Regions Financial Corporation (RF) 2026 Q2 法說會逐字稿

Good morning and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Chris, and I'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。我是 Chris，將擔任今天電話會議的接線員。（接線員指示）

I will now turn the call over to Tom Speir to begin.

我現在把電話交給 Tom Speir 開始。

Thank you, Chris. Welcome to Regions second-quarter 2026 earnings call. John and Anil will provide high-level commentary regarding our results. We ask that you review the cautionary statements included in our earnings documents, which are available in the Investor Relations section of our website. These materials contain information regarding the use of non-GAAP measures and reconciliations to the GAAP results as well as forward-looking statements about region's performance. These statements speak only as of today, and we undertake no obligation to update them.

謝謝你，Chris。歡迎參加 Regions 2026 年第二季財報電話會議。John 和 Anil 將就我們的業績提供高層次的評論。我們請各位查閱我們財報文件中所載的警示性聲明，相關文件可於我們網站的投資人關係專區取得。這些資料包含非 GAAP 衡量指標的使用及與 GAAP 結果的調節，以及關於 Regions 表現的前瞻性陳述。這些陳述僅截至今日有效，我們不承擔更新之義務。

I will now turn the call over to John.

我現在把電話交給 John。

Thank you, Tom, and good morning, everyone. We appreciate you joining our call today. Earlier this morning, we reported earnings of $549 million, resulting in earnings per share of $0.64. On an adjusted basis, earnings were $583 million or $0.68 per share. We delivered adjusted pretax pre-provision income of $831 million and generated an adjusted return on tangible common equity of 20%.

謝謝你，Tom，各位早安。感謝各位今天加入我們的電話會議。今天稍早，我們公布盈餘為 5.49 億美元，每股盈餘為 0.64 美元。以調整後基礎計算，盈餘為 5.83 億美元，或每股 0.68 美元。我們達成調整後稅前、提存前收益（pretax pre-provision income）8.31 億美元，並創造 20% 的調整後有形普通股權益報酬率。

Overall, we're pleased with our performance for the second quarter, reflecting disciplined execution across the franchise and the benefits of investments we've made to position the company to deliver sound and profitable growth. As we look across our footprint, we remain encouraged by the overall operating environment. Economic activity is solid, and despite ongoing uncertainty, businesses are generally well positioned, and we continue to see steady levels of investment and job growth across our markets.

整體而言，我們對第二季的表現感到滿意，反映出我們在整個特許經營版圖上的紀律執行，以及我們先前所做投資帶來的效益，讓公司得以實現穩健且具獲利性的成長。就我們的營運版圖來看，我們仍對整體營運環境感到鼓舞。經濟活動穩健，儘管不確定性仍在，企業整體上仍具備良好條件，我們也持續看到各市場穩定的投資與就業成長。

On the consumer side, spending trends remain healthy, and customers maintain solid account balances and liquidity buffers relative to their spending levels with overall financial conditions remaining stable. This is supporting continued momentum in our core businesses. Loan growth has strengthened driven by new originations and expansion within existing client relationships as pipelines continue to build.

在消費者方面，支出趨勢仍然健康，客戶相對於其支出水準維持穩健的帳戶餘額與流動性緩衝，整體財務狀況仍保持穩定。這正支撐我們核心業務持續的動能。在新承作與既有客戶關係擴張的帶動下，放款成長轉強，且隨著案源管線持續累積而增強。

Average deposits grew modestly, including over 1% growth in non-interest-bearing deposits, supported by household and operating account growth. While activity in capital markets and residential mortgage has been impacted by the higher interest rate environment, we continue to see solid performance across our other fee businesses, including another record quarter in wealth management income.

平均存款小幅成長，其中無息存款成長超過 1%，主要受家庭與營運帳戶成長所支撐。雖然資本市場與住宅房貸活動受到較高利率環境影響，我們其他手續費業務仍展現穩健表現，包括財富管理收入再創單季新高。

Credit performance has continued to improve with lower net charge-offs in the quarter and reductions across business criticized and non-performing loan categories reflecting further progress resolving previously identified portfolios of interest. Based on these trends, we believe credit has largely normalized and we remain committed to our disciplined approach to credit risk management.

信用表現持續改善，本季淨沖銷下降，且在企業受關注（criticized）與不良放款類別均有所降低，反映我們在處理先前已辨識之關注投組方面持續取得進展。基於這些趨勢，我們認為信用狀況已大致正常化，並將持續堅持我們在信用風險管理上的紀律作法。

Turning to our strategic priorities, we've made meaningful progress this quarter advancing our key initiatives that are central to our long-term strategy. We're proud to once again be recognized by J.D. Power as the number-one regional bank in online banking satisfaction, along with a significant improvement in our mobile app ranking to number two. These results reflect the work we've done to enhance the client experience deliver more intuitive digital capabilities and make banking easier for our customers.

