Regions Financial Corporation (RF) 2026 Q1 法說會逐字稿

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

早安，歡迎參加 Regions Financial Corporation 的季度財報電話會議。我叫 Chris，將擔任今天會議的接線員。(接線員指示)

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

我現在把電話會議交給 Dana Nolan 開始。

Thank you, Chris. Welcome to Regions first-quarter 2026 earnings call. John and Anil will provide high-level commentary regarding our results. Earnings documents, which include our 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，Chris。歡迎參加 Regions 2026 年第一季財報電話會議。John 和 Anil 將就我們的業績提供高層次的評論。財報文件（包含我們的前瞻性陳述免責聲明以及非 GAAP 調節表）可於我們網站的投資人關係專區取得。這些揭露涵蓋我們的簡報資料、今天的事先準備發言以及問答環節。

I will now turn the call over to John.

我現在把電話會議交給 John。

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Before we turn to the quarter, I want to take a moment and personally thank Dana for her service and leadership. After nearly 40-year career at Regions, she's made the decision to retire. Dana has been a steady and trusted voice for our company and an important link between our leadership team and the investment community.

謝謝你，Dana，各位早安。感謝各位今天加入我們的電話會議。在進入本季之前，我想花點時間親自感謝 Dana 的服務與領導。在 Regions 近 40 年的職涯之後，她已決定退休。Dana 一直是我們公司穩健且值得信賴的發聲者，也是我們領導團隊與投資社群之間的重要橋樑。

Her deep understanding of our business, paired with her clear and straightforward communication style help strengthen our credibility with investors and earn widespread respect across the industry. We're incredibly grateful for Dana's leadership and the standard she's set, and we wish her nothing but the very best going forward.

她對我們業務的深刻理解，加上清晰且直率的溝通風格，有助於強化我們在投資人心中的可信度，並在業界贏得廣泛尊敬。我們對 Dana 的領導以及她所樹立的標準深表感激，並祝福她未來一切順利。

Turning to our financial results. This morning, we reported strong first quarter earnings of $539 million or $0.62 per share. This represents an 11% and 15% increase, respectively, versus adjusted prior year results. Adjusted pretax pre-provision income was $805 million, up 4% year over year, and we generated a return on tangible common equity of 18%.

接著談我們的財務結果。今天早上，我們公布第一季強勁獲利 5.39 億美元，或每股 0.62 美元。相較於調整後的去年同期結果，分別成長 11% 與 15%。調整後稅前備抵前盈餘為 8.05 億美元，年增 4%，我們的有形普通股權益報酬率達 18%。

The momentum we saw at the end of last year and carried into the first quarter. We grew loans and deposits on both an average and ending basis and our credit metrics continue to improve as we resolve our portfolios of interest. Conversations with customers suggest that despite recent volatility, sentiment remains generally optimistic. Businesses are continuing to manage their balance sheets and income statements prudently with strong liquidity and solid capital positions.

我們在去年年底看到的動能延續到第一季。無論以平均或期末口徑，我們的放款與存款皆成長；隨著我們處理重點投組，我們的信用指標也持續改善。與客戶的對話顯示，儘管近期波動加劇，整體情緒仍大致保持樂觀。企業持續審慎管理資產負債表與損益表，流動性充裕、資本部位穩健。

On the consumer side, fundamentals remain relatively sound. Aggregate balance and spending trends for Regions customers are stable to modestly positive. The labor markets are not showing signs of material weakness. We are seeing some pressure among lower-income customers, but larger income tax refunds compared to last year have helped to offset a portion of that impact.

在消費者端，基本面仍相對穩健。Regions 客戶的整體餘額與消費支出趨勢維持穩定至小幅正向。勞動市場尚未出現明顯疲弱跡象。我們確實看到低收入客群承受一些壓力，但相較去年更高的所得稅退稅金額，已協助抵銷其中一部分影響。

Importantly, our consumer loan portfolio continues to be primarily prime to super prime. We continue to make good progress on our core transformation, including investments in artificial intelligence. We are on track to deploy our commercial lending system and small business digital origination platform this summer. And system testing on the core deposit system is also underway. We expect to launch a pilot in the third quarter and begin conversion in 2027.

重要的是，我們的消費金融放款組合仍以優質（prime）至超優質（super prime）為主。我們在核心轉型上持續取得良好進展，包括對人工智慧的投資。我們按計畫將於今年夏季部署商業放款系統與小型企業數位申貸平台。核心存款系統的系統測試也正在進行中。我們預期第三季啟動試點，並於 2027 年開始轉換。

At the same time, we remain focused on near-term drivers of growth. Our strategic growth hiring initiative is on track, and we continue to make targeted investments in products and services across all three of our lines of business. There's a lot of internal energy and excitement around our technology enablement initiatives, and we're motivated to continue building on that momentum. I'll just conclude by saying that we're pleased with our first-quarter results and are excited about the opportunities that lie ahead.

同時，我們仍聚焦於短期成長動能。我們的策略性成長招募計畫進展順利，並持續在三大業務線的產品與服務上進行有針對性的投資。公司內部對於科技賦能計畫充滿能量與期待，我們也有動力持續在此基礎上延伸動能。最後我想說，我們對第一季的成果感到滿意，也對未來的機會充滿期待。

With that, I'll hand it over to Anil to walk through the quarter in more detail. Anil?

接下來我把時間交給 Anil，更詳細地說明本季表現。Anil？

Thank you, John. Let's start with the balance sheet. Ending loans grew 2%, while average loans increased approximately 1%. Growth was driven by broad-based C&I lending, including power and utilities, manufacturing, healthcare, and asset-based lending. Roughly half of this quarter's growth came from higher line utilization with the balance driven by new loans, approximately 80% of which were to existing clients. Almost two-thirds of the growth was investment-grade credits with the majority of the remaining growth near investment grade for very high quality.

謝謝你，John。先從資產負債表談起。期末放款成長 2%，平均放款約成長 1%。成長主要由廣泛的商業與工業（C&I）放款帶動，涵蓋電力與公用事業、製造業、醫療保健，以及資產基礎放款。本季約一半的成長來自授信額度使用率提高，其餘則由新增放款帶動，其中約 80% 來自既有客戶。成長中近三分之二為投資等級授信，其餘大多接近投資等級，整體品質非常高。

While the macroeconomic outlook remains volatile, we experienced strong loan growth in the latter half of the quarter. As John noted earlier, client sentiment remains broadly positive. Loan pipelines and commitments remain strong, and overall lending activity remains at a good pace.

儘管總體經濟展望仍然波動，我們在本季後半段經歷了強勁的放款成長。如 John 先前所提，客戶情緒整體仍偏正向。放款管線與承諾額度維持強勁，整體放款活動也保持良好節奏。

An area that has not been a meaningful growth driver over the past year is NDFI-related lending. These loans reflect long-standing client relationships with predominantly investment-grade credits with nearly half of balances associated with our long-standing REIT business. Private credit exposure remains limited, less than 2% of total loans largely investment-grade, well enhanced, and existing client paydowns exceeded draws during the quarter.

過去一年中，未成為顯著成長動能的一個領域是與 NDFI 相關的放款。這些放款反映我們與客戶長期的往來關係，授信多為投資等級，其中近一半餘額與我們長期的 REIT 業務相關。私募信貸曝險仍然有限，佔總放款不到 2%，且多為投資等級、擔保強化程度高；本季既有客戶的還款金額也超過動用金額。

With respect to our full-year growth expectations, we continue to expect full-year average loans to be up low single digits versus 2025.

就我們對全年成長的預期而言，我們仍預期 2026 年全年平均放款將較 2025 年成長低個位數百分比。

Turning to deposits. Average balances increased modestly, while ending balances increased approximately 1%, reflecting normal seasonal patterns associated with tax refunds and payments. Balances grew while total deposit costs continued to decline, supported by our strong deposit franchise and focus on customer acquisition and retention. Through deliberate product management, we continue to see a shift from CDs into money market accounts across both our consumer and wealth businesses with growth in the combined balances.

接著談存款。平均餘額小幅增加，而期末餘額約成長 1%，反映與退稅及繳稅相關的正常季節性型態。在餘額成長的同時，總存款成本持續下降，受惠於我們強健的存款特許經營優勢，以及對客戶獲取與留存的專注。透過審慎的產品管理，我們持續看到消費與財富管理業務的資金由定存（CD）轉向貨幣市場帳戶，合計餘額呈現成長。

Our non-interest-bearing deposit mix remained in the low 30% range, consistent with our target and reflective of the operational nature of our deposit base. As a result, we continue to expect 2026 average deposits to be up low single digits versus the prior year.

我們的無息存款占比維持在 30% 出頭，符合我們的目標，也反映我們存款基礎的營運性質。因此，我們仍預期 2026 年平均存款將較前一年成長低個位數百分比。

Let's shift to net interest income. As expected, net interest income was lower linked quarter, driven primarily by two fewer days in the quarter and the absence of non-recurring items that benefited the fourth quarter. The net interest margin of 3.67% continues to evidence Regions' profitability advantage. That said, margin came in below expectations for the quarter, reflecting tighter asset spreads as a result of market conditions, paydowns of higher-yielding loans, and remixing into higher quality credits.

