的原因。在 19% 的情況下，從 19% 到 35% 還有很長的路要走。我們理解這一點，但如果我們錯過了它，也許它有點低於它，這就是為什麼我們還在我們的幻燈片 #7 上給了你一些指導，它會告訴你如果 beta 比 35% 好一點點，它有多少可能。

Got it, David. That's helpful. And then separately on the capital front. I know you increased your target to 10% -- and just if -- or 10% or just above, I believe you said. If you could maybe give us a little bit more color in terms of the rationale. And then could that allow for buybacks at some point? How are you thinking about deployment and the pace of where you -- the timing of when you get to around that 10% range?

明白了，大衛。這很有幫助。然後分別在資本方面。我知道你將目標提高到 10%——如果——或 10% 或更高，我相信你說過。如果你能在基本原理方面給我們更多的顏色。然後這是否允許在某個時候回購？您如何考慮部署以及您的部署速度 - 何時達到 10% 左右的範圍？

Sure. So you saw our Common Equity Tier 1 increase from 9.6% to 9.8%, and that's after absorbing about 7 basis points due to the CECL impact for the first quarter. So we're generating 20 to 30 basis points worth of CET1 every quarter. After loan growth, we first and foremost want to be here as a source of strength for our customers and be able to make all creditworthy loans we can make.

當然。所以你看到我們的普通股一級從 9.6% 增加到 9.8%，這是在由於第一季度 CECL 的影響吸收了大約 7 個基點之後。因此，我們每季度產生 20 到 30 個基點的 CET1。在貸款增長之後，我們首先希望在這裡成為我們客戶的力量來源，並能夠提供我們可以提供的所有信譽良好的貸款。

And we're open for business and ready to do that. That's what our job is. We want to make sure we pay our shareholders a fair dividend, 35% to 45% of our earnings in the form of a dividend, and we have been at the lower end of that. But -- and then we've used our capital for other nonbank acquisitions and mortgage servicing right acquisitions, which we'd like to continue. And then to optimize our capital, we'll buy stock back from time to time.

我們對業務開放並準備這樣做。這就是我們的工作。我們希望確保我們向股東支付公平的股息，35% 至 45% 的收入以股息的形式支付，而我們一直處於這一水平的低端。但是 - 然後我們將我們的資金用於其他非銀行收購和抵押貸款服務權收購，我們希望繼續這樣做。然後為了優化我們的資本，我們會不時回購股票。

Given the uncertainty that's in the market, obviously, there's a lot of review going on to what happened in the month of March, and there's going to be some reports coming out from our regulatory supervisors on what may change. And we just want to be prepared for that, and we think it would be inappropriate at this time to be buying our stock back when we have this kind of uncertainty. You'll lop on top of that the uncertainty in the economy and monetary policy.

鑑於市場的不確定性，顯然，對 3 月份發生的事情進行了大量審查，我們的監管機構將發布一些關於可能發生變化的報告。我們只是想為此做好準備，我們認為在我們有這種不確定性的時候回購我們的股票是不合適的。您將最重要的是經濟和貨幣政策的不確定性。

So there's just a lot of noise, which caused us to rethink, let's just wait, let us accrete up to that 10%, maybe slightly over that. And to the extent things settle down, then we'll optimize capital, and we'll use share repurchases as a mechanism to do so.

所以有很多噪音，這讓我們重新考慮，讓我們等一下，讓我們增持到那 10%，也許略高於那一點。在事情穩定下來的情況下，我們將優化資本，我們將使用股票回購作為一種機制來實現這一目標。

Our next question comes from the line of Matt O'Connor with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matt O'Connor。

How are you thinking about managing liquidity going forward? Obviously, like with a very strong deposit base, you've been less reliant on wholesale borrowing. But both in light of current conditions and then just kind of the way the regulation might be moving. What are you thinking about in terms of borrowings and then also both cash and securities. And again, like you've got a smaller AFS book than others, which has worked well given the moving rates. But what's the outlook on both the funding and asset side?

您如何考慮未來的流動性管理？顯然，就像擁有非常強大的存款基礎一樣，您對批發借貸的依賴也有所減少。但既要考慮到當前的情況，又要考慮到監管可能採取的某種方式。你在考慮借款以及現金和證券方面的想法。再一次，就像你有一本比其他人更小的 AFS 書，考慮到移動率，它運作良好。但資金和資產方面的前景如何？

Yes. So we still believe in growing customer relationships, core checking accounts and operating accounts of businesses. It's the basis of our whole business, and we'll continue to do that from -- to help us from a liquidity standpoint. Clearly, some things have changed. We've given you a list of our total primary liquidity and also liquidity at the discount window should we need it. What we've learned, I think, over this, is that it can move much quicker that we all had anticipated the world has changed a bit.