談到我們的策略重點，本季我們在推進長期策略核心的關鍵計畫上取得實質進展。我們很自豪再次獲 J.D. Power 評選為線上銀行滿意度第一名的區域性銀行，同時我們的行動 App 排名也大幅提升至第二名。這些成果反映我們為提升客戶體驗所做的努力，提供更直覺的數位能力，並讓客戶的銀行業務辦理更容易。

We also reached an important milestone in our core modernization efforts with a successful implementation of our new commercial lending platform. This represents a significant step forward in enhancing our technology infrastructure, improving speed to market and elevating the experience we deliver to our clients, and bankers. We're also making good progress on our core deposit transformation with testing underway in a pilot expected later this year, keeping us on track for full conversion in 2027. In addition, we're seeing solid results from our strategic investments across each line of business.

我們在核心系統現代化方面也達成重要里程碑，成功導入新的商業放款平台。這代表我們在強化科技基礎建設、提升上市速度（speed to market），以及提升我們為客戶與銀行人員所提供的體驗方面，向前邁出重要一步。我們的核心存款轉型也進展良好，目前已開始測試，預計今年稍晚進行試點，讓我們維持在 2027 年全面轉換的進度上。此外，我們在各業務線的策略性投資也持續看到穩健成果。

Within our consumer bank, reskilled small business bankers have helped generate a 7% increase in year-to-date small business checking account production versus 2024 levels, while small business balances contributed just over 30% of the company's quarter-over-quarter growth in average non-interest-bearing deposits.

在消費金融銀行方面，重新培訓的小型企業銀行人員協助推動今年迄今小型企業支票帳戶新增量較 2024 年水準成長 7%；同時，小型企業餘額對公司平均無息存款季對季成長的貢獻略高於 30%。

In Commercial Banking, over the past 18 months, we've added more than 60 bankers, helping drive an almost 40% increase in new commercial logos through the first half of 2026. Within Wealth Management, we have also seen strong momentum with advisers hired over the past three years, growing client assets by almost $6 billion.

在商業銀行方面，過去 18 個月我們新增超過 60 位銀行人員，協助推動 2026 年上半年新增商業客戶（logos）數量成長近 40%。在財富管理方面，我們也看到強勁動能，過去三年新聘顧問帶動客戶資產成長近 60 億美元。

Finally, subsequent to quarter end, we announced the acquisition of the Frazer Lanier Company, a full-service investment banking firm with strong capabilities in municipal securities. We believe this transaction expands our capital markets platform, enhances our municipal finance expertise and allows us to broaden the solutions we provide to the public sector and institutional clients.

最後，在季末之後，我們宣布收購 Frazer Lanier Company，這是一家全方位服務的投資銀行公司，在市政證券方面具備強大能力。我們相信此交易可擴大我們的資本市場平台、強化我們的市政金融專業，並使我們能為公共部門與機構客戶提供更廣泛的解決方案。

Consistent with our strategy, this is a targeted investment that builds on areas where we've demonstrated strength and positions us to continue growing our Capital Markets business over time. We feel good about our performance for the quarter and believe we're well positioned to continue executing our strategic plan and deliver consistent, sustainable long-term performance.

這項投資與我們的策略一致，屬於在我們已展現優勢的領域進行的精準投資，並使我們能隨時間持續擴大資本市場業務。我們對本季表現感到良好，並相信我們已具備良好定位，可持續執行策略計畫並交付一致、可持續的長期表現。

With that, I'll turn it over to Anil to provide more detail on the quarter.

接下來，我把電話交給 Anil，請他就本季提供更多細節。

Thank you, John. Let's start with the balance sheet. Average loans increased approximately 2% during the quarter while ending loans grew 1%. Growth was driven by broad-based commercial and industrial lending categories, including power and utilities, manufacturing, government and public sector and retail trade. While off of a smaller base, investor real estate also generated solid growth, led by multifamily.

謝謝你，John。我們先從資產負債表開始。本季平均放款約增加 2%，期末放款成長 1%。成長主要來自廣泛的商業與工業放款類別，包括電力與公用事業、製造業、政府與公共部門，以及零售貿易。雖然基期較小，投資人不動產放款也帶來穩健成長，其中以多戶住宅為主。

This performance was supported by strong production and increased bridge financing for maturing credits. Results reflected both new client and acquisition and expanded relationships with existing customers. Importantly, this growth remained very high quality, with over half consisting of investment-grade credits. While utilization rates continued to improve during the quarter, the majority of growth was driven by new loan production and increased commitments. As John noted earlier, we continue to be encouraged by the overall operating environment across our footprint.

此表現受強勁承作量以及針對到期授信增加的過渡性融資（bridge financing）所支撐。結果同時反映新增客戶與併購帶來的貢獻，以及與既有客戶關係的深化。重要的是，這些成長維持非常高的品質，其中超過一半為投資級授信。雖然本季動用率持續改善，但大部分成長仍由新放款承作與承諾額度增加所帶動。如 John 先前所述，我們對整體營運版圖的環境仍持正面看法。

Lending activity continues at a healthy pace and loan pipelines remained strong, up roughly 15% from a year ago and remains diversified across industries, markets and client segments. Consumer loan balances remained relatively stable as new production approximated paydowns, primarily in residential mortgage and home improvement financing. We continue to expect full year average loan growth to be up low single digits versus 2025. Turning to deposits. Average balances increased modestly, while ending balances declined approximately 1%, reflecting normal seasonal patterns associated with tax refunds and payments.

