Regions Financial Corp (RF) 2025 Q2 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 will be your operator for today's call. (Operator Instructions)

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。（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 second-quarter earnings call. John and David will provide high-level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimers and non-GAAP reconciliations, 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 第二季財報電話會議。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。這些披露涵蓋我們的演示材料、今天的準備好的演講和問答。

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 $534 million, resulting in earnings per share of $0.59. On an adjusted basis, earnings were $538 million, or $0.60 per share.

謝謝你，達娜，大家早安。感謝您今天參加我們的電話會議。今天早上，我們公佈了強勁的季度收益，達到5.34億美元，每股收益0.59美元。經調整後，收益為5.38億美元，合每股收益0.60美元。

We delivered pretax pre-provision income of $832 million, a 14% increase year over year, and we generated a return on tangible common equity of 19%. We are very proud of our second-quarter performance as we continue to reap the benefits of the investments we've made across our businesses and the successful execution of our strategic plans. We continue to grow average deposits during the second quarter and are growing accounts across consumer checking, small business and wealth management.

我們實現了稅前撥備前收入 8.32 億美元，年增 14%，有形普通股權益報酬率為 19%。我們對第二季的業績感到非常自豪，因為我們繼續從對業務的投資和策略計畫的成功執行中獲益。我們在第二季度繼續增加平均存款，消費者支票、小型企業和財富管理領域的帳戶也在增加。

In fact, we grew consumer deposits across every one of our eight priority markets. Our focus on growing consumer checking accounts and the core operating accounts of a business has driven more than 30% organic growth in total average deposits over the last five years, among the most in our peer set. While average loans remained stable during the quarter, we grew ending loans in both the consumer and corporate bank. Corporate client sentiment has improved since the first part of April.

事實上，我們在八個重點市場中的每一個市場都增加了消費者存款。我們專注於增加消費者支票帳戶和企業核心營運帳戶，推動過去五年內總平均存款有機成長超過 30%，在同業中名列前茅。雖然本季平均貸款保持穩定，但我們的消費者銀行和企業銀行的期末貸款均有所成長。自四月初以來，企業客戶情緒有所改善。

And notably, consistent with the execution of our strategic plans, we've added over 300 new commercial relationships across our wholesale business year-to-date. Pipelines within our small and middle market businesses, in particular, continue to grow. Our consumers also remain healthy. Debit and credit spend continue to increase modestly versus the prior year. During the quarter, we generated modest growth in average consumer credit card and home equity lines of credit balances.

值得注意的是，與我們的策略計劃的執行一致，今年迄今為止，我們在批發業務中增加了 300 多個新的商業關係。尤其是我們中小型市場業務的通路持續成長。我們的消費者也保持健康。與去年相比，金融卡和信用卡支出持續小幅成長。本季度，我們的平均消費者信用卡和房屋淨值信貸額度實現了適度增長。

Importantly, consumer credit quality remains strong. Asset quality metrics are improving and payment rates on our consumer credit card remain above pre-pandemic levels. We also had a lot of success growing and diversifying our fee revenue. Treasury management revenue is up 8% year-to-date, while the total number of clients served has increased 10%.

重要的是，消費者信貸品質依然強勁。資產品質指標正在改善，我們的消費者信用卡的支付率仍然高於疫情前的水平。我們在增加和多樣化費用收入方面也取得了巨大成功。今年迄今，資金管理收入增加了 8%，而服務的客戶總數增加了 10%。

We see continued opportunity to grow clients within our existing customer base especially as we focus on our priority markets and further expansion of our treasury management services into the small business sector. Wealth management continues to be a good story for us, generating another quarter of record fee income, while representing a steady source of revenue attributable to both strong client acquisition and good revenue diversification.

我們看到在現有客戶群中繼續增加客戶的機會，特別是當我們專注於我們的優先市場並將我們的財務管理服務進一步擴展到小型企業領域時。財富管理對我們來說繼續是一個好兆頭，創造了另一個季度創紀錄的費用收入，同時由於強勁的客戶獲取和良好的收入多樣化，代表著穩定的收入來源。

Since 2018, wealth management revenue has grown at more than an 8% compounded annual growth rate. Further, Regions was recently recognized in Global Private Bankers 2025 Innovation Awards as the best trust services by a private bank and best wealth planning execution. Since 2019, capital markets revenue has grown to 14% compounded annual growth rate driven by a combination of organic activities and strategic acquisitions.

自2018年以來，財富管理收入年複合成長率超過8%。此外，Regions 最近在全球私人銀行家 2025 創新獎中被評為最佳私人銀行信託服務和最佳財富規劃執行獎。自 2019 年以來，在有機活動和策略性收購的推動下，資本市場收入的複合年增長率已達到 14%。

We continue to make progress on investments to modernize our core technology platforms. We've begun rolling out a new native mobile app in just the past few weeks, and we're planning to upgrade our commercial loan system to a new cloud platform in the coming months. We plan to begin running pilots on our new cloud-based deposit system beginning in late 2026 with full conversion anticipated in 2027.

我們在核心技術平台現代化方面的投資持續取得進展。過去幾週，我們已開始推出一款全新的原生行動應用程序，並計劃在未來幾個月內將商業貸款系統升級到全新的雲端平台。我們計劃從 2026 年底開始試運行我們新的基於雲端的存款系統，預計 2027 年將實現全面轉換。

Once completed, we expect to be one of the first regional banks in the country on a truly modern core platform. So as you can see, we continue to focus on growth across our businesses as evidenced by our overall financial performance. Our dedication to driving shareholder value has resulted in the highest returns on tangible common equity over the last four years compared to our peer group, and we're on track to make it a fifth year in a row.

一旦完成，我們預計將成為國內首批擁有真正現代化核心平台的區域性銀行之一。因此，正如您所看到的，我們繼續專注於整個業務的成長，這從我們的整體財務表現中可以看出。我們致力於提高股東價值，使得我們在過去四年中獲得了比同行更高的有形普通股回報率，並且有望連續第五年實現這一目標。

We have also delivered top quartile EPS growth over the last 5- and 10-year periods. And importantly, over the last six years, we've increased our dividend at a 10-plus percent compounded annual growth rate, the highest among our peers. We announced another 6% increase in the common dividend earlier this week. And notably, over the last 10 years, we have bought back more stock on a relative basis than any of our peers. All of this has contributed to top quartile total shareholder returns over the last 3, 5 and 10 years.

在過去 5 年和 10 年內，我們也實現了最高四分位的每股盈餘成長。重要的是，在過去六年中，我們的股息以 10% 以上的複合年增長率增長，是同業中最高的。本週早些時候，我們宣布普通股股息再次增加 6%。值得注意的是，在過去 10 年中，我們回購的股票相對比任何同業都多。所有這些都為過去 3 年、5 年和 10 年內最高四分之一的股東總回報做出了貢獻。

Finally, we think the ability to grow tangible book value plus dividends should be closely correlated to stock price. We've delivered top quartile performance on this metric over the last three- and five-year periods.

最後，我們認為有形帳面價值和股利的成長能力應該與股價密切相關。在過去三年和五年中，我們在這項指標上的表現均名列前茅。

In conclusion, we're very proud of our second-quarter results. Our strong performance is attributable to our 20,000-plus associates and their commitment to keep our customers at the center of everything we do and their focus on executing our plan. As a result, we expect this momentum to carry into the second half of 2025 and beyond, providing a real opportunity to continue to grow and deliver the same kind of results that we've delivered in recent years.

總之，我們對第二季的業績感到非常自豪。我們強勁的業績歸功於我們兩萬多名員工，他們始終致力於將客戶置於我們一切工作的中心，並專注於執行我們的計劃。因此，我們預計這一勢頭將延續至2025年下半年及以後，這將為我們繼續成長並取得與近年來相同的業績創造真正的機會。

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

接下來，我將把時間交給 David，讓他介紹本季的一些亮點。

Thank you, John. Let's start with the balance sheet. Ending loans grew 1%, while average loans remained stable. Growth in ending business loans was driven by C&I, and to a lesser extent, real estate. Specifically, within C&I, growth was driven primarily within structured products and manufacturing. Within real estate, growth primarily resulted from previously approved multifamily projects continuing to fund up.

謝謝你，約翰。讓我們從資產負債表開始。期末貸款成長 1%，平均貸款維持穩定。商業貸款的成長主要由商業和工業貸款推動，其次是房地產貸款。具體而言，在商業和工業領域，成長主要由結構化產品和製造業推動。在房地產領域，成長主要源自於先前批准的多戶型計畫持續獲得資金支持。

Overall, pipelines are up 17% over last year and line commitments are up 1%. So we believe we are well positioned as the macro backdrop improves. Average and ending consumer loans remained relatively stable as growth in average credit card and home equity was offset by modest declines in other categories. We now expect full-year 2025 average loans to be stable to up modestly versus 2024.