是的。因此，我們仍然相信不斷發展的客戶關係、核心支票賬戶和企業運營賬戶。這是我們整個業務的基礎，我們將繼續這樣做——從流動性的角度幫助我們。顯然，有些事情已經改變了。我們已經為您提供了我們的主要流動性總額清單以及貼現窗口的流動性（如果我們需要的話）。我認為，我們從中學到的是，它可以比我們所有人都預料到的世界已經發生了一些變化更快地移動。

And so we've had one of the largest cash balances of anybody in the peer group the lower securities book. And we did that intentionally because we were not clear on the surge deposits on the pace that they would move out. So we'll probably maintain a bit more cash than we historically have been. Obviously, there's -- currently, there's a new term bank facility that the Fed created that's temporary.

因此，我們擁有同行組中最大的現金餘額之一，即較低的證券賬簿。我們是故意這樣做的，因為我們不清楚激增的存款將以何種速度撤出。因此，我們可能會保持比歷史上更多的現金。顯然，目前，美聯儲創建了一個新的臨時銀行工具。

I hope there's some thinking about how to maybe keep some of that in place. But we did not use that, as you can tell from our disclosures. But we tested it after quarter end, just to make sure the pipes were worked up and I think we borrowed $1,000 and repaid it quickly. But posting collateral to something like that, that you can get access to quickly. Clearly, the Federal Home Loan Bank is still our primary source we go to. We have a little bit outstanding there at quarter end, a couple of billion dollars.

我希望有人考慮如何保留其中的一些內容。但是我們沒有使用它，正如您從我們的披露中可以看出的那樣。但我們在季度結束後對其進行了測試，只是為了確保管道正常工作，我想我們藉了 1,000 美元並很快還清了。但是向類似的東西發布抵押品，你可以快速訪問。顯然，聯邦住房貸款銀行仍然是我們的主要來源。我們在季度末有一些突出的地方，幾十億美元。

And so just having access to multiple levels, if we learned anything, it's diversification. And you need to make sure your funding side is diverse. And within your deposit base, it needs to be diverse. So if you end up with a concentration, you end up with a problem. So I think that's a big lesson learned for everybody and staying as diverse, so we can a little more cash on hand I think, is in order.

因此，只要能夠進入多個級別，如果我們學到了什麼，那就是多樣化。你需要確保你的資金來源是多樣化的。在您的存款基礎中，它需要多樣化。所以如果你以定力結束，你就會遇到問題。所以我認為這對每個人來說都是一個重要的教訓，保持多元化，所以我們手頭可以多一點現金，我認為這是有條理的。

And then specifically on the securities book, how would you think about that relative to assets kind of near or longer term with the current framework?

然後特別是在證券賬簿上，您如何看待當前框架下相對於短期或長期資產的問題？

We've historically been in that 20% range of earning assets, and we don't see that changing dramatically. I think we need to be careful. There's been a lot of discussion about shortening up maturities and things of that nature. And we need to be real careful because there could be broad implications of that. The banking system is a big buyer of mortgage-backed securities, and we need to support the mortgage industry and the housing industry and consumers that way. So we are forced to go too short. There are much broader implications to the economy. So we're going to be careful of that.

從歷史上看，我們的盈利資產一直處於 20% 的範圍內，而且我們認為這種情況不會發生巨大變化。我認為我們需要小心。關於縮短期限和類似性質的事情已經進行了很多討論。我們需要非常小心，因為這可能會產生廣泛的影響。銀行系統是抵押貸款支持證券的大買家，我們需要以這種方式支持抵押貸款行業、房地產行業和消費者。所以我們被迫做得太短。對經濟有更廣泛的影響。所以我們要小心。

We'll see what the policymakers come up with and we'll adapt and overcome as we see fit. But right now, I think having a book about where we've been, which is a little lower than others, I think, is the right spot for us based on our -- again, our funding profile.

我們將看看政策制定者的想法，我們將根據自己的意願進行調整和克服。但是現在，我認為有一本關於我們去過的地方的書，我認為這比其他書要低一點，我認為，根據我們的 - 再一次，我們的資金狀況，這對我們來說是正確的地方。

Our next question comes from the line of Gerard Cassidy with RBC.

我們的下一個問題來自 Gerard Cassidy 與 RBC 的對話。

John or David, or both of you, obviously, Regions has derisked its balance sheet dramatically from the '08, '09 time period. And so I think you guys are in a good position to maybe handle this question, specifically for commercial real estate, can you guys share with us the differences that you are seeing in the current commercial real estate market in your portfolio versus what it was like in '08, '09. Now granted, I know you've lowered the exposure. So that's a major difference. But in terms of the cap rates, obviously, have moved up, the refinancing risk is here. But can you share with us how you guys could handle that more -- I'm assuming more easily today than what happened in '08, '09.

