Regions Financial Corp (RF) 2025 Q4 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 的季度收益電話會議。我叫克里斯，我將擔任您今天通話的接線生。（操作說明）

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

現在我將把電話交給達娜諾蘭，她將開始通話。

Thank you, Chris. Welcome to Regions Fourth Quarter and Full Year 2025 Earnings Call. John and David will provide high-level commentary regarding our results. Earnings documents, which include a forward-looking statement disclaimer 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 2025 年第四季及全年業績電話會議。John 和 David 將對我們的研究結果提供高水準的評論。收益文件（包括前瞻性聲明免責聲明和非GAAP調整表）可在我們網站的投資者關係部分查閱。本次揭露內容涵蓋我們的簡報資料、今天的準備好的發言稿和問答環節。

I will now turn the call over to John.

現在我將把通話轉給約翰。

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Before we begin, I'd like to take a moment and personally thank David Turner for his service and leadership. After a nearly 40-year career in auditing and finance, including 20 years of service at Regions, he's made the decision to retire. David has been one of, if not the longest-serving CFOs across the financial space and is highly respected given his depth of experience and his practical approach.

謝謝你，達娜，大家早安。感謝您今天參加我們的電話會議。在開始之前，我想藉此機會親自感謝大衛特納的服務和領導。在審計和金融領域工作近 40 年後，其中包括在 Regions 銀行服務 20 年，他決定退休。大衛是金融領域任職時間最長的財務長之一，甚至可能是任職時間最長的，他憑藉豐富的經驗和務實的態度而備受尊敬。

David joined the bank at a critical moment in our history through his steady leadership, strategic insight and disciplined approach to financial management. Regions not only navigated an exceptionally challenging period for our industry, but emerged stronger, building the solid foundation we stand on today.

戴維在銀行發展的關鍵時刻加入公司，憑藉其穩健的領導、策略眼光和嚴謹的財務管理方法，為銀行的發展做出了巨大貢獻。各地區不僅成功度過了行業面臨的極其嚴峻的時期，而且變得更加強大，為我們今天所擁有的堅實基礎奠定了基礎。

While we certainly will miss David's leadership, not to mention his trademark sense of humor, I'm genuinely excited about working closely with Anil Chadha, our newly appointed CFO. Anil brings a deep understanding of Regions' strategic vision and is fully aligned with our near-term goals and long-term priorities, having been a key member of David's leadership team for the past five years. At the same time, Anil offers a fresh perspective that will help us continue evolving and strengthening our business.

我們當然會懷念大衛的領導才能，更不用說他標誌性的幽默感了，但我真心期待與我們新任命的財務長阿尼爾·查達密切合作。Anil 對 Regions 的策略願景有著深刻的理解，並且與我們的近期目標和長期優先事項完全一致，在過去的五年裡，他一直是 David 領導團隊的重要成員。同時，Anil 的加入帶來了全新的視角，這將有助於我們持續發展壯大業務。

With that, let me turn to our financial results. This morning, we reported strong full year earnings of $2.1 billion, resulting in earnings per share of $2.30 or $2.33 on an adjusted basis. We also generated one of the highest returns on tangible common equity in the industry at just over 18%. We also reported solid fourth quarter earnings of $514 million, resulting in earnings per share of $0.58 and $0.57 on an adjusted basis. We had a few items which negatively impacted fourth quarter earnings by an additional $0.04. Dave will provide more detail on those in a moment.

接下來，讓我來看看我們的財務表現。今天早上，我們公佈了強勁的全年獲利數據，獲利達 21 億美元，每股收益為 2.30 美元，調整後為 2.33 美元。我們的有形普通股回報率也位居行業前列，略高於 18%。我們也公佈了穩健的第四季獲利，達到 5.14 億美元，調整後每股收益為 0.58 美元和 0.57 美元。有幾個因素導致第四季收益額外減少了0.04美元。戴夫稍後會詳細說明這些因素。

As you look at our results, it's clear we executed well against our strategic priorities and continue to build momentum heading into 2026 and beyond. We've made significant progress in hiring bankers to support our growth initiatives and our investments in priority markets continue to pay off, accounting for over 40% of our new corporate client growth during 2025. We also made meaningful progress on our multiyear effort to modernize our core systems. When complete, we will be among a very small number of regional banks operating on a true modern core platform, something we believe will strengthen our competitive position.

從我們的業績來看，很明顯，我們在策略重點方面執行得很好，並且正在為2026年及以後的發展保持勢頭。我們在招聘銀行家以支持我們的成長計劃方面取得了重大進展，我們對重點市場的投資繼續獲得回報，占我們 2025 年新增企業客戶數量的 40% 以上。我們在歷時多年的核心系統現代化改造工作中也取得了實質進展。建成後，我們將成為極少數在真正現代化核心平台上運作的區域性銀行之一，我們相信這將增強我們的競爭地位。

We launched a new native mobile app that's performing exceptionally well, earning a 4.9 out of 5-star rating in the App Store. And we continue to invest in capabilities that matter, authentication, data governance, data management and real-time data. These investments strengthen security, enhance the customer experience, support growth and expand the use of both traditional and generative AI across the company. Our transformation touches every layer of our technology stack in every business, channel and support function. We feel good about where we are and the opportunities ahead. At the same time, we've remained disciplined and focused on the fundamentals.

我們推出了一款全新的原生行動應用，表現非常出色，在 App Store 中獲得了 4.9 分（滿分為 5 分）的評分。我們將繼續投資於重要的能力，例如身份驗證、資料治理、資料管理和即時數據。這些投資加強了安全性，提升了客戶體驗，支援了成長，並擴大了傳統人工智慧和生成式人工智慧在公司內部的應用。我們的轉型影響到我們技術堆疊的每一層，涵蓋每個業務、通路和支援職能部門。我們對現狀和未來的機會都感到滿意。同時，我們始終保持自律，專注於基本面。

Loan growth was challenged in 2025. Large corporate customers took advantage of very attractive financing opportunities in the capital markets and paid down debt. Our commitment to ongoing portfolio management and focus on risk-adjusted returns also drove reductions in loans outstanding as we exited certain portfolios and relationships. However, our net interest income continued to benefit from fixed asset turnover and prudent funding cost management, and we expect those tailwinds to persist. We grew adjusted noninterest income by 5% in 2025 as our wealth management and corporate bank businesses achieved another year of record fee income.

2025年貸款成長面臨挑戰。大型企業客戶利用資本市場極具吸引力的融資機會償還了債務。我們致力於持續的投資組合管理，並專注於風險調整後的收益，隨著我們退出某些投資組合和合作關係，未償貸款也隨之減少。然而，我們的淨利息收入持續受益於固定資產週轉率和審慎的融資成本管理，我們預期這些利多因素將持續下去。2025 年，我們的調整後非利息收入成長了 5%，這得益於我們的財富管理和企業銀行業務連續第二年創下手續費收入紀錄。

Treasury management products and services achieved a second consecutive record while capital markets posted its second best year ever. We managed expenses prudently, producing 140 basis points of adjusted positive operating leverage. And we grew capital, increasing tangible book value per share by 20% while returning $2 billion to shareholders through dividends and share buybacks.

資金管理產品和服務連續第二年創下歷史新高，而資本市場也取得了有史以來第二好的表現。我們謹慎地控制了支出，實現了 140 個基點的調整後正經營槓桿。我們實現了資本成長，每股有形帳面價值成長了 20%，同時透過股利和股票回購向股東返還了 20 億美元。

In summary, we delivered solid financial results through focused strategic execution, advancing our modernization agenda, strengthening our technology foundation and driving performance across the franchise. We entered 2026 with momentum, a disciplined operating posture and a clear commitment to generating consistent, sustainable long-term performance.

總而言之，我們透過專注的策略執行、推進現代化議程、加強技術基礎和推動整個業務部門的業績成長，取得了穩健的財務成果。我們帶著強勁的發展勢頭、嚴謹的營運姿態和對實現持續、可持續的長期業績的明確承諾進入了 2026 年。

Before I turn it over to David, I want to thank our 20,000 Regions associates. Their dedication to serving customers, living our values and executing with integrity is the reason we've been able to deliver the performance we're discussing today. Our progress is the result of commitment day in and day out to doing the right things the right way. Our associates continue to demonstrate what it means to serve with purpose, adapt with resilience and work as one team. I'm incredibly proud of the way we show up for our customers, our communities and for one another. I want to thank them for their leadership, their hard work and their belief in what we're building together.

在將發言權交給大衛之前，我想感謝我們 Regions 的 20,000 名員工。正是他們致力於服務客戶、實踐我們的價值觀以及誠信經營，才使我們今天能夠取得我們所討論的業績。我們的進步源自於日復一日堅持以正確的方式做正確的事。我們的員工不斷展現出以目標為導向的服務精神、以韌性適應變化的精神以及以團隊合作精神開展工作的意義。我為我們對待客戶、社區和彼此的方式感到無比自豪。我要感謝他們的領導、辛勤工作以及對我們共同事業的信任。

With that, I'll hand it over to David to provide some highlights from the quarter and the full year.

接下來，我將把麥克風交給大衛，讓他為大家介紹本季和全年的亮點。

Thank you, John. Before we move to the balance sheet, let me address additional fourth quarter items John mentioned that were not included in our non-GAAP adjusted items. We recorded $26 million of incremental tax expense associated with adjustments to certain state income tax reserves, resulting in a full year effective tax rate of 21.4%. For the full year 2026, we expect the effective tax rate to return to the 20.5% to 21.5% range. We also incurred a total of $14 million of incremental expense related to severance, pension settlement and Visa Class B litigation escrow funding. These items collectively reduced our fourth quarter EPS by $0.04.