接著談淨利息收入。如預期，淨利息收入較上一季下降，主要因本季少了兩天，以及第四季受惠的一次性項目在本季不再出現。3.67% 的淨利差持續展現 Regions 的獲利優勢。不過，本季淨利差低於預期，反映在市場環境影響下資產利差收窄、較高收益放款的提前償還，以及重新配置至更高品質授信。

The core balance sheet performed well during the quarter and provides a solid foundation for net interest income growth over the remainder of the year. Our neutral interest rate positioning once again performed as designed in the quarter with minimal impact to net interest income from the Fed's fourth-quarter interest rate cuts.

本季核心資產負債表表現良好，為今年剩餘期間的淨利息收入成長提供穩固基礎。我們的中性利率部位配置在本季再次如設計般運作，使聯準會第四季降息對淨利息收入的影響極小。

During the first quarter, interest-bearing deposit costs declined 13 basis points. The following cycle interest-bearing deposit beta stands at 35%, and we remain confident in the mid-30s beta with the potential to outperform over time. Net interest income also continued to benefit from fixed rate asset turnover with elevated long-term rates supporting pricing on term loans and securities. At current rate levels, we would expect balance sheet repricing to support margin expansion over multiple years. Finally, recent loan growth acceleration positions us well for future interest income growth.

第一季期間，計息存款成本下降 13 個基點。在本輪循環中，計息存款 beta 為 35%，我們仍有信心維持在 30% 中段，並有機會隨時間推移而優於同業。淨利息收入也持續受惠於固定利率資產到期輪替，在較高的長天期利率支撐下，定期放款與證券的定價更具優勢。在目前利率水準下，我們預期資產負債表重新定價將在多年期間支持淨利差擴張。最後，近期放款成長加速也使我們在未來利息收入成長方面具備良好條件。

Subsequent to quarter end, higher interest rates created an opportunity to sell approximately $900 million of shorter duration securities that no longer support our balance sheet management objectives at a $40 million loss, repositioning those into longer duration product types. The transaction is also well aligned with our overall capital deployment priorities, carrying a short approximately two-year payback period and enhancing overall securities yields.

在季度結束後，較高的利率帶來機會，使我們得以出售約9億美元、存續期間較短且已不再支持我們資產負債表管理目標的證券，並承擔4,000萬美元的損失，將其重新配置至存續期間較長的產品類型。該交易亦與我們整體資本部署優先事項高度一致，回收期約為兩年，並提升整體證券收益率。

In the second quarter, we expect a strong rebound with approximately 2% net interest income growth, followed by additional expansion in subsequent quarters. Fixed rate asset turnover, seasonal average deposit inflows, accelerating loan growth and continued discipline in funding costs will drive net interest income growth in a stable Fed funds environment. For full year 2026, we reiterate our net interest income expectation of between 2.5% and 4% growth and for the net interest margin to exit the year in the low 3.70s.

在第二季，我們預期將強勁反彈，淨利息收入約成長2%，並在後續季度進一步擴張。在聯邦基金利率環境穩定的情況下，固定利率資產周轉、季節性平均存款流入、貸款成長加速，以及對資金成本的持續紀律，將推動淨利息收入成長。就2026全年而言，我們重申淨利息收入成長預期為2.5%至4%，且淨利差預計在年底落在3.70%出頭的低位區間。

Now let's turn to fee revenue performance for the quarter. Adjusted non-interest revenue declined 2% on a linked-quarter basis as seasonally lower card and ATM fees and a decline in other non-interest income were partially offset by higher capital markets revenue. Capital markets income increased 5% during the quarter, driven by improvements in commercial swap, loan syndication, and securities underwriting activity, partially offset by lower real estate capital markets and M&A fees.

接下來談本季的手續費收入表現。調整後非利息收入按季（與前一季相比）下降2%，主因為季節性因素導致信用卡與ATM費用較低，以及其他非利息收入下滑；但部分被資本市場收入增加所抵銷。本季資本市場收入成長5%，主要受惠於商業利率交換、貸款聯貸，以及證券承銷活動改善；但部分被不動產資本市場與併購（M&A）費用較低所抵銷。

Despite ongoing headwinds associated with market volatility and elevated interest rates, we continue to expect capital markets quarterly revenue to increase within our $90 million to $105 million range, trending near the lower end of the range in the second quarter and moving higher thereafter. Wealth Management remains a good story for us, supported primarily by continued sales momentum with revenue up 9% year over year, and we expect this business to continue to be a steady contributor to fee revenue growth.

儘管市場波動與高利率帶來持續逆風，我們仍預期資本市場單季收入將落在9,000萬至1.05億美元區間內成長，第二季趨近區間下緣，之後再逐步走高。財富管理對我們而言仍是亮點，主要受惠於持續的銷售動能，收入年增9%；我們預期該業務將持續穩定貢獻手續費收入成長。

Card and ATM fees declined 5% from the prior quarter, reflecting typical seasonal patterns. We expect this line item to follow normal patterns peaking next quarter and moderating throughout the second half of the year. Other non-interest income declined 29%, driven primarily by commercial lease sales activity with $6 million of gains recognized in the fourth quarter and $7 million of losses recognized in the current quarter.

信用卡與ATM費用較前一季下降5%，反映典型的季節性型態。我們預期此項目將遵循正常季節性走勢：下季達到高峰，並在下半年逐步趨緩。其他非利息收入下降29%，主要受商業租賃出售活動影響：第四季認列600萬美元收益，而本季認列700萬美元損失。

Service charges remained stable during the quarter as record treasury management fees offset seasonally lower consumer revenue. Overall, treasury management grew 6% on a linked-quarter basis, including strong growth in core payments revenue.

本季服務手續費維持穩定，因創新高的資金管理費用抵銷了季節性較低的消費者收入。整體而言，資金管理按季成長6%，其中包含核心支付收入的強勁成長。

We continue to invest in talent and innovation within the treasury management space with a focus on embedded payments and digital client experiences. We expect this business to remain a source of growth within overall service charges. For full year 2026, we continue to expect adjusted non-interest income to grow between 3% and 5% versus 2025.

我們持續在資金管理領域投資人才與創新，重點聚焦於嵌入式支付與數位化客戶體驗。我們預期該業務仍將是整體服務手續費中的成長來源。就2026全年而言，我們仍預期調整後非利息收入較2025年成長3%至5%。

Let's move on to non-interest expense. While we continue to make meaningful investments across the franchise to support long-term growth, we remain focused on maintaining a disciplined approach to expense management.

接著談非利息費用。雖然我們持續在整體平台進行具意義的投資以支持長期成長，但我們仍專注於維持嚴謹的費用管理紀律。

Adjusted non-interest expense declined 4% linked quarter, reflecting broad-based improvement across most expense categories. Salaries and benefits remained relatively stable as lower incentives and declines in market value adjustments for employee benefits liabilities offset the seasonal increases associated with payroll taxes, 401(k) match and merit.

調整後非利息費用按季下降4%，反映多數費用類別普遍改善。薪資與福利大致持平，因較低的獎酬以及員工福利負債市值調整下降，抵銷了與薪資稅、401(k)雇主配對提撥及調薪相關的季節性增加。

For full year 2026, we expect adjusted non-interest expense to be up between 1.5% and 3.5%, and we expect to deliver full year adjusted positive operating leverage. Annualized net charge-offs as a percentage of average loans decreased 5 basis points to 54 basis points, reflecting continued progress on resolutions within previously identified portfolios of interest, which were reserved for in prior periods. Business services criticized and total non-performing loans remained relatively stable during the quarter as risk rating upgrades continue to outpace downgrades.

就2026全年而言，我們預期調整後非利息費用將增加1.5%至3.5%，並預期全年可實現調整後的正向營運槓桿。年化淨沖銷占平均貸款比率下降5個基點至54個基點，反映我們在先前已識別且於前期已提列準備的關注投資組合之處置/解決上持續取得進展。本季商業服務類別的受批評資產與總不良貸款維持相對穩定，因風險評等上調持續快於下調。

The resulting NPL ratio declined 2 basis points to 71 basis points and the business services criticized ratio declined 16 basis points to 5.15%. Allowance increases tied to loan growth and greater macroeconomic uncertainty were more than offset by meaningful progress in resolving loans within previously identified portfolios of interest, sustained risk rating upgrades exceeding downgrades and continued improvement in the business services criticized and total non-performing loan ratios. As a result, the allowance for credit losses declined $39 million.

因此，不良貸款（NPL）比率下降2個基點至71個基點，商業服務受批評比率下降16個基點至5.15%。與貸款成長及更高的總體經濟不確定性相關的備抵增加，已被我們在先前已識別之關注投資組合貸款處置/解決上的顯著進展、風險評等上調持續高於下調，以及商業服務受批評與總不良貸款比率的持續改善所大幅抵銷。因此，信用損失備抵（allowance for credit losses）減少3,900萬美元。

Strengthening asset quality across portfolios, combined with high-quality loan growth drove an 8 basis point reduction in the allowance ratio to 1.68%, while coverage of non-performing loans remained solid at 238%. We expect full year 2026 net charge-offs to be between 40 and 50 basis points.