John 或 David，或你們兩個，很明顯，Regions 從 08 年、09 年時期開始大幅降低了其資產負債表的風險。所以我認為你們可以很好地處理這個問題，特別是對於商業房地產，你們能否與我們分享你們在當前商業房地產市場中看到的投資組合中的差異與它的樣子在 08 年、09 年。現在授予，我知道你已經降低了曝光率。所以這是一個主要的區別。但就資本化率而言，顯然已經上升，再融資風險就在這裡。但是你能和我們分享一下你們如何處理更多的事情嗎——我假設今天比 08 年、09 年發生的事情更容易。

Yes. Gerard, this is John. I would say we rebuilt our business beginning in kind of the '09, '10 time frame, recognizing that it's very much a specialized business. And we've built it around professional real estate bankers who are working with professional real estate developers. Generally, they are either regional or national developers. They have strong capital positions, good access to liquidity, strong track records. They're operating in some of the primary markets across the U.S.

是的。杰拉德，這是約翰。我會說我們從 09 年、10 年的時間框架開始重建我們的業務，認識到這是一個非常專業的業務。我們圍繞與專業房地產開發商合作的專業房地產銀行家建立了它。一般來說，他們要么是地區性的，要么是國家級的開發商。他們擁有強大的資本狀況、良好的流動性、良好的業績記錄。他們在美國的一些主要市場開展業務

We rebuilt our business with a focus on concentration risk management. So it's well distributed portfolio is across different segments of the industry as well as across geographies. We have built a business, I think, very conservatively from a structural standpoint requiring good equity in projects.

我們重建了我們的業務，重點是集中風險管理。因此，它分佈良好的投資組合跨越行業的不同部分以及不同的地區。我認為，從結構的角度來看，我們已經建立了一個非常保守的企業，需要項目中的良好股權。

And we're constantly stressing our exposure. It's a relationship business for us. We're transacting with customers who maintain deposit relationships with us, who use our capital markets capabilities. We're very close to those customers. And as a consequence, I think we have a very good handle on the exposure that we have across the business.

我們一直在強調我們的曝光率。這對我們來說是關係業務。我們正在與與我們保持存款關係的客戶進行交易，他們使用我們的資本市場能力。我們與這些客戶非常接近。因此，我認為我們可以很好地處理我們在整個業務中的風險敞口。

And we have the benefit of operating in some of the best markets in the country as well. If you look at markets like Dallas and Houston, Orlando, Charlotte, Atlanta and Nashville, where we're doing business and where the majority of our portfolio resides. We have good underpinning economy to help support the projects as well.

我們也受益於在該國一些最好的市場開展業務。如果你看看像達拉斯和休斯頓、奧蘭多、夏洛特、亞特蘭大和納什維爾這樣的市場，我們在那裡開展業務，我們的大部分投資組合都在那裡。我們有良好的基礎經濟來幫助支持這些項目。

And maybe, David, on a technical question regarding the commercial real estate, how does the elimination of TDRs now help or hinder your guys working out with some of your customers that may inevitably have an issue with their property?

也許，大衛，關於關於商業地產的技術問題，現在取消 TDR 如何幫助或阻礙你們的人與你們的一些客戶一起工作，這些客戶可能不可避免地會遇到他們的財產問題？

Well, we're not going to let an accounting change, change what we're going to do for our customer if we need to have a restructuring then that's what we'll do. And we'll let the accounting is what it is. So I don't think that will impact us at all, Gerard, from moving forward just like we always have.

好吧，如果我們需要進行重組，那麼我們不會讓會計發生變化，改變我們將為客戶做的事情，那就是我們要做的。我們會讓會計保持原樣。所以我認為這根本不會影響我們，杰拉德，就像我們一直以來一樣。

Very good. And then just as a follow-up question, another technical one for you, David. Can you just remind us about the CECL being phased into capital, just the time range and how that may affect your capital ratios going forward?

非常好。然後作為後續問題，另一個技術問題給你，大衛。您能否提醒我們 CECL 正在分階段進入資本，只是時間範圍以及這將如何影響您未來的資本比率？

It's roughly the same number you just saw. It's almost a straight line number over, I think, it's 4 periods. So we've got 3 more of these coming. It's $100 million in round numbers in the first quarter of each of the next 3 years, about 7 points -- I'm sorry, 2 more years. And so it will be about a 7 basis point hit to us each of the next 2 years.

這與您剛才看到的數字大致相同。這幾乎是一個直線數字，我認為是 4 個週期。所以我們還有 3 個這樣的。在接下來的 3 年中，每年第一季度的整數都是 1 億美元，大約 7 個百分點——對不起，還有 2 年。因此，在接下來的兩年裡，我們每年都會受到大約 7 個基點的打擊。

Our next question comes from the line of Peter Winter with D.A. Davidson.

我們的下一個問題來自 Peter Winter with D.A.戴維森。

You guys had pretty solid average loan growth this quarter and did maintain the period-end outlook. Can you just talk about loan demand? And then secondly, if there's any areas maybe where you're tightening underwriting standards or being more selective at this stage?