謝謝你，約翰。在討論資產負債表之前，我想先說明約翰提到的第四季度其他一些未包含在非GAAP調整項目中的項目。我們記錄了與調整某些州所得稅儲備相關的 2,600 萬美元增量稅收支出，導致全年實際稅率為 21.4%。我們預計 2026 年全年實際稅率將回落至 20.5% 至 21.5% 的區間。我們還產生了與遣散費、退休金結算和 Visa B 類訴訟託管資金相關的總計 1400 萬美元的額外支出。這些項目合計使我們第四季度的每股收益減少了 0.04 美元。

Now let's move on to the balance sheet. Average and ending loans were relatively stable versus 2024 and the third quarter. While loan demand has been modestly improving throughout 2025, we experienced over $2 billion in strategic runoff, mainly from leveraged lending and continued resolutions within our portfolios of interest. We also saw consistently elevated refinancing of large corporate loan balances into the capital markets during 2025. The good news is that many of these headwinds are now largely behind us.

現在我們來看資產負債表。與 2024 年和第三季相比，平均貸款額和期末貸款額相對穩定。儘管 2025 年貸款需求略有改善，但我們經歷了超過 20 億美元的策略性資金流失，主要來自槓桿貸款和我們關注的投資組合中的持續處置。我們也看到，2025 年期間，大型企業貸款餘額持續大量再融資進入資本市場。好消息是，許多不利因素現在基本上已經過去了。

Client sentiment is improving. Loan pipelines and commitments are strengthening. Excess corporate liquidity is beginning to normalize. And as John mentioned, we've made significant progress in our banker hiring initiative.

客戶情緒正在改善。貸款管道和承諾正在增強。企業流動性過剩現象正開始趨於正常化。正如約翰所提到的，我們在銀行家招募計畫方面取得了重大進展。

Taken together, these trends give us confidence that loan growth will return to more normal levels in 2026. For the full year, we expect average loans to be up low single digits versus 2025. Deposits continued to perform well this quarter. Ending balances were up approximately $800 million, supported by strong customer acquisition and retention. Average deposits were roughly flat, modestly outperforming typical year-end seasonality, particularly in consumer banking, where we normally see declines ahead of tax season.

綜合來看，這些趨勢讓我們有信心，貸款成長將在 2026 年恢復到更正常的水平。我們預計全年平均貸款額將比 2025 年略微成長個位數。本季存款表現依然良好。由於強勁的客戶獲取和留存，期末餘額增加了約 8 億美元。平均存款額基本上持平，略好於典型的年末季節性波動，尤其是在消費銀行業務方面，我們通常會在報稅季前看到存款額下降。

Importantly, we achieved this stability while continuing to reduce total deposit costs. Rate movements continue to drive a steady mix shift from CDs into money market accounts in both consumer and wealth. Higher third and fourth quarter CD maturities helped lower our average portfolio cost and as expected, balance attrition was modest. We saw limited impact to overall balances even as some funds migrated to money market.

重要的是，我們在持續降低總存款成本的同時實現了這種穩定性。利率變動持續推動消費者和財富管理領域的投資結構從定期存款向貨幣市場帳戶穩步轉變。第三季和第四季 CD 到期日的增加有助於降低我們的平均投資組合成本，正如預期的那樣，餘額損耗並不嚴重。即使部分資金轉移到貨幣市場，我們對整體餘額的影響有限。

In the Commercial Bank, our five-quarter trend of growing total client managed liquidity on and off balance sheet modestly reversed in the fourth quarter, driven primarily by a decline in off-balance sheet liquidity. Corporate customers are beginning to deploy excess liquidity into business investments, which we expect to support bank borrowings in 2026. Our noninterest-bearing mix remains in the low 30% range, consistent with our target and reflective of the operational nature of our deposit base. As a result, we again expect 2026 average deposits to be up low single digits versus the prior year.

在商業銀行，我們連續五個季度客戶管理的表內和表外流動性總額增長的趨勢在第四季度略有逆轉，這主要是由於表外流動性下降所致。企業客戶開始將過剩流動性投入商業投資中，我們預計這將支持 2026 年的銀行借款。我們的無利息存款佔比仍維持在 30% 左右，與我們的目標一致，也反映了我們存款基礎的營運性質。因此，我們預計 2026 年平均存款額將比前一年略微增加個位數。

Let's shift to net interest income. Despite lower-than-anticipated loan growth, net interest income grew by 2% linked quarter at the upper end of our expected range. Additionally, the net interest margin rebounded to 3.7%, up 11 basis points, inclusive of the nonrecurring benefits from higher-than-anticipated seasonal HR-related asset dividends and credit-related interest recoveries. The balance sheet remains well positioned for the current and expected environment. Our neutral interest rate positioning performed as designed in the quarter with very little impact to net interest income from the Fed's interest rate cuts.

讓我們轉而關注淨利息收入。儘管貸款成長低於預期，但淨利息收入較上季成長 2%，處於我們預期範圍的上限。此外，淨利差反彈至 3.7%，上漲 11 個基點，其中包括高於預期的季節性人力資源相關資產分紅和信貸相關利息回收帶來的非經常性收益。資產負債表依然能夠很好地適應當前和未來的環境。本季度，我們的中性利率策略如預期執行，聯準會降息對淨利息收入的影響微乎其微。

In the fourth quarter, interest-bearing deposit costs declined 16 basis points, equating to a 36% linked quarter beta. The falling cycle interest-bearing deposit beta is 33%, and we remain confident in a mid-30s beta with the potential to outperform over time.

第四季度，計息存款成本下降了 16 個基點，相當於季度環比下降了 36%。下降週期計息存款的貝塔係數為 33%，我們仍然對 30 多貝塔係數充滿信心，並認為隨著時間的推移，該貝塔係數有可能跑贏大盤。

Net interest income also benefited from fixed asset turnover in the fourth quarter as a steep yield curve continued to support term loan and securities pricing levels. While we expect these benefits to persist in 2026 and beyond, asset repricing is exposed to middle and long-term rate fluctuations. To mitigate a portion of this exposure, we added $3.5 billion of forward starting received fixed swaps scheduled to begin throughout 2026. These hedges distinct from our short-term rate protection are intended to lock in rate levels on future loan and securities production. Finally, the increase in margin was partly due to lower earning asset balances, including cash, which is now within the range we consider sufficient for liquidity management.

第四季度，固定資產週轉率的提高也帶動了淨利息收入的成長，因為陡峭的殖利率曲線繼續支撐著定期貸款和證券的定價水準。雖然我們預計這些好處將在 2026 年及以後持續存在，但資產重新定價將受到中長期利率波動的影響。為了減輕部分風險，我們增加了 35 億美元的遠期起始固定收益互換合約，這些合約計劃於 2026 年全年開始生效。這些與我們的短期利率保護不同的避險策略旨在鎖定未來貸款和證券生產的利率水準。最後，利潤率的提高部分原因是獲利資產餘額（包括現金）減少，目前已達到我們認為足以進行流動性管理的水平。

Turning our attention to 2026. We expect net interest income to grow between 2.5% and 4%. The first quarter will be modestly lower, driven by fewer days and timing of HR-related asset dividends and the benefit from interest recoveries that benefited the fourth quarter. We anticipate sequential growth thereafter, supported by a well-protected interest rate risk position, continued fixed asset turnover and balance sheet growth. After normalizing for nonrecurring items in the fourth quarter, a mid-360s net interest margin is a better starting point when looking to 2026.

讓我們把目光轉向2026年。我們預計淨利息收入將成長 2.5% 至 4%。第一季業績將略有下降，主要原因是與人力資源相關的資產分紅天數減少、分紅時間調整，以及第四季受益的利息回收。我們預計此後將持續成長，這得益於良好的利率風險保護、持續的固定資產週轉和資產負債表的成長。在剔除第四季非經常性專案的影響後，展望 2026 年，360 度左右的淨利差是一個更好的起點。

We expect the margin to be around 3.7% in the first quarter, elevated by day count. A continuation of positive trends throughout the year supports a low to mid-370s net interest margin in the fourth quarter of 2026.

我們預計第一季利潤率約為 3.7%，由於天數增加而上升。如果全年持續保持正面趨勢，2026年第四季的淨利差將維持在370%左右。

Now let's take a look at fee revenue performance during the quarter. Adjusted noninterest income increased 5% in 2025, but declined 6% versus the third quarter. The quarter-over-quarter decline in capital markets reflects postponed M&A transactions and normal seasonality in loan syndication and securities underwriting activity. Real estate capital markets and commercial swap activity was further impacted by the temporary government shutdown. For 2026, we expect capital markets quarterly revenue of $90 million to $105 million, trending near the lower end of the range early in the year and moving higher as the year progresses.

現在我們來看看本季的費用收入表現。2025 年調整後的非利息收入增加了 5%，但與第三季相比下降了 6%。資本市場環比下滑反映了併購交易的延遲以及貸款銀團和證券承銷活動的正常季節性波動。政府暫時停擺進一步影響了房地產資本市場和商業互換活動。我們預計 2026 年資本市場季度營收為 9,000 萬美元至 1.05 億美元，年初將接近該範圍的下限，隨著時間的推移將逐步提高。

Wealth Management delivered record full year revenue and a fourth consecutive quarter of growth, supported by continued sales momentum and a favorable market backdrop.

財富管理業務全年營收創歷史新高，連續第四個季度實現成長，這得益於持續的銷售動能和有利的市場環境。

Mortgage income increased 8% in 2025. However, fourth quarter results were negatively impacted by changes to MSR valuations and net hedge performance.

2025年抵押貸款收入成長8%。然而，第四季業績受到 MSR 估值和淨對沖業績變化的負面影響。

Service charges increased 4% in 2025, led by another record year in treasury management and strong growth in consumer checking and operating accounts across small business and commercial customers. For full year 2026, we expect adjusted noninterest income to grow between 3% and 5% versus 2025.