總體而言，管道數量比去年增加了 17%，線路承諾數量增加了 1%。因此，我們相信，隨著宏觀環境的改善，我們已處於有利地位。由於平均信用卡和房屋淨值的成長被其他類別的溫和下降所抵消，平均和期末消費貸款保持相對穩定。我們現在預計 2025 年全年平均貸款金額將與 2024 年相比保持穩定或小幅上漲。

Building upon John's remarks on our multiyear successes with respect to deposits, we continue to observe positive trends in both core and priority markets. Targeted acquisition strategies have had good traction in the second quarter, reflecting positive consumer growth in every priority market. In fact, overall consumer deposits and priority markets grew 20% more than core markets during the quarter.

基於約翰對我們多年來在存款方面取得的成功的評論，我們繼續觀察到核心市場和優先市場的積極趨勢。有針對性的收購策略在第二季度取得了良好的進展，反映出每個重點市場的消費者都出現了積極的成長。事實上，本季整體消費者存款和優先市場比核心市場成長了 20%。

Additionally, 60% of the consumer deposit dollars resulting from our most recent money market campaign were in priority markets, and 85% of the campaign dollars represented new money. In the Corporate Banking group, relationship management and new customer focus has led to average quarterly balance growth of more than 2%. The Corporate Banking group has traction in priority markets as well with momentum there helping the overall growth picture.

此外，我們最近的貨幣市場活動所產生的消費者存款中有 60% 都投入了優先市場，而 85% 的活動資金都是新資金。在企業銀行業務集團，關係管理和新客戶關注使得平均季度餘額增加超過 2%。企業銀行集團在重點市場也具有吸引力，其發展勢頭有助於整體成長。

Average deposit balances grew over 1% sequentially, while ending balances remained relatively stable. Interest-bearing deposit costs continued to decline as expected to 1.39% despite higher marginal acquisition costs. Additionally, our noninterest-bearing proportion remains in the low 30% range reflective of our strong operating deposit base. Looking forward, we now expect full-year average balances to be up modestly versus the prior year.

平均存款餘額較上季成長超過 1%，而期末餘額則保持相對穩定。儘管邊際收購成本較高，但計息存款成本仍如預期持續下降至 1.39%。此外，我們的無息貸款比例仍保持在 30% 以下，這反映了我們強大的營運存款基礎。展望未來，我們預計全年平均餘額將比上年略有上升。

Let's shift to net interest income. Net interest income rebounded, increasing by 5% linked quarter. As expected, the negative impacts from day count and other nonrecurring items in the first quarter did not repeat. In addition to some modest nonrecurring positive items during the second quarter, deposit pricing performance and the benefit from fixed rate asset turnover exceeded our initial estimates and are expected to continue to support net interest income going forward.

讓我們轉向淨利息收入。淨利息收入反彈，季增5%。正如預期的那樣，第一季工作日計數和其他非經常性項目造成的負面影響並未重演。除了第二季度的一些適度的非經常性積極項目外，存款定價表現和固定利率資產週轉率的好處超出了我們最初的估計，預計將繼續支持未來的淨利息收入。

Although Fed funds remained stable in the quarter, we were able to manage deposit costs lower, while also supporting growth initiatives. The ability to grow deposits while achieving our mid-30s falling rate beta target and best-in-class funding costs further exemplifies Regions funding advantage.

儘管本季度聯邦基金保持穩定，但我們能夠降低存款成本，同時支持成長計畫。在實現 30 年代中期下降利率貝塔目標和最佳融資成本的同時增加存款的能力進一步體現了 Regions 的融資優勢。

During the quarter, approximately $3 billion of new fixed rate loan and securities production was added at approximately 140 basis points above the yield on maturing and amortizing balances. With approximately 50% of the runoff coming from longer-duration mortgage collateral, we expect these tailwinds to persist for multiple years, assuming middle and long-term rates remain near current levels.

本季度，新增固定利率貸款和證券約 30 億美元，比到期攤銷餘額收益率高出約 140 個基點。由於約 50% 的流失來自較長期抵押貸款抵押品，我們預計這些順風將持續數年，假設中長期利率保持在當前水準附近。

Next, we took advantage of spread levels in April by adding $1 billion of AUC mortgage-backed securities. The securities will serve to store liquidity, insulate rate exposure and optimize returns and can easily be deployed back into loans in the future as necessary. The higher interest rate environment supports balance sheet repricing dynamics.

接下來，我們利用 4 月份的利差水平，增加了 10 億美元的 AUC 抵押貸款支持證券。這些證券將起到儲存流動性、隔離利率風險和優化回報的作用，並可在未來根據需要輕鬆地重新投入貸款。較高的利率環境支持資產負債表重新定價動態。

Net interest income is expected to be stable to modestly higher in the third quarter as the benefits from fixed rate asset turnover and one additional day are offset by fewer nonrecurring positives and higher hedging notional amounts. We now expect full-year 2025 net interest income to grow between 3% and 5%.

預計第三季淨利息收入將保持穩定或略有上升，因為固定利率資產週轉率和額外一天帶來的好處被非經常性正收益的減少和對沖名目金額的增加所抵消。我們現在預計 2025 年全年淨利息收入將成長 3% 至 5%。

Finally, assuming market forward interest rates, the net interest margin is expected to remain in the low to mid-3.60s for the remainder of the year with the ability to resume its upward trajectory as we move into 2026.

最後，假設市場遠期利率，預計今年剩餘時間內淨利差將保持在 3.60 的低點至中位，並有能力在進入 2026 年時恢復上升軌跡。

Now let's take a look at fee revenue performance during the quarter. Adjusted noninterest income increased 5% linked quarter, driven primarily by growth in mortgage, seasonally elevated card and ATM fees and another record quarter in wealth management income. Additionally, market value adjustments on HR assets increased $19 million during the quarter. These market value adjustments are offset primarily in salaries and benefits expense.

現在讓我們來看看本季的費用收入表現。調整後非利息收入季增5%，主要得益於抵押貸款成長、信用卡和ATM手續費季節性上漲，以及財富管理收入再創紀錄。此外，本季人力資源資產的市場價值調整增加了 1,900 萬美元。這些市場價值調整主要被薪資和福利費用所抵銷。

Mortgage income increased 20% linked quarter driven primarily by a $13 million net favorable adjustment associated with changes to the company's MSR valuation model assumptions. Capital Markets income, excluding CVA, increased 5% compared to the prior quarter driven by elevated M&A advisory and real estate capital markets activity.

抵押貸款收入環比增長 20%，這主要得益於公司 MSR 估值模型假設變化帶來的 1300 萬美元淨有利調整。資本市場收入（不包括 CVA）較上一季成長 5%，這得益於併購諮詢和房地產資本市場活動的增加。

With respect to the third quarter, we currently expect a modest increase in the $85 million to $95 million range for capital markets income. Service charges decreased 6% during the quarter, driven primarily by a seasonal decline in treasury management income. With respect to the full-year 2025, we now expect adjusted noninterest income to grow between 2.5% and 3.5% versus 2024.

對於第三季度，我們目前預計資本市場收入將小幅增加 8,500 萬美元至 9,500 萬美元。本季服務費下降 6%，主要原因是資金管理收入的季節性下降。對於 2025 年全年，我們目前預計調整後的非利息收入將比 2024 年成長 2.5% 至 3.5%。

Let's move on to noninterest expense. Adjusted noninterest expense increased 4% compared to the prior quarter, driven primarily by an expected 5% increase in salaries and benefits, which included one additional workday, the impact of a full quarter of merit, higher revenue-based incentives and the offset to increased HR asset valuations.

讓我們繼續討論非利息支出。調整後非利息支出較上一季增加 4%，主要由於預期薪資和福利增加 5%，其中包括增加一個工作日、整個季度績效工資的影響、更高的基於收入的獎勵以及人力資源資產估值增加的抵消。

Full-time equivalent headcount also increased during the quarter by just over 100 associates. We now expect full-year 2025 adjusted noninterest expense to be up 1% to 2% and we anticipate generating full-year positive operating leverage in the 150 to 250 basis point range.

本季全職員工人數也增加了 100 多人。我們現在預計 2025 年全年調整後非利息支出將增加 1% 至 2%，我們預計全年正經營槓桿將在 150 至 250 個基點之間。

Regarding asset quality, provision expense was $13 million over net charge-offs during the quarter. The increase in the allowance was driven primarily by loan growth with some offset from improving underlying credit metrics. The resulting allowance for credit loss ratio declined 1 basis point to 1.80%.

關於資產質量，本季的撥備支出超過淨沖銷額 1,300 萬美元。撥備金的增加主要由貸款成長推動，部分抵銷了基礎信貸指標改善的影響。由此產生的信用損失準備率下降1個基點至1.80%。

Annualized net charge-offs as a percentage of average loans decreased 5 basis points to 47 basis points. Nonperforming loans as a percent of total loans improved 8 basis points to 80 basis points. Business services criticized loans improved by 6% and total delinquencies also improved. Our through-the-cycle net charge-off expectations are unchanged and remain between 40 and 50 basis points.

