Regions Financial Corp (RF) 2025 Q1 法說會逐字稿

Good morning and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Chris and I'll be your operator for today's call.

早安，歡迎參加 Regions Financial Corporation 季度收益電話會議。我叫克里斯，今天我將擔任您的電話接線生。

(Operator Instructions) At the end of the call, there will be a question-and-answer session. (Operator Instructions)

（操作員指示）通話結束時，將有一個問答環節。（操作員指示）

I will now turn the call over to Dana Nolan to begin.

現在我將把電話交給 Dana Nolan 開始。

Thank you, Chris. Welcome to Regions first-quarter earnings call. John and David will provide high-level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP reconciliation, are available in the Investor Relations section of our website. These disclosures cover our presentation materials, today's prepared remarks, and Q&A.

謝謝你，克里斯。歡迎參加 Regions 第一季財報電話會議。約翰和大衛將對我們的結果提供高水準的評論。收益文件（包括我們的前瞻性聲明免責聲明和非公認會計準則對帳表）可在我們網站的投資者關係部分找到。這些揭露涵蓋我們的簡報資料、今天的準備好的演講稿和問答。

I will now turn the call over to John.

現在我將把電話轉給約翰。

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Earlier this morning, we reported strong quarterly earnings of $465 million resulting in earnings per share of $0.51, and adjusted earnings of $487 million and adjusted earnings per share of $0.54.

謝謝你，達娜，大家早安。感謝您今天參加我們的電話會議。今天早些時候，我們報告了強勁的季度收益，為 4.65 億美元，每股收益為 0.51 美元，調整後收益為 4.87 億美元，調整後每股收益為 0.54 美元。

We delivered pre-tax pre-provision income of $745 million, a 21% increase year over year, and we generated a return on tangible common equity of 18%. We're pleased with our performance and believe we are well prepared to face the current market uncertainty.

我們實現了稅前撥備前收入 7.45 億美元，年增 21%，有形普通股權益報酬率為 18%。我們對自己的表現感到滿意，並相信我們已做好充分準備應對當前的市場不確定性。

At Regions, we remain committed to our long-standing strategic priorities of soundness, profitability, and growth. These priorities support our ability to generate consistent, sustainable, long-term performance. They're also the foundation underpinning our decade-long plus journey to transform our bank.

在 Regions，我們始終致力於穩健性、獲利能力和成長的長期策略重點。這些優先事項支持我們實現一致、可持續、長期的業績。它們也是我們十多年來銀行轉型之路的基礎。

Over the last 10 plus years, we have strengthened our soundness through enhancements to our interest rate risk, credit risk, and capital and liquidity management frameworks, while fortifying our operational and compliance practices to support growth.

在過去十多年裡，我們透過加強利率風險、信用風險以及資本和流動性管理框架增強了我們的穩健性，同時強化了我們的營運和合規實踐以支持成長。

We meaningfully improved our profitability through diversifying our revenue streams, focusing on appropriate risk adjusted returns and disciplined expense management. And over the last five years we have generated top quartile organic loan and deposit growth while continuing to make investments in talent, technology, products and services to further grow our business.

我們透過多元化收入來源、注重適當的風險調整回報和嚴格的費用管理，顯著提高了獲利能力。在過去五年中，我們實現了最高四分之一的有機貸款和存款成長，同時繼續對人才、技術、產品和服務進行投資，以進一步發展我們的業務。

These efforts have contributed to significant improvement in our return on tangible common equity. In 2015, our return was in the bottom quartile. In each of the last four years, we delivered the highest return on tangible common equity among our peers. Additionally, we've generated top quartile earnings per share growth and over both a 5- and 10-year period.

這些努力有助於顯著提高我們有形普通股權益的報酬率。2015年，我們的回報率處於最低四分位數。在過去四年中，我們每年都實現了同業中最高的有形普通股權益回報率。此外，我們在 5 年和 10 年期間都實現了最高四分位的每股盈餘成長。

Our de-risking efforts and best-in-class hedging program have contributed to a strong capital position. This is evident in the most recent CCAR stress test results, as our projected post-stress capital degradation was well below the peer median. And our pre-tax pre-provision income coverage of projected stress losses was the highest among our peers.

我們降低風險的努力和一流的對沖計劃為我們帶來了強大的資本狀況。這在最近的 CCAR 壓力測試結果中得到了證實，因為我們預期的壓力後資本損失遠低於同業中位數。我們的稅前撥備前收入對預期壓力損失的覆蓋率是同業中最高的。

We believe our robust capital balances and strong organic capital generation position us well to perform across an array of potential economic conditions. Our enviable footprint provides us with both a low cost and granular core deposit base, as well as favorable growth opportunities from our high growth priority markets.

我們相信，我們穩健的資本餘額和強大的有機資本產生能力使我們能夠在一系列潛在的經濟條件下表現良好。我們令人羨慕的足跡為我們提供了低成本且細緻的核心存款基礎，以及來自高成長優先市場的有利成長機會。

This benefit, coupled with our proven strategic plan and experienced team with a record of successful execution, leads us to feel good about our positioning for 2025 and beyond.

這項優勢，加上我們經過驗證的策略計畫和擁有成功執行記錄的經驗豐富的團隊，讓我們對 2025 年及以後的定位充滿信心。

With respect to 2025, our outlook for unemployment has increased, and there is an expectation for a pronounced slowdown in GDP growth. But at present, our base case does not include a recession. Our clients remain optimistic that the economy will improve, but current conditions have created uncertainty, which has caused many of our clients to delay investments.

對於2025年，我們預測失業率將會上升，而且GDP成長預計會明顯放緩。但目前，我們的基本預測並不包括經濟衰退。我們的客戶仍然對經濟改善持樂觀態度，但當前情況造成了不確定性，導致許多客戶推遲投資。

Importantly, we remain well positioned to generate consistent results and support our clients regardless of the market backdrop and economic conditions.

重要的是，無論市場背景和經濟狀況如何，我們始終處於有利地位，能夠產生持續的成果並支持我們的客戶。

With that, I'll hand it over to David to provide some highlights regarding the quarter.

接下來，我將把時間交給 David，讓他提供本季的一些亮點。

Thank you, John. Let's start with the balance sheet. Average loans remain relatively stable quarter over quarter while ending loans declined 1%. Within the business portfolio, average loans remain stable as customers continue to carry excess liquidity and utilization rates remain below historic levels.

謝謝你，約翰。讓我們從資產負債表開始。平均貸款較上季保持相對穩定，但期末貸款下降了 1%。在業務組合中，由於客戶繼續持有過剩流動性且利用率仍低於歷史水平，因此平均貸款保持穩定。

Although pipelines and commitments continue to trend higher versus this time last year, it is too early to assess the full impact tariffs will ultimately have on loan demand. However, as John indicated, customers are delaying investment decisions pending further clarity.