2025 年服務費上漲 4%，主要原因是資金管理業務再創紀錄，以及小型企業和商業客戶的消費者支票帳戶和營運帳戶業務強勁成長。我們預計 2026 年全年調整後的非利息收入將比 2025 年成長 3% 至 5%。

Let's move on to noninterest expense. Adjusted noninterest expense increased 2% in 2025 and was stable quarter-over-quarter. Salaries and benefits rose 3% in 2025, driven by higher health insurance costs, higher revenue-based incentives and hiring tied to growth initiatives. Equipment software expenses increased 4% in 2025. As we continue our core modernization and migrate further to Software-as-a-Service solutions, technology costs will run a bit higher.

接下來我們來看非利息支出。2025 年調整後的非利息支出成長 2%，與上一季相比保持穩定。2025 年，薪資和福利上漲了 3%，主要原因是醫療保險成本上升、基於收入的激勵措施增加以及與成長計畫相關的招聘。2025年設備軟體支出成長4%。隨著我們繼續推進核心現代化並進一步向軟體即服務解決方案遷移，技術成本將會略高一些。

Historically, technology spend has been 9% to 11% of revenue. Going forward, we expect it to be between 10% to 12%. Over time, these investments will drive efficiency and allow us to manage headcount lower through attrition. For full year 2026, we expect adjusted noninterest expense to be up between 1.5% and 3.5%, and we expect to deliver full year adjusted positive operating leverage.

從歷史上看，技術支出佔收入的 9% 到 11%。展望未來，我們預計這一比例將在 10% 到 12% 之間。隨著時間的推移，這些投資將提高效率，並使我們能夠透過自然減員來降低員工人數。預計 2026 年全年調整後的非利息支出將增加 1.5% 至 3.5%，並預計全年將實現調整後的正經營槓桿。

Regarding asset quality, annualized net charge-offs as a percentage of average loans increased 4 basis points to 59 basis points, reflecting material progress on resolutions within previously identified portfolios of interest, which were reserved for in prior periods. Business services criticized and total nonperforming loans decreased 9% and 8%, respectively, as risk rating upgrades continue to outpace downgrades. The resulting NPL ratio declined 6 basis points to 73 basis points. As a result of the improvement in Business Services criticized loans and NPLs as well as continued resolutions and stressed portfolios, the allowance for credit losses decreased $27 million. The allowance for credit loss ratio declined 2 basis points to 1.76%, while the allowance as a percentage of NPLs actually increased to 242%.

就資產品質而言，年化淨沖銷額佔平均貸款額的百分比上升了 4 個基點，達到 59 個基點，這反映出先前確定的感興趣投資組合的處置工作取得了實質性進展，這些投資組合在前期已計提了準備金。商業服務受到批評，不良貸款總額分別下降了 9% 和 8%，風險評級上調的速度繼續超過下調的速度。由此導致不良貸款率下降6個基點至73個基點。由於商業服務部門的貸款和不良貸款有所改善，以及持續的解決方案和壓力資產組合，信貸損失準備金減少了 2,700 萬美元。信貸損失準備金率下降 2 個基點至 1.76%，而準備金佔不良貸款的比例實際上上升至 242%。

We expect full year 2026 net charge-offs to be between 40 and 50 basis points. Should macro conditions continue to improve, we have the opportunity to operate towards the lower end to the middle part of that range for the year.

我們預計 2026 年全年淨沖銷額將在 40 至 50 個基點之間。如果宏觀經濟狀況持續改善，我們有機會在今年實現該區間的中低端目標。

Let's turn to capital and liquidity. We ended the quarter with an estimated common equity Tier 1 ratio of 10.8%, while executing $430 million in share repurchases and paying $231 million in common dividends. When adjusted to include AOCI, common equity Tier 1 remained unchanged compared to the prior quarter at an estimated 9.6%. We expect to manage common equity Tier 1 inclusive of AOCI around this level, providing meaningful flexibility to meet proposed and evolving regulatory changes, support strategic growth and continue increasing the dividend and repurchasing shares commensurate with earnings. Likewise, liquidity remains stable and robust with ample capacity to support growth.

我們來談談資本和流動性。本季末，我們估計普通股一級資本適足率為 10.8%，同時執行了 4.3 億美元的股票回購，並支付了 2.31 億美元的普通股股利。經調整計入其他綜合收益後，普通股一級資本與上一季相比保持不變，估計為 9.6%。我們預計普通股一級資本（包括其他綜合收益）將維持在這一水平附近，從而為應對擬議的和不斷變化的監管變化提供足夠的靈活性，支持戰略增長，並繼續提高股息和根據收益回購股票。同樣，流動性保持穩定強勁，有充足的能力支持成長。

As you've heard throughout the call, we feel good about the progress we made this year and importantly, the momentum we're carrying into 2026. Many of the 2025 headwinds are behind us and the underlying trends, loan pipelines, deposit strength, fee income growth and continued improvement in credit are all moving in the right direction. We're executing well, investing where it matters and doing it with the same discipline around capital, expense management and returns that have served us well over the years. There's a lot of opportunity in front of us across our markets, across our businesses, supported by the ongoing modernization of our core systems. We believe we're well positioned to take advantage of those opportunities and to continue delivering consistent, sustainable long-term performance for our shareholders.

正如您在整個通話中聽到的那樣，我們對今年取得的進展感到滿意，更重要的是，我們對我們將要進入 2026 年的勢頭感到滿意。2025 年的許多不利因素已經過去，基本趨勢、貸款管道、存款實力、手續費收入成長以及信貸的持續改善都在朝著正確的方向發展。我們執行得當，把錢花在了重要的地方，並且在資本、費用管理和回報方面秉持著多年來行之有效的紀律。隨著我們核心系統的不斷現代化，我們在各個市場、各個業務領域都面臨許多機會。我們相信，我們已做好充分準備，抓住這些機遇，並繼續為股東帶來持續穩定的長期業績。

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演講稿。接下來我們將進入問答環節。

(Operator Instructions) Ryan Nash, Goldman Sachs.

（操作說明）瑞安·納什，高盛。

David, just wanted to say congratulations on the retirement. You will certainly be missed on these calls. Maybe not by me, but I'm assuming by others.

大衛，我只想祝賀你退休。你一定會缺席這些電話的。也許不是我做的，但我猜是別人做的。

Thank you, Ryan. You just mad because of Alabama beating those bugs?

謝謝你，瑞恩。你是不是因為阿拉巴馬州打敗了那些蟲子而生氣？

I was actually hoping to get a come on now out of you. So I'll take the sports insult.

我其實是希望你現在就對我示好。所以我就接受這種體育方面的侮辱吧。

But maybe to start with loan growth. So at the conference last month, you guys talked about pipelines being up over 80% and you were growing commitments. Maybe just unpack for us the loan growth guidance, how much do you anticipate coming from C&I, from consumer. And within the outlook, is there any further runoff baked in or movements into capital markets that's embedded in there?

但或許應該先從貸款成長入手。所以在上個月的會議上，你們談到管道建設量增加了 80% 以上，而且承諾量也在增加。或許您可以為我們詳細解讀貸款成長預期，您預期商業和工業貸款、消費貸款分別會有多少成長。展望未來，是否已經考慮到了進一步的資金流出或資本市場波動？

Yes. So Ryan, it's John. Thank you for the question. First of all, customer sentiment is generally positive, and I think the environments are pretty good. That being commercial customers, I should say.

是的。瑞恩，我是約翰。謝謝你的提問。首先，顧客情緒大致上是正面的，我認為環境也相當不錯。應該說，我指的是商業客戶。

We have seen nice increase in pipeline activity quarter-over-quarter, year-over-year, and we believe that's a catalyst for growth. We're beginning to see customers use some of their excess liquidity, which we think is also a precursor, obviously, to borrowing and increased line utilization. We've talked about the good markets that we're in. About 40% of our new logos, new customers came from the new markets that we're in. We're continuing to hire bankers.

我們看到管道建設活動環比和同比均有顯著增長，我們認為這將是增長的催化劑。我們開始看到客戶使用一些多餘的流動資金，我們認為這顯然也是藉貸和提高信貸額度使用率的前兆。我們已經討論過我們所處的良好市場。我們約 40% 的新客戶和新標誌都來自我們進入的新市場。我們仍在繼續招募銀行從業人員。

We've targeted hiring almost 120 bankers over a two-year period. We hired about 50 in 2025. So we're working toward adding those additional bankers.

我們計劃在兩年內招募近 120 名銀行家。我們預計在 2025 年招募約 50 人。所以我們正在努力增加這些銀行家。

They'll all be -- or virtually all be in our priority markets, those eight priority markets where we think we have real opportunity. We're adding small business bankers in our branches that's separate from those 120 commercial bankers that we want to add. So we believe those activities really set the foundation for growth. We're leaning into our expertise. We have some really strong specialized industry groups, particularly in energy and health care, power and utilities, where we think we're going to continue to see expansionary activities, and we really like our real estate banking team and all the capital markets products that we have to go with that.

它們都將——或幾乎都將——位於我們的優先市場，也就是我們認為擁有真正機會的八個優先市場。我們正在各分行增設小型企業銀行家，這與我們計劃增設的 120 名商業銀行家是分開的。因此，我們相信這些活動確實為發展奠定了基礎。我們正在充分發揮我們的專長。我們擁有一些實力雄厚的專業產業團隊，尤其是在能源和醫療保健、電力和公用事業領域，我們認為這些領域將繼續保持擴張勢頭。我們非常喜歡我們的房地產銀行團隊以及與之配對的所有資本市場產品。

And we think position us to grow on the wholesale side of the business. So while we're guiding to lower single-digit loan growth, I think we feel good about how we're positioned today. We've seen nice commitment growth. And again, pipeline activity is positive. On the consumer side, I would say, let customers are still in really good shape from our perspective.