年度淨沖銷額佔平均貸款的百分比下降了 5 個基點，至 47 個基點。不良貸款佔貸款總額的百分比改善了8個基點，達到80個基點。商業服務批評貸款改善了 6%，總拖欠率也有所改善。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。

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 expect third-quarter losses to be generally in line with the second quarter and then decline in the fourth quarter. Importantly, we have reserved for remaining anticipated losses associated with these portfolios.

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興趣組合中的貸款。我們預計第三季的虧損將與第二季基本持平，並在第四季下降。重要的是，我們已經為與這些投資組合相關的剩餘預期損失預留了資金。

Let's turn to capital and liquidity. We ended the quarter with an estimated common equity Tier 1 ratio of 10.7%, while executing $144 million in share repurchases and paying $224 million in common dividends during the quarter. When adjusted to include AOCI, common equity Tier 1 increased from 9.1% to an estimated 9.2% from the first to the second-quarter, attributable to strong capital generation and a reduction in long-term interest rates.

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 10.7%，同時在本季度執行了 1.44 億美元的股票回購，並支付了 2.24 億美元的普通股股息。經調整以包括 AOCI 後，普通股一級資本從第一季到第二季從 9.1% 增加到估計的 9.2%，這歸因於強勁的資本產生和長期利率的下降。

In the near term, we continue 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，我們將繼續管理包括 AOCI 在內的普通股一級資本，使其接近我們 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。

As John indicated, we are really pleased with our quarterly performance, particularly given uncertain market dynamics, and we believe we are well positioned regardless of market conditions. This covers our prepared remarks.

正如約翰所說，我們對本季的業績感到非常滿意，特別是在市場動態不確定的情況下，我們相信，無論市場狀況如何，我們都處於有利地位。這涵蓋了我們準備好的發言。

We will now move to the Q&A portion of the call.

我們現在進入電話會議的問答部分。

(Operator Instructions) Ebrahim Poonawala, Bank of America.

（操作員指示）美國銀行的 Ebrahim Poonawala。

Just maybe just first, big picture, John, if you can talk to the tax bill, what implication does that have? And maybe tie in like the customer sentiment may be, but what are the implications of the tax bill, the bonus depreciation? What does all of that mean as we think about loan growth and spending from your customers?

只是首先，約翰，如果你能談談稅收法案，那又意味著什麼？也許與客戶情緒有關，但稅單和獎金折舊意味著什麼？當我們考慮貸款成長和客戶支出時，這一切意味著什麼？

And then on the other side, from a consumer standpoint, any of the tax rates, no taxes and tips, et cetera. Is any of that meaningful in terms of shoring up some of the consumer sort of balance sheet at the lower income level?

另一方面，從消費者的角度來看，任何稅率，免稅和小費等等。這對於鞏固低收入水準的消費者資產負債表有什麼意義嗎？

So maybe I'll talk about sentiment first, Ebrahim. I think amongst our wholesale bank, our business customers, continue to see some improvement in sentiment. I would say, in general, sentiment hasn't changed much since we were last together 90 days ago. The passage of the big beautiful bill and tax package does create some certainty, which is quite helpful, I think, to businesses and to consumers.

所以也許我應該先談談情緒，易卜拉欣。我認為，我們的批發銀行和商業客戶的情緒會持續改善。我想說，總的來說，自從 90 天前我們最後一次在一起以來，情緒並沒有太大變化。這項宏偉法案和稅收方案的通過確實創造了一些確定性，我認為這對企業和消費者都很有幫助。

On the consumer side, our customers are still in very good shape. They maintain good liquidity much like our business customers do. They're managing their debt levels well. We're not seeing any real deterioration at all. I do think consumers are spending a little less, they're being a little more careful, particularly on luxury items and things of that nature just because of some volatility and uncertainty.

在消費者方面，我們的客戶狀況仍然非常好。他們與我們的商業客戶一樣保持著良好的流動性。他們的債務水平管理得很好。我們根本沒有看到任何真正的惡化。我確實認為消費者的支出有所減少，他們變得更加謹慎，特別是在購買奢侈品和類似物品時，這主要是因為存在一些波動性和不確定性。

But all in all, businesses and consumers are in a pretty good place. There remains some, I think, uncertainty about the path of interest rates and generally whether or not we're going to experience any increase in prices. There's more clarity around tariffs. It does appear that the administration's focus is on fair trade, I would say.

但整體而言，企業和消費者的處境都相當不錯。我認為，利率走勢以及物價是否會上漲仍存在一些不確定性。關稅問題已經更加明朗。我想說，看起來政府的重點確實是公平貿易。

So most businesses have had now a couple of months to think through the impact on their business, on their supply chains and other things. And so, I think they are gaining confidence. With respect to your particular question about the tax package, bonus depreciation has historically been very helpful, and we believe it will be again in talking to customers who sell, as an example, heavy equipment, construction-related equipment.

因此，大多數企業現在有幾個月的時間來思考這對他們的業務、供應鏈和其他方面的影響。因此，我認為他們正在增強信心。關於您關於稅收方案的具體問題，獎金折舊歷來非常有用，我們相信在與銷售重型設備、建築相關設備的客戶交談時，它將再次發揮作用。

There has been a real uptick in inquiries, and we expect there will be an uptick in activity with respect to that category. And I think consumers just appreciate the clarity and the confirmation that the tax package and the 2017 tax package will be extended. And so they know what to expect. So all those things, I think, portend for positive momentum in the second half of 2025 and 2026.

諮詢數量確實有所增加，我們預計該類別的活動數量也會增加。我認為消費者欣賞稅收方案和2017年稅收方案將延長的明確性和確認性。所以他們知道會發生什麼事。因此，我認為所有這些都預示著 2025 年下半年和 2026 年將出現積極勢頭。

Got it. And I guess maybe just as a follow-up. Obviously, we're seeing some pickup in bank M&A activity, the regulatory window seems to be open. Now both you and David have know all the good, bad and the ugly of bank M&A.

知道了。我想這可能只是作為後續行動。顯然，我們看到銀行併購活動有所回升，監管窗口似乎已經打開。現在您和大衛都了解了銀行併購的所有好處、壞處和醜陋之處。

So give us a sense of your perspective, like you have a decent stock currency, you've done a good job in terms of where the franchise is today. How should we think about the inorganic growth, how you would think about and assess bank deals?

那麼，請您談談您的觀點，例如您擁有不錯的股票，在特許經營權的現狀方面做得很好。我們該如何看待非內部成長？您如何看待和評估銀行交易？

Our point of view on this hasn't changed. I think we've been very consistent that we are not interested in depository M&A. We think we have a really good plan. We continue to execute the plan. We're able to deliver top quartile results. M&A is disruptive, it's challenging. It takes your focus off what you're doing every day.

我們對此的觀點並沒有改變。我認為我們一直堅持對存管併購不感興趣。我們認為我們有一個非常好的計劃。我們繼續執行該計劃。我們能夠提供頂級的成果。併購具有顛覆性，充滿挑戰。它會讓你不再專注於每天正在做的事情。

And we think we have a plan and a path to continue to deliver top quartile results for our shareholders. And as a consequence, we are not today interested in bank M&A. We also have a substantial technology project underway. We've talked about to modernize our core deposit platform and our commercial loan system.

我們認為我們有一個計劃和一條途徑來繼續為我們的股東提供最高的業績。因此，我們今天對銀行併購不感興趣。我們還有一個重要的技術項目正在進行中。我們已經討論過如何使我們的核心存款平台和商業貸款系統現代化。

That's the other area of focus for us. And once we get that complete and have what will be, we think, the most contemporary cloud-based core platform amongst our peers, then we can reassess where we are. But in the meantime, we're just going to keep doing what we do. We'll look for some nonbank opportunities. Those have been good to us. We haven't seen anything recently that has interested us, but we'll continue to look.

這是我們關注的另一個領域。一旦我們完成了這一切，並擁有了我們認為在同行中最具現代感的基於雲端的核心平台，我們就可以重新評估我們所處的位置。但同時，我們將繼續做我們正在做的事情。我們將尋找一些非銀行機會。這些對我們都有好處。最近我們沒有看到任何讓我們感興趣的東西，但我們會繼續尋找。

Scott Siefers, Piper Sandler.

史考特·西佛斯、派珀·桑德勒。

David, I was hoping maybe with regard to the margin. If you could spend a little more time unpacking exactly where things are coming in better than you had expected. I know you touched on fixed asset turnover in your prepared remarks.

大衛，我希望也許與利潤有關。如果您能花多一點的時間仔細檢查事情的進展情況，結果會比您預期的更好。我知道您在準備好的發言中提到了固定資產週轉率。

But just given -- I think you had sort of previously teased the possibility of getting to 3.60% sooner than the end of the year, but now it's both higher and sooner. So just curious how things are playing out from your perspective.