儘管與去年同期相比，管道和承諾繼續呈上升趨勢，但現在評估關稅最終對貸款需求的全面影響還為時過早。然而，正如約翰所指出的，客戶正在推遲投資決策，等待進一步的明朗化。

Average consumer loans decreased approximately 1% in the first quarter as lower seasonal production contributed to declines in home improvement finance and residential mortgage. Given the near-term economic uncertainty, we now expect full year 2025 average loans to be relatively stable versus 2024.

由於季節性產量下降導致房屋裝修融資和住宅抵押貸款減少，第一季平均消費貸款下降約 1%。鑑於近期經濟的不確定性，我們現在預計 2025 年全年平均貸款將與 2024 年相比相對穩定。

From a deposit standpoint, average deposit balances grew 1% linked quarter and ending balances increased 3%. The growth is consistent with normal seasonal tax trends and is also reflective of customer preference for liquidity amid the uncertain environment.

從存款角度來看，平均存款餘額較上季增加 1%，期末餘額成長 3%。這一增長與正常的季節性稅收趨勢一致，也反映了客戶在不確定的環境下對流動性的偏好。

We've experienced favorable performance in both core and priority markets with good participation in our money market offers which boosted interest bearing deposits. Despite this, we remain at our expected mix in the low 30s as a percent of non-interest bearing to total deposits and believe this profile will remain relatively stable in the coming quarters.

我們在核心市場和優先市場均取得了良好的業績，貨幣市場參與度較高，從而增加了有利息的存款。儘管如此，我們仍將無息存款佔總存款的比例保持在 30% 出頭的預期水平，並相信這一結構在未來幾季將保持相對穩定。

In the second quarter, we expect average deposit balances to be roughly flat, reflecting tax outflows in April offset by existing relationship deepening and new customer acquisition, particularly in our priority markets.

在第二季度，我們預計平均存款餘額將大致持平，這反映了 4 月份的稅收流出被現有關係的深化和新客戶的獲取所抵消，特別是在我們的優先市場。

Should cautiousness persist among clients, we could experience somewhat higher commercial balances in the near term. But under our current baseline for the full year 2025, we expect average deposits to be stable to modestly higher when compared to 2024. This reflects modest growth in consumer deposits partially offset by some incremental deployment of excess liquidity by corporate clients later in the year.

如果客戶繼續保持謹慎，我們短期內可能會經歷略高的商業餘額。但根據我們目前對 2025 年全年的預測，我們預計與 2024 年相比，平均存款將保持穩定或略有上升。這反映出消費者存款的溫和成長，但今年稍後企業客戶對過剩流動性的增量部署部分抵消了這一增長。

Let's shift to net interest income. Net interest income declined 3% linked quarter but declined less than 1%, excluding the impact of non-recurring items and day count. Excluding these factors, the decline in net interest income is mostly driven by lower loan balances and less origination fee activity as customers wait for more clarity in the operating environment. Additionally, a tight lending spread environment created a modest headwind.

讓我們轉向淨利息收入。淨利息收入較上季下降 3%，但扣除非經常性項目和計息天數的影響，降幅不到 1%。除這些因素外，淨利息收入的下降主要是由於客戶等待經營環境更加明朗，導致貸款餘額減少和發起費活動減少。此外，緊張的貸款利差環境也帶來了適度的阻力。

The benefits from lower deposit cost and hedging have protected the margin during the falling rate cycle. Our ability to manage funding costs lower while also growing deposit balances in the quarter further highlights the strength of Region's deposit advantage.

較低的存款成本和避險帶來的好處在利率下降週期內保護了保證金。我們能夠降低融資成本，同時在本季增加存款餘額，這進一步凸顯了 Region 的存款優勢。

Linked quarter interest bearing deposit costs fell by 11 basis points, representing a full falling rate interest bearing deposit beta of 32%. Further, the March exit rate for the quarter shows our ability for ongoing deposit cost reduction from time deposit maturities and repricing, which imply a mid 30% deposit beta.

掛鉤季度計息存款成本下降了 11 個基點，相當於計息存款利率全額下降了 32%。此外，本季 3 月的退出率顯示我們能夠透過定期存款到期和重新定價來持續降低存款成本，這意味著存款貝塔係數為 30% 左右。

Finally, we took advantage of yield curve and spread dynamics that provided for a less than three-year payback on an additional securities portfolio repositioning. Currently, we have limited remaining repositioning opportunities that meet our interest rate risk and capital management objectives. However, we will continue to evaluate as conditions warrant.

最後，我們利用殖利率曲線和利差動態，使得額外證券投資組合的重新配置能夠在不到三年的時間內獲得回報。目前，我們剩下的符合利率風險和資本管理目標的重新定位機會有限。然而，我們將根據情況繼續評估。

After declining in the first quarter, net interest income is expected to grow approximately 3% in the second quarter as the overhang from day count and other non-recurring items abate.

繼第一季下降之後，隨著日數計算和其他非經常性項目的影響減弱，第二季淨利息收入預計將增加約 3%。

Additionally, we believe that fixed rate loan and securities turnover in the prevailing rate environment and improving deposit cost trends will drive net interest income higher over the remainder of the year.

此外，我們認為，現行利率環境下的固定利率貸款和證券週轉率以及存款成本趨勢的改善將推動今年剩餘時間內淨利息收入的成長。

Full year 2025 net interest income is now projected to grow between 1% and 4% with a reduction in the range driven by the evolving macroeconomic and interest rate environment. While only a small amount of loan growth from here is necessary to support the midpoint of our guidance, the potential for accelerating growth later in the year provides opportunity to achieve the higher end of the range.

目前預計 2025 年全年淨利息收入將成長 1% 至 4%，但受不斷變化的宏觀經濟和利率環境的影響，增幅將有所下降。雖然現在只需要少量的貸款成長就能支持我們指導的中點，但今年稍後加速成長的潛力為實現該範圍的高端提供了機會。

Now let's take a look at fee revenue performance during the quarter. Adjusted non-interest income remained stable linked quarter as growth in most categories, including new records in both treasury and wealth management revenue, was offset by lower capital markets.

現在讓我們來看看本季的費用收入表現。調整後非利息收入與上一季保持穩定，因為大多數類別的成長（包括財政和財富管理收入的新紀錄）被資本市場的低迷所抵消。

The decline in capital markets was driven primarily by lower M&A, real estate capital markets, and loan syndication activity. We continue to believe that over time and in a more favorable environment, our capital markets business can consistently generate quarterly revenue of approximately $100 million benefiting from investments we have made in capabilities and talent.