你們本季度的平均貸款增長非常穩健，並且確實保持了期末展望。你能談談貸款需求嗎？其次，如果有任何領域可能在這個階段收緊承保標准或更具選擇性？

Yes. So we -- obviously, in this economy, we want to be thoughtful about any new relationships that we acquire and any new credit that we book. I think -- I would like to think that we're not changing our underwriting standards that they are consistent across all economic cycles. But at the same time, when you think about allocation of capital and lending into this environment, we want to be thoughtful and prudent.

是的。所以我們 - 顯然，在這種經濟中，我們希望對我們獲得的任何新關係和我們預訂的任何新信貸進行深思熟慮。我認為 - 我想認為我們不會改變我們的承保標準，因為它們在所有經濟周期中都是一致的。但與此同時，當你考慮在這種環境下配置資本和貸款時，我們要考慮周全和謹慎。

We want to make sure that any new business we get as a result of calling activity that's been ongoing for some time. We understand the relationship potential and opportunity that we have a good plan. The bulk of the loan growth that we've experienced in the wholesale business has been loans to existing customers. And in the last quarter, a good bit of the growth was in our industry verticals, particularly in power and utilities, energy and the industrial space.

我們希望確保由於持續了一段時間的呼叫活動而獲得的任何新業務。我們了解我們有一個好的計劃的關係潛力和機會。我們在批發業務中經歷的大部分貸款增長是對現有客戶的貸款。在上個季度，我們的垂直行業有很大一部分增長，特別是在電力和公用事業、能源和工業領域。

We're also seeing a little growth within our Regions Business Capital business, asset-based lending business during this period of time. And then on the consumer side, mortgage grew and Interbank grew as a result of putting mortgage because we're generating some arms during the period on balance sheet arms in a period like this. I think loan growth, clearly, or loan pipelines, I should say, on the wholesale side of the business are down.

在此期間，我們還看到我們的地區商業資本業務、基於資產的貸款業務略有增長。然後在消費者方面，抵押貸款增加了，銀行同業銀行由於抵押貸款而增長，因為在這樣的時期，我們在資產負債表武器上產生了一些武器。我認為貸款增長，很明顯，或者我應該說，在批發業務方面，貸款渠道正在下降。

And I think that reflects caution on the part of customers as well as projects, just the economy is slowing a bit as a result of rising rates and increasing cost. We still believe, given sort of our view of the future and known projects that are either underway or will get underway. There is -- we have an opportunity to grow loans, I think we're guiding to about 4% between now and end of the year and should see growth in the same categories that I just described.

我認為這反映了客戶和項目方面的謹慎，只是由於利率上升和成本增加，經濟正在放緩。鑑於我們對未來和正在進行或將要進行的已知項目的看法，我們仍然相信。有——我們有機會增加貸款，我認為從現在到今年年底我們的目標是 4% 左右，並且應該看到我剛才描述的同一類別的增長。

I think, Peter, I'll add to that, that part of the growth outlook is because of the markets that we operate in. We've been the recipient of a lot of migration of people and businesses into where we operate. And so our economy here is a bit different than certain other economies around the country. And I think that's given us some confidence that our 4% loan growth is reasonable.

我想，彼得，我要補充一點，增長前景的一部分是因為我們經營的市場。我們一直是大量人員和企業遷移到我們經營的地方的接受者。因此，我們這裡的經濟與全國其他某些經濟體略有不同。我認為這給了我們一些信心，讓我們相信我們 4% 的貸款增長是合理的。

Got it. Very helpful. And if I could ask about the guidance on the deposit service charges, still $550 million. Question is, how should we think about the second half of the year from the impact of that grace period? Will it step down to, I guess, around $120 million. And could you offset some of that with just account growth and cross-selling treasury management services?

知道了。很有幫助。如果我能問一下關於存款服務費的指導，仍然是 5.5 億美元。問題是，我們應該如何從那個寬限期的影響來看下半年？我猜它會下降到大約 1.2 億美元嗎？您能否僅通過賬戶增長和交叉銷售資金管理服務來抵消其中的一部分？

Yes. So you can see that our -- if you annualize where we ended up in the first quarter, we would be above the $550 million, and that's an acknowledgment that our last change of 24-hour grace actually goes in beginning of the second -- of the third quarter. And so you're going to see that step down more so in the third and fourth quarter than you have seen because we hadn't made the change.

是的。所以你可以看到我們的——如果你對我們在第一季度結束的地方進行年度化，我們將超過 5.5 億美元，這是承認我們最後一次改變 24 小時寬限期實際上是在第二季度開始——第三季度的。所以你會在第三和第四季度看到比你看到的更多的下降，因為我們沒有做出改變。

One of the things that we've been the recipients of is our treasury management investments we've made on people and technology have really helped offset to some degree, at least, the decline we're seeing from the consumer service charges, and we expect that to continue. So we're up some 8% there in TM. And if this continues at that pace, we might have a better answer for you next earnings call. But right now, we're calling for $550 million with a step down in the second half of the year.