放款活動持續以健康步調進行，放款案源管線維持強勁，較一年前約成長 15%，且在產業、市場與客戶區隔上仍保持多元分散。消費性放款餘額大致持平，因新增承作約等於償還金額，主要發生在住宅房貸與居家改善融資。我們仍預期全年平均放款成長相較 2025 年將為低個位數成長。接著談存款。平均餘額小幅增加，但期末餘額約下降 1%，反映與退稅及繳稅相關的正常季節性型態。

Consumer deposits continued their strong performance as checking balances grew despite healthy underlying consumer spending trends. 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. We continue to experience a shift of deposits from CDs into money market accounts across both consumer and wealth management segments, driven by our intentional product management strategy. Average deposit balances grew while total deposit costs remain controlled, supported by our strong deposit franchise and focus on customer acquisition and retention. As a result, we continue to expect 2026 average deposits to be up low single digits versus the prior year.

消費者存款持續展現強勁表現，儘管消費支出趨勢健康，支票存款餘額仍然成長。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。在我們有意的產品管理策略帶動下，我們持續看到存款從定存（CDs）轉向貨幣市場帳戶，涵蓋消費者與財富管理兩個客群。平均存款餘額成長，同時總存款成本仍受控，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。因此，我們仍預期 2026 年平均存款相較前一年將為低個位數成長。

Let's shift to net interest income. Net interest income increased 2% linked quarter driven by multiple factors. As in prior quarters, favorable repricing dynamics and disciplined deposit cost management continued to provide a strong foundation for growth with loan balance expansion further contributing to second quarter momentum. The net interest margin of 3.66% continued to evidence our profitability and deposit funding advantage. During the second quarter, interest-bearing deposit costs fell 3 basis points to 1.69%.

讓我們轉到淨利息收入。淨利息收入較上季增加2%，由多項因素帶動。如同前幾季，有利的重訂價動能與嚴謹的存款成本管理持續為成長提供堅實基礎，貸款餘額擴張亦進一步推動第二季動能。3.66%的淨利息利差持續展現我們的獲利能力與存款資金優勢。第二季期間，計息存款成本下降3個基點至1.69%。

We anticipate a largely stable deposit cost over the second half of the year, assuming a constant Fed funds rate. As expected, over the entire falling rate cycle, the interest-bearing deposit beta has been 37%. To the extent the Fed moves rates, we would expect a similar mid-30s beta, resulting in a neutral interest rate risk position. Low levels of unsecured borrowings will continue to provide future funding flexibility as evidenced this quarter, while helping insulate deposits from potential repricing risk in a higher rate environment. Net interest income also benefited from fixed rate asset turnover with elevated long-term rates supporting pricing on new term loans and securities, along with the securities repositioning transaction executed earlier in the quarter.

在假設聯邦基金利率維持不變的情況下，我們預期下半年存款成本大致維持穩定。如預期，在整個降息循環中，計息存款的beta為37%。若聯準會調整利率，我們預期beta將維持在30%中段的相近水準，使利率風險部位保持中性。無擔保借款水位偏低將持續提供未來資金調度彈性（本季已見端倪），同時在較高利率環境下有助於降低存款面臨的重訂價風險。淨利息收入亦受惠於固定利率資產周轉；較高的長天期利率支撐新承作定期貸款與證券的定價，並加上本季稍早執行的證券部位調整交易。

At current rate levels, we would expect balance sheet repricing to support margin expansion over multiple years. Third quarter net interest income is expected to increase approximately 2% and progressing toward the middle of our 2.5% to 4% full-year outlook. And based on our current expectations for loan growth, we expect our net interest margin to exit the year at approximately 3.7%. The interest rate environment is highly uncertain with multiple competing forces influencing current and expected levels. Our balance sheet is positioned well for the environment in different short-term rate movements with the ability to benefit from elevated long-term rates.

在目前利率水準下，我們預期資產負債表重訂價將在未來多年支持利差擴張。第三季淨利息收入預期約增加2%，並朝向我們全年2.5%至4%展望的中位數推進。此外，基於我們目前對貸款成長的預期，我們預期淨利息利差在年底約為3.7%。利率環境高度不確定，且有多股相互競爭的力量影響目前與預期水準。我們的資產負債表已為不同短期利率變動情境做好良好配置，並具備受惠於較高長天期利率的能力。

Hedging activity in the quarter was largely focused on extending interest rate protection. Now let's turn to fee revenue performance for the quarter. Adjusted non-interest income increased 7% on a linked-quarter basis as growth in several core fee categories was partially offset by lower bank gold life insurance and commercial credit fees. Wealth management income increased 6% and delivered another record quarter driven by higher production and favorable market conditions. This business continues to be a consistent contributor to fee revenue growth.