各投資組合資產品質走強，加上高品質貸款成長，使備抵比率下降8個基點至1.68%，而不良貸款覆蓋率仍維持穩健於238%。我們預期2026全年淨沖銷將介於40至50個基點。

Let's turn to capital and liquidity. We ended the quarter with an estimated common equity Tier 1 ratio of 10.7%, while executing $401 million in share repurchases and paying $227 million in common dividends. We are encouraged by the proposed changes to the regulatory capital framework, which would revise the definition of capital to include AOCI and implement broad updates to risk-weighted asset calculations under the standardized approach.

接下來談資本與流動性。本季末，我們估計普通股權第一類資本比率（CET1）為10.7%，同時執行4.01億美元庫藏股回購並支付2.27億美元普通股股利。我們對監理資本架構的擬議變更感到鼓舞；該變更將修訂資本定義以納入AOCI，並在標準法下對風險加權資產（RWA）計算進行廣泛更新。

Including AOCI reduces our reported CET1 ratio to an estimated 9.4%. However, based on our preliminary assessment, the proposed changes are also expected to result in an estimated 10% reduction in risk-weighted assets, contributing to an approximate 100 basis point increase in capital.

納入AOCI會使我們報告的CET1比率降至估計9.4%。然而，根據我們的初步評估，擬議變更亦預期將使風險加權資產估計減少10%，從而帶來約100個基點的資本提升。

Taken together, the proposed changes are expected to result in a fully implemented Basel III common equity Tier 1 ratio of approximately 10.4% on a pro forma basis.

綜合而言，擬議變更預期在全面實施後，按備考（pro forma）基礎計算的巴塞爾協定III普通股權第一類資本比率約為10.4%。

Importantly, our capital priorities remain unchanged. Once finalized, we expect to continue managing our fully implemented Basel III common equity Tier 1 ratio around the midpoint of our established 9.25% to 9.75% operating range. Finally, liquidity remains stable and robust with ample capacity to support future growth. As John indicated, we are pleased with our quarterly performance, particularly given the evolving market dynamics and believe we remain well positioned to continue delivering consistent, sustainable long-term performance for our shareholders.

重要的是，我們的資本優先事項維持不變。一旦定案，我們預期將持續把全面實施後的巴塞爾協定III普通股權第一類資本比率，管理在既定9.25%至9.75%營運區間的中點附近。最後，流動性仍維持穩定且充裕，具備足夠能力支持未來成長。如John所指出，我們對本季表現感到滿意，特別是在市場動態持續演變之際；我們相信公司仍具備良好定位，可持續為股東帶來一致且可持續的長期表現。

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

以上為我們的預先準備發言。接下來我們將進入問答環節。

(Operator Instructions) Ryan Nash, Goldman Sachs.

（接線員指示）Ryan Nash，高盛。

Welcome to the call, Anil. It was good to see that you reiterated the guidance across the board despite a slightly softer start. So I wanted to focus on revenues, whether it's NII or fees, given 1Q along with some of the 2Q commentary. Maybe just give us a sense of how you're tracking relative to your ranges? And what is your confidence in terms of reaching the middle or the upper part of the NII range? And what do we need to see that happen? I have a follow-up.

Anil，歡迎加入電話會議。很高興看到儘管開局略顯疲弱，你們仍全面重申各項指引。因此我想聚焦在收入端，不論是淨利息收入（NII）或手續費，結合第一季表現以及你們對第二季的一些評論。能否請你們說明一下，目前相對於你們的區間目標進度如何？以及你們對於達到NII區間中位數或上緣的信心如何？要達成這點需要看到哪些條件？我還有一個追問。

So first of all, we're very confident in hitting the ranges. Let me start with net interest income. So I think importantly, exiting the quarter with the strong loan growth that we saw, $2.3 billion point-to-point is really a great tailwind for us heading into the second quarter. Our deposit performance, the growth that we saw during the quarter was also really strong. Our ability to continue to bring down deposit costs.

首先，我們對達成各項區間目標非常有信心。我先從淨利息收入談起。我認為很重要的是，本季結束時我們看到強勁的貸款成長，點對點增加23億美元，這對我們進入第二季而言是非常好的順風。我們的存款表現也非常強勁，本季看到的成長幅度相當可觀。以及我們持續降低存款成本的能力。

We exited the quarter on an interest-bearing deposit cost of 1.69%. That's another good tailwind for us. And as we've talked about before, we still have fixed asset turnover that will benefit us over the course of the remainder of the year. So all those things coming together is really what gives us the confidence in terms of what we expect to see for NII, both in the second quarter and going forward through the year. And I'd say loan trends still look good.

我們在本季末的計息存款成本為1.69%。這對我們而言又是一項有利的順風因素。而且如同我們先前談到的，我們仍有固定資產周轉（帶來的效益），將在今年剩餘期間持續挹注。因此，這些因素匯聚在一起，正是讓我們對淨利息收入（NII）在第二季以及今年後續走勢的預期更具信心的原因。我也會說，放款趨勢看起來仍然良好。

So we're confident that what we're seeing will continue to persist. With respect to non-interest revenue, a couple of things there. So first, cyclically, the first quarter is typically low for some of the consumer fee items, consumer service charges, card and ATM fees. Those tend to be lower in the first quarter. We expect that to rebound in the second quarter.

所以我們有信心，我們目前看到的情況會持續下去。至於非利息收入，有幾點要說明。首先，從循環性來看，第一季通常是某些消費者手續費項目較低的季度，例如消費者服務費、卡片與ATM手續費。這些在第一季往往較低。我們預期第二季會回升。

So that will be a nice tailwind. We've talked about capital markets and gave our guide for the second quarter and for the rest of the year. And then treasury management and wealth just continue to be good growth stories for us. We continue to expect to see growth there. It's great to see another record quarter out of treasury management.

因此這將是一項不錯的順風。我們也談過資本市場，並提供了第二季以及今年其餘期間的指引。此外，財資管理與財富業務對我們而言仍持續是良好的成長故事。我們仍預期那裡會看到成長。很高興看到財資管理再創單季新高紀錄。

Wealth Management up 9% year over year. So all these things are really pulling in the right direction. And so what we're seeing right now really gives us confidence that we'll operate within the range that we've given.

財富管理年增9%。所以這些因素都確實朝著正確方向推進。因此，我們目前所看到的情況，讓我們有信心能在我們所給出的區間內運作。

And then I have a follow-up and a comment. First, for my follow-up, you noted that you still expect to manage to the midpoint of your range on capital, but I think you noted that it creates meaningful flexibility. So just given the coming changes, maybe just talk about the potential to manage towards the low end or even below, given that these changes are coming and maybe expand on the flexibility comment. What else do we see for leveraging the capital? That's my question.

接著我有一個追問和一段評論。先就追問而言，你提到你們仍預期將資本管理在目標區間的中點，但我想你也提到這帶來了相當大的彈性。因此，考量即將到來的變動，能否談談在這些變動即將發生的情況下，是否有可能把管理目標往區間下緣、甚至低於下緣移動，並進一步說明你提到的彈性？我們還能看到哪些運用資本槓桿的方式？這是我的問題。

And then my comment, Dana, I just want to say thank you for all the help over the years, and enjoy taking care of your grandchild and doing some traveling.

然後是我的評論，Dana，我只想說謝謝你這些年來的所有協助，也祝你享受照顧孫子（孫女）以及到處旅行。

Thank you, Ryan.

謝謝你，Ryan。

Great question, Ryan. So we don't want to get too far ahead of the proposed rule. So as we indicated, based on the proposal, when you include AOCI and then the expected benefit in risk-weighted assets, we expect to be around 10.4%. The timing of each component, the phase-in schedule, things of that nature will matter a lot. And so we're not going to get ahead of that.

問題很好，Ryan。我們不想在擬議規則上走得太前面。如同我們所指出的，依照提案，當你納入AOCI（累積其他綜合損益）以及風險加權資產的預期效益後，我們預期大約會在10.4%左右。各個組成項目的時點、分階段導入的時程等因素都會非常重要。因此我們不會提前做出判斷。

We're going to continue to manage capital the way you've seen us. Our capital distribution priorities are unchanged. We'll monitor these proposals. And once finalized, it will be our plan to continue to manage capital within that range. That is unchanged.

我們會持續以你們所看到的方式來管理資本。我們的資本分配優先順序不變。我們會持續監測這些提案。一旦定案，我們的計畫仍是在該區間內持續管理資本。這一點沒有改變。

But we don't want to get too far ahead of this. We're fortunate we generate enough capital to do everything we want to do today to grow the business. And so we don't have to distribute capital ahead of this. We'll take our time. But when we get final rules, our distribution priorities are unchanged, and we still believe our targets are where we should be.