資本市場的下滑主要是由於併購、房地產資本市場和銀團貸款活動的減少。我們始終相信，隨著時間的推移和更加有利的環境下，由於我們在能力和人才方面的投資，我們的資本市場業務可以持續產生約 1 億美元的季度收入。

However, we expect it will continue to run around $80 million to $90 million in the near term. Due to heightened uncertainty and market volatility, we currently expect full year 2025 adjusted non-interest income to grow between 1% and 3% versus 2024.

不過，我們預計短期內該數字仍將維持在 8,000 萬至 9,000 萬美元左右。由於不確定性和市場波動加劇，我們目前預計 2025 年全年調整後非利息收入將較 2024 年成長 1% 至 3%。

Let's move on to non-interest expense. Adjusted non-interest expense increased approximately 1% compared to the prior quarter, driven primarily by 1% increase in salaries and benefits, which included one month of merit as well as the reset of payroll taxes and 401(k) matching. The seasonal increase in salaries and benefits came in lower than originally anticipated, attributable to lower headcount and incentive-based compensation.

讓我們繼續討論非利息支出。調整後非利息支出與上一季相比增加了約 1%，主要原因是工資和福利增加了 1%，其中包括一個月的績效工資以及工資稅和 401(k) 匹配的重置。由於員工人數減少和激勵性薪酬，工資和福利的季節性增長低於最初的預期。

The company's planned investments in talent, primarily in our priority markets, remains underway. We expect second quarter salaries and benefits expense to be up modestly compared to the first quarter. We have a well-established history of prudently managing expenses across various economic conditions.

公司對人才的投資計畫（主要針對我們的重點市場）仍在進行中。我們預計第二季的薪資和福利支出將比第一季略有上漲。我們在各種經濟條件下審慎管理費用方面有著良好的歷史。

As our outlook for revenue in 2025 has come down, we now expect full year 2025 adjusted non-interest expense to also come down to be flat to up approximately 2%. Despite these revisions, we remain committed to generating full year positive operating leverage in the 50 to 150 basis point range.

由於我們對 2025 年收入的預期已經下降，我們現在預計 2025 年全年調整後的非利息支出也將下降至持平或上漲約 2%。儘管進行了這些修改，我們仍然致力於在 50 至 150 個基點範圍內實現全年正營運槓桿。

Regarding asset quality, provision expense was approximately equal to net charge offs at $124 million. The resulting allowance for credit losses ratio increased 2 basis points to 1.81% based on conditions at quarter end. Declines related to specific reserves and portfolio changes were offset by increases associated with economic deterioration and qualitative adjustments reflecting more uncertainty in the economic environment.

就資產品質而言，撥備支出約等於淨沖銷額 1.24 億美元。根據季度末的情況，信用損失準備率增加了 2 個基點，達到 1.81%。與特定儲備和投資組合變化相關的下降被與經濟惡化和反映經濟環境不確定性增加的定性調整相關的成長所抵消。

Annualized net charge-offs as a percentage of average loans increase 3 basis points to 52 basis points driven primarily by previously identified portfolios of interest. Non-performing loans as a percent of total loans decreased 8 basis points to 88 basis points, modestly below our historical range, while business services criticized loans increased by 4%.

年度淨沖銷額佔平均貸款的百分比增加了 3 個基點，達到 52 個基點，這主要受到先前確定的興趣投資組合的推動。不良貸款佔總貸款的百分比下降了 8 個基點，至 88 個基點，略低於我們的歷史範圍，而商業服務批評貸款增加了 4%。

Our through-the-cycle net charge off expectations are unchanged and remain between 40 and 50 basis points. We continue to expect full year net charge offs to be towards the higher end of the range attributable primarily to loans within our previously identified portfolios of interest. We do expect losses to be elevated in the first half of the year, but importantly, we have reserved for losses associated with these portfolios.

我們對整個週期的淨沖銷預期保持不變，仍保持在 40 至 50 個基點之間。我們仍然預計全年淨沖銷額將接近該範圍的高端，這主要歸因於我們先前確定的感興趣的投資組合中的貸款。我們確實預計上半年損失會增加，但重要的是，我們已經為與這些投資組合相關的損失預留了資金。

Let's turn to capital and liquidity. We ended the quarter with an estimated common equity Tier 1 ratio of 10.8%, while executing $242 million in share repurchases and paying $226 million in common dividends during the quarter.

讓我們來談談資本和流動性。本季結束時，我們的普通股一級資本比率估計為 10.8%，同時在本季度執行了 2.42 億美元的股票回購，並支付了 2.26 億美元的普通股股息。

When adjusted to include AOCI, common equity Tier 1 increased from 8.8% to an estimated 9.1% from the fourth to the first quarter, attributable to strong capital generation and a reduction in long-term interest rates. We continue to execute transactions to better manage this volatility.

經過調整以包括 AOCI 後，普通股一級資本充足率從第四季度的 8.8% 上升至第一季的 9.1%，這歸因於強勁的資本生成和長期利率的下降。我們將繼續執行交易以更好地管理這種波動。

Towards the end of the first quarter, we transferred an additional $1 billion of available for sale securities to held to maturity. And in early April we transferred another $1 billion, increasing our current mix of HTM to total securities to approximately 20%.

在第一季末，我們將 10 億美元的可供出售證券轉為持有至到期證券。4 月初，我們又轉移了 10 億美元，將 HTM 佔證券總額的當前比例提升至約 20%。

In the near term, we expect to manage common equity Tier 1, inclusive of AOCI, closer to the lower end of our 9.25% to 9.75% operating range. This should provide meaningful capital flexibility to meet proposed and evolving regulatory changes while supporting strategic growth objectives and allowing us to continue to increase the dividend and repurchase shares commensurate with earnings.

短期內，我們預計管理包括 AOCI 在內的普通股一級資本，使其更接近我們 9.25% 至 9.75% 的營運範圍的低端。這應該提供有意義的資本靈活性，以滿足擬議的和不斷發展的監管變化，同時支持戰略增長目標，並允許我們繼續增加與收益相稱的股息和回購股票。

This covers our prepared remarks. We'll now move to the Q&A portion of the call.

這涵蓋了我們準備好的發言。我們現在進入電話會議的問答部分。

(Operator Instructions) Scott Siefers, Piper Sandler.

（操作員指示）斯科特·西弗斯、派珀·桑德勒。

John, I was hoping maybe you could sort of give us your sense for the degree to which things -- at least your perception regarding the degree to which things will need to settle down before customers are willing to reengage with things like investments or other strategic decisions. And if there's any difference in how you would look at it for traditional commercial lending versus your capital markets businesses, et cetera?