我們認為這將使我們在批發業務方面實現成長。因此，儘管我們預計貸款成長率將保持在個位數以下，但我認為我們對目前的情況感到滿意。我們看到了良好的客戶忠誠度成長。此外，管道運輸活動也呈現正態勢。從消費者的角度來看，我認為，顧客的處境仍然非常好。

Activity is still good. While we don't expect a lot of growth out of our consumer business, I expect that we'll see some. But the primary driver will be our commercial banking activities and leaning into the strength of our franchise, both our core markets and our growth markets, our priority markets where we have opportunities.

市場行情依然良好。雖然我們預期消費者業務不會有太大成長，但我預期還是會有一些成長的。但主要驅動力將是我們的商業銀行業務，以及發揮我們特許經營的優勢，包括我們的核心市場和成長市場，以及我們有發展機會的優先市場。

The final question you had was related to runoff. We think we've worked through most of the portfolio-shaping activities that have been underway over the last 12 to 18 months. And so I don't believe that would be a headwind as it has been particularly through 2025.

你最後一個問題與徑流有關。我們認為，過去 12 到 18 個月以來所進行的大部分投資組合調整活動已經完成。因此，我不認為這會像2025年之前那樣成為一個不利因素。

Got you. Maybe as my follow-up. So John, the banks over the last 10 years have been focused on improving returns, and it's obviously resulted in you guys having peer-leading returns. And the environment now feels like the markets are much more focused on growth and you're obviously taking steps with a lot of the hiring that you guys are doing. But maybe just talk a little bit about how you're thinking about the trade-off between growth and returns at this point?

抓到你了。或許可以作為我的後續跟進。約翰，在過去 10 年裡，銀行一直致力於提高回報率，這顯然使你們獲得了同業領先的回報率。現在市場環境似乎更加重視成長，而你們也顯然透過大量的招募工作採取了相應的措施。但或許您可以稍微談談您目前是如何看待成長和回報之間的權衡的？

And do you foresee that a lot of this hiring that you're doing is going to result in an uptick in growth over time so that you guys are going to be growing more in line with peers. How do you think about that trade-off over the medium term?

您是否預見到，您目前進行的這些招募活動將隨著時間的推移帶來成長，從而使您的公司發展速度與同行更加同步？您如何看待這種中期權衡？

Well, I'd say, first and foremost, we're focused on capital allocation on risk-adjusted returns on ensuring that we're delivering top quartile returns on tangible common equity. That's our focus. That was our commitment back to ourselves and to the market in 2014, 2015. And I think that focus has allowed us to continue to shape our business in a way that we are performing at the top of our peer group from a return on tangible common equity perspective. And as a result, our shareholders are benefiting as a result of that.

嗯，首先，我認為我們專注於風險調整後的收益的資本配置，以確保我們在有形普通股方面實現前四分之一的回報。這是我們的重點。這是我們2014年、2015年對自身和市場的承諾。我認為正是這種專注使我們能夠繼續塑造我們的業務，從有形普通股回報率的角度來看，我們在同行中表現優異。因此，我們的股東也從中受益。

And I would say that as we think about growth, we've historically said we want to grow with the economy plus a little, and that reflects the good markets that we're in. I think that will always be true. Our desire is to deliver consistent, sustainable, long-term performance to eliminate some of the volatility that had characterized our franchise back in the 2000s and early 2000s in particular, and I guess, all through the 2000s through that decade. And I think we've generally done that.

我想說，當我們思考成長時，我們歷來都表示希望與經濟成長同步成長，並在此基礎上略有成長，這反映了我們所處的良好市場環境。我認為這一點永遠都會成立。我們希望實現持續、可持續的長期業績，以消除 2000 年代和 2000 年代初期，特別是整個 2000 年代乃至整個十年間，我們特許經營業務所表現出的一些波動性。我認為我們總體上都做到了這一點。

And so -- to me, there's no trade-off between growth and returns. We need to make sure that we're sound first, we're profitable second and that we're growing third. And we think we can do all those things, given the markets that we're in.

所以——在我看來，成長和回報之間不存在權衡取捨。我們首先要確保公司穩健運營，其次要確保公司獲利，最後才是確保公司發展。鑑於我們所處的市場環境，我們認為我們可以做到所有這些事情。

Ryan, I'll add, this is David. There's a lot of discussion about balance sheet growth. We also -- we are fixated on earnings per share growth with the right return profile. And our earnings per share growth has been quite nice over an extended period of time relative to the peer group. So there are a lot of other ways to continue to make money.

瑞恩，我補充一下，這位是大衛。關於資產負債表成長的討論很多。我們也—我們專注於在合適的收益率基礎上實現每股收益成長。與同業相比，我們每股收益的成長在較長一段時間內都相當不錯。所以還有很多其他賺錢的方法。

We acknowledge we want to grow the balance sheet, but you need to do it in a responsible way when it's there. And if you try to force it, you're going to get yourself in trouble. We've been very disciplined with that. We're in great markets with the hires that John mentioned, and we think we can grow faster on the balance sheet than what you've seen at least in 2025.

我們承認我們希望擴大資產負債表，但當資產負債表達到目標時，我們需要以負責任的方式進行擴張。如果你強行去做，你會給自己惹上麻煩。我們在這方面一直都非常自律。正如約翰所提到的，我們透過招募進入了非常好的市場，我們認為至少到 2025 年，我們的資產負債表成長速度可以比你們看到的更快。

I was trying to let you get off easy on your last call, David, but I appreciate the color.

大衛，我本來想讓你上次通話輕鬆過關的，但我很欣賞你提出的觀點。

Scott Siefers, Piper Sandler.

斯科特·西弗斯，派珀·桑德勒。

David, I was hoping you could maybe help to kind of unpack the fourth quarter capital markets performance and outlook. The postponed M&A transaction is definitely understandable, given the shutdown, but you had also in the release noted the lower syndication and securities underwriting activity that it kind of feels like the year will start on the slower end but pickup from there. So just curious about any comments about pipeline, why it trajects or leaps back up after the first quarter, et cetera.

大衛，我希望你能幫忙分析一下第四季資本市場的表現和前景。考慮到疫情封鎖，併購交易的延遲是可以​​理解的，但你在新聞稿中也提到了銀團貸款和證券承銷活動的減少，感覺今年年初會比較緩慢，但之後會逐漸回升。所以，我很好奇大家對管道建設有什麼看法，例如為什麼它在第一季之後會下降或回升等等。

Yes. We feel good about capital markets in total. The loan syndications have a little bit of seasonality there in the fourth quarter, came in a bit weaker than we had hoped, but we believe that can pick up in 2026. We'll have a little bit of a slow start in the first quarter, but it will pick up, and we're -- we believe that guidance that we've given you is pretty good.

是的。我們對整體資本市場感到樂觀。第四季的銀團貸款業務具有一定的季節性，比我們預期的要弱一些，但我們相信 2026 年情況會有所改善。第一季開局可能會有點慢，但之後會好轉，而且我們相信我們給出的預期相當不錯。

M&A activity by its nature is a bit episodic. We do have a lot in the pipeline that just didn't get closed in the fourth quarter. We expect that to get closed in the first half of the year. And so we think capital markets, it had its second best year in its history. It just had a -- we just didn't have the fourth quarter where we wanted it to be. So we think we're going to rebound and feel very confident that we're going to get that up on a run rate in the guidance that we've given you.

併購活動本質上具有一定的偶發性。我們有很多項目正在籌備中，只是在第四季沒有完成。我們預計該項目將於今年上半年完成。因此，我們認為資本市場經歷了歷史上第二好的一年。只是──我們第四節的表現沒有達到預期。所以我們認為我們會反彈，並且非常有信心按照我們給出的指導方針，將業績提升到正常水平。

I would just add with respect to real estate corporate banking and capital markets-related activities. We're adding a couple of bankers to that business, and we think that will be a catalyst for some additional revenue, improving interest rate environment helps as well. So it's -- the business is pretty well balanced, I think, between a variety of sources of revenue, and we expect that 2026 will be another good year for capital markets, and we should see nice growth over 2025 performance.

我只想補充一點，關於房地產企業銀行和資本市場相關活動。我們正在為該業務增加幾名銀行家，我們認為這將成為增加收入的催化劑，利率環境的改善也有幫助。所以——我認為，公司在各種收入來源之間保持了相當良好的平衡，我們預計 2026 年將是資本市場的另一個好年頭，我們應該會看到比 2025 年業績更好的成長。

Perfect. And then so the deposit beta performance, it sounds like it's going very well and could still ultimately outpace your expectations? Just maybe some additional thoughts on pricing trends, what you're seeing competitively and especially how they move from here if we get another couple of rate cuts throughout '26.

完美的。那麼，存款測試版的表現聽起來非常好，最終可能會超出您的預期？或許可以補充一些關於價格趨勢的想法，你觀察到的競爭情況，特別是如果 2026 年我們再降幾次價，價格走勢會如何。

Yes. So that last part of your question is important. We want to remain competitive, but we also have to acknowledge where the market is going. We had a pretty big CD maturity quarter, as we told you at the last conference we were at in the fourth quarter that helped propel that 36 basis point improvement over beta for the quarter, 33% on a cumulative. We think -- and our guidance has really centered around the mid-30% change.

是的。所以你問題的最後一部分很重要。我們希望保持競爭力，但我們也必須認識到市場的發展方向。正如我們在第四季度參加的上一次會議上告訴大家的那樣，我們本季的 CD 到期情況相當嚴重，這有助於推動本季 beta 值提高 36 個基點，累計提高 33%。我們認為——而且我們的指導意見也確實集中在 30% 左右的變化幅度。

And so we think if you look at the first quarter, we'll have another $3.5 billion of CD maturities. We got another $5 billion in the second quarter. It's a pretty big quarter there. So being reactive, we've had nice reactivity from our Corporate Banking group and our Consumer Banking group and the Wealth group to react to what's going on in the marketplace to watch what the Fed is doing, but also to stay competitive in the markets that are important.