本季避險活動主要聚焦於延長利率保護。接著我們來看本季手續費收入表現。調整後非利息收入較上季增加7%，多項核心手續費類別成長，部分被銀行持有的人壽保險（BOLI）與商業信用費用下降所抵銷。財富管理收入增加6%，在產能提升與有利市場環境帶動下，再度創下單季新高。此業務持續穩定貢獻手續費收入成長。

Card and ATM fees increased 8%, driven primarily by seasonally higher transaction volumes. Market value adjustments on employee benefit assets increased $29 million during the quarter. As a reminder, these market value adjustments are largely offset within salaries and benefits expense. Capital markets income excluding CVA, increased modestly compared to the prior quarter as improvements in loan syndications, M&A advisory fees and real estate capital markets were offset by lower commercial swap income. As John mentioned earlier, higher long-term interest rates have impacted overall capital markets income, however, we continue to expect quarterly revenue to increase within our $90 million to $105 million range, trending towards the lower end of the range in the third quarter and moving higher thereafter.

卡片與ATM手續費增加8%，主要受季節性交易量上升帶動。本季員工福利資產的市價調整增加2,900萬美元。提醒一下，這些市價調整大多會在薪資與福利費用中相互抵銷。扣除CVA後的資本市場收入較前一季小幅增加；貸款聯貸、併購顧問費與不動產資本市場的改善，部分被商業交換（swap）收入下降所抵銷。如John先前提到，較高的長天期利率已影響整體資本市場收入；然而，我們仍預期單季收入可在9,000萬至1.05億美元區間內增加，第三季趨近區間下緣，之後再走高。

For full-year 2026, we continue to expect adjusted non-interest income to grow between 3% and 5% versus 2025. Based on our performance through the first half of the year, we currently expect results to trend toward the lower end of that range.

就2026全年而言，我們仍預期調整後非利息收入相較2025年成長3%至5%。基於上半年表現，我們目前預期結果將偏向該區間的下緣。

Let's move on to non-interest expense. Adjusted non-interest expense increased 4% compared to the prior quarter, driven primarily by higher salaries and benefits. Salaries and benefits increased 6% and attributable primarily to higher revenue-based incentives, the impact of a full quarter of merit and expenses offsetting the positive employee benefit asset valuation adjustments.

接著談非利息費用。調整後非利息費用較前一季增加4%，主要由薪資與福利上升所致。薪資與福利增加6%，主要歸因於較高的與營收連動之獎酬，以及整季的調薪影響，並由員工福利資產估值調整帶來的正面影響所抵銷。

As we continue to invest in the franchise to support long-term growth, we remain focused on maintaining a disciplined approach to expense management. For full year 2026, we continue to 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. Regarding asset quality, annualized net charge-offs as a percentage of average loans declined 12 basis points to 42 basis points. Results during the quarter continued to reflect progress on previously identified portfolios of interest that have been reserved for in prior periods. Business services criticized and non-performing loans both declined during the quarter.

在持續投資於本行以支持長期成長的同時，我們仍專注於維持嚴謹的費用管理紀律。就2026全年而言，我們仍預期調整後非利息費用增加1.5%至3.5%，並預期全年可實現調整後正向營運槓桿。就資產品質而言，年化淨沖銷占平均貸款比率下降12個基點至42個基點。本季結果持續反映先前已辨識、且在前期已提列準備之關注投資組合的改善進展。商業服務類別的受批評貸款與不良貸款本季皆下降。

with the business services criticized ratio declining 14 basis points to 5.01% and the non-performing loan ratio declining 4 basis points to 67 basis points. The allowance for credit losses declined $34 million during the quarter. The reduction was driven primarily by continued resolution of previously reserved for charge-offs, partially offset by reserve builds related to high-quality loan growth. As a result, the allowance for credit losses ratio declined to 1.63%. We continue to expect full year 2026 net charge-offs to be between 40 and 50 basis points.

其中，商業服務受批評比率下降14個基點至5.01%，不良貸款比率下降4個基點至67個基點。本季信用損失準備金（ACL）減少3,400萬美元。下降主要由先前已提列準備之沖銷持續結案所帶動，部分被與高品質貸款成長相關的增提準備所抵銷。因此，信用損失準備金比率下降至1.63%。我們仍預期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 $59 million in share repurchases and paying $226 million in common dividends during the quarter. Earlier this week, the Board of Directors approved an increase in our quarterly common stock dividend to $0.30 per share, representing a 13% increase from the prior quarter and continuing our strong track record of returning capital to shareholders. Over the last 10 years, we've increased our dividend at a 16% compound annual growth rate, ranking within the top quartile among our peer set. In addition, we recently received our 2026 supervisory capital stress test results from the Federal Reserve.

接著談資本與流動性。本季末我們的普通股權第一類資本比率（CET1）估計為10.7%；同時本季執行5,900萬美元庫藏股回購，並支付2.26億美元普通股股利。本週稍早，董事會核准將季度普通股股利提高至每股0.30美元，較前一季增加13%，延續我們向股東返還資本的強勁紀錄。過去10年，我們的股利以16%的複合年成長率增加，在同業中名列前四分位。此外，我們近期已收到聯準會提供的2026年監理資本壓力測試結果。

Regions delivered outstanding performance, generating the highest level of pretax pre-provision net revenue as a percentage of average assets among our defined regional bank peer group, reflecting the strength of our core earnings profile. Importantly, our pre-provision revenue fully offset projected credit losses over the 9-quarter stress horizon with a coverage ratio of 101.4%, the second highest within that same peer group. As previously communicated by the Federal Reserve our stressed capital buffer will remain at the regulatory floor of 2.5%. Overall, these results reinforce the resilience of our earnings profile, balance sheet and capital position under severely adverse conditions. Likewise, liquidity remains stable and robust with total liquidity sources well above required levels and ample capacity to support future loan growth.