我們一直受益的其中一件事是我們在人員和技術方面進行的財務管理投資確實在某種程度上幫助抵消了，至少，我們從消費者服務費用中看到的下降，而且我們希望這種情況繼續下去。因此，我們在 TM 中上漲了約 8%。如果這種情況繼續下去，我們可能會在下一次財報電話會議上為您提供更好的答案。但現在，我們要求在今年下半年縮減 5.5 億美元。

Our next question comes from the line of Ken Usdin with Jefferies.

我們的下一個問題來自 Jefferies 的 Ken Usdin。

I just have a follow-up also on the fee side. I know, obviously, it's been a tougher start to the year in capital markets and you're reiterating that 60 to 80 zones that you kind of were in, in the first quarter. Just maybe can you give us color on just how the business is feeling and acting in terms of pipelines and expectations and whether or not you anticipate there being a -- is there a bounce built into your expectation in the second half?

我也只是在費用方面進行跟進。我知道，很明顯，今年的資本市場開局更加艱難，你重申第一季度你所處的 60 到 80 個區域。也許你能告訴我們企業在管道和期望方面的感受和行為，以及你是否預計下半年會有反彈？

Yes, we do -- can't expect the business to pick up in the second half of the year. It's still I would say, modestly improving, but the second quarter will probably look a lot like the first is our guess. Our business is -- a good bit of our business is built around real estate capital markets and our real estate customers, and that business has just been really, really slow.

是的，我們做到了——不能指望下半年業務會好轉。我仍然會說，適度改善，但第二季度可能看起來很像第一季度是我們的猜測。我們的業務是——我們的業務中有很大一部分是圍繞房地產資本市場和我們的房地產客戶建立的，而這項業務真的非常非常緩慢。

And if you look at the component parts of our business, generally speaking, whether it's syndication revenue, revenue generated from fixed income placement or derivative sales has been pretty good over the course of the first quarter. But real estate capital markets has been very soft. M&A was pretty good in the first quarter. We expect that to be true through the balance of the year. So I think we're guiding to pick up in the second half of the year, and we believe that's very possible.

如果你看看我們業務的組成部分，一般來說，無論是銀團收入、固定收益配售或衍生品銷售產生的收入在第一季度都相當不錯。但房地產資本市場一直很疲軟。併購在第一季度相當不錯。我們希望在今年餘下的時間裡都能實現這一點。所以我認為我們正在指導下半年回升，我們相信這是很有可能的。

And just for clarification, make sure, Ken, that when John said you should expect the second quarter to look like the first quarter, that's ex CVA and DVA. So we're talking about the lower end of -- probably in the middle of the 60 to 80 range is about where we would expect that. And we don't expect to have a CVA DVA adjustment, quite as volatile as you just saw this quarter.

只是為了澄清，肯，當約翰說你應該期待第二季度看起來像第一季度時，那是前 CVA 和 DVA。所以我們談論的是低端 - 可能在 60 到 80 範圍的中間是我們預期的位置。而且我們預計 CVA DVA 調整不會像您在本季度看到的那樣波動。

Appreciate that. Yes. And second question, just on the loan side. As far as the outlook goes, when you think about just the combination of either your supply of credit and the demand of credit? And this changing environment that we're in, just what's happening on the lending side of things in terms of how the environment is changing that? Are you guys tightening up at all? Is it more about the end client that's changing their demand functions?

感謝。是的。第二個問題，只是在貸款方面。就前景而言，當您僅考慮信貸供應和信貸需求的組合時？我們所處的這種不斷變化的環境，就環境如何改變而言，貸款方面正在發生什麼？你們都收緊了嗎？是否更多地是關於改變需求函數的最終客戶？

Well, naturally, in a softening economy, if you will, we are going to probably be a little more conservative, even though I would say that we like to -- as I said a few minutes ago, we like to think that our underwriting standards don't change from economic period to economic period. We are in some very good markets, as David pointed out, and while pipelines are softer, we see people that are -- still have opportunities.

好吧，自然地，在經濟疲軟的情況下，如果你願意的話，我們可能會更保守一點，儘管我想說我們願意——正如我幾分鐘前所說的那樣，我們願意認為我們的承保標準不會因經濟時期而改變。正如大衛指出的那樣，我們處於一些非常好的市場，雖然管道較軟，但我們看到人們 - 仍然有機會。

We want to be smart about client selectivity all the time, probably even more so during periods like this. We want to support our existing customers and some 90% -- almost 85% in round numbers of loan growth we've experienced in the last quarter was to existing customers. So we are acquiring some new customers but being very thoughtful about that.

我們希望始終對客戶的選擇性保持明智，在這樣的時期可能更是如此。我們希望支持現有客戶，上個季度我們經歷的大約 90% - 近 85% 的貸款增長是針對現有客戶的。因此，我們正在獲得一些新客戶，但對此深思熟慮。

And then separately, while our economies are good, and we do see some opportunity, pipelines are down because of, I think, customer caution related to still difficulty acquiring labor. There are 2 open jobs in the Southeast for every 1 person looking for a job. So labor market is still tight. And costs while moderating have risen fairly significantly, including interest costs, obviously, which puts pressure on projects.