約翰，我希望您能告訴我們您對事情需要穩定到何種程度的看法——至少您認為在客戶願意重新參與投資或其他戰略決策之前，事情需要穩定到何種程度。您對傳統商業貸款和資本市場業務等的看法有何不同？

I don't know that I can put a degree of settling down on it, so to speak. But clearly, the volatility of uncertainty has customers in sort of a wait-and-see mode. I do think as it becomes more clear, what the nature of the tariffs will be, what products they'll be applied to, what countries and to what degree the customers can be more certain about the potential impacts.

我不知道我是否能在某種程度上解決這個問題。但顯然，不確定性的波動讓客戶處於一種觀望狀態。我確實認為，隨著關稅的性質、適用於哪些產品、適用於哪些國家以及在多大程度上變得更加清晰，客戶可以更加確定其潛在影響。

We're also following -- and thoughtful about this, but we're also following the changes in immigration policy and changes in regulation and the impact on businesses. We've had the opportunity over the last six weeks to visit with more than 60% of our Corporate Banking group customers, non-real estate related, and have a pretty good sense of their frame of mind. I would say, customers are still optimistic, but very much in a wait-and-see mode.

我們也在關注並深思熟慮這一點，但我們也關注移民政策的變化、法規的變化及其對企業的影響。在過去的六週裡，我們有機會拜訪了 60% 以上的企業銀行集團客戶（非房地產相關客戶），並且非常了解他們的心態。我想說，客戶仍然保持樂觀，但處於觀望狀態。

Scott, I would add to the kind of -- you asked the second part of that question on capital markets. We had a little bit of activity that picked up when the 10-year came to the lower 4%, actually dipped -- I think we were at 3.88% for a short period of time. And those lower rates is really what you need to help drive a little bit more activity in that space.

史考特，我想補充一下——你問的是有關資本市場的問題的第二部分。當 10 年期公債殖利率降至 4% 以下時，我們的活動有所回升，實際上有所下降——我認為我們在短時間內達到了 3.88%。而這些較低的利率確實有助於推動該領域更多的活動。

Perfect. Okay. And then maybe, David, when you think about the lower expense growth rate for the year, can you maybe put a little more context around how much of that is just sort of naturally lower cost due to less revenue-driven activity and -- versus how much might be actual cuts or delays to investments, things like that? Just I'm trying to get a sense for the balance in there.

完美的。好的。那麼，大衛，當您想到今年的費用增長率較低時，您能否更詳細地說明一下，其中有多少是由於收入驅動型活動減少而導致的自然成本降低，以及有多少可能是實際削減或推遲投資等因素造成的？我只是想了解其中的平衡。

Yeah. So we had the seasonal increase. We were able to offset that a bit because of lower headcount. We also had some retirements that happened in the end of the fourth quarter, the very beginning of the first quarter that we benefited from that, will be ongoing. That's helping us offset the investments we have already made and will continue to make in terms of the additional hires that we had mentioned for our growth markets. So we have a schedule in the back, I think it's on page 19 in the deck, that shows the investments we want to make in all three of our segments to grow, in particular, in our priority markets.

是的。因此我們出現了季節性成長。由於員工人數較少，我們能夠稍微抵消這項影響。我們在第四季末也進行了部分人員退休，而第一季初我們從中受益，而這種退休還會持續下去。這有助於我們抵消我們已經進行的投資，並且我們將繼續為成長市場進行額外的招聘。因此，我們在後面有一個時間表，我想它在第 19 頁，它顯示了我們希望在所有三個領域進行的投資，以實現成長，特別是在我們的優先市場。

And so our whole point has been we're going to control costs but we -- and we need to make investments to grow. We have to find those savings somewhere else. We've been able to do that by controlling headcount in other areas. We've leveraged technology incrementally better. We still have a ways to go there. So it's really not -- it's not holding off on investments, it's finding the cost elsewhere in the business.

因此，我們的重點是控製成本，但我們需要進行投資來實現成長。我們必須從其他地方找到節省金錢的方法。我們透過控制其他領域的員工數量做到了這一點。我們已逐漸更好地利用科技。我們還有很長的路要走。所以這實際上並不是——這不是推遲投資，而是在業務的其他地方尋找成本。

John Pancari, Evercore.

約翰·潘卡里（John Pancari），Evercore。

To the loan side, I know you bumped your guidance lower, and you just gave a little bit of color just around the customers are in kind of a wait-and-see mode. Can you give us a little bit more detail there? What are you seeing in terms of line utilization? Was there any pre-tariff drawdown that you saw that could be more of a pull forward? And then separately, are there any areas of growth that you're seeing that could be the main driver of loan growth here amid this uncertainty?

對於貸款方面，我知道您降低了預期，您只是給出了一些說明，說明客戶目前處於觀望狀態。您能給我們更多細節嗎？就線路利用率而言，您看到了什麼？您是否認為關稅前有任何下調可能會進一步推動經濟成長？然後另外，在這種不確定性的情況下，您是否認為有哪些成長領域可以成為貸款成長的主要驅動力？

Yeah. So John, we did see during the quarter, I guess, our pipelines are, I'll call them a bit mixed. I think the activity in sort of the upper end of the middle market and smaller corporate customer base is pretty soft. Customers were able to access the secondary market. During the first quarter, we had almost $800 million in paydowns from customers who went to the bond market, raised capital and reduced their outstandings with the bank. So that sector has been -- and the opportunity there is fairly soft.

是的。所以約翰，我想，我們確實在本季度看到了我們的管道，我會稱它們有點混亂。我認為中端市場和小型企業客戶群的活動相當疲軟。客戶可以進入二級市場。在第一季度，我們從客戶那裡獲得了近 8 億美元的還款，這些客戶進入債券市場，籌集資金並減少了他們在銀行的未償還債務。因此，該行業的機會相當有限。

Within the middle market customer space and in real estate, we're beginning to see pipelines expanding a bit. And so those customers are more interested in making investments, we think, and that likely will continue. The issue is primarily understanding of what the impact of tariffs will be on cost of projects and other things, but we'll follow that more closely.

在中端市場客戶領域和房地產領域，我們開始看到通路擴大。因此我們認為，這些客戶對投資更感興趣，而且這種情況可能會持續下去。問題主要在於了解關稅對專案成本和其他方面的影響，但我們會更密切地關注這一點。

Line utilization is still flat. We're not seeing any borrowings to facilitate increasing inventories. And in fact, customers are still carrying a tremendous amount of liquidity on their balance sheets. We've seen a significant growth in what I'll call wholesale deposits, both on balance sheet and off-balance sheet. And I think until customers begin using that liquidity, it's not likely we see any real increase in borrowings under lines of credit.