但鑑於——我認為您之前曾暗示過在年底之前達到 3.60% 的可能性，但現在這個數字更高了，也更快了。所以我只是好奇從你的角度來看事情進展如何。

Sure. Just to level set, we had talked about getting to 3.60%. We changed our guidance to get there a little sooner than the end of the year, we did have a nice growth in the margin this quarter. But let me give you a couple of things that aren't going to repeat. We had some hedge notional that matured at the beginning of the quarter that had been serving as a negative to NII and margin that went away.

當然。只是為了達到水平，我們已經討論過達到 3.60%。我們改變了預期，希望在年底前能早一點實現這一目標，本季我們的利潤率確實實現了良好的成長。但請容許我告訴你們幾件我不會重複的事情。我們有一些在本季初到期的對沖名義資產，這些對沖名義資產對 NII 和保證金產生了負面影響，現在已經消失了。

And so that helped us call that $5 million, $6 million. We'll have new notional going on in the third quarter that will replace that. And just to remind everybody, we put these swaps on three years in advance. So the timing isn't exactly perfect. So that's $5 million or $6 million that won't repeat. And then we had a little bit more recoveries on some credit that we received. Normally, that number is about $5 million a quarter.

這幫助我們將其稱為 500 萬美元或 600 萬美元。我們將在第三季推出新的概念來取代它。再次提醒大家，我們提前三年就完成了這些掉期交易。所以時機並不完美。所以這 500 萬美元或 600 萬美元不會重複。然後，我們收到的一些信貸又得到了一些恢復。通常情況下，這個數字是每季約 500 萬美元。

It was about $10 million this quarter. So we had $5 million extra there, so call it, $10 million or 3 basis points that won't repeat. So you got to take your 3.65% margin and really start at 3.62%. As we think about next quarter -- this past quarter and next quarter is we really had the front book, back book.

本季約 1000 萬美元。因此，我們在那裡有額外的 500 萬美元，可以稱之為 1000 萬美元或 3 個基點，不會重複。因此，您必須採用 3.65% 的保證金，並真正從 3.62% 開始。當我們考慮下個季度時——上個季度和下個季度我們確實有前書和後書。

We told you 140 basis points of pickup, but we've also been controlling our deposit cost. We had a pretty big CD maturity month in the month of May, so this quarter. We don't have that type of change in the third quarter, but we do in the fourth quarter. So the third quarter is going to be a little bit more muted growth.

我們告訴您 140 個基點的回升，但我們也一直在控制我們的存款成本。五月是我們的定期存款到期月份，所以是本季。我們在第三季沒有出現這種變化，但在第四季出現了。因此第三季的成長將會稍微放緩。

We had nice loan growth at the end of the quarter, continuing to control our cost, and the front book, back book will continue at about the same level this quarter. As I said in the prepared comments, that front book, back book lasts for about three years, albeit diminishing over time, but it's a nice tailwind for us. And with the recent loan growth, that gives us pretty good confidence of having growth in the third quarter and beyond.

我們在本季末實現了良好的貸款成長，繼續控製成本，本季前帳簿和後帳簿將繼續保持大致相同的水平。正如我在準備好的評論中所說的那樣，前書和後書持續了大約三年，儘管隨著時間的推移而減少，但這對我們來說是一個很好的順風。鑑於近期貸款的成長，我們對第三季及以後的成長充滿信心。

Perfect. Okay. And then actually, David, I wanted to ask you, can you sort of discuss kind of the tail of deposit cost leverage from here? I always think of Regions as having a little bit of a longer trend given the retail focus. How are you thinking about overall the deposit pricing from here?

完美的。好的。然後實際上，大衛，我想問你，你能從這裡討論一下存款成本槓桿的尾部嗎？鑑於零售業的重點，我總是認為地區會有更長的趨勢。您如何看待現在的整體存款定價？

Yes. So first off, as you noted, we had our interest-bearing deposit costs came down and we continue to grow deposits in all of our priority markets, which are eight of them. So we're very excited about that. In terms of our beta, as you recall, on the up cycle, we had the lowest beta at about 43%. We've said for kind of guidance purposes, we're using the mid-30s.

是的。首先，正如您所說，我們的計息存款成本已經下降，並且我們在所有優先市場（其中八個）的存款都在繼續增長。所以我們對此感到非常興奮。就我們的貝塔係數而言，正如您所記得的，在上升週期中，我們的貝塔係數最低，約為 43%。我們說過，出於某種指導目的，我們使用 30 年代中期的數據。

So we're at 35% as a cumulative beta thus far. We expect over time to get back to that 43%. But just for planning purposes in that mid-30s we think is important. And our focus on continuing to grow checking accounts and operating accounts of businesses helps us have and sustain a pretty high level of noninterest-bearing deposits, which is a little over 30%.

因此，到目前為止，我們的累積 beta 值為 35%。我們預計隨著時間的推移，這一比例將恢復到 43%。但我們認為，僅僅出於 30 多歲這個年齡層的規劃目的，這一點很重要。我們專注於繼續增加企業的支票帳戶和營運帳戶，這有助於我們擁有並維持相當高的無利息存款水平，略高於 30%。

So I think that we have the ability to get that beta, that 35%, down or up even more as the Fed starts its cutting cycle, which we can debate when that would be. We don't see a cut in July, but maybe there's a cut later on in the year.

因此，我認為，隨著聯準會開始降息週期，我們有能力讓 35% 的貝塔係數進一步下降或上升，至於何時開始，我們可以討論。我們認為 7 月不會降息，但今年稍後可能會降息。

John Pancari, Evercore ISI.

約翰·潘卡里（John Pancari），Evercore ISI。

Just wanted to see if you could kind of walk through the loan growth dynamics a little bit more. Underneath that stable to up guidance, what are you seeing in terms of line utilization trends? And what are the biggest drivers on the commercial side from here in terms of either your markets or product areas? And then, I guess, similarly on the consumer side, where do you see the greatest drivers to asset growth?

只是想看看您是否可以更詳細地介紹貸款成長動態。在穩定至上升的指導下，您看到了線路利用率趨勢如何？那麼，就您的市場或產品領域而言，商業方面最大的驅動力是什麼？然後，我想，同樣在消費者方面，您認為資產成長的最大驅動力在哪裡？

Yes, John, so we've had -- I think, particularly over the last couple of quarters, we've seen a nice uptick in our pipelines. They're improving. Pipelines are up 17% year over year and 30% over the first quarter. That's in our wholesale business in the corporate bank. Production is up 19% versus the quarter and 15% year over year.

是的，約翰，所以我們有——我認為，特別是在過去幾個季度，我們的管道數量出現了良好的上升。他們正在進步。管道數量年增 17%，比第一季成長 30%。這是我們企業銀行的批發業務。產量較上一季成長 19%，較去年同期成長 15%。

So we're about half of that funded. So we're seeing some good growth as we benefit from just our day-to-day blocking and tackling, and we benefit from the good markets we're in and some improving sentiment, I would say.

因此，我們獲得的資金大約是其中的一半。因此，我想說，我們看到了一些良好的成長，因為我們受益於我們日常的阻止和處理，我們也受益於我們所處的良好市場和一些改善的情緒。

We're experiencing growth in our energy portfolio and asset-based lending and some in the manufacturing sector, within our structured finance portfolio, also all areas where we're seeing some nice growth, our REIT business. And we have previously committed to some multifamily projects that are continuing to fund up, which is a catalyst for growth. All that's offset by our continued discipline to remix our portfolio.

我們的能源投資組合、資產抵押貸款以及製造業的部分業務、結構性融資投資組合以及房地產投資信託基金業務均實現了良好成長。我們之前已經承諾了一些多戶型項目，這些項目的資金正在持續增加，這是成長的催化劑。所有這些都被我們持續調整投資組合的紀律所抵消。

So we've exited, over the last 12 months, almost $1 billion in leverage lending, enterprise value lending, relationships, much of which was in the technology portfolio that we just felt it was appropriate to exit. We weren't getting the returns on that risk that we thought we should.

因此，在過去 12 個月中，我們退出了近 10 億美元的槓桿貸款、企業價值貸款和關係，其中大部分屬於技術投資組合，我們認為退出是合適的。我們並沒有從這種風險中獲得我們認為應該獲得的回報。

And that's again, I think, a discipline that we've developed now over a number of years. And so that offsets some of the growth that we're experiencing, which is not why we're not projecting a lot. But we're seeing good activity amongst particularly our commercial middle market customers, pipelines are also improving in our larger corporate business, and real estate has been stable. So all that is positive.

我認為這是我們經過多年發展而形成的一門學科。因此，這抵消了我們正在經歷的部分成長，這並不是我們沒有進行大量預測的原因。但我們看到，尤其是我們的商業中端市場客戶活動良好，我們較大的企業業務中的管道也在改善，房地產也保持穩定。所以這一切都是正面的。

On the consumer side, again, we've seen some improvement in home equity lending activity, and we expect customers to continue to borrow there. We're continuing to hire mortgage bankers. We believe in that business. And while it's a little challenged today, there are some green shoots, we think, and we'd expect to see some positive activity there.