Regions表現出色，在我們所定義的區域銀行同業群中，以稅前、提存前淨收益占平均資產比率計算，達到最高水準，反映我們核心獲利結構的強勁。更重要的是，在9季壓力期間內，我們的提存前收入可完全抵銷預估信用損失，覆蓋率為101.4%，在同一同業群中排名第二高。如聯準會先前所述，我們的壓力資本緩衝將維持在監理底線2.5%。整體而言，這些結果強化了我們在嚴重不利情境下，獲利結構、資產負債表與資本部位的韌性。同樣地，流動性仍維持穩定且充裕，總流動性來源遠高於所需水準，並具備充足能力支持未來貸款成長。

Including the impact of AOCI, our CET1 ratio is estimated at approximately 9.5%, which remains within our targeted operating range of 9.25% to 9.75%. Our capital priorities remain unchanged, and we expect to continue managing capital within this range, providing flexibility to support growth, navigate evolving regulatory requirements and return capital to shareholders. We're pleased with our performance this quarter and believe we are well positioned to continue to deliver strong results.

納入AOCI影響後，我們的CET1比率估計約為9.5%，仍落在我們目標營運區間9.25%至9.75%之內。我們的資本優先事項維持不變，並預期將持續在此區間內管理資本，以提供彈性支持成長、因應不斷演變的監理要求，並向股東返還資本。我們對本季表現感到滿意，並相信我們已具備良好條件持續交出強勁成果。

With that, we'll open the line for your questions.

接下來，我們開放電話線讓各位提問。

(Operator Instructions) Ken Usdin, Autonomous Research.

(接線員指示) Autonomous Research 的 Ken Usdin。

This is (inaudible) jumping in for Ken. Could you talk about the operating leverage expectations for this year, just given the first half fee trends or tracking towards the lower end of the guide?

我是（聽不清）代替 Ken 插話提問。就今年的營運槓桿預期而言，考量上半年手續費趨勢或目前追蹤到指引區間的低端，能否談談你們的看法？

Sure. I'd be glad to. So just to remind everyone of our guide. So for net interest income, we expect to grow that at 2.5% to 4%. non-interest revenue 3% to 5%, and we're pointing to the low end of the range.

當然。我很樂意說明。先提醒大家我們的指引。淨利息收入方面，我們預期成長 2.5% 到 4%；非利息收入 3% 到 5%，而我們目前指向區間的低端。

And then for non-interest expense, 1.5% to 3.5%. So if you put all that together, that will generate pretty positive operating leverage. When you think about the math in terms of where we are midyear versus where we expect to perform in the second half of the year, I would look at the year-over-year comparables. There are some kind of relatively unfavorable comparables, if you will, just from a pure math standpoint in the first half of the year. But we're confident as we look in the second half of the year, particularly when it comes to revenue and our expectations for where we expect to grow revenue that we'll be able to deliver positive operating leverage as we continue to focus on good expense management as we believe we have for the first half of the year.

非利息費用方面為 1.5% 到 3.5%。把這些合在一起，將會帶來相當正面的營運槓桿。若從數學角度來看，我們在年中所處位置相較於預期下半年表現，我會看年對年可比基期。上半年從純粹數學角度來說，存在一些相對不利的可比因素。但我們有信心，展望下半年，特別是在收入以及我們對收入成長的預期方面，我們將能在持續專注良好費用管理（我們認為上半年已做到）的同時，交出正向的營運槓桿。

Okay. Great. And in terms of loan growth, what are you seeing out there? Just talk us through the dynamics in terms of demand from clients? And also just talk through the loan spread commentary or trends that you've been seeing?

好的。很好。那在貸款成長方面，你們在市場上看到什麼？能否帶我們梳理一下客戶需求的動態？也請談談你們觀察到的貸款利差相關評論或趨勢？

Just maybe I'll comment broadly about the environment. It's constructive, very good. We feel like businesses are well positioned, and there is broad-based demand across industry sectors and across the geographies we bank. We're seeing continued growth in pipelines. And again, that is generally across the business, about 100 basis point increase in line utilization over the quarter, which again, reflects, I think, ongoing investment.

我先就整體環境做個概括評論。環境具建設性、非常好。我們覺得企業的狀態良好，在我們服務的各產業與各個銀行業務覆蓋的地理區域，都有廣泛的需求。我們看到案源管線持續成長。此外，整體而言，本季授信額度使用率較上季提高約 100 個基點，這也反映出我認為持續的投資活動。

There's good job growth. Consumers feel confident as well. Their deposit balances have remained consistent with historic levels. Spending is up. And so I'd say, generally, we feel good about the prospects for continued loan growth and our ability to meet our targets for the year. Do you want to comment on spread?