線路利用率仍然平穩。我們沒有看到任何借款來促進庫存增加。事實上，客戶的資產負債表上仍持有大量流動資金。我們看到批發存款（包括表內和表外）都出現了顯著增長。我認為，除非客戶開始使用這種流動性，否則我們不太可能看到信用額度下的借款真正增加。

Great. All right. And I guess just separately on the capital front, your CET1 is solid at 10.8% and 9.1%, including AOCI. You bought back about $242 million this quarter. Can you just help us think about the pace of buyback as we look out through the rest of the year? Do you think that as growth remains muted, that actually facilitate the higher pace of buybacks?

偉大的。好的。我想，就資本方面而言，您的 CET1 穩定在 10.8% 和 9.1%，包括 AOCI。本季你們回購了約 2.42 億美元。您能否幫助我們思考今年剩餘時間的回購速度？您是否認為，由於經濟成長持續低迷，這實際上會促進回購速度的加速？

Or could the pressure to growth mean still weaker economic outlook, and therefore, you could be more cautious in terms of buybacks longer term. So just want to get that -- how you're thinking about that trade-off?

或者成長壓力可能意味著經濟前景仍然疲軟，因此，從長遠來看，你在回購方面可能會更加謹慎。所以只是想了解一下——您是如何考慮這種權衡的？

Yeah, John, I think it's along the lines of the first thing you mentioned. We have our capital where we need to be right at it. We said even in -- after AOCI impact, we would be at the lower end of our range. We're generating 40 basis points of capital every quarter. We want to continue to pay our dividend, even be able to increase that appropriately. And then we really use our capital to support our business, support our customers and make loans. And if there's not a lot of demand for loans, then the expectation is we use that capital and buy back.

是的，約翰，我認為這與你提到的第一件事類似。我們有資本，我們需要把資本用在正確的地方。我們說過，即使在受到 AOCI 影響之後，我們的業績仍將處於區間的低端。我們每季產生40個基點的資本。我們希望繼續支付股息，甚至能夠適當增加股息。然後我們真正利用我們的資本來支持我們的業務、支持我們的客戶並提供貸款。如果貸款需求不大，那麼我們預期會利用這些資金回購。

And so we leaned into that a little bit with the $242 million in the quarter and to the extent we continue to earn what we think we can earn, you should expect us to lean into buybacks until we start to see loan growth. We're confident in the amount of capital that we have to support our business under any economic scenario. So there's no need to be ultra conservative with regards to that. So I think buybacks would be in order for us.

因此，我們在本季度的 2.42 億美元中稍微傾向於這一點，並且只要我們繼續賺取我們認為可以賺取的金額，您就應該期望我們傾向於回購，直到我們開始看到貸款增長。我們相信，無論何種經濟情勢，我們都有足夠的資本來支持我們的業務。因此，沒有必要對此採取極端保守的態度。所以我認為回購對我們來說是合理的。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

I guess, maybe, David, just sticking with the capital. So we did some, I think, bond book restructuring this quarter, pay back 2.7 years. Just give us a sense, is there more juice to go there in terms of restructuring more bonds? And like how are you thinking about that today versus buybacks?

我想，也許，大衛，只是堅持資本。因此，我認為我們本季進行了一些債券帳簿重組，償還期為 2.7 年。請告訴我們，在重組更多債券方面是否還有更多機會？那麼，您今天對於此事與回購有何看法？

Yeah. So we have mentioned now for two quarters that we thought we were kind of at the end of the line in terms of being able to do that. And we really have targeted and it's arbitrary, but we've targeted a payback of three years or less. We really didn't think we had much left to do going into the quarter. The rate environment changed pretty abruptly for us and gave us an opportunity to do another small -- fairly small slug of that.

是的。因此，我們已經提到兩個季度了，我們認為我們已經能夠做到這一點了。我們確實有目標，雖然這是任意的，但我們的目標是三年或更短的時間內收回成本。我們確實認為進入本季我們已經沒什麼事情要做了。利率環境對我們來說發生了相當突然的變化，這給了我們再次進行小規模——相當小規模的行動的機會。

And so we're again going to reiterate, we think we're kind of at the end of the line. But if the market gives us the opportunity to do that, again, we go through the math of looking at what's better for you to do a securities repositioning, take the loss or buy your shares back. And that's really the calculus. If we continue to see opportunities to do repositioning that's better than buyback, we will do so. It's just I think that's going to be a harder calculation to come back. We have a little bit left, but not -- just not much.

因此，我們要再次重申，我們認為我們已經走到了盡頭。但如果市場給我們機會這樣做，我們就會再次進行計算，看看哪種做法對您更有利，是進行證券重新定位、承擔損失還是回購股票。這確實就是微積分。如果我們繼續看到比回購更好的重新定位機會，我們就會這樣做。我只是認為這將是一個更難計算的結果。我們還剩下一點點，但不多。

Understood. And maybe, John, just back to we saw -- we've seen a dramatic change in customer sentiment today versus January. As we think about customers that are on post right now, we're trying to figure out whether the next move is higher or into a recession.

明白了。約翰，也許，正如我們所見——與一月份相比，我們看到今天的客戶情緒發生了巨大變化。當我們考慮目前正在崗位上的客戶時，我們正在試圖弄清楚下一步是走高還是陷入衰退。

How quickly do you think activity could pick up? Means, what are you hearing from the customers around tariff clarity that they need where you could actually see -- like is it realistic that 30, 60, 90 days from now growth could be much better than expected? Or is this going to take a lot longer given what we've been through over the last 30 or 60 days?

您認為活動多久能恢復？意思是，您從客戶那裡聽到了什麼有關他們需要的關稅透明度的信息，您能實際看到——比如，從現在起 30、60、90 天后的增長是否會比預期好得多？或者考慮到我們過去 30 或 60 天所經歷的情況，這是否會花費更長的時間？

Well, I think some stability, more likely 90 days than 30 is -- would be important for customers to act. Is it maybe 90 more days than that. So 90 days to 6 months is probably more likely. But I do think people are looking for a period of some stability and that probably is a minimum of 90 days.

嗯，我認為一定的穩定性，更有可能是 90 天而不是 30 天——對於客戶的行動很重要。是不是還要多 90 天？因此 90 天到 6 個月的可能性較大。但我確實認為人們正在尋求一段穩定時期，這可能至少是 90 天。

And just following up on that, you have markets where you have pretty significant manufacturing plants tied to the auto sector. Any impact you've seen right now either good or bad because of the auto tariffs?