在消費者方面，我們再次看到房屋淨值貸款活動有所改善，我們預計客戶將繼續在那裡借貸。我們正在繼續招聘抵押貸款銀行家。我們對這項業務充滿信心。儘管目前它面臨一些挑戰，但我們認為已經出現了一些復甦的跡象，我們預計未來會看到一些積極的發展。

And then our home improvement finance business is also one that we have a lot of optimism for over the longer term with respect to consumer credit card growing a bit. And that's a important relationship-oriented business with us. All of our credit card customers also have other products with Regions, and that's growing nicely.

從長期來看，我們對家居裝修金融業務也抱持著很大的樂觀態度，因為消費者信用卡業務將會有所成長。這對我們來說是一項重要的以關係為導向的業務。我們所有的信用卡客戶也都擁有 Regions 的其他產品，而且成長勢頭良好。

Okay. John, I appreciate it. And just secondly, I probably sound like a broken record asking this on the various calls, but on -- particularly in the Southeast, I think it's relevant. But on competition and the competitive backdrop, certainly, heavy focus around the Southeast markets, hearing some pretty clear commentary around a step-up in both loan pricing competition as well on the deposit side.

好的。約翰，我很感激。其次，我在各種電話中問這個問題可能聽起來像是老生常談，但特別是在東南部，我認為這是相關的。但在競爭和競爭背景方面，當然重點關注東南市場，聽到一些非常明確的評論，關於貸款定價競爭以及存款方面的升級。

Your yields are still pretty good this quarter, both on the loan side and on the deposit pricing cost. So what are you seeing on competitive dynamics? And are there considerations you're making, whether you participate where you do see that intensification happening on the loan pricing side or deposits?

本季你們的收益率仍然相當不錯，無論是貸款方面還是存款定價成本方面。那麼您看到了什麼樣的競爭動態呢？您是否考慮過，無論您是否參與其中，您是否看到貸款定價方面或存款方面出現加劇的情況？

Well, I mean, to your point, we are experiencing competition. We're in great markets. And so we have to expect that other banks and nonbanks, frankly, are going to continue to want to compete in the markets that we serve. As I've said a number of times, we've been in a lot of these markets for over 170 years. We have a strong brand, a real strong reputation.

嗯，我的意思是，正如你所說，我們正在經歷競爭。我們處於巨大的市場。因此，坦白說，我們必須預料到其他銀行和非銀行機構將繼續希望在我們服務的市場上競爭。正如我多次說過的，我們在許多這樣的市場已經經營了 170 多年。我們擁有強大的品牌和真正的良好聲譽。

We're building our business around people. We take advantage of the great places that we're in. We think our teams partner well together, focused on delivering great products and services to customers. And so it's really about how we execute every day, how we execute our plans and recognize that it is a competitive environment. There are going to be people coming into our markets every day.

我們的業務以人為本。我們充分利用我們所處的優越位置。我們認為我們的團隊合作良好，專注於為客戶提供優質的產品和服務。所以這實際上是關乎我們如何執行每一天，如何執行我們的計劃，並認識到這是一個競爭環境。每天都會有人進入我們的市場。

We want to take our customers. We want to make sure that we're protecting the relationships we have. And at the same time, calling on new prospects to establish broader relationships. And in fact, within our commercial banking business, we've already grown relationships this year that equate to about 5% growth in total relationships on an annualized basis. So we are not only protecting the business we have, but we're continuing to grow in markets that are important to us.

我們想接待我們的客戶。我們希望確保保護我們現有的關係。同時，呼籲新客戶建立更廣泛的關係。事實上，在我們的商業銀行業務中，我們今年已經發展了關係，相當於總關係的年增長率約為 5%。因此，我們不僅要保護現有的業務，而且還要在對我們重要的市場中繼續發展。

Ken Usdin, Autonomous Research.

肯‧烏斯丁（Ken Usdin），自主研究。

I wanted to follow up on one of your prepared remarks where you talked about like now that we've got that line of sight on the systems being closer to being done, I'm just wondering what we should be thinking about in terms of when we get to that moment, do we start to see just an incremental amount of efficiency that come out of the system? Does it free up some legacy costs when we get there? And also, does it change anything in your mind about like the strategic push forward for Regions?

我想跟進您準備好的發言之一，您談到現在我們已經看到系統即將完成，我只是想知道當我們到達那一刻時我們應該考慮什麼，我們是否會開始看到系統效率的逐步提高？當我們到達那裡時，它是否會釋放一些遺留成本？此外，它是否改變了您對地區策略推進的想法？

Yes. Maybe I'll let David talk about the efficiency and cost part of this. But I do think it positions us really well with respect to our strategy. We believe just, if nothing else, we have the benefit of continuing to offer more products, more services to our customers and to do it more quickly, more efficiently.

是的。也許我應該讓大衛談談這方面的效率和成本部分。但我確實認為，它對我們的策略來說確實處於非常有利的地位。我們相信，即使沒有別的，我們也能繼續為客戶提供更多的產品、更多的服務，並且更快、更有效率地完成這些工作。

And so, we think because we'll have a single deposit platform operating across our footprint, it will be cloud-based and contemporary in form that we really will have a competitive advantage with respect to technology and our ability to bring products and services to our customers and to our bankers much more efficiently and effectively. And that then might change some of the aspects of our strategy. But today, we're focused on just delivering that project.

因此，我們認為，由於我們將在我們的業務範圍內運營一個單一的存款平台，它將基於雲端並具有現代形式，我們將在技術方面真正擁有競爭優勢，並能夠更有效率、更有效地為我們的客戶和銀行家提供產品和服務。這可能會改變我們策略的某些方面。但今天，我們只專注於完成這個項目。

Yes. I think from an efficiency standpoint, that really is both sides of the equation. John mentioned the revenue efficiencies, getting the market quicker, being able to have an offer in one area versus another area based on the dynamics of a given market. From a total cost standpoint, we do expect over time that technology costs will increase.

是的。我認為從效率的角度來看，這確實是等式的兩邊。約翰提到了收入效率、更快地進入市場、能夠根據特定市場的動態在一個地區而不是另一個地區提供報價。從總成本的角度來看，我們確實預期隨著時間的推移技術成本會增加。

Software as a Service, just broad-based, is going to cause that across the industry, we would believe. And so the issue is, as we leverage that technology, including artificial intelligence and generative AI is how can we use those tools and, over time, we will have attrition in our workforce that we won't have to replace because we have technology that can do a particular job.

我們相信，廣泛的軟體即服務將推動整個產業的發展。所以問題是，當我們利用包括人工智慧和生成人工智慧在內的技術時，我們如何使用這些工具，隨著時間的推移，我們的勞動力將會流失，但我們不必取代他們，因為我們擁有可以完成特定工作的技術。

So I think that the key is how does all that happen in tandem. And we don't have that clear answer just yet. But in theory, that's what the expectation should be with these new technologies that we're going to be implementing. And it includes a commercial loan system and deposit system and a new general ledger. So there's a lot going on there over the next couple, two, three years, actually.

所以我認為關鍵是所有這一切如何同時發生。但我們目前還沒有明確的答案。但從理論上講，這正是我們將要實施的這些新技術所期望的。它包括商業貸款系統和存款系統以及新的總帳。因此實際上在接下來的兩三年裡會發生很多事情。

Got it. And as a follow-up to what you've been building, you just mentioned the commercial system, like how run rated are the bankers that you've hired so far in terms of their production potential? And how are you doing in terms of your pacing in terms of the competitive ability to add more people like you've talked about over the last few years looking at like, what, upwards of 150 plus over the next couple of years?

知道了。作為您一直在建立的後續工作，您剛才提到了商業系統，那麼就生產潛力而言，您迄今為止僱用的銀行家的評級如何？就競爭力而言，你們的步伐如何？就像過去幾年中提到的那樣，你們計劃在未來幾年內增加 150 多人？

Yes. I think we're on track. We should have hired about half of the bankers that we expect to hire by the end of the third quarter. We began building around support staff first, because we want to make sure we have the teams in place to support our bankers when they join our teams. I think our recruiting has been good.

是的。我認為我們正走在正確的軌道上。到第三季末，我們應該已經聘用了預計聘用銀行家數量的一半左右。我們首先開始圍繞支援人員進行建設，因為我們希望確保在銀行家加入我們的團隊時，我們擁有一個能夠為他們提供支援的團隊。我認為我們的招募工作做得很好。

We talk often about the importance of recruiting every day, expect our leaders to know who the best bankers are in the markets that they're operating in. And as a result, we should have a leg up on recruiting because we're actively doing that all the time. And we're pretty confident in our ability to complete our recruiting of the bankers we anticipate hiring. As I say, about half of them by the end of the third quarter, which is on pace with our expectations and the balance midway through 2026 probably.