因此，我們認為，如果看一下第一季度，我們將有另外 35 億美元的 CD 到期。第二季我們又獲得了50億美元的營收。那裡的面積相當大。因此，在應對市場變化方面，我們的企業銀行集團、消費者銀行集團和財富管理集團都展現出了良好的反應能力，能夠密切關注聯準會的動向，並在重要的市場中保持競爭力。

Terrific. Okay. And David, just congratulations on your retirement. We'll certainly miss you on these calls and elsewhere.

了不起。好的。大衛，恭喜你退休！我們一定會想念你在電話和其他場合的陪伴。

Thank you, Scott. Appreciate it.

謝謝你，斯科特。謝謝。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

John, good morning. David, congratulations. You leave big shoes to fill. Good luck in the future endeavors.

約翰，早安。大衛，恭喜你。你留下了難以超越的榜樣。祝您未來一切順利。

Thank you, Gerard. I appreciate it.

謝謝你，傑拉德。謝謝。

John and David, can you share with us -- you mentioned in the slide, I think it was slide 3 on the loans about the downsizing of the portfolio, and you specifically pointed out about $2.6 billion of loans in '25 were refinanced through the capital markets. Can you share with us what's the attraction that the customers are seeing? Is it lower rates, easier terms? What's the real driver of that going into the capital markets?

John 和 David，你們可以和我們分享一下嗎？你們在幻燈片中提到過，我記得是在關於貸款的第三張幻燈片中，你們特別指出，2025 年約有 26 億美元的貸款透過資本市場進行了再融資。能和我們分享一下顧客們認為這款產品最吸引人的地方是什麼嗎？是更低的利率，更寬鬆的條款​​嗎？推動這些資金進入資本市場的真正驅動因素是什麼？

Gerard, most of that activity is in investment-grade credits within our real estate corporate banking business, so REITs within the energy portfolio and financial services, insurance companies that we bank. And so the cost of capital was lower, they could borrow more cheaply, terms were potentially better. It's an activity that does occur on an annual basis. We see particularly in those three industries, customers enter the capital markets and raise some capital and that activity occurred this year as well. Probably a little earlier than it does sometimes, oftentimes, within the REIT portfolio, particularly it's the third quarter of the year, but we did see a fair amount of activity in 2025.

Gerard，我們大部分的業務活動都集中在房地產企業銀行業務的投資等級信貸領域，例如能源投資組合中的房地產投資信託基金（REITs）以及我們為之提供銀行服務的金融服務和保險公司。因此，資金成本更低，借貸成本更低，借貸條件也可能更好。這是一項每年都會舉行的活動。我們尤其看到這三個行業的客戶進入資本市場並籌集了一些資金，而今年也出現了這種情況。雖然在 REIT 投資組合中，這種情況有時會比往常稍早一些，尤其是在今年的第三季度，但我們確實看到 2025 年有相當多的活動。

Was it more pronounced, John, in '25 than years past that you can recall?

約翰，你覺得1925年的情況比你記憶中的往年更明顯嗎？

It seems to be. Yes, it seems to have been because the market was not open for a while and then when it did open, we did see a lot of activity.

似乎確實如此。是的，似乎是因為市場有一段時間沒有開放，然後開放後，我們確實看到了很多交易活動。

Got it. And then just following up on credit quality. Obviously, credit is in good shape. You guys have identified the higher risk portfolios of office, commercial real estate and trucking and transportation. Any color on the trends you mentioned that the backdrop is getting better economically for trucking. What are you guys seeing in those higher-risk portfolios as we look into '26?

知道了。然後就是跟進信用品質。顯然，信貸狀況良好。你們已經確定了辦公大樓、商業房地產以及貨運和運輸等風險較高的投資組合。在你提到的趨勢中，有一點值得注意，那就是卡車運輸的經濟前景越來越好。展望2026年，你們對那些高風險投資組合有什麼看法？

Yes. Well, first of all, I'd say, to your point, credit quality or the deterioration in credit quality peaked a couple of quarters ago, we've seen four quarters of improvement in nonperforming loans, down from 96 basis points to 73 basis points. Criticized loans down 32% over a four-quarter period. Charge-offs, which is a trailing indicator, reached a high point this quarter at 59 basis points. We expect that obviously to come down.

是的。首先，我想說，正如你所說，信貸品質或信貸品質惡化的情況在幾個季度前達到了頂峰，我們已經看到不良貸款率連續四個季度有所改善，從 96 個基點下降到 73 個基點。備受詬病的貸款在四個季度內下降了 32%。作為滯後指標的沖銷額在本季達到 59 個基點的高點。我們預計這種情況顯然會下降。

We're guiding to 40 to 50 basis points and feel very confident that we'll perform within that range. So we do expect to continue to see improvement in credit quality. I would say trucking and transportation is getting better, but still challenged from our perspective. Other industries like forest products, some construction-related activity or building materials industry is still struggling a little bit. But in general, I would say we continue to see, as reflected and the metrics in our own portfolio, continued improvement. And so are optimistic about 2026 and beyond.

我們預計漲幅在 40 到 50 個基點之間，並且非常有信心達到這個目標。因此，我們預期信貸品質將持續改善。我認為貨運和運輸業正在好轉，但從我們的角度來看仍然面臨挑戰。其他行業，如林產品、一些建築相關活動或建材業，仍面臨一些困難。但總的來說，正如我們自身投資組合的指標所反映的那樣，我認為我們繼續看到持續的改善。因此，我們對2026年及以後持樂觀態度。

Gerard, I'll add. So we're sitting with an allowance for loan loss -- credit loss of 1.76% right now. We put a schedule in the back of our appendix, it shows you at kind of Day 1 CECL was, which is when an environment is pretty benign from a credit standpoint. That implies based on the current portfolio that we have today that our reserve could be 1.64%. So over time, and we can debate what that means in terms of over time.

我還要補充一點，傑拉德。所以我們目前的貸款損失準備金——信用損失率為 1.76%。我們在附錄的最後附上了一個時間表，它向您展示了 CECL 實施第一天的情況，那時從信用角度來看，環境相當良好。這意味著根據我們目前的投資組合，我們的儲備金可能為 1.64%。所以隨著時間的推移，我們可以討論隨著時間的推移這意味著什麼。

You should expect us all things being equal to get back to a normalized environment, that 1.76% to trend down to 1.64%. You saw a bit of that. We're down 2 basis points this quarter, and you should see that trend continue throughout '26.

如果一切順利，我們應該能夠恢復到正常狀態，屆時 1.76% 的成長率將下降到 1.64%。你看到了一些。本季我們下降了 2 個基點，預計這一趨勢將持續到 2026 年。

John Pancari, Evercore.

John Pancari，Evercore。

David, you're a legend, best of luck, we will miss you. And apparently, other banks are going to miss you too. I've been gearing from a number of other executives just saying how much they're going to miss seeing (inaudible) management. So -- and Anil, welcome. We look forward to working with you.

大衛，你真是個傳奇，祝你好運，我們會想念你的。顯然，其他銀行也會想念你的。我從其他幾位主管那裡了解到，他們都非常想念（聽不清楚）管理階層。那麼——還有，阿尼爾，歡迎你。我們期待與您合作。

So just a question on the capital front. Just given the CET1 at 10.8%. You did the $430 million of buybacks in the fourth quarter. I mean, could you just kind of frame how you're thinking about the pace of buybacks as you look at the capital need for organic? You talked about loan growth generally improving and some of the runoff slowing. So how do you balance that in terms of the pace of buybacks that you think is reasonable as you look at '26.

關於資金方面，我有個問題。剛剛給出的 CET1 為 10.8%。你們在第四季完成了 4.3 億美元的股票回購。我的意思是，您能否簡要說明一下，在考慮有機成長所需的資金時，您是如何看待股票回購速度的？您提到貸款成長總體上有所改善，部分貸款的償還速度有所放緩。那麼，展望 2026 年，您認為合理的股票回購速度該如何平衡呢？

Sure, John. This is Anil. I'll take that. So we look at -- every quarter, we generate about 40 basis points of capital, and we'll pay a dividend about 18 basis points of that. To your point, beyond that, our number 1 focus is to invest back into our business through good loan growth.

當然可以，約翰。這是阿尼爾。我接受。因此，我們預計每個季度大約產生 40 個基點的資本，其中大約 18 個基點將作為股息支付。正如您所說，除此之外，我們的首要任務是透過良好的貸款成長將資金再投資於我們的業務。

When we see that, we're definitely going to fund that with capital. When we don't see that, we're going to step in and buy back shares like we saw us do this quarter. So the $430 million is really a testament to what we were seeing in terms of loans coming on to the balance sheet. We saw an opportunity early in the quarter, in particular when the stock price was down a bit and stepped in and bought back shares then. So our goal is to always invest in loan growth. And when we see that good quality loan growth, we're going to step in there and generate and invest capital into that.

一旦我們看到這樣的機會，我們一定會用資金支持它。如果看不到這種趨勢，我們將像本季一樣出手回購股票。因此，這 4.3 億美元確實證明了我們在資產負債表上看到的貸款情況。本季初，我們看到了一個機會，尤其是在股價略有下跌的時候，於是我們出手買回了股票。因此，我們的目標始終是投資於貸款成長。當我們看到優質貸款成長時，我們會介入並投入資金。

I'll add. So we're at 9.6% on an adjusted CET1 adjusted for AOCI. Our range is 9.25% to 9.75%. So we're right on top of that, have a little extra. And we're going to do exactly what Anil said, use it for loans and then buy it back if it's not there -- if the loan growth is not there.