但我們不想在這件事上走得太前面。我們很幸運，能產生足夠的資本，去做我們今天想做的一切，包括推動業務成長。因此我們不需要在此之前就提前分配資本。我們會從容推進。但當最終規則出爐時，我們的分配優先順序不變，我們仍相信我們的目標水準是合適的。

Scott Siefers, Piper Sandler.

Scott Siefers，Piper Sandler。

Maybe, Anil, I was hoping you could sort of address in a little more detail the moving parts in the margin outlook for the remainder of the year. I think you touched on a combination of the tighter asset spreads and loan remixing as factors in the first quarter. Maybe just going forward, how much will those need to find relief? Or is there simply enough balance sheet repricing opportunity going forward that you can absorb continued pressure from those dynamics that hit the first quarter, but still see both the margin and NII?

Anil，也許我希望你能更詳細地談談今年剩餘期間利差展望中的各項變動因素。我想你提到第一季受到資產利差收窄與放款組合重新配置的共同影響。往後來看，這些因素需要多大程度的緩解？或者說，未來資產負債表重新定價的機會是否足以吸收第一季那些動態所帶來的持續壓力，但仍能同時看到利差與NII的表現？

Sure. So first of all, managing deposit costs is still the primary mechanism that we have to continue to meet our margin objectives for the year. It's already alluded to where we exited the quarter from an interest-bearing deposit cost. So the opportunity there is still going to be a meaningful driver in terms of where we go over the balance of the year.

當然。首先，管理存款成本仍是我們在今年持續達成利差目標的主要手段。我們已提到本季末的計息存款成本水準。因此，這方面的機會仍將是推動我們今年剩餘期間走勢的重要驅動因素。

We talked about the fixed asset repricing opportunities that we have, about $9 billion looking forward. So that will be helpful. We did see, as we alluded to, some investment-grade credit draws late in the quarter. We like that credit. It's lower credit risk, great returns. But we also saw good kind of middle market growth throughout the first part of the quarter.

我們談到我們所擁有的固定資產重新定價機會，往前看約有90億美元。這會帶來幫助。如同我們提到的，我們在季末看到一些投資等級授信的動用。我們喜歡這類授信。它的信用風險較低、報酬很不錯。但同時，我們也在本季前半段看到中型市場（middle market）整體有不錯的成長。

And so we expect to see that over the course of the year, and that's going to benefit the margin as well as we look forward. So deposit growth is going to continue to grow. I already mentioned we had good growth this quarter. We're going to see seasonal uptick in the second quarter. So all those factors coming together really are going to be positive in terms of where our margin goes from here over the course of the year.

因此我們預期今年會持續看到這樣的情況，往前看也將有利於利差表現。所以存款成長將會持續增加。我先前已提到本季我們有不錯的成長。第二季我們會看到季節性的回升。因此，這些因素匯聚在一起，對於我們今年接下來利差的走勢將是正面的。

Terrific. Okay. And then John, your commentary on customer sentiment sounded pretty good. I think, Anil, you mentioned that about half the first quarter loan growth came from higher line utilization. Maybe a thought on where -- where are utilization rates versus, say, 90 days ago? Where would you hope to see those advance to as the year unfolds?

太好了。好的。另外，John，你對客戶情緒的評論聽起來相當不錯。我想，Anil，你提到第一季放款成長約有一半來自額度使用率提高。能否談談——使用率相較於例如90天前的水準如何？隨著今年推進，你希望看到使用率提升到什麼程度？

Yeah. So utilization rates are up about 200 basis points, I guess, across both the corporate banking markets or customer base and our middle market customers. And we'd expect to see a little more activity as the year goes along just based upon the constructive feedback we're getting from customers. I will say that we observe liquidity. Customer liquidity is up, at least in -- at Regions by about 7% year over year. So customers are still creating additional liquidity. At the same time, we are seeing borrowing activity, which is positive.

是的。我想，使用率大約上升了200個基點，涵蓋企業銀行市場／客戶基礎以及我們的中型市場客戶。基於我們從客戶那裡得到的正向回饋，我們預期隨著今年進行會看到更多活動。我也要說，我們觀察到流動性。客戶流動性年增，在Regions至少約增加7%。所以客戶仍在創造更多流動性。同時，我們也看到借款活動，這是正面的。

John Pancari, Evercore.

John Pancari，Evercore。

On the deposit backdrop, I know you had indicated some pretty good deposit dynamics. But I wanted to see if you can elaborate on the competitive backdrop that you're seeing in the Southeast. We've had a number of banks flag seemingly intensifying competitive pressures on the deposit front from not only some incumbents, but some newer entrants to the markets. So what are you seeing in terms of deposit pricing dynamics? Has that been impacting your expectation at all underlying the margin?

就存款環境而言，我知道你們提到存款動態相當不錯。但我想請你進一步說明你們在美國東南部所看到的競爭環境。我們看到不少銀行指出，存款端的競爭壓力似乎正在加劇，不僅來自一些既有業者，也來自一些新進入市場的參與者。所以你們在存款定價動態方面看到了什麼？這是否對你們用來支撐利差的預期造成任何影響？

Sure, John. Yeah. So we've been in a highly competitive deposit backdrop, I'd say, for north of a year. The one thing I'd say that's been consistent is we are seeing banks and we are as well offering promotional offers in certain key markets where everyone is looking to grow customers. What I'll also say is banks are also being prudent in terms of how they think about the back book of their deposit base to manage that in the context of their overall deposit costs.

當然可以，John。是的。所以我會說，在過去一年多以來，我們一直處於高度競爭的存款環境。我想一直以來都一致的一點是，我們看到各家銀行——我們也一樣——在某些關鍵市場推出促銷優惠，因為大家都在尋求擴大客戶基礎。我也要說的是，銀行在思考如何處理其存款基礎的既有存量（back book）方面也相當審慎，以便在整體存款成本的脈絡下加以管理。

And so the strategies are very similar to what we've seen over the past year. We've adopted an approach that we think is appropriate where we can continue to grow new customers, especially in these high-growth markets, but also take advantage of our back book to price that in a way that's able to manage our deposit costs where we think it should be over time. We're seeing the same thing within our customer base -- sorry, amongst our peers.

因此，策略與我們在過去一年看到的非常相似。我們採取了一種我們認為合適的方法：一方面能持續拓展新客戶，特別是在這些高成長市場；另一方面也能運用我們的既有存量（back book），以能在我們認為長期應有的水準上管理存款成本的方式來訂價。在我們的同業之間——抱歉，是在同業之中——我們也看到同樣的情況。

And so we think that dynamic will continue to hold as loans continue to grow, I'm optimistic in terms of what we're seeing in the capital markets, the debt capital markets where banks are accessing liquidity there. And so from what I see now, the way banks are managing their deposit base and other funding sources, I think, will continue as we all have opportunities to grow loans from here.

因此，我們認為隨著貸款持續成長，這種動態將會延續；就我在資本市場、債務資本市場看到銀行正在透過那裡取得流動性而言，我是樂觀的。所以就我目前所見，銀行管理其存款基礎與其他資金來源的方式，我認為會持續下去，因為從現在起我們都有機會擴大放款。

Great. All right. And then on the margin, I know you cited the pressure from tighter asset spreads. I mean, if you could give us a little more color there on where spreads stand, what loan types are you seeing that compression? Is that competitive pressures?

很好。好。接著談到利差（margin），我知道你提到資產利差收窄帶來的壓力。我的意思是，你能否再多提供一些細節：目前利差水準如何？你看到哪些貸款類型出現壓縮？這是競爭壓力造成的嗎？

And you also mentioned the paydown of some higher-yielding loans. So if you can just give us a little more color on that? And is there any incremental actions you expect on the portfolio reshaping?

你也提到部分高收益貸款的提前償還（paydown）。所以能否也再多補充一些細節？另外，在投資組合重塑（portfolio reshaping）方面，你預期會有任何額外的行動嗎？

Yes. Really on the tighter spreads, it's primarily in larger C&I, where we saw line utilization late in the quarter. That's the primary area. We also saw just earlier in the quarter broadly across the balance sheet in terms of tighter mortgage spreads or some of the actions the government is taking as well as refi top that we saw earlier in the first quarter. But primarily where we're seeing the tighter spreads is in IG within the C&I space.

是的。關於利差收窄，主要發生在較大型的商業與工業貸款（C&I），我們在季末看到額度動用（line utilization）。這是最主要的區域。我們也在本季稍早看到整體資產負債表上更廣泛的情況，例如房貸利差收窄，或政府採取的一些措施，以及我們在第一季較早時看到的再融資（refi）活動。但我們看到利差收窄主要是在C&I領域中的投資級（IG）。

Got it. Okay. And then the portfolio reshaping efforts, anything incremental that you expect on that front?

了解。好。那麼投資組合重塑的工作方面，你預期在這方面會有任何額外的動作嗎？

I think all that's proceeding just as planned. And as we alluded to last quarter, a lot of that is behind us. And so, we'll continue going down that path as we have.

我認為一切都按計畫進行。而且如同我們上季提到的，其中很多其實已經在我們身後了。所以，我們會像過去一樣繼續沿著這條路走下去。

Best of luck, Dana, on retirement.