就業成長良好。消費者也感到有信心。他們的存款餘額仍維持在歷史水準附近。支出增加。因此我會說，整體而言，我們對貸款持續成長的前景，以及達成全年目標的能力感到樂觀。你要補充談談利差嗎？

Sure, glad to. And just for the quarter, our loan yields were down 1 basis point. That's an improvement over what we saw in the first quarter. So if we really break it into two buckets. About half of our loan growth this quarter was an investment-grade credits.

當然，很樂意。就本季而言，我們的貸款收益率下降 1 個基點。這比第一季看到的情況有所改善。如果把它拆成兩個部分來看：本季大約一半的貸款成長來自投資級授信。

So as you'd expect, those have tighter spreads reflecting the better credit quality of those credits. The other half was in good middle market lending, where we're getting good returns on the spreads we're seeing in that business.

因此如你所預期，這些授信因信用品質較佳而利差較窄。另一半則來自優質的中型市場放款，在該業務中，我們在所見利差上取得不錯的報酬。

I'd say broadly speaking, the market is competitive, but our competition is remaining rational. We're staying disciplined to good returns on what we're putting on our balance sheet. But we did talk a bit about tightening credit spreads last quarter. We saw that this quarter to a lesser degree, and you see that in our loan yields being relatively flat quarter over quarter.

整體來說，市場競爭激烈，但同業競爭仍維持理性。我們在把資產放到資產負債表上時，仍保持紀律、追求良好報酬。我們上季確實談到信用利差收窄。本季也有看到，但程度較小；你也可從我們的貸款收益率季對季相對持平看出來。

Ryan Nash, Goldman Sachs.

高盛的 Ryan Nash。

Anil, you noted that fixed rate asset repricing should support the margin over multiple years. I know the bank historically talked about a 3.60% to 3.90% NIM over time. I guess based on the current environment, where do you see the margin going over the medium term? And what are the key drivers of that in this rate environment? And I have a follow-up.

Anil，你提到固定利率資產的重定價將在多年內支撐利差。我知道銀行過去常談到長期而言 3.60% 到 3.90% 的淨利息收益率（NIM）。我想在目前環境下，你對中期的利差走勢怎麼看？在這樣的利率環境下，關鍵驅動因素是什麼？我還有一個追問。

Sure. Yes. So we exited the quarter with a 3.66% margin down a basis point. When we look out to the third quarter, we expect to be flat to slightly up. And so the key drivers there is we'll have, as you mentioned, fixed asset turnover again.

好的。是的。我們本季結束時的利差為 3.66%，下降 1 個基點。展望第三季，我們預期將持平到小幅上升。關鍵驅動因素是，如你所提到的，固定利率資產再次到期輪轉。

So just to remind everyone, we have about $3 billion. We expect to receive 75 to 100 basis points of a pickup in that repricing. We also have a hedge rate increase of about 7 basis points. You can see that on Slide 16 of our presentation. So that will benefit the margin.

提醒大家，我們大約有 30 億美元。我們預期在這次重定價中可提升 75 到 100 個基點。我們也有避險利率上升約 7 個基點。你可以在簡報第 16 頁看到。因此這將有利於利差。

Then we have 1 additional day in the quarter, which will impact the margin in the third quarter. And from there, we expect to continue to grow into the fourth quarter, we'll see another bit of fixed rate turnover in the fourth quarter. And just a reminder, we also have a dividend on our HR assets that will occur in the fourth quarter as well. That'll get us to the $370 million -- approximately 3.70% that we guided to. The pace of loan growth will be dependent in terms of where we ultimately exit the quarter, but we're confident in getting to that 3.70% level as we exit the year.

另外，本季多了 1 個營業日，這會影響第三季的利差。接著，我們預期會持續成長到第四季；第四季還會有一些固定利率資產到期輪轉。也提醒一下，我們的 HR 資產在第四季也會有一筆股利入帳。這將使我們達到我們所指引的約 3.70%（約 3.70%）。貸款成長的速度將影響我們最終季末的水準，但我們有信心在年底退出時達到 3.70% 的水準。

Got you. And I guess maybe as a follow-up, Anil, so the buyback slowed a bit this quarter. I know that you were in the lower part of the range. You may have used this quarter to catch up a little bit and you also had the restructuring. But as you look forward, based on John's comments before regarding loan growth, what are your expectations for buyback from here? Can we see it move back to the higher levels where you had been operating at.

了解。那我追問一下，Anil，本季回購放慢了一些。我知道你們處在區間的較低端。你們可能利用本季稍微補回一些，而且也有重整。但往前看，基於 John 先前對貸款成長的評論，你們對接下來回購的預期是什麼？我們是否會看到回到你們先前運作的較高水準？

Yes, you alluded to it. So we exited last quarter with a common equity Tier 1 inclusive of AOCI of 9.4%. That increased about 10 basis points. That's call it $125 million of share repurchases just there. So each quarter, we'll generate between 45 to 50 basis points of capital.