我補充一下。因此，調整 AOCI 後的 CET1 比率為 9.6%。我們的範圍是 9.25% 到 9.75%。所以我們在這方面做得很好，還有一些額外的儲備。我們將完全按照 Anil 所說的去做，將其用於放貸，如果貸款增長沒有達到預期，我們就將其買回。

Got it. Okay. Very helpful. And then separately, I guess, if you could just give us your updated thoughts around M&A potential, whole bank M&A. Just given we obviously pick up -- we know that there is a potential need for scale in certain businesses, certain markets, obviously, that you could argue is needed here.

知道了。好的。很有幫助。另外，我想請您談談您對併購潛力，特別是整個銀行併購的最新看法。鑑於我們顯然已經意識到——我們知道某些企業、某些市場可能存在規模化的需求，顯然，你可以說這裡也需要規模化。

And then lastly, just, I guess, (inaudible) we could see this M&A window close. How do you view it? What's your updated thoughts on that front?

最後，我想，（聽不清楚）我們可能會看到併購窗口關閉。你對此有何看法？您對此有何最新看法？

Yes, maybe I answer the last part first. The window clearly is open, but I don't think decision-making of any sort of should be driven by whether the window is open or closed. I mean, ultimately, it ought to be about whether or not a transaction is in the best interest of the bank's shareholders and will create value for shareholders over time. We remain -- our position is unchanged. We're -- M&A is not -- depository M&A is not part of our strategy today.

是的，或許我應該先回答最後一部分。窗戶顯然是開著的，但我認為任何決策都不應該取決於窗戶是開著還是關閉。我的意思是，歸根結底，應該看一項交易是否符合銀行股東的最大利益，以及是否會在長期內為股東創造價值。我們的立場保持不變。我們——併購不是——存託併購目前不屬於我們的策略。

We are continuing to observe what's going on in the marketplace. We do not suffer from fear of missing out at this point. We're going to continue to operate our business, execute our plan, focus on our transformation of our core deposit system and all that goes with that over the next 15 to 18 months and just continue to do what we've been doing.

我們會持續關注市場動態。目前我們不害怕錯過什麼。我們將繼續經營業務，執行計劃，在接下來的 15 到 18 個月裡專注於核心存款系統的轉型以及與之相關的一切，並繼續做我們一直在做的事情。

Peter Winter, D.A. Davidson.

彼得溫特，D.A.戴維森。

John, I wanted to ask about just overall banking. Obviously, it's a very competitive business, but do you see risk of losing market share as these bigger regional banks are coming into your markets? Or is it really an opportunity on taking advantage of some dislocation?

約翰，我想問一下關於銀行業務的整體情況。顯然，這是一個競爭非常激烈的行業，但隨著這些規模更大的區域性銀行進入你們的市場，您是否認為有失去市場份額的風險？或者，這真的是利用某種混亂局面而獲得的機會嗎？

Well, we think it's an opportunity. And we, again, are in really good markets, core markets where we've been for 125, 150, in some instances, 175 years. We have really strong brand. We have very good market share, bankers that are well known in their communities and do a really good job taking care of our customers. And we have an opportunity to grow in those markets, and we are doing that.

我們認為這是一個機會。而且，我們再次身處非常好的市場，核心市場，我們已經在這些市場深耕了 125 年、150 年，在某些情況下甚至長達 175 年。我們的品牌實力非常強大。我們擁有非常好的市場份額，我們的銀行家在各自社區中享有盛名，並且在服務客戶方面做得非常出色。我們有機會在這些市場發展壯大，而且我們正在這樣做。

Separately, we're in growth markets. We talk about our eight priority markets where we have the chance to grow and last year, about 40%, as I said earlier, of our new commercial banking relationships were won in those markets.

另一方面，我們身處成長型市場。我們談到了我們有發展機會的八個優先市場，正如我之前所說，去年我們約 40% 的新商業銀行關係都是在這些市場中贏得的。

And so I view it as an opportunity to continue to grow. We're going to focus on our customers on providing unique ideas and solutions to help them grow their businesses, whether they be businesses or consumers, we're going to take care of our customers. And I think we'll have an opportunity to continue to grow our business and regardless of what the conditions are in the markets that we operate.

因此，我將其視為繼續成長的機會。我們將專注於為客戶提供獨特的想法和解決方案，幫助他們發展業務，無論是企業還是消費者，我們都會用心服務客戶。我認為，無論我們所經營的市場狀況如何，我們都有機會繼續發展我們的業務。

Got it. And then can you talk about where you are in the process of the modernization of the platform and maybe highlight some of the benefits from this initiative versus competitors?

知道了。那麼，您能否談談平台現代化進程的進展情況，並重點介紹一下與競爭對手相比，這項舉措有哪些優勢？

Sure. So we have worked through all the very difficult integration work, and we've now entered the user testing phase, and that will go on for likely the next two-plus quarters. We should sometime in the third quarter move to production in a pilot phase, where we'll begin with a small cohort of customers piloting the system to ensure that it does everything that we believe it will do, and that will lead us to beginning a conversion of our customer base in early 2017, assuming everything continues to go as planned, been really happy with the progress we're making. Team's doing a great job. It is a super complex and challenging effort, but we have been, as I said, really pleased with the effort and activity and the progress that we're making.

當然。我們已經完成了所有非常困難的整合工作，現在進入了使用者測試階段，這個階段可能會持續兩個多季度。我們應該會在第三季進入生產試點階段，首先會選擇一小部分客戶試用系統，以確保它能夠實現我們預期的所有功能。如果一切按計劃進行，我們將在 2017 年初開始對客戶群進行轉換。我們對目前的進展非常滿意。團隊表現出色。這是一項極其複雜且具有挑戰性的工作，但正如我所說，我們對目前的努力、活動以及所取得的進展感到非常滿意。

To your question about the benefits to us, we think that will give us a speed to market flexibility as we're going to offer customers new products. It will support our ambition to be sound in that the system will be very contemporary in nature. We're not customizing any aspect of it, so we can continue to update the system as the vendor provides updates and that will be super helpful to us. It also, I think, will enhance our ambition to provide a really great experience, an omnichannel experience to our customers. And we think that, that will be really, really important.

至於您問到這對我們有什麼好處，我們認為這將使我們擁有快速上市的靈活性，因為我們將為客戶提供新產品。這將有助於我們實現穩健發展的願景，因為該系統本質上將非常現代化。我們沒有對系統的任何方面進行定制，因此我們可以隨著供應商提供的更新繼續更新系統，這對我們來說非常有幫助。我認為，這也將增強我們為客戶提供真正優質體驗、全通路體驗的雄心。我們認為，這真的非常重要。

Another benefit is in order to convert your 5 million customers from one system to another, you have to go through the process of cleansing all your data, organizing your data in a way that will facilitate a lot of things, including additional work we're doing around artificial intelligence and generative AI. So we think there are a lot of benefits, both direct and indirect that will support the business and are excited about how that will position us going forward.

另一個好處是，為了將您的 500 萬客戶從一個系統遷移到另一個系統，您必須經歷清理所有數據的過程，以一種能夠促進很多事情的方式組織您的數據，包括我們正在進行的其他關於人工智慧和生成式人工智慧的工作。因此，我們認為這將帶來許多直接和間接的好處，從而支持業務發展，我們對這將如何使我們在未來佔據有利地位感到興奮。

And David, I'll add my congratulations to retirement. It's truly been very enjoyable working with you over these years.

大衛，我也要祝賀你退休。這些年來和你一起工作真的非常愉快。

Thank you, Peter. I appreciate it.

謝謝你，彼得。謝謝。

Christopher Spahr, Wells Fargo.

克里斯多福‧斯帕爾，富國銀行。

My question is regarding the expense outlook. And just looking at the head count increase, the competition increase, a large regional bank basically kind of threw down the gauntlet earlier today talking about how they're kind of expanding to growth markets. And I understand that you're going to kind of defend your market share or try to grow that. But I'm just wondering like how you're going to be able to keep costs kind of with inflation where it is and with higher head count.

我的問題是關於支出前景的。僅從員工人數增加和競爭加劇來看，一家大型區域性銀行今天稍早公開表示，他們正在向成長型市場擴張，這無疑是在向外界發出挑戰。我知道你們打算捍衛或擴大市場佔有率。但我只是想知道，在通貨膨脹如此嚴重、員工人數不斷增加的情況下，你們將如何控製成本。

And then second, the follow up will be on the tech initiative and the increase in tech spend, I get it where you are, that you see kind of manage headcount lower through attrition. I'm just wondering your ability to do that in the timeline for that as well.

其次，後續工作將圍繞著技術計劃和技術支出的增加。我明白你們的處境，你們希望透過自然減員來減少員工人數。我只是想知道你是否也能在規定的時間內完成這件事。

Yes. Thanks for the question. This is Anil. So it's an important question and something that we've been focused on for going back 10 years. There's always been important places where we need to invest in our business, whether it's in risk management, whether it's in security and of course, growing our bankers is something that we've been very focused on over the past couple of years.

是的。謝謝你的提問。這是阿尼爾。所以這是一個重要的問題，也是我們過去十年一直在關注的問題。我們始終需要在業務中投資一些重要領域，無論是風險管理、安全保障，當然，在過去幾年裡，我們一直非常重視培養我們的銀行家。

We always have to find ways to fund that growth. And over the past 10 years, you can see in our slide deck, our compound annual growth rate for expenses is 2.8%. So it's incumbent upon us every day to make sure we're making the right investments to grow revenue, making the right investments in technology, but also find ways to fund those investments. That's been a critical part of our history. It's something really important to us now.

我們必須始終想方設法為這種成長提供資金。從我們的幻燈片中可以看到，過去 10 年，我們的費用複合年增長率為 2.8%。因此，我們每天都有責任確保我們做出正確的投資來增加收入，在技術方面做出正確的投資，同時也要找到為這些投資提供資金的方法。那一直是我們歷史中至關重要的一部分。這對我們來說現在非常重要。

It's evident in our expense guide for the next year, and it's evident in our commitment to positive operating leverage. So it's something we've seen before, and it's something that we continue to execute day in and day out.