接下來，你會發現，有些市場擁有與汽車產業相關的相當重要的製造工廠。您現在看到汽車關稅有什麼好處或壞處嗎？

Not yet. Not yet. We really have not seen any significant impact associated with the tariffs to date nor immigration policy changes, but we are monitoring all those things, obviously.

還沒有。還沒有。到目前為止，我們確實沒有看到與關稅或移民政策變化相關的任何重大影響，但顯然我們正在監控所有這些事情。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

The service charge line grew nicely year-to-year and then also linked quarter, where normally there is some seasonal pressures. So just talk about that. I think there's both treasury management and the consumer overdraft or some of the big drivers. So if you could touch on that.

服務費用逐年穩定成長，並且與季度保持同步成長，而通常情況下，季度成長會有一些季節性壓力。所以就談論這個吧。我認為資金管理和消費者透支是其中一些主要的驅動因素。所以如果你能談談這一點的話。

Yeah. I mean we continue to grow customer accounts, customer checking accounts, and more accounts are going to have more service charges. We do have a little bit of seasonality that comes in the service charge line item on the corporate side. And that's always a bit helpful in the first quarter. But all of our income lines on the non-interest revenue were very -- we're all increasing with the exception of capital markets, which is where we had the biggest challenge. And we expect that non-interest revenue source to be fairly stable to growing throughout 2025, ex the cap markets challenges.

是的。我的意思是我們將繼續增加客戶帳戶、客戶支票帳戶，而更多的帳戶將收取更多的服務費。在公司方面的服務費項目中，我們確實存在一些季節性因素。這在第一季總是有點幫助的。但是，我們非利息收入的所有收入項目都非常——除了資本市場之外，其他收入都在成長，而資本市場是我們面臨的最大挑戰。我們預計，除資本市場挑戰外，非利息收入來源在 2025 年將保持相當穩定或成長。

Yeah. I'd just add, Matt. To reiterate David's point, growth in consumer checking accounts, growth in small business checking accounts are a driver of service charge income. We grew treasury management relationships about 9% last year, and you're seeing the benefits of that manifested in increased treasury management revenue and we would expect to continue to have that sort of success growing treasury management relationships as we expand our commercial and corporate banking businesses across our growing footprint.

是的。我只想補充一下，馬特。重申大衛的觀點，消費者支票帳戶的成長、小型企業支票帳戶的成長是服務費收入的驅動力。去年，我們的財務管理關係成長了約 9%，您可以看到，其好處體現在財務管理收入的增加上，隨著我們不斷擴大商業和企業銀行業務，我們預計在財務管理關係增長方面將繼續取得這種成功。

Okay. That's helpful. And then just on the consumer overdraft fees, there's obviously been some relief over what could have happened in terms of caps. And just thoughts on that going forward. Obviously, it's been a drag for kind of multiple years for you guys, but opportunities for that to grow maybe beyond the account growth from here.

好的。這很有幫助。然後，僅就消費者透支費用而言，顯然在上限方面已經有所緩解。這只是我對未來的想法。顯然，這對你們來說已經是一個多年的拖累，但從現在開始，成長的機會可能會超越帳戶成長。

Well, we've made a lot of changes in our overdraft practices and services that we offer customers, including early pay a 24-hour grace period, established de minimis levels for overdrafts and maximum number of transactions. All those things have had an impact on overdraft revenue, and that's a positive from our perspective. We want to provide that service to customers, but we prefer they not use it. To the extent they do, then we are generating some revenue associated with it.

嗯，我們對透支慣例和為客戶提供的服務做出了很多改變，包括提前支付 24 小時寬限期、設立透支最低限額和最大交易次數。所有這些都對透支收入產生了影響，從我們的角度來看這是正面的。我們希望向客戶提供該服務，但我們不希望他們使用它。如果他們這樣做，我們就會產生一些相關的收入。

It grew modestly quarter over quarter. We're still seeing about the same percentage of customers access overdraft. So it's not a -- we're not seeing a growing number of customers, I guess, would be the point using overdrafts, it really is more a reflection, I think, of the overall number of accounts that we are opening. And as a result, some additional revenues being generated.

與上一季相比，其成長幅度較小。我們仍然看到大約相同比例的客戶透支。所以，我想，我們沒有看到客戶數量不斷增長，使用透支的原因在於此，我認為這更反映了我們開設的帳戶總數。結果是，產生了一些額外的收入。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

My first question is, as we think about what the reserve is capturing in terms of unemployment rate, David, could you give us a sense on what the current baseline is and what the weighted average may be?

我的第一個問題是，當我們思考儲備金在失業率方面所反映的情況時，大衛，您能否告訴我們目前的基線是多少以及加權平均值是多少？

Yeah. So we do our calculation a little differently. If you go look at -- and I'll get more pages up, Page 29, it will show you what our unemployment expectations are for the next start with (technical difficulty) about 4.2%, 4.3%. We also have a qualitative component and embedded in that qualitative component is trying to think what that -- a piece of that is what the unemployment rate could go to. When you weigh all that down, we're in the high 4% range as far as the unemployment that's embedded in our current allowance that we have at the end of the quarter.

是的。因此我們的計算方式略有不同。如果你去看一下——我會得到更多頁面，第 29 頁，它將向你顯示我們對下一次失業率的預期，（技術難度）約為 4.2%、4.3%。我們還有一個定性成分，並且嵌入在這個定性成分中，試圖思考那是什麼——其中的一部分是失業率可能會達到什麼程度。如果將所有這些因素考慮在內，那麼就本季末我們目前津貼中所含的失業率而言，我們的失業率處於 4% 的高點。

Got it. Yeah, as we think about the allowance going forward, given how you've told us your charge-offs will trend over this year, there are clearly some already identified issues that you're working through, which would imply a release of those associated reserves.

知道了。是的，當我們考慮未來的津貼時，考慮到您告訴我們今年的沖銷趨勢，顯然您正在解決一些已經確定的問題，這意味著釋放這些相關儲備。

But clearly, the macro outlook has -- is murkier given the tariff policy. So how should we think about the potential of modest loan growth coming back, the resolution of those previously identified problem credits and then just like a who knows environment as we think about your AOCI going forward?

但顯然，鑑於關稅政策，宏觀前景更加黯淡。那麼，我們應該如何看待貸款適度成長的潛力、那些先前發現的問題信貸的解決方案，以及當我們考慮未來的 AOCI 時，誰知道會是什麼樣子呢？

Yeah. I think -- so if you look on page 31, where we show our allowance relative to our kind of day one CECL back to the fourth quarter 2019, first opening quarter of 2020, we show you kind of what those reserves are. That's in a benign environment. We clearly have more reserves today because we have to take care of some of our problem assets in those portfolios of interest. And that's why we expect higher charge-offs in the first half of the year and lower in the back half.