是的，你提到了。我們上季結束時，包含 AOCI 的普通股權第一級資本比率（CET1）為 9.4%。本季提高約 10 個基點。僅就這點而言，約等同於 1.25 億美元的股票回購。因此每一季，我們將產生約 45 到 50 個基點的資本。

Dividend will be -- it was 18 basis points this quarter based upon our new Board approved dividend that will tick up a bit to 20 basis points. To your point, we'll always focus on growing good quality loans. We saw nice growth this quarter, and we expect to see that into the future. But given where we are at 9.5% in terms of the Basel III common equity 1 ratio, we would expect share buybacks in the third quarter to pick up a bit given we're kind of at the midpoint of our range.

股利方面——本季依據董事會新核准的股利水準為 18 個基點，之後會小幅上升到 20 個基點。如你所說，我們會始終專注於成長高品質貸款。本季我們看到不錯的成長，未來也預期會延續。但考量我們目前巴塞爾 III 普通股權第一級資本比率為 9.5%，我們預期第三季的股票回購會增加一些，因為我們大致位於目標區間的中點。

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

On the -- I appreciate the color on the loan spreads. On the deposit pricing side, maybe if you could just give us an update on what you're seeing there. We're hearing quite a bit about the competitive environment, particularly in the Southeast and particularly coming from banks expanding more actively in the Southeast. So I want to get what you're seeing there on the ground in terms of pricing pressure.

關於——感謝你對貸款利差的補充說明。在存款定價方面，也許你可以更新一下你們目前看到的情況。我們聽到不少關於競爭環境的消息，特別是在美國東南部，而且特別是來自更積極在東南部擴張的銀行。所以我想了解你們在第一線看到的情況，就定價壓力而言。

Sure. I'd remind you that this competitive pressure has existed for 12 to 18 months. So what we're seeing today is much of what we've seen historically. We're very proud of how we've defended our deposit base and our deposit costs. As expected, our interest-bearing deposit cost declined 3 basis points to 1.69%.

當然。我想提醒你，這種競爭壓力已經存在了12到18個月。所以我們今天看到的，多半是我們過去一貫看到的情況。我們對於守住存款基礎與存款成本的表現感到非常自豪。如預期，我們的計息存款成本下降3個基點至1.69%。

We had the benefit of about $5 billion of CD maturities this quarter. In the second quarter, we were able to pick up about 30 basis points on those. Going forward, based upon our performance, we expect deposit costs to stay approximately where they are now. We do have continuing CD maturities, but where we're putting those back on is at an equivalent rate. But this is a place where we're really proud of our overall performance.

本季我們受惠於約50億美元的定存（CD）到期。在第二季，我們在這些到期定存上大約改善了30個基點。展望未來，基於我們的表現，我們預期存款成本將大致維持在目前水準。我們仍有持續的定存到期，但我們重新承作的利率大致相當。不過，這是我們對整體表現非常自豪的一個面向。

And this is not something that we just accidentally have. This is a phenomenal asset that we have, which is our deposit base. We spent a lot of time making sure that we're making the right investments in terms of having the right products and services for our customers, having great branch locations for them to come into having great bankers to deliver those products and services. And importantly, we spend a lot of time investing in great data and analytics to really make sure we understand the nature of our deposit base, how we expect them to perform and that gives us confidence both to take risk management strategies around that also to be confident in our guidance to you all in terms of how we expect deposit costs to perform over time. And so this is something that we have a great deal of confidence in.

而且這並不是我們偶然擁有的成果。我們擁有一項非常卓越的資產，也就是我們的存款基礎。我們投入大量時間，確保在投資上做出正確選擇：為客戶提供合適的產品與服務、提供便利的優質分行據點讓他們進來，以及有優秀的銀行人員來交付這些產品與服務。更重要的是，我們也投入大量資源在高品質的數據與分析上，確保我們真正理解存款基礎的特性、以及我們預期其表現；這讓我們在制定相關風險管理策略時更有信心，也讓我們能更有把握地向各位提供指引，說明我們預期存款成本隨時間的表現。因此，這是我們非常有信心的一件事。

And it's something as we look forward, we're confident that we'll be able to deliver the deposit cost that we've guided you all towards because of the investments we've made and how well we understand the nature of our deposit base.

而且展望未來，基於我們所做的投資以及我們對存款基礎特性的深入理解，我們有信心能夠達成先前向各位指引的存款成本水準。

Great. Okay. And then secondly, just on the credit backdrop, I wanted to see if you're seeing any signs of incremental stress. I know in the past few quarters, you've been working through. Some of the portfolios of interest and you took a few bumps on charge-offs as you work some things out, but you saw good improvement in your losses this quarter. So any newer developments, any update there or incremental work out that you're working on at this point?

很好。好的。第二個問題，關於信用環境，我想了解你們是否看到任何額外壓力的跡象。我知道過去幾季你們一直在處理一些重點關注的投資組合。在處理過程中，你們的核銷（charge-offs）曾出現一些波動，但本季損失表現有明顯改善。所以目前是否有任何新的發展、更新，或你們此刻正在進行的額外處置工作？

Yeah, John, thanks for the question. Obviously, credit has continued to improve, and we would say normalize as we've seen non-performing loans continue to come down, level criticized loans coming down. The business office portfolio is down 35% year-over-year, trucking down 25% year over year and communication is an area where we've had some challenges down 50% year over year. That's about $1.3 billion in outstandings in those 3 portfolios of interest that have exited the bank, and that certainly has helped as we think about credit quality.