這一點在我們的下一年度費用指南中顯而易見，也體現在我們對積極經營槓桿的承諾中。所以這是我們以前見過的情況，也是我們日復一日持續執行的情況。

David Chiaverini, Jefferies.

David Chiaverini，傑富瑞集團。

I had a follow-up on loan growth and the pace of hiring. So you mentioned about hiring 120 bankers over two years. You did 50 in 2025. I'm curious, how does this pace compared to the prior say, three- to five-year trend? And do you expect incremental hiring above this pace as you take advantage of the M&A disruption?

我隨後跟進了貸款成長情況和招募速度。你曾提到要在兩年內招募 120 名銀行家。你在 2025 年完成了 50 項。我很好奇，這個速度與之前三到五年的趨勢相比如何？您是否預期在利用併購帶來的變革性機會時，招募速度會高於目前的水準？

Yes. So it would be a bit of an uptick in hiring, I would say, over the previous, I think your time frame was three years and reflects our -- double the pace, I would say, reflects our commitment to, again, growing primarily in these primary markets where -- or priority markets where we see opportunity. With respect to incremental hiring, one of our expectations of our leaders in our markets is that they're constantly recruiting and identifying who the best bankers are in the markets that they operate in.

是的。因此，我認為招募人數會比之前增加，我認為你的時間框架是三年，這反映了我們——速度翻了一番，我認為這反映了我們致力於在這些主要市場或優先市場（我們看到機會的地方）發展的承諾。關於逐步招聘，我們對市場領導者的期望之一是，他們必須不斷招聘，並找出他們所經營的市場中最優秀的銀行家。

And so to the extent that we find an opportunity to hire a banker or a team of bankers who are recognized in their markets as being really good at what they do, and we think they'd be a great addition to the Regions team. I expect our teams will recruit them to come to work for us, whether they're included in the 120 targeted bankers or not. So we're actively looking for bankers all the time who can provide great service to our customers and be additive to our teams.

因此，如果我們有機會聘請一位或一組在各自市場中被公認為非常優秀的銀行家，我們認為他們將是 Regions 團隊的一大助力。我預計我們的團隊會招募他們來為我們工作，無論他們是否在120名目標銀行家之列。因此，我們一直在積極尋找能夠為客戶提供優質服務並為我們的團隊做出貢獻的銀行家。

Great. And as we think about the guide of low single digit for 2026, as the headwinds subside, it sounds like borrower sentiment is improving. Pipelines are up significantly. You're mostly through the runoff. Is this low single digit this year kind of a step function to mid-single digit looking out to 2027?

偉大的。當我們展望 2026 年低個位數的成長率預期時，隨著不利因素的減弱，借款人的信心似乎正在改善。管道運輸量顯著增加。你們基本上已經度過了最後階段。今年的個位數低點是否預示著到 2027 年將達到個位數中位數？

I think that's reasonable to assume. We're not -- we haven't committed to that yet. Dana won't let me provide the guidance beyond 2026. But I think you can expect momentum to continue -- we expect momentum to continue to build in our business, particularly as we're recruiting more talent and we're benefiting from the opportunities that are in our markets.

我認為這個假設是合理的。我們還沒有——我們還沒有做出承諾。達納不讓我提供 2026 年以後的指導。但我認為這種勢頭將會持續下去——我們預計我們的業務勢頭將會繼續增強，尤其是在我們招募更多人才並受益於我們市場中的機會的情況下。

Great. And David, congrats on your retirement.

偉大的。大衛，恭喜你退休。

Thank you. I appreciate it.

謝謝。謝謝。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess just one -- a couple of follow-up questions. One, on the systems conversion, John and David, I'm not sure if you mentioned when this will all be completed. And in the meantime, does it restrict your ability to do something? I heard your comments around M&A earlier, but if you wanted to, does is sort of restrict the flexibility in the meantime or not?

我想就一個問題──幾個後續問題。第一，關於系統轉換，John 和 David，我不確定你們有沒有提到這一切何時才能完成。同時，它是否限制了你做某些事情的能力？我之前聽過你關於併購的評論，但如果你想的話，這是否會在某種程度上限制目前的靈活性？

We expect to be completed towards the latter part of 2027. And I would say technically, it does not restrict our ability to do an M&A transaction. Practically, it would be very challenging, we believe. So that is a factor and certainly in how we think about how we're positioned relative to M&A and outreach.

我們預計將於 2027 年下半年完工。從技術層面來說，這並不限制我們併購交易的能力。我們認為，實際上這將非常具有挑戰性。所以這是一個因素，當然也是我們思考自身在併購和對外拓展所處位置的因素。

Got it. And just one follow-up on the loan growth front. When we think about just the tariff uncertainty and maybe the Supreme Court is going to rule on this next week, do you think that may materially change sort of sentiment among your customers when they think about borrowing and investing? Or do you think they have enough clarity today to kind of move forward with expected plans?

知道了。關於貸款成長方面，還有一點後續問題。當我們考慮到關稅的不確定性，以及最高法院可能下週就此作出裁決時，您認為這是否會實質地改變您的客戶在考慮借貸和投資時的情緒？或者你認為他們現在掌握的資訊夠清晰，可以按預期計劃推進嗎？

We think they have enough clarity. I don't hear and don't talk with many customers who are overly focused on that topic now.

我們認為他們已經夠清楚了。現在我很少聽到或聽到客戶過度關注這個主題。

Got it. Anil, congratulations and David all the best. I look forward to seeing you, sir.

知道了。Anil，恭喜你！ David，祝你一切順利！期待見到您，先生。

Betsy Graseck, Morgan Stanley.

摩根士丹利的貝齊·格拉塞克。

David, I'll throw in my comments, too. Thank you so much for the time and insights over the years, and I hope that wherever retirement takes you, you have a fantastic and enjoyable time.

大衛，我也來說兩句話。非常感謝您多年來抽出時間並分享您的真知灼見，我希望無論您退休後去哪裡，都能過上精彩而愉快的時光。

Thank you, Betsy. I really appreciate it.

謝謝你，貝齊。我非常感謝。

And Anil, I look forward to working with you. I do just have two short follow-ups. One is just on the net interest margin, as you discussed way earlier in the call starting -- coming in, in 1Q similar to where we are today and then dipping down a bit and then ending the year roughly where we are today, if I have that right. And I'm just wondering what is the dip down a function of? And how low does it go during that pressure point?

阿尼爾，我期待與你共事。我還有兩點簡短的後續問題。一是淨息差，正如您在電話會議早期討論的那樣，第一季開始時與我們今天的水平相似，然後略有下降，如果我理解正確的話，年底的水平大致與我們今天的水平相同。我只是想知道這個下降幅度是哪個因素造成的？在那個壓力點，它能降到多低？

Yes. I think -- so first off, we need to level set where we finished. So we had about 4 basis points of NIM in there through things that won't -- that we aren't counting on repeating interest recoveries being one in the HR asset dividend, which was unusually high. We always have a little bit of that. Doesn't mean we won't have an interest recovery.

是的。我認為——首先，我們需要先明確一下我們最終的成績。因此，我們透過一些不會實現的事情獲得了大約 4 個基點的淨利差——我們不指望重複的利息回收，其中一項是人力資源資產股息，這異常高。我們總會有點兒這種感覺。但這並不意味著我們不會收到利息。

We just don't count on it. So that's 4 basis points. So we start with 3.66%. We think we'll finish the quarter -- first quarter at 3.70%, and it will inch up from there throughout the year. And maybe we get a few more points on top of that, somewhere between the low 3.70s% and the mid-3.70s% perhaps.

我們根本不指望它。所以是4個基點。所以我們從3.66%開始。我們認為第一季結束時，成長率將達到 3.70%，並且全年都會在此基礎上緩慢上升。或許我們還能在此基礎上再提高幾個百分點，大概在 3.70% 到 3.70% 之間。

And that's assuming you see our assumption is that we have that mid-30% beta expectation in our loan growth in low single digits, I think, would be important. And we have -- we don't have any big changes in the 10-year in particular as we get repricing -- fixed asset repricing benefits.

而且，這還是假設我們預期貸款成長率在 30% 左右，而貸款成長率在個位數低位，我認為這很重要。而且，我們——特別是 10 年期，由於重新定價——固定資產重新定價帶來的好處，我們沒有任何重大變化。

Okay. Great. And then on the -- John, you talked about the tech spend going from 9% to 11% of revs to 10% to 12% and that, that offset would be headcount. And I'm just wondering, is that expected to be managed in a way that the tech investment spend and the headcount offset each other in each quarter? Or should we expect any kind of expense ratio changes as you're going through this, which sounds like -- of course, but you tell me.

好的。偉大的。然後，約翰，你提到技術支出將從營收的 9% 到 11% 增長到 10% 到 12%，而這部分增長將透過增加員工人數來彌補。我想知道，是否應該以某種方式進行管理，使得每季的技術投資支出和人員編制相互抵消？或者，我們是否應該預期在經歷這個過程的過程中費用比率會發生任何變化？這聽起來像是——當然，但你告訴我。

Yes. Betsy, we don't have any big initiatives planned. I mean again, as I think Anil pointed out, one of the, we believe, strengths of the company is how effectively we managed our expenses over the last 10-plus years. And so we're always looking for opportunities to improve. There are areas that are probably obvious to you where there -- we believe there's opportunity for improvement and use of technology, which will result in reallocation of headcount more than likely in the places where we have a chance to support growth. So I think we'll manage it over time as, again, as the opportunities develop, it won't be part of a broad onetime initiative.