祝你退休一切順利，Dana。

Thank you, John.

謝謝你，John。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Anil, you spoke about line draws. I mean, it sounds like it's good fundamental demand coming through. Just wanted to see if you've seen any defensive line draws and any reason that utilization rates may flatten or even decline from here.

Anil，你談到額度動用（line draws）。我的意思是，聽起來是良好的基本面需求正在出現。我想確認一下，你是否看到任何防禦性（defensive）的額度動用？以及是否有任何原因使得動用率可能從這裡開始持平，甚至下滑？

Yeah. The line draws that we saw were predominantly late in the quarter when there's volatility in the capital markets. So that's really where we saw most of that come in. I wouldn't call it defensive in nature. I would just say, given where the capital markets were as we saw uncertainty in the market, customers drew on bank lines. So I'd expect that to abate through time as capital markets reopen, but nothing defensive in terms of what we're seeing.

是的。我們看到的額度動用主要發生在季末，當時資本市場出現波動。所以大多數就是在那時進來的。我不會把它稱為防禦性。我只會說，鑑於當時資本市場的狀況、以及我們看到市場存在不確定性，客戶就動用了銀行授信額度。因此我預期隨著資本市場重新開放，這種情況會隨時間緩和；但就我們所見，沒有任何防禦性的跡象。

Got it. And then maybe on the capital markets side, I guess you're expecting that trends to the lower end given volatility in rates. Most of your comments in the environment have been fairly constructive. So I guess what market conditions would move you back towards $100 million plus range on capital markets revenues?

了解。那麼在資本市場方面，我想你預期在利率波動下，趨勢會落在較低端。你對環境的大多數評論其實都相當建設性。所以我想問，什麼樣的市場條件會讓你們回到資本市場收入1億美元以上的區間？

Well, the primary business that's impacted is our real estate capital markets business, and it's been soft now for four, five quarters based on just the rate environment. So as rates -- longer-term rates come down, we would see, we believe, a benefit in the real estate capital markets business, which would be important. And that would more than offset any impacts on other parts of the business.

嗯，受影響的主要業務是我們的不動產資本市場業務，而基於利率環境，這項業務已經疲弱了四、五個季度。因此，當利率——較長天期利率——下降時，我們相信不動產資本市場業務將會受惠，這會很重要。而這將足以抵銷對其他業務部分的任何影響。

Got it, great. And Dana, all the very best.

了解，很好。Dana，祝你一切順利。

Thank you, Manan.

謝謝你，Manan。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Anil, in talking about the loan loss reserve, I think you pointed out that the increases were tied to loan growth, but also the macro uncertainty out there. If the conflict in the Middle East takes a decided turn for the better, the streets opened up today as you probably saw the headlines, what would that do for the second or third quarter allowance? Does that start to reduce the allowance as that macro risk drops meaningfully and kind of surprises all of us that it's maybe going to be resolved sooner than expected?

Anil，在談到貸款損失準備（loan loss reserve）時，我想你指出增加主要與貸款成長有關，但也與宏觀不確定性有關。如果中東衝突明顯朝更好的方向發展——你可能也看到今天的新聞標題，局勢似乎有所緩和——那對第二季或第三季的備抵（allowance）會有什麼影響？當宏觀風險大幅下降、並且有點出乎我們意料地可能比預期更快解決時，是否會開始降低備抵？

Yeah. And if you look on the waterfall that we included in the appendix, we attributed about $17 million of growth quarter over quarter to macro uncertainty. That's primarily what we're seeing in the Middle East. So to the extent that gets resolved and the other kind of second order effects resolved in a positive to neutral way, we could see a modest release in the allowance of that. I wouldn't say it's overly material, but we did feel appropriate to put up a little bit in terms of macroeconomic uncertainty, but that's the part of the allowance that I'd point you to.

是的。如果你看我們在附錄中放的瀑布圖（waterfall），我們將季度環比成長中約1,700萬美元歸因於宏觀不確定性。那主要是我們在中東看到的情況。因此，若該問題得到解決，且其他所謂的第二輪效應（second order effects）也以正向到中性的方式解決，我們可能會看到就這部分備抵有小幅釋出（release）。我不會說這非常重大，但我們確實認為，基於宏觀經濟不確定性，適度提高一些是合宜的；而這就是我會請你關注的那部分備抵。

Very good. And then to follow up on the commercial loan conversation that you guys have presented. You're not really big NDFI lenders as a regional bank, you're down at the bottom of kind of the group, which lowers the risk, of course. But what -- I guess, why haven't you maybe pursued it as aggressively as some of your peers in terms of the different categories of NDFI lending? What do you guys see there that makes you maybe a little more cautious?

很好。接著追問你們所呈現的商業貸款討論。作為一家區域性銀行，你們並不是大型的NDFI放款機構，在同業群中屬於較低端，當然這也降低了風險。但我想問的是：為什麼你們在不同類別的NDFI放款上，沒有像一些同業那樣積極推進？你們看到了什麼，使得你們更為謹慎？

Well, I think we just generally are more cautious, Gerard. And as we think about our lending activities, they're principally based on relationships that are established within our footprint. We have some businesses where we have specialized capabilities, and we actually do lend out of footprint. This would be an area where we're getting our feet wet, learning a little more about it.

嗯，我想我們整體而言就是比較謹慎，Gerard。而當我們思考放款活動時，主要是以我們服務版圖（footprint）內已建立的關係為基礎。我們有一些具備專業能力的業務，確實也會在版圖外放款。而這會是一個我們正在試水溫、並多了解一些的領域。

Today, we have relationships with about 20 -- just in excess of 25 funds, and those funds are fairly broadly distributed in terms of the businesses, the sectors that they're lending into. Total exposure, I think, is just above $3 billion to those funds within private credit, about $1.8 billion.

目前，我們與大約20——略高於25家基金——建立了關係，而這些基金在其放款所涉入的業務與產業領域上分布相當廣泛。我想，對這些基金的總曝險略高於30億美元；其中在私募信貸（private credit）方面約18億美元。

So we're just in exposure, I mean, in outstandings. I think we're just trying to learn to understand can we build relationships, can we gain deposits? Can we participate in capital markets activity? That's fundamental to how we want to operate our business. We can't do that, then it's just not an appropriate allocation of capital for us.

所以我們的曝險——我的意思是，就在帳餘額（outstandings）而言。我認為我們只是想學習並理解：我們能否建立關係、能否取得存款？我們能否參與資本市場活動？這些是我們希望如何經營業務的根本。如果做不到，那對我們而言就不是一個適當的資本配置。

Very good. And Dana, hopefully, you have tons of fun in retirement.

非常好。Dana，也希望你退休生活過得非常愉快。

Thank you, Gerard.

謝謝你，Gerard。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

It was good to hear about -- or sorry, let me start again. First-quarter credit quality was exactly as expected, taking care of that already expected stuff and then your outlook for the year looks good, and there was good stability in the NPAs and some of the other metrics. So just are you kind of through that piece of taking care of some of that legacy stuff and just your general line of sight on some of those other portfolios that you've mentioned in the past?

很高興聽到關於——抱歉，我重新開始。第一季的信用品質完全符合預期，先把那些原本就預期會發生的事項處理掉，接著你們對全年展望看起來不錯，不良資產（NPA）以及其他一些指標也相當穩定。所以你們是否算是已經度過了處理部分歷史遺留事項的階段？另外，對於你們過去提到的其他投資組合，你們目前的整體能見度如何？

Yeah. I would say, Ken, we previously identified office, multifamily, transportation and communications as portfolios where we have some credits we're working through or working out. We have generally see most of that activity has been completed, but we still have a few credits of some size that we're working on. And so while we are indicating that we expect charge-offs over the course of the year to be between 40 and 50 basis points, the timing of which we get back within that range is still not entirely clear. But we think credit quality is continuing to improve as indicated and reflected in our metrics.

是的。我會說，Ken，我們先前點名辦公室、多戶住宅、運輸與通訊等投資組合，這些組合中有一些授信我們正在處理或進行重整。整體而言，我們看到大部分相關作業已完成，但仍有少數規模較大的授信案正在處理中。因此，雖然我們表示預期全年核銷（charge-offs）將介於40到50個基點之間，但何時能回到該區間內的進度時點仍不完全明朗。不過，我們認為信用品質正如我們的指標所顯示與反映的那樣持續改善。

Non-performing loans down to 71 basis points, criticized loans continuing to decline. Charge-offs should follow as they're trailing indicator of improving credit quality.

不良貸款降至71個基點，受批評貸款（criticized loans）持續下降。核銷應會跟進，因為它是信用品質改善的落後指標。

And I'd just add, as all that happens, our 1.68% allowance ratio should approximate down to the 1.62% that we disclosed are kind of day one. That assumes we resolve the credits that John mentioned, and that assumes that the macroeconomic uncertainty gets resolved in a positive way. The timing of which that happens, we'll see, but that's where we think we'll end up based on the composition of our loan portfolio.