我們經常談論每天招募的重要性，希望我們的領導者知道他們所經營的市場中誰是最優秀的銀行家。因此，我們在招募方面應該佔據優勢，因為我們一直在積極地做這件事。我們對自己完成預期銀行家招募工作的能力非常有信心。正如我所說，其中大約一半將在第三季末完成，這符合我們的預期，其餘部分可能會在 2026 年中期完成。

Steven Alexopoulos, TD Cowen.

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

I wanted to start. So the short interest is fairly high in your stock and part of the thesis on those more negative is that it's going to be tough for you to maintain this high mix of noninterest-bearing, right? And tied to that, your net interest margin might be at a peak. Now in the slides, you do say you expect to hold that noninterest very mix stable. Could you unpack this for us?

我想開始。因此，您的股票的空頭利息相當高，而那些更負面的論點的一部分是，您將很難維持這種高比例的無息資產組合，對嗎？與此相關，您的淨利差可能會達到高峰。現在在幻燈片中，您確實說過您希望保持非利息組合的穩定。你能幫我們把這個拆開嗎？

How do you expect to maintain that stable means you have to grow it if you're growing, total deposits to fund loan growth? And then ultimately, that will lead to what environment do we need to see for you to see NIM expansion beyond the second half?

您如何期望保持這種穩定，這意味著如果您正在成長，那麼您必須增加總存款來資助貸款成長？那麼最終，這將導致我們需要看到什麼樣的環境才能看到下半年後的 NIM 擴張？

Yes. So a couple of things there. Our whole business model is predicated on when we think of a customer, we think of a checking account of a consumer and an operating account of a business, noninterest-bearing deposits. From that, we can leverage all the other products and services that those customers need and value. And so when we're growing, if we want to have a money market, especially in one of our growth markets, we're going to bring an expected checking account to come with that.

是的。那裡有幾件事。我們的整個商業模式建立在這樣的前提上：當我們想到客戶時，我們會想到消費者的支票帳戶和企業的營運帳戶，也就是無利息存款。由此，我們可以利用這些客戶所需要和重視的所有其他產品和服務。因此，當我們成長時，如果我們想要擁有一個貨幣市場，特別是在我們的一個成長市場中，我們將帶來一個預期的支票帳戶。

So continuing to grow new clients, John had mentioned 300 new clients. So operating accounts, that we think we can continue to maintain that low 30% noninterest-bearing deposit account. I mean, again, a lot of those -- two-thirds of those are consumer checking accounts with $5,000 on average in them. Those aren't going anywhere.

為了繼續增加新客戶，約翰提到了 300 個新客戶。因此，我們認為營運帳戶可以繼續維持 30% 的低無利息存款帳戶。我的意思是，其中很多——三分之二是消費者支票帳戶，平均帳戶中有 5,000 美元。那些東西不會去任何地方。

And if you're in markets and making investments where there's a lot of growth in people and businesses, we should expect as we grow total deposits that we can continue to grow noninterest-bearing. Relative to the margin, we had talked about trying to get our margin more stable and less volatile. And we've said we could be, depending on where the interest rate environment is, somewhere between 3.50% and 4%.

如果你在人員和企業大量成長的市場中進行投資，我們應該預期，隨著總存款的成長，我們可以繼續增加無利息存款。相對於保證金，我們曾討論過嘗試讓我們的保證金更加穩定、波動更小。我們說過，根據利率環境，利率可能會在 3.50% 到 4% 之間。

And we still believe that. So I think that at the end of the day, we have some more room to grow the margin, and it really depends on what absolute rates are, but also the shape of the yield curve. And so if we can have a normal yield curve, you call it, in the 4% range, maybe a tad over that on 10% and 3% on the short end, that's a pretty good environment for us to continue to grow net interest income and the resulting margin.

我們仍然相信這一點。因此我認為，最終我們還有一定的空間來提高利潤率，這實際上取決於絕對利率是多少，也取決於殖利率曲線的形狀。因此，如果我們能夠擁有一條正常的殖利率曲線，即在 4% 的範圍內，可能略高於 10%，短期殖利率為 3%，那麼這對於我們繼續增加淨利息收入和由此產生的利潤率來說是一個相當不錯的環境。

Yes. And I would just add, if I can, we have almost 4.5 million consumer checking account customers. Average balance, as David suggested, is about $5,500. So we have a very loyal, low-cost and granular, importantly, customer base who are actively using their accounts for 39 or 40 quarters. Visa recognizes the bank whose debit card base is -- most utilizes their cards and is most active.

是的。我還要補充一點，如果可以的話，我們有將近 450 萬消費者支票帳戶客戶。正如大衛所說，平均餘額約為 5,500 美元。因此，我們擁有一個非常忠誠、低成本且細緻的客戶群，重要的是，這些客戶積極使用他們的帳戶長達 39 或 40 個季度。Visa 認可藉記卡用戶最多的銀行—其卡片使用率最高且最為活躍。

And we've been at the top of that group, which means our customers are actually operating out of their accounts, and we believe that that will continue. We have 400,000 small business customers, and they have an average balance of about $15,000. So again, really core granular customers, and we're growing consumer checking accounts. We're growing small business checking accounts in the markets that we're in, and we believe that we can continue to do that.

我們一直處於該群體的領先地位，這意味著我們的客戶實際上正在使用他們的帳戶進行操作，我們相信這種情況將會持續下去。我們有 40 萬家小型企業客戶，他們的平均餘額約為 15,000 美元。所以，再說一次，真正核心的細粒度客戶，我們正在增加消費者支票帳戶。我們正在市場中增加小型企業支票帳戶，我們相信我們可以繼續這樣做。

The final thing is, amongst our core commercial customer base, we have about a 64%, 65% penetration rate for treasury management products and services. So there's some upside there as we continue to broaden and deepen relationships, which should solidify and help us grow noninterest-bearing deposits.

最後一點是，在我們的核心商業客戶群中，財務管理產品和服務的滲透率約為 64% 至 65%。因此，隨著我們繼續拓寬和深化關係，這將帶來一些好處，鞏固並幫助我們增加無息存款。

Got it. That's helpful. For a follow-up question, which goes back to your answer to John Pancari's question, when we listen to other banks, if you read the PNC call, as an example, I talk about good loan growth coming from your markets and its share gain. So there's also a view that Regions is a bit on defense with all these other banks coming into your market.

知道了。這很有幫助。對於後續問題，回到您對 John Pancari 問題的回答，當我們聽取其他銀行的意見時，例如，如果您閱讀 PNC 電話會議，我會談到來自貴公司市場的良好貸款增長及其份額增長。因此，也有觀點認為，面對許多其他銀行進入 Regions 市場，Regions 顯得有些防禦姿態。

Can you just give us a sense, when you think about whatever loan growth is for the industry, do you guys have an expectation that you'll be at that level or better, which is partially to do with appetite to grow?

您能否為我們介紹一下，當您考慮行業的貸款成長時，您是否期望達到這個水平或更好，這部分與成長意願有關？

Yes. I mean we have -- and I think I was trying to make the point just a few minutes ago. We have, over the last seven, eight years, been really focused on capital allocation, risk-adjusted returns. We've been remixing our portfolio, and that's a real disciplined process we continue to go through. It's not been so much about growth for us as it has been to position our portfolio for soundness, for profitability and then ultimately for growth.

是的。我的意思是我們已經——而且我認為我幾分鐘前就試圖闡明這一點。在過去的七、八年裡，我們一直專注於資本配置和風險調整回報。我們一直在重新組合我們的投資組合，這是我們將繼續進行的真正嚴謹的過程。對我們來說，這並不是為了成長，而是為了讓我們的投資組合更加穩健、獲利，並最終實現成長。

There will be periods of time when we just don't grow. And now is one where we're growing modestly. But as I pointed out, we've had $1 billion in force runoff related to our leverage lending and enterprise value lending portfolios, primarily within the technology sector. We just decided to exit that space.

有一段時間我們根本不會成長。現在我們正在緩慢增長。但正如我指出的那樣，我們的槓桿貸款和企業價值貸款組合已經被迫撤資 10 億美元，主要集中在科技領域。我們只是決定離開那個空間。

And all the while, we're continuing to improve our profitability and returns for our customers, that's what we're focused on, consistent, sustainable performance. We will continue to grow. And I believe and have said consistently, we should grow with the economy plus a little in the markets that we operate in. But that assumes that we're not also trying to exit some other part of our business to continue to reshape the portfolio.

同時，我們也持續提高客戶的獲利能力和回報，這就是我們所關注的，持續、可持續的業績。我們將繼續成長。我相信，並且我一直強調，我們應該隨著經濟發展而成長，並在我們營運的市場中保持一定幅度的成長。但這假設我們不會試圖退出其他業務來繼續重塑投資組合。

The other thing I'd say about growth, and I love slide 4 in our deck, we're continuing to grow core deposits. And when you look at deposit growth in our markets over the last five years, we're growing at a rate faster than virtually all of our peers and doing it at a cost that is significantly less than our peers. That is ultimately -- that's, in my mind, anyway, the real proxy for do we have a business that's growing? Is it sustainable? And will it create long-term value for our shareholders. And I think the answer is yes.