然後分別地，雖然我們的經濟狀況良好，而且我們確實看到了一些機會，但我認為，由於客戶對仍然難以獲得勞動力的謹慎態度，管道正在下降。在東南部，每找工作 1 人就有 2 個空缺職位。所以勞動力市場仍然吃緊。緩和期間的成本已經顯著上升，包括利息成本，這顯然給項目帶來了壓力。

So I think for the balance of the year, we'll probably see pipelines will have moderated and stayed fairly muted, but we believe we can deliver the loan growth that we're projecting despite that.

因此，我認為在今年餘下的時間裡，我們可能會看到管道將有所緩和並保持相當低的水平，但我們相信我們可以實現我們預測的貸款增長。

Our next question comes from the line of Betsy Graseck with Morgan Stanley.

我們的下一個問題來自 Betsy Graseck 與摩根士丹利的對話。

In the past, you've talked a little bit about the fact that you're not going to need debt financing for, I don't know, several quarters. And I just wanted to see if you could give us an update on how you're thinking about that, especially as you -- even though your size doesn't come into the current TLAC expectations there is the potential for that to happen over time. And I wanted to hear how you're thinking about that.

過去，你曾談到過幾個季度你不需要債務融資這一事實，我不知道。我只是想看看您是否可以向我們更新您對此的想法，尤其是您 — 即使您的規模沒有達到當前 TLAC 的預期，但隨著時間的推移，這種情況有可能發生.我想听聽你是怎麼想的。

Yes. So from a debt financing standpoint, we borrowed a little bit from the FHLB as you saw. But the larger term financing, we said we'd push off probably until the second half of the year. We don't know what the regime is going to be, if there will be any change pushed down to us from a TLAC standpoint. At some point, whether we had that or not, we need some more term financing, some term debt that we'll put on. And so I think that we can make sure we deal with that over time.

是的。因此，從債務融資的角度來看，正如您所見，我們從 FHLB 借了一點錢。但是更大的期限融資，我們說我們可能會推遲到今年下半年。如果從 TLAC 的角度來看會有任何變化推給我們，我們不知道該制度將會是什麼。在某個時候，無論我們有沒有，我們都需要更多的定期融資，一些我們將承擔的定期債務。所以我認為我們可以確保我們隨著時間的推移處理這個問題。

Betsy, I would say that the changes that are at least being banded around right now. You can't move too fast because we all can't go out there and raise a bunch of debt at the same time. It would be tough for the market to absorb. So I think any change that might be coming relative to that would be over time. And I still think there's going to be some tailoring what that looks like, what that means. We'll have to find out and see what our regulatory supervisors and policymakers decide.

Betsy，我想說的是至少現在正在實施的變化。你不能動作太快，因為我們不能同時出去舉債。市場很難吸收。因此，我認為與此相關的任何變化都將隨著時間的推移而發生。而且我仍然認為會有一些剪裁看起來像什麼，這意味著什麼。我們必須找出並看看我們的監管者和政策制定者會做出什麼決定。

But outside of something like that, and we have a little bit of term debt that we need to get done, and that's really pointed towards the back half of this year. And that's included in our guidance.

但除此之外，我們還有一些需要完成的定期債務，這確實指向了今年下半年。這包含在我們的指南中。

Right. And that was something that you had been talking about for a while. Just wondering if it's feasible to give us a sense as to size, if that's reasonable or not?

正確的。那是你已經談論了一段時間的事情。只是想知道讓我們了解尺寸是否可行，這是否合理？

No, we haven't done that yet. So we're still working out what that needs to look like and precise timing, too. But we don't expect it this first half of the year.

不，我們還沒有這樣做。所以我們仍在研究需要的外觀和精確的時間安排。但我們預計不會在今年上半年出現。

Okay. And then separately, could you just give us a sense on the expense outlook that you've got for 2023, the kind of levers that you have to keep the expense guide in the range that you've got 4.5% to 5.5%. And if there's anything in particular that you could point us to in terms of opportunities for efficiency improvements from here.

好的。然後，您能否分別讓我們了解一下您對 2023 年的支出前景，以及您必須將支出指南保持在 4.5% 至 5.5% 的範圍內的那種槓桿。如果有什麼特別的地方可以指出我們從這裡提高效率的機會。

Yes, it's a great question. We tried to -- not tried, we gave guidance that our first quarter was going to be a high watermark. I'm not sure that made it into everybody's expectations, but it is what it is. We've now given you guidance again that we think the first half of the year will be higher than the second half of the year. We had some things that we knew were coming in the first half, including we moved our merit month, our merit increase up a month from April to March.