我再補充一點：隨著上述情況發生，我們1.68%的備抵比率應會逐步接近我們揭露的「第1天」水準1.62%。這假設我們能解決John提到的那些授信案，也假設總體經濟不確定性以正面的方式獲得化解。至於發生的時點，我們再觀察，但基於我們貸款組合的構成，我們認為最終會落在那個水準。

Understood. Okay. And then the second thing on -- Anil, starting right off of the bat following, David, on the hedging and securities portfolio repositioning activity. Is that at all any adjustment to that higher for longer? Or is that -- is this more just kind of normal course of moving some stuff further out to later time periods? Just wondering if it's just like normal course of any adjustments you're making because of the environment.

了解。好。那第二點——Anil，接著David剛剛談到的避險與證券投資組合重新配置活動。這是否在某種程度上是對「高利率維持更久」的調整？還是說——這比較只是例行性地把一些部位往更後面的期限移動？我只是想了解，這是否只是因應環境所做的正常調整。

No, it's just normal course as securities shorten, they don't accomplish our balance sheet management objectives as they once did. And so we'll extend duration on the new securities that we purchased. So just an extension of what you've seen us do before.

不是，這只是正常作業；當證券存續期間縮短時，它們就不像以前那樣能達成我們的資產負債表管理目標。因此，我們會在新買入的證券上拉長久期。所以只是延續你們之前看到我們做過的作法。

Matt O'Connor, Deutsche Bank.

Matt O'Connor，德意志銀行。

I just wanted to follow up on the fees. I guess some of these categories, if we look year over year, the growth was a little bit less than I would have thought with the consumer service charges flat, corporate up a little bit, card flat. And maybe just talk about kind of some of those dynamics. And I know you gave some guidance for card in 2Q, but just kind of thinking about those categories maybe more medium term.

我想追問一下手續費收入。我想在某些類別上，如果看年增率，成長幅度比我原先預期的要小一些：消費者服務費持平、企業端小幅上升、卡片相關持平。能否談談其中的一些動態？我知道你們對第二季的卡片業務有提供一些指引，但我想從中期角度來看這些類別的走勢。

Yes. So I would say, in terms of medium-term guidance, they are cyclically lower in the first quarter. They tend to peak in the second quarter and they kind of hold flat from there. From a year-over-year comparison standpoint, we do have some kind of one-off items, if you just look quarter over quarter, in particular, in terms of how we treated certain expenses associated with some of those programs.

好的。就中期指引而言，我會說第一季在循環上通常較低。它們往往在第二季達到高峰，之後大致持平。從年對年比較的角度來看，我們確實有一些一次性項目；如果你只看季對季，特別是在我們如何處理某些計畫相關的特定費用方面。

So there are some onetime changes that if you just look year over year would mute the growth. But in terms of path from here, we expect to peak next quarter, then hold at that level throughout the rest of the year.

因此，有一些一次性變動，若只看年對年會使成長看起來被壓抑。但就接下來的路徑而言，我們預期下季達到高峰，之後在今年剩餘期間維持在該水準。

And that will be for the card and ATM fees, right, for the peak --?

而那會是針對卡片與ATM手續費，對吧，所謂的高峰——？

Yeah, and consumer -- and the consumer service charges portion.

是的，還有消費者——以及消費者服務費那一部分。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess first question just around listening to your sort of messaging on the drawdowns towards the end of the quarter due to market volatility. Does that create a risk of payoffs? And I'm just wondering if some of the macro subsides, markets are less volatile, do you see customers paying off and that credit then moves off balance sheet?

我想第一個問題是，聽你們提到在季末因市場波動而出現的動用（drawdowns）。這是否會帶來提前償還（payoffs）的風險？我想了解，如果一些總體因素緩和、市場波動降低，你們是否會看到客戶償還，進而使該等授信從資產負債表上移出？

And secondly, as we think about just capital markets, obviously, it's a little more real estate biased in your case. Without getting any rate cuts for the year? Do you think just CRE lending, real estate capital markets can still have a good year?

第二，談到資本市場，你們的情況顯然更偏向房地產。如果今年沒有任何降息？你認為商用不動產（CRE）放款、房地產資本市場仍能有不錯的一年嗎？

So maybe I'll answer the second question first. Yes, we continue to lean into that opportunity. We have actually a fairly significant portion of our portfolio that's maturing towards the back end of the year. There'll be some opportunities within that portfolio to help customers with permanent placement of those obligations. Additionally, we see other opportunities with customers who have debt in other places that we'll need to refinance.

那我先回答第二個問題。是的，我們仍持續把握那個機會。我們的投資組合中其實有相當大一部分會在今年下半年到期。在那個組合中，會有一些機會協助客戶將這些債務做長期（永久性）配置。此外，我們也看到其他機會：一些客戶在其他機構的債務需要再融資。

So I think the real estate capital markets business can still have a good year even if we don't get a lot of improvement in rate. But if we do, it gets materially better, we think.

因此，我認為即使利率沒有太多改善，房地產資本市場業務仍然可以有不錯的一年。但如果利率確實改善，我們認為情況會顯著更好。

With respect to line utilization, about half of the increase in line utilization was attributable to our larger corporate customers. The other half to our middle market customers who are continuing to invest in their businesses and grow. And while there is some risk that we'll see some paydowns amongst those larger corporate customers, we expect the middle market customers, again, to continue to borrow as they invest in their businesses.

至於額度使用率（line utilization），使用率上升約有一半來自我們較大型的企業客戶。另一半來自我們的中型市場客戶，他們仍在持續投資其業務並成長。雖然大型企業客戶那邊確實存在一些可能出現還款（paydowns）的風險，但我們預期中型市場客戶仍會在投資其業務的同時持續借款。

Pipelines are up for the year fairly significantly. And so we also expect new originations to overcome any paydowns that we might experience in the corporate space. So all in all, we feel still really good about our ability to deliver the loan growth that we've guided to.

今年以來的承作管線（pipelines）顯著上升。因此，我們也預期新的放款承作將足以抵銷企業端可能出現的任何還款。總體而言，我們對於達成我們所提供指引的貸款成長仍然非常有信心。

Got it. And then just maybe, Anil, for you or both of you. As we think about the declining RWA density on the back of the capital proposals, how sensitive are you to managing to a certain level of tangible common equity ratio? Just any thoughts there.

了解。那再請教一下，Anil，或你們兩位都可以回答。在資本提案的背景下，風險加權資產（RWA）密度下降；你們在管理上對於維持某一水準的普通股有形權益比率（tangible common equity ratio）有多敏感？想聽聽你們的看法。

Yeah. I wouldn't say that we're managing to a tangible common equity ratio. I'd say what we're thinking about really is, one, across all the changes that are being proposed, we think they're positive, we'll continue to manage to a total CET1 ratio within that 9.25% to 9.75% range. We think it's appropriate. We'll manage through that through time as we get finalization of the rules.

是的。我不會說我們是在以普通股有形權益比率作為管理目標。我會說我們真正思考的是：第一，針對所有正在被提出的變更，我們認為是正面的；我們將持續把普通股權益第一類資本（CET1）總比率維持在9.25%到9.75%的區間內。我們認為這是合適的。隨著規則最終定案，我們會在時間推移中加以管理。

With respect to the proposed RWA changes themselves, we have to think about not just the regulatory implications, but other constituents as well and how they think about RWA and the capital that's needed on our balance sheet. Again, we think all of this is positive to what we can do to capital through time. But our caution will be, one, tied to finalization of the rules and, two, just to make sure that we understand where each of the other constituents land as well when it comes to these proposed changes.

至於所提議的RWA變更本身，我們必須考量的不僅是監管面的影響，也包括其他利害關係人，以及他們如何看待RWA與我們資產負債表上所需的資本。同樣地，我們認為這一切對於我們隨時間推進所能進行的資本管理是正面的。但我們的審慎之處在於：第一，取決於規則的最終定案；第二，也要確保我們了解其他各方在這些提議變更上各自會落在什麼立場。

Got it. And Dana, all the best, and I'm sure we'll stay in touch. Take care.

了解。Dana，祝你一切順利，我相信我們會保持聯繫。保重。

Appreciate it. Thank you.

感謝。謝謝。

Dave Rochester, Cantor Fitzgerald.

Dave Rochester，Cantor Fitzgerald。

I just want to go back to the credit discussion. I'm trying to figure out how you're thinking about the trajectory of the problem loan bucket from here. Just given all the work that you've already done, are you expecting to see more meaningful moves lower in NPAs and criticized assets as we get to the back half of the year? And then if you could just update us on your progress in the transportation book, that would be great.

我想回到信用品質的討論。我想了解你們如何看待從現在起問題貸款組合的走勢。考量到你們已經做了這麼多工作，隨著進入下半年，你們是否預期不良資產（NPA）與受批評資產會有更明顯的下滑？另外，如果你們能更新一下運輸業務貸款組合的進展，那就太好了。

Yeah. We should see -- continue to see some improvement in credit quality and NPAs could come down a little further. I would say, if you look back over time, NPAs have averaged closer to 1%, I think. And so I wouldn't expect them to come down too much further than 71 basis points. Maybe we get into the 60s, but I don't see a lot of movement beyond that.