關於成長我想說的另一件事是，我們將繼續增加核心存款，我很喜歡我們簡報中的第 4 張投影片。如果你回顧過去五年我們市場上的存款成長情況，你會發現我們的成長速度幾乎比所有同業都要快，而且成本卻遠低於同業。無論如何，在我看來，這最終才是我們業務是否正在成長的真正體現？它可持續嗎？並會為我們的股東創造長期價值。我認為答案是肯定的。

And I'll add one thing, Steven, to that. On the loan side, if you look at our loan yields relative to peers, loan yields have come down over an extended period of time. Ours have come down less so than everybody else's, because we are trying to use rate to grow.

史蒂文，我還要補充一點。在貸款方面，如果你看一下我們相對於同業的貸款收益率，你會發現貸款收益率在較長一段時間內已經下降。我們的降幅比其他人的都小，因為我們試圖利用利率來實現成長。

We will grow when we get paid for the risk that we take with an appropriate return on the capital that our shareholders have given us to use. And if that means we grew a little bit slower than everybody else, so be it. But we're going to be focused on risk-adjusted returns. We think that's really what our shareholders want us to do.

當我們承擔的風險得到相應的回報，股東給予我們的資本獲得適當的回報時，我們就會成長。如果這意味著我們的成長速度比其他人慢一點，那就這樣吧。但我們將重點放在風險調整後的回報。我們認為這正是股東希望我們做的。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

Can you guys share with us -- your credit quality is very good, improved this quarter, but many of the banks this quarter had really good improvement. And it's interesting because the backdrop that we have of the economic uncertainty brought on by the Trump administration's tariff policies potentially causing increased inflation, predictions three months ago of recession probabilities going up and credit across the board this quarter was really good. Can you give any color on what you guys are seeing?

你們能否與我們分享一下——你們的信用品質非常好，本季有所改善，但本季許多銀行的信用品質都有了很好的改善。有趣的是，我們面臨的背景是川普政府的關稅政策帶來的經濟不確定性，可能導致通貨膨脹上升，三個月前預測經濟衰退的可能性會上升，而本季的信貸狀況總體良好。你能解釋一下你們所看到的情況嗎？

And then second, John or David, if those two portfolios that you have identified that you keep extra scrutiny on transportation and office commercial real estate, any color on those portfolios as well?

其次，約翰或大衛，如果您確定了這兩個投資組合，並且對交通運輸和辦公室商業房地產進行了額外的審查，那麼這兩個投資組合也有什麼特點嗎？

Yes. I think in general, Gerard, businesses have had a number of good years in a row. And so they have generally strong -- much stronger balance sheets, a lot of liquidity, true of the consumer as well. While they may have more debt, debt-to-income ratios actually improve better. They have more liquidity. So all in all, I think customers have been more prudent in how they manage their business, so to speak.

是的。傑拉德，我認為總體而言，企業已經連續幾年表現良好。因此，這些國家的資產負債表通常強勁得多，流動性充足，消費者也是如此。雖然他們的債務可能更多，但債務收入比實際上改善得更好。它們擁有更多的流動性。總而言之，我認為客戶在管理業務方面可以說是更加謹慎了。

At the same time, I think the industry has done a much better job of managing risk exposure concentrations, et cetera, all of which has manifested itself in better outcomes. With respect to the two portfolios, you mentioned, we're continuing to work through a handful of credits in the office space.

同時，我認為該行業在管理風險敞口集中度等方面做得更好，所有這些都體現在更好的結果中。關於您提到的兩個投資組合，我們正在繼續處理辦公空間中的少量信貸。

And while we're guiding to 40 to 50 basis points of charge-offs and potentially to the higher end of the range during the next quarter, that contemplates that we resolve a large issue, which may not get resolved in the third quarter. As you know, working through large credits, sometimes is -- the timing of the resolution is unpredictable.

雖然我們預計下一季的沖銷額將達到 40 到 50 個基點，甚至可能達到該範圍的高端，但這考慮到我們解決了一個大問題，而這個問題可能無法在第三季解決。如您所知，處理大額貸款時，有時—解決的時間是不可預測的。

But we just got a couple, and we've identified those now over a number of quarters and we have plans to work through them. On the transportation side, that sector continues to be stressed in part because of conversations, uncertainty about tariffs, but again, we think that is manageable and customers have reacted to what has been a long period of recession in that sector and are doing okay.

但我們只得到了幾個，並且我們已經在多個季度內確定了它們，並且我們計劃解決它們。在運輸方面，該行業繼續承受壓力，部分原因是談話、關稅的不確定性，但我們再次認為這是可控的，客戶已經對該行業長期的衰退做出了反應，並且情況還不錯。

From the consumer side, Gerard, consumers are in pretty good shape, too. Now there is some pressure on the lower FICO individuals, but that's not where we bank. We bank homeowners, generally speaking, on the consumer side. And so we don't see that risk as consumers that we're banking from a loan standpoint are actually in good shape where their income is outpacing inflation. And they have quite a bit of net worth because of housing prices continue to stay as strong as they are.

從消費者方面來看，傑拉德，消費者的狀況也相當不錯。現在，FICO 較低的個人面臨一些壓力，但我們不會向他們提供銀行服務。一般來說，我們為消費者方面的房主提供銀行服務。因此，我們認為不存在這種風險，因為從貸款角度來看，我們銀行的消費者實際上狀況良好，他們的收入超過了通貨膨脹。由於房價持續堅挺，他們的淨資產相當可觀。

So if you look at our losses in our supplement on the consumer side, you don't see anything in that related to mortgage or home equity to speak of because any time we have -- may have a foreclosure, there's equity in the home that we have from a collateral standpoint. So all in all, businesses and consumers are in pretty good shape, and we just have to work through a couple of these portfolios, which is why we'll be at the higher end of our 40 to 50 charge-off range. In time, we'll expect that to go down to the lower end.

因此，如果你看一下我們在消費者方面的補充損失，你就不會看到任何與抵押貸款或房屋淨值相關的損失，因為任何時候我們都可能有止贖，從抵押品的角度來看，我們擁有的房屋淨值。總而言之，企業和消費者的狀況都很好，我們只需要處理其中幾個投資組合，這就是為什麼我們的沖銷額度將處於 40 到 50 的較高水平。隨著時間的推移，我們預計這一數字將會下降到較低水平。

Very good. And then just a more broad question for either of you. Can you share with us your thoughts on the coin legislation passed yesterday in Congress and stablecoins are probably going to be part of the payment system as we go forward and also deposits.

非常好。然後我想問你們兩位一個比較廣泛的問題。您能否與我們分享您對昨天國會通過的硬幣立法的看法，穩定幣可能會成為我們未來支付系統的一部分，以及存款。

How are you guys approaching adopting some sort of stablecoin solution? And do you think there could be a consortium of banks getting together for a single stablecoin, kind of like what you guys do with Zelle?

你們打算如何採用某種穩定幣解決方案？您是否認為可以有一個銀行財團聯合起來發行一種穩定幣，就像您對 Zelle 所做的那樣？

Yes, I think we do believe that there will be a consortium of banks getting together, and we would intend to participate with them. We're typically a follower. And when big changes like this occur within the industry and more specifically within the payment space, we've been actively engaged with the clearinghouse and with early warning systems around Zelle and real-time payments at the clearing house, et cetera.

是的，我認為我們確實相信會有一個銀行財團聚集在一起，我們打算與他們一起參與。我們通常都是追隨者。當產業內，更具體地說是支付領域發生這樣的重大變化時，我們會積極與清算所合作，並圍繞 Zelle 的預警系統以及清算所的即時支付等進行合作。

We'll also, like in those instances, be engaged with other peers and the larger banks in the industry to find a solution around stablecoin and the impact on the payment system.

就像在這些情況下一樣，我們還將與業內其他同行和大型銀行合作，尋找有關穩定幣及其對支付系統影響的解決方案。

Very good. I'd also add, John, to your slide 4, slide 17 and 18 are very impressive, too. So thank you.

非常好。約翰，我還要補充一點，你的第 4 張投影片、第 17 張和第 18 張投影片也非常令人印象深刻。所以謝謝你。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

So the question I have just is on the operating leverage, which you identified in the 150 to 250 range this year, is that right?

所以我剛才的問題是關於經營槓桿的，您確定今年的經營槓桿在 150 到 250 之間，對嗎？

That's correct.

沒錯。

So as I reflect on all the conversation around the technology investments, I guess, I'd say maturing, right? And the systems being in place in the not-too-distant future. How should we be thinking about operating leverage? Is this run rate of 150 to 250 is something that you think that you should be able to continue to deliver over time? And I'm not asking for a '26 outlook or anything.