是的，這是一個很好的問題。我們嘗試過 - 沒有嘗試過，我們給出的指導是我們的第一季度將成為一個高水位線。我不確定這是否符合每個人的期望，但事實就是如此。我們現在再次給你指導，我們認為今年上半年會高於下半年。我們有一些我們知道上半年會發生的事情，包括我們將我們的功績月移動，我們的功績從 4 月增加到 3 月。

So you've seen that in our first quarter. And in any event, I think when you look at the way to work on expenses. The first thing are salaries and benefits and making sure that you've got the right people, right, a number of the right people doing the right things. And I think that's always a challenge and we continue to look at process improvement, leveraging technology so that when we have attrition, natural attrition, perhaps we don't have to backfill as people if we can move that at the same time.

所以你已經在我們的第一季度看到了這一點。無論如何，我認為當您查看支出方式時。首先是薪水和福利，並確保你有合適的人，對的，一些合適的人在做正確的事。而且我認為這始終是一個挑戰，我們將繼續關注流程改進，利用技術，以便當我們有自然減員時，如果我們可以同時移動它，也許我們不必像人一樣回填。

We've looked at our occupancy. I do think return to work is still trying to find its way and but we likely have more square footage than we need, whether it be in the branch space or the office space. And so we have a team constantly working on square footage, which is our second highest cost. From a technology standpoint, we're having to make room to go through our transformation we're working on right now. And so those costs are going up, and we're able to have cuts in other places to pay for it.

我們查看了我們的入住率。我確實認為重返工作崗位仍在努力尋找它的方式，但我們可能擁有比我們需要的更多的面積，無論是在分支空間還是辦公空間。因此，我們有一個團隊不斷致力於建築面積，這是我們的第二大成本。從技術的角度來看，我們必須騰出空間來完成我們目前正在進行的轉型。所以這些成本在上升，我們能夠在其他地方削減成本來支付它。

Vendor spend is another area where we really make sure that we limit our use of consultants or contracts with vendors. We just make sure we get the best deal we can, and we have a team working on that. So there is a cost pool in this company that's not going to go through some type of challenge during this year because you don't have a tailwind in '24 for rates. So you've got to do -- start working on your expenses today to help '24, and we're doing that. And so we have pretty good confidence in our expense number that 4.5% to 5.5% right now for this year.

供應商支出是我們真正確保限制使用顧問或與供應商簽訂合同的另一個領域。我們只是確保我們能獲得最好的交易，並且我們有一個團隊致力於此。因此，這家公司的成本池在今年不會經歷某種類型的挑戰，因為你在 24 世紀沒有順風。所以你必須做——從今天開始你的開支來幫助 24 歲，我們正在這樣做。因此，我們對今年的支出數字很有信心，目前為 4.5% 至 5.5%。

Our final question comes from the line of Stephen Scouten with Piper Sandler.

我們的最後一個問題來自 Stephen Scouten 和 Piper Sandler 的台詞。

I just wanted to ask a little bit about the adjusted revenue guidance. Obviously, I can appreciate that would be down a little bit given the funding pressures industry-wide. But as I look at your results from this quarter, it kind of feels like they were within guidance from last quarter, and the NIM was exceptionally high. So it just feels like you might be ahead of schedule versus having to pair that guidance back. So I'm wondering if you can walk me through the main drivers of that reduction?

我只是想問一下調整後的收入指導。顯然，考慮到整個行業的資金壓力，我可以理解這會有所下降。但當我查看本季度的結果時，感覺它們在上一季度的指導範圍內，而且 NIM 非常高。因此，感覺就像您可能提前完成了計劃，而不是必須將指導重新配對。所以我想知道你是否可以向我介紹減少的主要驅動因素？

Well, there are 2 primary drivers. The first is we used in our guidance the March 31 forward curve that had 75 basis points worth of cuts in the year. with 1 increase. So you're down into the $450 million range by the end of the year. So we then tried to sensitize that. We told you if that wouldn't quite there, how much that may mean. And you can see that on Page 7 of the deck. So that was number one.

好吧，有兩個主要驅動因素。首先是我們在指導中使用了 3 月 31 日的遠期曲線，該曲線在當年削減了 75 個基點。增加 1。所以到今年年底，你的收入將下降到 4.5 億美元的範圍內。因此，我們隨後嘗試對此進行宣傳。我們告訴過你，如果那不完全存在，那可能意味著多少。您可以在甲板的第 7 頁上看到它。所以這是第一。

Number two, we just had our capital markets was down quite a bit in the first quarter, primarily driven by -- or at least a good portion of it driven by the CVA/DVA adjustment. We don't think that will repeat at that level, but nonetheless, it's in the number. And so you're already down that. So we didn't carve that out as an adjusted item. That's in our core number. Some people adjust it some people don't. What we do is provide that and let you do what you want with it. But when we're giving you guidance, it is in our number -- in our core number.