是的。我們應該會看到——信用品質持續改善，不良資產（NPA）可能還會再小幅下降。我會說，如果回顧過去一段時間，NPA 平均更接近 1%。因此我不預期它會比 71 個基點再下降太多。也許會到 60 多個基點，但我不認為會有更大幅度的變動。

I would tell you that we think credit is pretty well normalized in our book given the composition of our portfolio today, and we feel good about our ability to deliver on the 40 to 50 basis points of charge-offs as we indicated.

我會告訴你，我們認為以目前投資組合的構成來看，我們的資產品質已相當正常化，我們也對達成先前所提到的 40 到 50 個基點的沖銷（charge-offs）能力感到有信心。

With respect to transportation, we're still working through a couple of credits there. But generally speaking, I think we have identified and resolved most of the exposure. We provided some slides in the deck. I can't recall which slide it is exactly on transportation, 24, give you a little insight into our exposure there.

至於運輸業務，我們仍在處理其中幾筆授信。但整體而言，我認為我們已經辨識並解決了大部分曝險。我們在簡報中提供了一些投影片。我一時想不起來運輸業務是在哪一頁，應該是第 24 頁，能讓你對我們在那裡的曝險有一些了解。

And I think what you'd see is, one, we've had a fairly significant reduction in the size of the outstandings or the commitments representing about 1.2% of total loans. NPLs have come down to about $51 million. And again, when you just look at our reserve against that portfolio, we think it's appropriately reserved for any losses that we might experience.

我想你會看到的是，第一，我們已相當大幅降低未償餘額或承諾額，其占總放款約 1.2%。不良貸款（NPL）已降至約 5,100 萬美元。同樣地，當你看我們對該投資組合所提列的準備，我們認為已對可能發生的任何損失做了適當提列。

So you're in the latter innings on that one, if not far?

所以這一塊已經進入後段了，甚至差不多快結束了？

Yeah, yeah. Yes, we are.

是的，是的。沒錯，我們是。

Great. And then just back on the securities repositioning you did. Just given today's rates, is there any more you could do there? Anything that's left on the table that you could potentially source at some point in the future?

很好。另外回到你們做的證券部位調整。以今天的利率水準來看，那邊還有沒有更多可以做的？是否還有任何尚未處理、未來某個時間點可能可以再釋放的空間？

Yeah, I'd say it's small. There's not much right now. What we'll continue to look at is securities as they get closer to maturity, that creates an opportunity, but we'll need to see where rates are to see if it makes sense to do. As you've seen from us in the past, we're very mindful of thinking about it through returns, payback period, really strong payback period on this trade we did two years. So we're disciplined when it comes to using capital in this way.

是的，我會說空間不大。目前沒有太多。我們會持續關注的是，當證券接近到期時會創造機會，但我們需要看當時的利率水準，才能判斷是否值得去做。如同你過去看到的，我們在評估時非常重視報酬、回收期；我們兩年前做的那筆交易回收期非常強。因此在以這種方式運用資本時，我們是有紀律的。

Great. Anil, welcome. And Dana, it's been great working with you. Good luck and enjoy.

很好。Anil，歡迎。Dana，和你合作很愉快。祝你順利，也祝你享受接下來的生活。

Thanks.

謝謝。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Anil, just a two-parter for you on CET1. First, given your risk profile, what was the consideration? Or what are your considerations in terms of the RSA, which you showed us versus ERBA? And you mentioned other constituents. A few of your peers have talked about the ratings agencies and perhaps because of the benefit to RWA, particularly for the regional banks that there might be a tendency for the ratings agencies to look at unrisk-weighted assets -- or sorry, unrisk-weighted capital measures. And so just wanted your comments on those two topics.

Anil，我有兩個關於 CET1 的問題。第一，考量你們的風險概況，你們在 RSA（你們向我們展示的）相對於 ERBA 之間，是基於什麼考量？或者說，你們在 RSA（你們展示的）與 ERBA 之間的考量是什麼？你也提到其他利害關係人。你們的一些同業談到評等機構，或許因為對 RWA 有利，特別是對區域性銀行而言，評等機構可能會傾向看未風險加權的資產——抱歉，是未風險加權的資本衡量指標。因此想請你就這兩個主題發表看法。

Sure. So you really hit the second point. That is the other constituency that we need to be mindful of. And as you alluded to, some use direct regulatory risk-weighted assets in their approach. So we will need to see how they think about this.

當然。你其實點到了第二點。那就是我們需要留意的另一個利害關係人。如你所提，有些機構在其方法中會直接使用監管口徑的風險加權資產。因此我們需要看看他們會如何看待這件事。

And so we'll clearly work with them to share our thoughts on that, but you really hit the second piece there. On the first piece, I just walk you through our preliminary view of the two approaches. And so we communicated our 100 basis point expected impact under the standardized approach. We've looked at the ERBA approach, in particular, as you know, the two primary benefits that we would get through that approach are the incremental beneficial risk weights on investment-grade credits that we've talked about today. So that's meaningful.

因此我們會明確地與他們合作，分享我們對此的看法；你確實點到了第二部分。至於第一部分，我先帶你看我們對兩種方法的初步觀點。我們已溝通在標準法下預期影響為 100 個基點。我們也研究了 ERBA 方法，特別是如你所知，透過該方法我們可獲得的兩項主要好處，是我們今天談到的投資等級授信可取得額外較有利的風險權重。這是相當有意義的。

And then also other retail exposures where you could get an incremental lift in terms of risk-weighted assets. The counter to that for us is the operational loss add-on. And so our current calculation of that for us actually overwhelms the benefits from the other two. It's something we'll have to continually assess. We're fortunate that as proposed, you kind of have an evergreen option to opt in, which is beneficial.

另外還有其他零售曝險，在風險加權資產方面可能會有額外的改善。但對我們而言的抵銷因素是作業風險損失加計項（operational loss add-on）。因此我們目前對該項的計算結果，實際上已超過另外兩項帶來的好處。這是我們必須持續評估的。我們很幸運的是，依照目前提案，你有一個可隨時選擇加入（opt in）的長期選項，這是有利的。

But for us right now, the operational loss component overwhelms the benefits, in particular, from investment-grade credits and retail exposures as currently proposed.

但就我們目前而言，作業風險損失的部分壓過了好處，特別是就目前提案而言，投資等級授信與零售曝險所帶來的效益。

Got it. And Tom, I'll follow up with you a little bit on capital during our catch-up call. But the second question I wanted to pose is maybe just directly asking, you mentioned that deposit costs are a big factor in terms of your net interest income outlook. And again, you must be very flattered that a lot of your peers, both money center and regional are coming into the markets that you've long dominated.

了解。Tom，我會在我們的例行電話中再跟你追問一些資本相關問題。但我想提出的第二個問題是：你提到存款成本是影響你們淨利息收入展望的一個重要因素。另外，你們應該也會覺得受寵若驚，因為許多同業，不論是大型銀行或區域性銀行，都正在進入你們長期主導的市場。

If the Fed doesn't cut, what is sort of the trajectory for deposit costs at Regions? In other words, are you -- will you be able to keep deposit costs flat if the Fed isn't cutting this year?

如果聯準會不降息，Regions 的存款成本走勢大概會如何？換句話說，如果聯準會今年不降息，你們是否能把存款成本維持在持平？

Yeah, we will. And we think -- I talked about the 1.69% exit rate. We think that will continue into the second quarter, and it will decline modestly. Total deposit costs will decline modestly from there. We think the competitive pressures banks are kind of performing as we'd expect in terms of how they're managing deposit costs, and we expect that to continue into the future.

可以，我們可以。而且我們認為——我提到過 1.69% 的期末（exit）水準。我們認為第二季會延續這個水準，並且會小幅下降。總存款成本將從那裡開始小幅下降。我們認為競爭壓力下，各家銀行在管理存款成本方面的表現大致符合我們的預期，我們也預期未來會持續如此。

Chris McGratty, KBW.

Chris McGratty，KBW。

Intra-quarter, you talked about living in the 16 -- the high end of the 16% to 18% return on tangible common equity range for the next three years. You were slightly above that last year. I think the Street's got you a little bit over 18%. Is the outlook that those comments were made, now that we have some clarity on regulatory, how much does the numerator versus denominator play in maintaining that level of profitability?

在季度內，你談到未來三年有形普通股權益報酬率（ROTCE）將落在 16% 到 18% 區間的高端。你們去年略高於該區間。我認為市場（Street）對你們的預期略高於 18%。在你發表那些展望評論時，現在我們對監管有了一些更清晰的認知，那麼在維持該獲利水準方面，分子相對於分母各自扮演多大的角色？

Yeah. So looking forward, there's a couple of things to think about. One is let's talk about the proposed capital changes first. If those go in as proposed and if the other constituents don't meaningfully impact how we think about capital, that in and of itself is a tailwind to returns to the extent we choose to buy back shares from that. So that would prop up returns overall.