是的。我認為 - 如果你看第 31 頁，我們展示了相對於第一天 CECL 的準備金，追溯到 2019 年第四季度，2020 年第一季度，我們會向你展示這些儲備金是多少。這是在一個良性的環境中。我們今天顯然擁有更多的儲備，因為我們必須處理那些感興趣的投資組合中的一些問題資產。這就是為什麼我們預計上半年沖銷額會較高，而下半年沖銷額會較低。

And as you see that, you should have an expectation, all the things being equal, and the economy doesn't drift further away that the allowance coverage ought to be coming down. We've given you a pro forma as to what the loss rates would look like with our current portfolio as if it were adopted on the first day of CECL, it's 162.

正如您所看到的，您應該有一個預期，在所有條件相同且經濟不會進一步下滑的情況下，津貼覆蓋率應該會下降。我們已經為您提供了一份預測表，說明我們目前投資組合的損失率，就好像在 CECL 的第一天採用它一樣，損失率為 162。

So what you ought to see is that 181 that we have today is drift down more towards that in a normal environment, the pace of which we can't tell you because we don't know what the economic environment is going to be. But those higher charge-offs coming through this year just directionally, you should expect the 181 to be lower as time goes by unless the economy falls apart.

因此，您應該看到的是，我們今天的 181 正朝著正常環境下的水平下降，我們無法告訴您下降的速度，因為我們不知道經濟環境將會如何。但是，今年出現的那些更高的沖銷額只是方向性的，除非經濟崩潰，否則你應該預期 181 這個數字會隨著時間的推移而降低。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

I just want to clarify an answer on that last question on slide 30, your economic outlook with the unemployment rate. If I recall, those are the economic statistics for your region, your footprint rather than the country, am I correct in remembering that?

我只是想澄清第 30 張投影片上的最後一個問題的答案，即您對失業率的經濟前景的看法。如果我沒記錯的話，這些是您所在地區、您所在足跡而不是整個國家的經濟統計數據，我記得對嗎？

That's correct.

沒錯。

Okay. Just because your numbers are going to be different than what we're hearing from others. I want to make sure people knew that. Coming back to your CECL comment with the reserves, how challenging do you think it's going to be convincing the regulators and the rating agencies of what you pointed out, the way the math works and the CECL, how those reserves should come down. Any thoughts there?

好的。只是因為您的數字與我們從其他人那裡聽到的數字不同。我想確保人們知道這一點。回到您對儲備金 CECL 的評論，您認為要讓監管機構和評級機構相信您所指出的數學運算方式和 CECL，以及這些儲備金應該如何下降，會有多大的挑戰。有什麼想法嗎？

Well, I mean, we think we're pretty expert at knowing what allowance we need to have. Obviously, we get challenged by rating agencies, regulators or independent auditors. But we have a pretty good process in place, it's consistently applied.

嗯，我的意思是，我們認為我們非常清楚我們需要多少零用錢。顯然，我們受到評級機構、監管機構或獨立審計師的挑戰。但我們已經有一個相當好的流程，並且一直在應用。

And just directionally, what I said has to happen over time. I think your -- what's embedded in your question, Gerard, is pace, the pace of that improvement and coming down. And I don't think we're going to get to 162 until we see things really settle down and we have clarity and the economy has kind of moved along like it's capable of.

從方向上看，我所說的話必須隨著時間的推移而發生。我認為你的問題中蘊含著──傑拉德，是速度，是進步和下降的速度。我認為，除非我們看到事情真正穩定下來，情況明朗，經濟能夠按照其能力正常運轉，否則我們的失業率不會達到 162。

So I don't want to assert that we're going to 162 next quarter or even this year. I'm just saying that with higher charge-offs with an 181 allowance, if you're fully reserved for the charge-off, that number mathematically has to come down, all other things being equal.

因此我不想斷言我們下個季度甚至今年會達到 162。我只是說，如果沖銷額度較高，且有 181 的限額，那麼如果為沖銷預留了全部資金，那麼在其他條件相同的情況下，這個數字在數學上就必須下降。

Certainly, got it. And then one other follow-up just on credit. You guys coming out of the pandemic identified some of the ongoing portfolio, surveillance portfolios like transportation, trucking. As we move forward in a slower growth environment, have you identified any other portfolios that you're keeping extra attention to outside of what you've already identified from the pandemic area? Are there any portfolios in particular that you look at?

當然，明白了。然後還有另一個有關信用的後續行動。你們在走出疫情後確定了一些正在進行的投資組合、監控投資組合，例如運輸、卡車運輸。隨著我們在成長放緩的環境中前進，除了您已經從疫情領域確定的投資組合之外，您是否還確定了其他需要特別關注的投資組合？您是否特別關註一些投資組合？

Yeah. I'd say retail trade, manufacturing, particularly related to consumer durables, I think we'll have to watch the consumer and where they're spending or not. And those will be areas that we follow with some interest. Construction would be another area with potential impacts on rising cost above and beyond what we've already experienced.

是的。我想說的是零售貿易、製造業，特別是與耐用消費品相關的產業，我認為我們必須專注於消費者以及他們的消費行為。這些是我們感興趣關注的領域。建築業是另一個可能對成本上升產生超出我們已經經歷的影響的領域。

Christopher Spahr, Wells Fargo.

克里斯多福‧斯帕爾，富國銀行。

So my question is just a follow-up on the fee drivers and your lower guide, but yet you had like record wealth management and treasury management going into the quarter. So just -- is it all -- you're going to be at the low end of the capital markets guide of $80 million to $90 million? Or are there some other things that kind of that led to you to kind of lower your guidance for fees for the year?

所以我的問題只是對費用驅動因素和較低指南的後續關注，但進入本季度，您的財富管理和財務管理卻創下了紀錄。那麼——全部——您的估值將處於資本市場指南規定的 8,000 萬美元至 9,000 萬美元的低端嗎？或者是否有其他因素導致您降低今年的費用指導價？

Yeah. Chris, the main driver is exactly what you said is capital markets. All the other categories seem to be doing pretty well. We could have a bit of a challenge in the wealth area just because of the market. We'll see -- they're continuing to grow assets in the wealth management area, which will be nice.

是的。克里斯，主要的驅動力正是你所說的資本市場。所有其他類別似乎都表現良好。僅僅因為市場的原因，我們在財富領域可能會面臨一些挑戰。我們將會看到──他們將繼續增加財富管理領域的資產，這將是件好事。

But there's also a market component of fee revenue there, too. So the market now makes that a bit more challenging, but the biggest single driver is what is capital market is going to be. And that is driven by more specifically, M&A activity, real estate capital markets and loan syndications.