第二，我們的資本市場在第一季度出現了相當大的下滑，主要是受 CVA/DVA 調整的驅動，或者至少有很大一部分是由 CVA/DVA 調整驅動的。我們認為這種情況不會在那個級別重複，但儘管如此，它的數量還是有的。所以你已經失望了。所以我們沒有把它作為一個調整後的項目。這是我們的核心數字。有些人會調整它有些人不會。我們所做的就是提供它，讓你用它做你想做的事。但是當我們給你指導時，它是在我們的數字中——在我們的核心數字中。

And so those are the 2 big drivers. We've already given you guidance that our service charge number is likely to go down because we're going to offer a 24-hour grace, and we're not exactly sure what that will mean, but we've taken an estimate, and we've given you the $550 million for service charges and we'll update as we learn. But those are probably the big 3.

因此，這些是兩大驅動因素。我們已經向您提供了我們的服務收費數字可能會下降的指導，因為我們將提供 24 小時寬限期，我們不確定這意味著什麼，但我們已經進行了估算，我們已經給了你 5.5 億美元的服務費，我們會在了解到的情況下進行更新。但那些可能是三巨頭。

Okay. Very helpful, David. And then I guess just one maybe high-level kind of question. I mean it feels like your business model is really proving itself out right now. I mean you're in just a phenomenal position from a deposit perspective and you've diversified your loan book so much over the last few years. I guess, as you look at the environment today, is there anything you would have done differently or anything you would have structured differently, knowing what, I guess, we've learned since March 8 or what have you? Or do you feel like you've done what you would have wanted to do regardless?

好的。非常有幫助，大衛。然後我想這可能只是一個高級問題。我的意思是感覺你的商業模式現在真的證明了自己。我的意思是，從存款的角度來看，你的位置非常好，而且在過去幾年裡，你的貸款賬目已經多樣化了很多。我想，當您審視今天的環境時，您是否會採取不同的做法或採取不同的結構，我想知道我們自 3 月 8 日以來學到了什麼，或者您有什麼？或者你覺得你已經做了你想做的事情嗎？

Stephen, I think we really -- our core of our franchise are our customers and the people that work here, and we have a fabulous customer base, deposit base. We've said that for many, many years, even when rates were 0, virtually 0. And you didn't see the benefit of that rising rates and of course, having a liquidity challenges all proves the business model out.

斯蒂芬，我認為我們真的 - 我們特許經營權的核心是我們的客戶和在這里工作的人，我們有一個很棒的客戶群，存款基礎。我們已經說過很多很多年了，即使利率為 0，幾乎為 0。而且你沒有看到利率上升的好處，當然，流動性挑戰都證明了商業模式。

So we certainly wouldn't change that, and we wouldn't change our focus on thinking of a customer on the right side of the balance sheet in the form of a checking account or an operating account, that's really worked well for us. We brought on some really talented people in our company, in particular, in our technology area. We brought on some very good people in the revenue areas that are doing a great job for us.

所以我們當然不會改變這一點，我們不會改變我們的重點，即以支票賬戶或經營賬戶的形式考慮資產負債表右側的客戶，這對我們來說確實很有效。我們在公司引進了一些非常有才華的人才，尤其是在我們的技術領域。我們在收入領域招募了一些非常優秀的人才，他們為我們做得很好。

And so I just think sticking to fundamentals of banking is what we've done, that's what John has asked us to do. We're not trying to take big bets on anything. We're just trying to keep it down the fairway. And to me, steady as she goes, has been the way and may not be flashy, but it seems to be paying off for us. And I think if we just stay on that soundness, profitability and growth, those are the 3 words John asked us to use in that order. And if we stick to that, we're going to have a pretty good franchise. It's going to be less volatile than many of our peers and certainly less volatile than we used to be pre-crisis.

所以我認為堅持銀行業的基本原則是我們所做的，這就是約翰要求我們做的。我們不打算在任何事情上下大賭注。我們只是想把它保持在球道上。對我來說，她走得很穩，一直都是這樣，可能並不浮華，但它似乎為我們帶來了回報。我認為，如果我們只關注穩健性、盈利能力和增長，這就是約翰要求我們按順序使用的 3 個詞。如果我們堅持這一點，我們將擁有一個非常好的特許經營權。與我們的許多同行相比，它的波動性將更小，而且肯定比我們過去危機前的波動性更小。

So I don't see a lot of change. We need to get better and leverage technology in some areas where we're using human capital, and that's just -- that's on the to-do list, and we're trying to get after it.

所以我沒有看到太多變化。我們需要在我們使用人力資本的某些領域變得更好並利用技術，而這只是 - 這在待辦事項清單上，我們正在努力實現它。

Thank you. Well, I know it's been a busy week for everybody. I appreciate your participation today, and thank you for your interest in Regions. We'll end the call. Thanks very much.

謝謝。好吧，我知道這對每個人來說都是忙碌的一周。感謝您今天的參與，並感謝您對地區的關注。我們將結束通話。非常感謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。