是的。所以往前看，有幾件事需要思考。第一個是先談談提議中的資本變動。如果這些如提案所述落地，而且其他構成要素不會對我們看待資本的方式造成實質影響，那麼就我們選擇用其進行庫藏股回購的程度而言，這本身就會成為推升報酬的順風。因此整體報酬也會被支撐起來。

But look, the reason we frame up our guide of 16% to 18% is really because, as we've said before, we need to be top quartile when it comes to overall returns. We don't need to be number one. We need to make sure we make all the right investments into our business. And we believe that we can continue to do that. We did it this quarter in terms of the growth that we saw.

不過你看，我們之所以把指引訂在16%到18%，主要是因為，如同我們先前所說，我們在整體報酬方面需要位居同業前四分位。我們不需要是第一名。我們需要確保對業務做出所有正確的投資。而我們相信我們可以持續做到這一點。就本季而言，從我們看到的成長來看，我們確實做到了。

But when we do that, we're going to continue to grow income. And so returns will be increased from that as well. But the point of us making that statement is we want to reiterate that we are well positioned to grow. We do not feel like we have to be number one in our peer group. We're committed to invest capital as long as we get a good return out of it.

但當我們這麼做時，我們將持續提升收入。因此報酬也會因此提高。不過我們提出那段說法的重點，是想再次強調我們具備良好的成長定位。我們不覺得自己必須在同業群中成為第一名。只要能取得良好回報，我們就承諾投入資本。

But that's really why we positioned it the way we have. We'll continue to monitor the peer landscape. Back to my earlier point, everyone is going to benefit to some degree from these capital proposals. Others are taking actions where they think they may be able to raise returns. And so we'll continue to reassess what the right levels are for us through time, but our goal is to remain top quartile amongst our peer set.

這就是我們為何以這種方式來定位。我們會持續觀察同業環境。回到我先前的重點，大家都會在某種程度上受惠於這些資本提案。其他同業也在採取行動，認為自己或許能提高報酬。因此我們會隨時間持續重新評估對我們而言合適的水準，但我們的目標是維持在同業組合中的前四分位。

That's great color. And my follow-up would be just more capital beyond buybacks. You've been clear about inorganic not being a focus today. I guess maybe remind us where you are with some of the projects internally. As you fast forward to the back half of the year, is that something where you may have to consider be more flexible with inorganic growth if the right opportunity came about?

這些說明很有幫助。我接下來想追問的是，除了回購之外的更多資本運用。你們已經很清楚表示目前不把非有機成長作為重點。我想也許請你提醒我們一下，你們在一些內部專案上的進度如何。當你展望今年下半年時，如果出現合適機會，你們是否可能需要在非有機成長方面更具彈性？

We'll deliver the loan system conversion at the end of May. We've got a fairly significant improvement in our digital offering to particularly small businesses that will be delivered over the course of the summer and then begin piloting our deposit system conversion in the third quarter. And that project continues to progress on track. We feel really good about it.

我們會在5月底完成貸款系統轉換。我們也將在夏季期間推出一項相當重大的數位服務提升，特別是針對小型企業，接著在第三季開始試行存款系統轉換。而該專案持續按計畫推進。我們對此感到非常有信心。

And so that will position us, we believe, to do a number of things focusing on how do we continue to improve our business and improve the customer and banker experience once we get that work done. So those are important areas of focus for us.

因此我們相信，一旦完成這些工作，將使我們能夠在多個面向上發力，聚焦於如何持續改善我們的業務，以及改善客戶與銀行從業人員的體驗。所以這些都是我們的重要聚焦領域。

In terms of what it means for inorganic growth, we're going to stay focused on executing our plan. We believe our plan will allow us to deliver top quartile results for our shareholders, consistent with the same good execution that we've experienced over the last five, six, seven years, and we will -- that will be our focus going forward.

至於這對非有機成長意味著什麼，我們會持續專注於執行我們的計畫。我們相信，我們的計畫將使我們能為股東交出同業前四分位的成果，並延續過去五、六、七年來我們所展現的良好執行力；而我們——這將是我們未來的重點。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Follow-up on deposit costs. There's been some discussion about how cash optimization by customers in an AI world could pressure deposits at banks that have a lower cost of deposits relative to peers. Can you talk about your view on this and how Regions plans to protect its market share?

追問一下存款成本。有一些討論提到，在AI世界中，客戶進行現金最佳化可能會對那些存款成本相對同業較低的銀行造成存款壓力。你能談談你們對此的看法，以及Regions打算如何保護其市占率嗎？

Sure. No, it's a great question. And what could happen from AI is kind of proliferating several parts of the economy. When we think about the impact on deposits, we kind of start with the nature of our customer base. So our customer base average deposits is about $5,200.

當然。不，這是個很好的問題。AI可能帶來的變化，正在經濟的多個部分擴散。當我們思考對存款的影響時，我們會先從客戶基礎的特性出發。我們客戶的平均存款約為5,200美元。

And when we think about the ability for customers to move money around, what our customers are really using their account for is for ease of payments. And so we have to stay focused on making sure we're providing them the most efficient way to make payments across their daily lives. A much lower percentage of our customer base is really yield seeking. And so that, in my opinion, will be the first place where you will see the use of AI allow people to move funds around. I'd also say it's pretty easy to move funds around today.

當我們思考客戶挪動資金的能力時，我們的客戶實際上使用帳戶主要是為了支付的便利性。因此我們必須持續專注，確保我們提供他們在日常生活中進行支付的最高效率方式。我們客戶基礎中，真正追求收益率的比例要低得多。因此在我看來，AI讓人們挪動資金的使用情境，最先會出現在這一塊。我也想說，其實今天要挪動資金已經相當容易。

I mean, it doesn't take too much effort to move cash in and out of accounts to get a higher yield. I'm sure AI can do it marginally quicker, but I'd also say, I think today, it's pretty efficient as well. So I think it's something that could play out. I think it will play out more severely for those customers that have larger balances seeking yield. We see them do it today.

我的意思是，把現金在帳戶之間轉入轉出以取得更高收益率，並不需要太多力氣。我相信AI可以讓它邊際上更快一些，但我也會說，我認為以今天的情況來看，這件事本來就已經很有效率。所以我認為這確實可能會發生。我認為對於那些餘額較大、追求收益率的客戶，這種情況會更明顯地發酵。我們今天就看到他們這麼做。

But as of right now, for our customers, we need to make sure we're giving them all of those payment capabilities they need to be done efficiently. And we'll continue to monitor the space, but that's kind of how we're thinking about it right now.

但就目前而言，對我們的客戶來說，我們需要確保提供他們所需的各種支付功能，並且能高效率地完成。我們會持續關注這個領域，但這就是我們目前的思考方式。

Very helpful. And then shifting over to the hiring pipeline. How does that look given the M&A that's occurring in your footprint?

非常有幫助。接著轉到招募管道。考量到你們營運版圖內正在發生的併購（M&A），目前招募情況如何？

It's good. It's good. We have hiring plans in our commercial banking business, in our wealth banking business and our branches, and we're moving along, having accomplished more than two-thirds of the hiring that we hope to do as part of our plans, part of our three-year plan. And so we feel really good about the quality of the bankers that we're hiring and the opportunities that we have associated with that. It takes a little while for those bankers to begin to generate new business once they get settled in.

很好。很好。我們在商業銀行、財富銀行以及分行都有招募計畫，而且進展順利；就我們三年計畫的一部分而言，我們希望完成的招募，目前已經完成超過三分之二。因此我們對所招募到的銀行家品質，以及與之相關的機會感到非常樂觀。不過這些銀行家安頓下來後，要開始帶來新業務仍需要一點時間。

So we'd expect to see the impact of some of that hiring in the latter part of this year and into 2027, which is, again, another tailwind for growth, we believe.

因此我們預期，部分招募的成效會在今年下半年以及一路到2027年逐步顯現；我們認為這同樣是另一股成長的順風。

Yeah. And I'd just say even to our existing banker population, our platform is really delivering them the opportunity to grow their business. We're seeing a really nice decline year over year in attrition even amongst our existing bankers. And so for us, we view that as a great vote of confidence that they have the platform they want to be able to deliver to their customers.

是的。我也想補充，即便是對我們現有的銀行家族群而言，我們的平台確實正在為他們提供擴大業務的機會。我們看到即使在既有銀行家之中，流失率也出現相當不錯的年減。因此對我們來說，我們把這視為一個很好的信心投票，代表他們擁有想要的平台，能夠為客戶提供服務。

All the best, Dana.

祝一切順利，Dana。

Thank you.

謝謝。

Okay. Thank you very much. Well, I appreciate everybody's participation. And once again, congratulations to Dana. We appreciate her leadership and commitment, connectivity with all of you in the investment community. We will miss her, but we're confident Tom is going to do a great job. So thank you, and have a great weekend.

好的。非常感謝。我很感謝大家的參與。也再次恭喜Dana。我們感謝她的領導與承諾，以及與各位投資界人士的緊密連結。我們會想念她，但我們有信心Tom會做得很出色。所以謝謝大家，祝各位週末愉快。

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

今天的電話會議到此結束。您現在可以掛斷電話。