是的。貝齊，我們目前沒有任何大型計劃。我的意思是，正如 Anil 指出的那樣，我們認為公司的優勢之一在於，在過去的 10 多年裡，我們有效地控制了支出。因此，我們一直在尋找改進的機會。有些領域可能對您來說很明顯——我們相信在這些領域存在改進和利用技術的機會，這很可能會導致人員重新分配，尤其是在我們有機會支持成長的領域。所以我認為我們會隨著時間的推移逐步解決這個問題，因為隨著機會的發展，這不會是一次性的大規模計劃的一部分。

Betsy, that comment was meant to be a very broad comment. It was not to be a back-ended way of saying we're going to have volatility in our quarterly expense structure because of it. So don't read that into it.

貝齊，你那句話的本意是想表達一個非常廣泛的觀點。這並不是說，由於這個原因，我們的季度支出結構將會出現波動。所以不要過度解讀。

Sounds good. Thank you. Appreciate it.

聽起來不錯。謝謝。謝謝。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Interested in your trends in consumer account checking account growth. That's been a big focus for the larger banks this quarter and the number of accounts they're opening. With your exceptional retail deposit base, can you just talk about trends in new account growth?

我對消費者支票帳戶成長趨勢很感興趣。本季度，大型銀行的關注重點之一就是開設帳戶的數量。有鑑於貴公司擁有如此龐大的零售存款基礎，能否談談新帳戶成長趨勢？

Yes. We're seeing nice growth in consumer checking accounts. Again, our focus is on a core consumer checking customer, one that is going to have a direct deposit with us is going to actively use their debit card and use their checking account, that is our history. That is the source of our very loyal low-cost deposit base, and that's what we're continuing to focus on growing. We have seen a nice increase in digital originations.

是的。我們看到消費者支票帳戶數量呈現良好成長動能。再次強調，我們的重點是核心消費者支票帳戶客戶，他們會在我們這裡進行直接存款，積極使用他們的金融卡和支票帳戶，這是我們以往的經驗。這就是我們擁有非常忠誠的低成本存款客戶的來源，也是我們將繼續致力於成長的族群。我們看到數位貸款發放量出現了顯著成長。

So as we have developed our digital capabilities, our mobile banking platform has continued to improve, and we're seeing additional enhancements to our growth initiatives as a result of that.

隨著我們數位化能力的提升，我們的行動銀行平台也不斷改進，因此，我們的成長計畫也得到了進一步的加強。

Customer has to have a direct deposit with us for us to count on a new -- oh, yes, well, I should say also, we just introduced a new capability allows our customer to pretty easily move their direct deposit from a competitor to Regions, which has resulted in, I think, a nice increase -- some uptick in activity.

客戶必須在我們這裡開通直接存款帳戶，我們才能指望新的——哦，是的，我還應該說，我們剛剛推出了一項新功能，讓客戶可以輕鬆地將他們的直接存款從競爭對手轉移到 Regions，我認為這帶來了不錯的增長——一些業務活動的增長。

Great. And just a finer point on the tech question. The 10% to 12%, is that a kind of a one-year catch-up? Or is that kind of the new level set? I know you've been at 9% to 11% for a bit of time.

偉大的。關於技術問題，還有一點需要補充說明。10%到12%，這算是為期一年的追趕計畫嗎？或者說，這算是新的標準了？我知道你的收益率已經維持在 9% 到 11% 之間一段時間了。

Yes. Yes, we'd say that's a new level set. We've been running at about 11%. So the upper end of that 9% to 11% range. So we've shifted our guidance to 10% to 12%.

是的。是的，我們認為這達到了一個新的水平。我們目前的運行速度約為 11%。所以，是9%到11%範圍的上限。因此，我們將預期目標調整為 10% 至 12%。

Thank you very much.

非常感謝。

Erika Najarian, UBS

瑞銀集團 Erika Najarian

Actually, most of my questions have been asked and answered, but maybe just one for Anil, since you're on the line. Could you give us a sense of when you take over and fill these very large shoes that David has left for you. What would you tell investors your sort of top 3 priorities are as you take on the role?

實際上，我的大部分問題都已經問過並得到了解答，但既然你在線，也許我可以問你一個問題。您能否大致說明一下，您何時會接手並填補大衛留給您的這個巨大的空缺？您會向投資人介紹您上任後的三大首要任務是什麼？

Yes. First, it's great to step into the role with the stability that we have. We have a great strategic plan that John has outlined and the Board has approved, and it's critical for us to continue to execute that. It's nice to come in when you're performing very well. It's incumbent upon us to continue to do that.

是的。首先，能夠在我們目前這種穩定的環境中擔任這個職位真是太好了。約翰制定並經董事會批准了一項非常棒的策略計劃，對我們來說，繼續執行這項計劃至關重要。當你狀態極佳時，進來感覺真好。我們有責任繼續這樣做。

And David has built a phenomenal team in finance, great partnerships with our businesses. And that is job number 1, 2, and 3 is to continue on the great path we've been on, execute our plan and to continue to deliver great financial performance.

David 在財務方面組建了一支非常優秀的團隊，並與我們的業務建立了良好的合作關係。而第一、第二、第三項任務就是繼續走我們一直以來走的那條偉大的道路，執行我們的計劃，並繼續取得優異的財務表現。

Got it. And David, you'll be missed, but I'm sure investors won't miss you smoking on the golf course and it's scary to think that you're actually potentially going to get better and lower your handicap. So congratulations, and welcome again, Anil.

知道了。大衛，我們會想念你的，但我相信投資者們不會想念你在高爾夫球場上抽煙，而且想到你真的有可能提高球技、降低差點，真是令人害怕。所以，恭喜你，也再次歡迎你，阿尼爾。

Thank you, Erika.

謝謝你，艾麗卡。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

I was hoping you guys could talk about your leverage to the recovery in commercial real estate. Obviously, there's the credit aspect of it. And you've pretty clear about being past the worst there and being well reserved for remaining office losses. But as we think about from a loan volume perspective, obviously, we're seeing industry loans inflect. It does seem like there's more and more momentum building.

我希望你們能談談你們在推動商業不動產復甦方面所扮演的角色。顯然，其中也牽涉到信用問題。而且你很清楚最糟糕的時期已經過去，並且有足夠的儲備來應付剩餘的辦公大樓損失。但從貸款量的角度來看，顯然，我們看到產業貸款正在改變。看起來勢頭越來越強勁了。

So how do you think about that leverage? You do have a good slide in there showing a lot of maturities coming in the next couple of years, which is the case for the industry. So is that upside risk as we think about growing loans overall? Or is there a risk that more of the CRE loans get refied away from you than expected?

那麼，你如何看待這種槓桿作用？你們的幻燈片確實很好地展示了未來幾年內即將出現的許多成熟階段，這與整個行業的實際情況相符。那麼，從整體貸款成長的角度來看，這是否意味著有上行風險？或者，是否有這樣的風險：你的商業房地產貸款被強制償還的金額可能超出預期？

Yes. I mean we've -- so we've been very successful when things mature to be being able to refinance those. The rate environment is helping a bit more on growth in that space, in particular, in multifamily because we've been able to -- as rates have come down, the math is starting to work. So before the rates came down, we were demanding more of a down payment to make math work for us, but that didn't happen with the developer. So now it's coming into equilibrium.

是的。我的意思是，我們——所以我們一直非常成功，當事情成熟到可以進行再融資時。利率環境對該領域的成長起到了一定的促進作用，尤其是在多戶住宅領域，因為隨著利率下降，我們已經能夠——從數學角度來看，這開始行得通了。所以在利率下降之前，我們要求更高的首付比例，以便從數學上划算，但開發商並沒有同意。現在它正逐漸達到平衡狀態。

We're seeing demand for multifamily. We're seeing more opportunity there and yes, we had derisked commercial real estate over the years, but that is not constraining our ability to grow when we get paid for the risk that we take. And so hopefully, we'll have the opportunity to grow over time.

我們看到對多戶住宅的需求正在增加。我們看到了更多的機會，是的，這些年來我們降低了商業房地產的風險，但這並沒有限制我們承擔風險並獲得相應回報後的發展能力。所以，希望我們能有機會隨著時間的推移而成長。

Yes. I'd just add, Matt, we have really strong real estate banking teams, great customer base. We have developed, I think, a portfolio of products that allows us to meet our customers' needs across variety of financing capabilities and requirements. And I feel like it's a business that we will continue to invest in. We'll continue to see it, grow, and I'm confident that we will -- it will be an important contributor to our longer-term success, both on the balance sheet and the income statement as capital markets activity picks up.

是的。我還要補充一點，馬特，我們有非常強大的房地產銀行團隊和龐大的客戶群。我認為，我們已經開發出一系列產品，能夠滿足客戶在各種融資能力和要求方面的需求。我覺得我們會繼續投資這項業務。我們將繼續看到它發展壯大，而且我相信我們會做到——隨著資本市場活動的回暖，它將成為我們長期成功的重要貢獻者，無論是在資產負債表上還是在損益表上。

Okay. Thank you very much.

好的。非常感謝。

Okay. That's all our call today. Thank you very much for your participation and your support of Regions. We appreciate it. And everybody, congratulations.

好的。今天就到這裡。非常感謝您的參與和對 Regions 的支持。我們很感激。恭喜各位！

I'll add my congratulations to David Turner, done a great job for us here, been an important -- really important member of our leadership team. We will miss him and his sense of humor, but are excited about Anil and his filling the role of CFO. So thank you again for your participation, all the best.

我還要向大衛‧特納表示祝賀，他在這裡為我們做了很多工作，是我們領導團隊中非常重要的一員。我們會想念他和他的幽默感，但對 Anil 擔任財務長一職感到興奮。再次感謝您的參與，祝福您一切順利。

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

今天的電話會議到此結束。您可以在此時斷開線路。