但其中也包含費用收入的市場成分。因此，現在的市場讓這個問題更具挑戰性，但最大的單一驅動因素是資本市場將會如何發展。更具體地說，這是由併購活動、房地產資本市場和銀團貸款所推動的。

And all three of those were down this quarter. And hopefully, over time, we can get those to rebound, which is why we've given you that business is set up to generate $100 million a quarter, but it's just not going to happen with uncertainty that's created the rate environment. Those are two big drivers of that revenue stream.

本季這三項指標均出現下降。希望隨著時間的推移，我們可以實現這些目標的反彈，這就是為什麼我們告訴你，業務的目標是每季創造 1 億美元的收入，但由於利率環境的不確定性，這是不會發生的。這是該收入流的兩大驅動力。

Okay. Okay. And then as a follow-up, just -- you've talked in the past about kind of targeting some core markets in your footprint. And just can you just expand on what actions you might be doing, especially if you're not really expanding new branches in those markets?

好的。好的。然後作為後續問題，您過去曾談到瞄準您業務範圍內的一些核心市場。您能否詳細說明您可能採取的行動，特別是如果您實際上並沒有在這些市場擴展新的分支機構？

Yeah. It's mostly around just additional focus on the opportunities in the market. So as an example, we -- I think we talked about last quarter, making an investment in bankers specifically skilled to take advantage of the unique opportunities that might exist around the market, small business, as an example.

是的。它主要只是額外關注市場機會。舉個例子，我想我們上個季度討論過，對具有特殊技能的銀行家進行投資，以利用市場、小企業等可能存在的獨特機會。

We operate 1,250 branches, the opportunity to bank small businesses is equal across those 1,250 branches. In fact, there are some locations where there's real opportunity. And so placing bankers in those markets, specifically to focus on the opportunities there is an important investment.

我們經營 1,250 家分支機構，這 1,250 家分行為小型企業提供銀行服務的機會是平等的。事實上，有些地方確實存在著機會。因此，讓銀行家進入這些市場，特別關注那裡的機遇，是一項重要的投資。

Similarly, we're making investments in commercial bankers and wealth bankers and our approach to business is a team-based approach. So we're focusing on using all the assets that we have in some of these markets to work together to grow our business, and we're excited about the opportunities that that presents.

同樣，我們也對商業銀行家和財富銀行家進行投資，我們的經營方式是基於團隊的方式。因此，我們專注於利用我們在這些市場中擁有的所有資產來共同發展我們的業務，我們對由此帶來的機會感到非常興奮。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

I just want to understand the comment you made earlier around how net charge-offs are expected to be? Do I get it right front-end loaded? And like, how should I be thinking about the pace of what we're going to be seeing in the beginning of the year versus the end of the year? And how much differential is there there? And then separately, you've reserved all for this, so the provision is neutral. Is that a fair read? Or what did I miss?

我只是想了解您之前關於預計淨沖銷額是多少的評論？我前端加載正確嗎？我該如何考慮年初和年末的發展速度？那裡的差異有多大？然後單獨地，您已經為此保留了所有內容，因此該規定是中性的。這樣解讀合理嗎？還是我錯過了什麼？

Yeah. I think the way to think about it, Betsy, is we identified a couple of credits in the portfolios of interest that we've previously talked about, office specifically, senior housing, transportation, where we're in a workout mode.

是的。貝琪，我認為思考這個問題的方式是，我們在之前討論過的感興趣的投資組合中確定了一些信貸，特別是辦公室、老年人住房、交通，我們正處於鍛煉模式。

We don't know exactly the timing of those resolutions, but we believe that it would likely be in the first or second quarter. As a consequence, we've signaled charge-offs could be higher in the first and second quarter or the first half of the year than in the latter part of the year.

我們不知道這些決議的具體時間，但我們認為很可能是在第一季或第二季。因此，我們表示，第一季、第二季或上半年的沖銷額可能會高於下半年。

Having said that, we're still committed to a range of 40 to 50 basis points. So you can draw your conclusions. We recorded 52 basis points of charge-offs in this quarter. If we're still going to be within that range of 40 to 50 basis points, you can sort of assume the trajectory from here. We still believe the second quarter will be higher than the third and fourth. So again, based on things that we think we're going to get, we're going to resolve.

話雖如此，我們仍然致力於 40 至 50 個基點的範圍。所以你就可以得出結論。本季我們記錄了 52 個基點的沖銷。如果我們仍然處於 40 到 50 個基點的範圍內，那麼您可以從這裡假設軌跡。我們仍然相信第二季的表現將高於第三季和第四季。因此，再次強調，根據我們認為將要得到的東西，我們將予以解決。

From a provisioning standpoint, again, all things being equal, you should expect the provision to be right there with charge-offs. Now if we get some loan growth or we get economic deterioration, both of those can drive an increase in the provision over charge-offs. But we just have to wait until we get to the end of the quarter to see.

從撥備的角度來看，同樣，在所有條件相同的情況下，您應該預期撥備與沖銷是一致的。現在，如果貸款增加或經濟惡化，都會導致撥備增加。但我們必須等到本季末才能知道結果。

Yeah. Just wondering since you reserve for these workouts you're doing, you write it off and the reserve goes down, right? You released the reserve against it. So that's why I was wondering would that be a neutral impact on provision?

是的。只是想知道，既然你為正在進行的這些鍛煉預留了資金，那麼你就會將其註銷，並且儲備就會減少，對嗎？您釋放了針對它的儲備。所以我想知道這是否會對供應產生中性影響？

Yeah. And you would have seen that in this quarter, but for the fact that we had some economic deterioration. So our -- we did increase our reserves for general in precision as a result of just observations about the market.

是的。如果不是因為經濟狀況惡化，你本季就會看到這種情況。因此，根據對市場的觀察，我們確實增加了通用精度儲備。

And your comment about seeing the reserve come down. That was my whole point talking to -- who was it now? Erika maybe and Gerard, that the 181 that we have ought to come down as you see those higher charge-offs.

還有您關於儲備金下降的評論。這就是我談話的全部重點──現在是誰？也許是 Erika 和 Gerard，當您看到那些更高的沖銷額時，我們的 181 應該會下降。

Right. right. Understood. Thanks so much. Appreciate the time.

正確的。正確的。明白了。非常感謝。珍惜時間。

Thank you. Okay. Well, that concludes, I think, all the questions we had today. So thank you for participating on our call. Thanks for your interest in our company. Have a great weekend.

謝謝。好的。好吧，我想，我們今天的所有問題都已經回答完了。感謝您參加我們的電話會議。感謝您對我們公司的關注。祝你周末愉快。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。現在您可以斷開線路。