因此，當我回顧有關技術投資的所有討論時，我想，我會說技術投資正在成熟，對嗎？並且這些系統將在不久的將來到位。我們該如何考慮經營槓桿？您是否認為這種 150 到 250 的運行率能夠隨著時間的推移持續實現？我並不是要求 26 年的觀點或任何東西。

But I mean, what I'm really just trying to get at is with the technology stack you have and is about to be fully deployed with the AI that you identified in the presentation, discussed a little bit, and coupled with the new banker headcount, should we be thinking here that this is a go-forward range? Or is operating leverage this year unusually high to what you think you can generate over time?

但我的意思是，我真正想說的是，憑藉您擁有的技術堆疊以及即將全面部署的人工智慧（您在演示中提到過，稍微討論過），再加上新的銀行家人數，我們是否應該認為這是一個前進的範圍？或者今年的經營槓桿異常高，超出了您認為未來可以產生的水平？

Betsy, I would just say, we're committed to delivering positive operating leverage over time. There will be periods of time where that's more challenging to do, but we are committed to delivering positive operating leverage over time.

貝琪，我只想說，我們致力於隨著時間的推移提供積極的經營槓桿。在某些時期，做到這一點會更具挑戰性，但我們致力於隨著時間的推移提供積極的經營槓桿。

Yes. I think the key here is we don't want to force positive operating leverage when we need to make investments. That being said, we expect to generate it. We're working on our three-year strategic plan. We're asking all the businesses when they submit their original budgets that they need to have positive operating leverage built into it, and we need to control the back office spend.

是的。我認為這裡的關鍵是，當我們需要進行投資時，我們不想強制採用正向經營槓桿。話雖如此，我們期望生成它。我們正在製定三年戰略計劃。我們要求所有企業在提交原始預算時，必須將積極的經營槓桿納入其中，並且我們需要控制後台支出。

We need to make the investments we need to make, but we also need to go find savings and everything else that we're doing. And we've done a really good job of controlling our expense base, as you can see, I'm not sure what slide it is. And so you'll see that focus on what exactly operating leverage will be in '26, we're not going to sign off on that just yet. But we're making investments this year outside of technology.

我們需要進行需要進行的投資，但我們也需要尋找儲蓄以及我們正在做的其他一切。我們在控制費用基礎方面做得非常好，正如你所看到的，我不確定它是哪張投影片。因此，您會看到，重點關注的是 26 年的營運槓桿究竟是多少，我們現在還不會批准這個決定。但今年我們的投資範圍不僅限於科技。

We're making them in all three of our business segments on the consumer side, wealth side and the corporate banking group. And we expect those investments will generate more revenue. Now it will take time, and somebody forgotten to ask a question about that, it will take time for those new hires to generate revenue.

我們在消費者、財富和企業銀行集團三個業務部門中都做出了這些貢獻。我們預計這些投資將產生更多的收入。現在這需要時間，有人忘了問一個問題，這些新員工需要時間來創造收入。

But we just have to continue to look for ways to become more efficient, and we've got to do -- I think we and the industry has to do a better job of leveraging all the new technologies that are coming at us pretty rapidly and, like I said, let our attrition, which is about 6% to 7% of our workforce every year, help pay for some of this technology spend.

但我們必須繼續尋找提高效率的方法，我們必須這樣做——我認為我們和產業必須更好地利用所有迅速湧現的新技術，就像我說的，讓我們每年約佔勞動力 6% 至 7% 的人員流失來幫助支付部分技術支出。

Got it. Okay. And then my follow-up is just on the net interest margin where you indicated. You mentioned 4% at one point. I wanted to understand the -- and I understand that a normalized yield curve and you indicated front end at 3%, long end at 4%, right? Not 10%, 4%. I hope you're not laughing. I guess the question is, what other factors besides a normalized yield curve with the front end of three would be?

知道了。好的。然後我的後續問題就是您所指出的淨利差。您曾經提過 4%。我想了解—我知道標準化殖利率曲線，您指出前端為 3%，長期為 4%，對嗎？不是 10%，而是 4%。我希望你沒有笑。我想問題是，除了前端三個標準化殖利率曲線之外，還有哪些因素？

Yeah, I think it's a --

是的，我認為這是一個--

The backdrop for that type of outcome.

此類結果的背景。

Yes. So a number of factors, obviously, about big ones [in] yield curve. That one is continuing to grow customers, noninterest-bearing accounts, checking accounts and operating accounts, as we've mentioned, controlling our deposit costs as rates are cut, we've got to be timely with, but when we can to make sure we're cutting rates. We have to be fair to our customers and fair to the market, but we would need to also be fair to our shareholders and make sure we get an appropriate margin.

是的。顯然，殖利率曲線中有許多重要因素。那就是繼續增加客戶、無息帳戶、支票帳戶和營運帳戶，正如我們所提到的，在利率降低時控制我們的存款成本，我們必須及時，但只要我們可以，就要確保我們正在降低利率。我們必須公平對待我們的客戶和市場，但我們也需要公平對待我們的股東並確保我們獲得適當的利潤。

The mix of what we put on the books also matters. And so we have a couple of high interest portfolios, our Ascentium portfolio, our HIFi portfolio, those make a lot of money for us because they're a high fixed rate and the input cost as Fed funds get cut creates a much bigger margin quickly. And so that's through all those is how we could get to 4% at some point.

我們記錄的內容的組合也很重要。因此，我們有幾個高利率投資組合，我們的 Ascentium 投資組合、我們的 HIFi 投資組合，它們為我們賺了很多錢，因為它們是高固定利率，而且隨著聯邦基金的削減，投入成本會迅速產生更大的利潤。透過所有這些，我們最終能夠達到 4% 的目標。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

You mentioned a couple of times about $1 billion of runoff in the past year within the commercial book. And I was just wondering if you could size how much runoff there's still to do and the timing of that on the commercial side. And then I think there's some consumer stuff that you've been running off as well and to size that the same.

您曾幾次提到，去年商業帳簿上的虧損約為 10 億美元。我只是想知道，您能否估算一下，在商業方面，還有多少資金需要處理，以及處理的時間安排。另外，我認為您也一直在處理一些消費品，請估算一下。

Yes. About $400 million to $500 million probably is our target. We expect the balance of the year in terms of runoff today. That's targeted and focused. I'm sorry, I missed maybe the second part of your question.

是的。我們的目標大概是 4 億到 5 億美元。我們預計今天的徑流將達到今年的平衡水平。這是有針對性的，有重點的。抱歉，我可能錯過了你問題的第二部分。

Yes. So actually, just to clarify, the $400 million to $500 million, that's further commercial runoff by the end of the year?

是的。那麼實際上，只是為了澄清一下，這 4 億到 5 億美元是到今年年底的進一步商業支出嗎？

Yes.

是的。

And how much in total is that coming to an end?

那麼總共要花多少錢呢？

It is as of now, we may change our mind. But yes, that's our current target. I don't mean to be flip about that. But what I mean is, from time to time, we take a view of a particular portfolio or a relationship and the profitability of that relationship relative to the risk or profitability of the portfolio. And so we could make some decisions that cause us to focus on something else. But today, based upon what we know, you can expect it to be $400 million to $500 million.

現在，我們可能會改變主意。但確實，這就是我們目前的目標。我並不想對此輕率。但我的意思是，我們不時會考慮某個特定的投資組合或關係，以及該關係相對於投資組合風險或獲利能力的獲利能力。因此，我們可以做出一些決定，讓我們把注意力集中在其他事情上。但今天，根據我們所知，你可以預期這個數字將達到 4 億到 5 億美元。

Okay. And then the second part of the question was just on the consumer side. I think you might saw from like indirect auto. Just remind us like how much is left to run off in the pace of that?

好的。問題的第二部分只是關於消費者方面。我認為您可能會從間接自動的角度看到這一點。只是提醒我們，以這樣的速度還剩下多少時間可以跑完？

Nothing material there, Matt. That's negligible.

那裡沒什麼實質的東西，馬特。這可以忽略不計。

Yes.

是的。

Okay. Great. So I guess the point is like on loans, the drag from runoff should be a lot less, especially going into next year, and then the production is obviously increasing.

好的。偉大的。所以我猜重點就像貸款一樣，資金流失的拖累應該會小很多，特別是進入明年，而且產量顯然會增加。

Right. That's the way we see it.

對。我們就是這樣看的。

Okay. Well, I appreciate your interest in Regions, participation in the call this morning, really proud of the quarter, proud of the effort of our team and excited about the momentum we think we have as we focus on the balance of the year and into 2026. So thank you all and have a good weekend.

好的。好吧，我很感謝您對 Regions 的關注，感謝您今天上午參加電話會議，我對本季度的表現感到非常自豪，對我們團隊的努力感到非常自豪，並且對我們專注於今年的平衡以及 2026 年的勢頭感到興奮。謝謝大家，祝大家週末愉快。

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。