是的，John，謝謝你的問題。很明顯地，信用狀況持續改善，我們會說也逐步回歸常態：不良貸款持續下降、被列為關注（criticized）的貸款水位也在下降。商用辦公室投資組合年減35%，卡車運輸年減25%；而通訊產業是我們曾面臨一些挑戰的領域，年減50%。在這三個重點關注投資組合中，約有13億美元的未償餘額已退出本行，這確實有助於我們對信用品質的評估。

And those portfolios are continuing to improve. We are seeing a little softness in multifamily in a couple of markets we're following but nothing to be particularly concerned of. And I'd say otherwise, we feel really good about the credit and the positioning of our portfolio and expect it to perform in a normal sort of way as the next few quarters develop.

而且這些投資組合仍在持續改善。我們在少數幾個市場看到多戶住宅（multifamily）有些許走弱，但沒有特別需要擔心的地方。除此之外，我們對整體信用狀況與投資組合的配置感到非常良好，並預期在接下來幾季的發展中，將以相對正常的方式表現。

And just related to -- if I could ask one more. On the reserve front, you released about 6 basis points on the reserve ratio this quarter. How should we think about the outlook from here?

另外相關的——如果我可以再問一個。在備抵（reserve）方面，你們本季將備抵比率釋放了大約6個基點。我們應該如何看待接下來的展望？

Yeah, I think we've been talking about getting back to an equivalent CECL day one, which today is basically -- it's [162], so pretty much where we're at now. As you look forward, there's a couple of things that we'll keep our eye on. There is still some uncertainty in the market right now. And so as you'd expect, we are keeping some reserves back just for that.

是的，我想我們一直在談要回到與CECL第一天（day one）相當的水準，而目前基本上——是[162]，也就是大致就在我們現在的位置。往前看，有幾件事我們會持續關注。目前市場仍存在一些不確定性。因此如你所預期，我們會保留一部分備抵以因應這些不確定性。

We'll continue to monitor credit performance. We had a great quarter this year. We're expecting that to continue into the future. We talked a lot about the originations that we're putting on our balance sheet, about half of them being investment grade. And so we'll continue to track that.

我們會持續監控信用表現。今年我們有一個非常好的季度。我們預期這樣的表現會延續到未來。我們也談了很多關於我們放到資產負債表上的新承作（originations），其中約一半為投資等級。因此我們會持續追蹤這些情況。

But right now, we think the [163%] coverage ratio that we have right now is indicative of where we'd expect to be absent new information over the next several quarters. We'll continue to monitor both the macroeconomic uncertainties that are still out there also our overall credit trends as we go through time.

但就目前而言，我們認為目前的[163%]覆蓋率（coverage ratio）反映了在未出現新資訊的情況下，未來幾季我們預期所處的水準。我們會持續監控仍然存在的總體經濟不確定性，以及我們整體信用趨勢隨時間的變化。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，Morgan Stanley。

So it looks like you saw some nice consumer deposit growth in the quarter. Corporate deposits were down slightly. Is that just seasonality? Or are you seeing some element of corporates investing in their own business, spending more of their own cash which is when I look at the loan side as well, right? Like the utilization, it is up quite nicely.

看起來你們本季消費者存款成長不錯。企業存款則小幅下降。這只是季節性因素嗎？還是你們看到企業把資金投入自身業務、花掉更多自有現金的情況？因為我看貸款端也是如此，對吧？像是動用率（utilization）上升得相當不錯。

A little bit of both. I'd say predominantly seasonality, but we are seeing customers use some of their excess cash balances. And similarly, to your point, we're also seeing customers use their lines of credit a little more than they have been with line utilization up 100 basis points, which is positive.

兩者都有。我會說主要是季節性，但我們確實看到客戶動用一部分超額現金餘額。同樣地，如你所說，我們也看到客戶比以往更常使用授信額度，授信動用率上升100個基點，這是正面的。

Is the trend you expect to continue?

這個趨勢你們預期會持續嗎？

Say that again?

你再說一次？

That's a trend you expect will continue to --

這是一個你們預期會持續的趨勢，——

Yes, it is.

是的，會。

Got it. Okay. And then if I look at Slide 6 and I look at the range around the NII assumption. On the lower end, am I reading it right? I guess all of this happens, the tenure goes below 4% asset spread size and loan and deposit balances decline, et cetera, you would still get to that low end of the NII guide.

了解。好的。另外，如果我看第6頁投影片，並看NII假設的區間。在較低端，我的理解正確嗎？我想如果這些情況都發生：10年期利率降到4%以下、資產利差縮小、貸款與存款餘額下降等等，你們仍然可以達到NII指引的低端。

Yes, you're reading that correctly.

是的，你的理解正確。

Dave Rochester, Cantor Fitzgerald.

Dave Rochester，Cantor Fitzgerald。

Just back on loan growth, it looks like even if average loans are flat in 3Q and 4Q on a quarter-over-quarter basis that you landed in the middle of that average loan growth guide range for the low single digits. So just if we can just talk about maybe your outlook for the back half of the year, with pipeline is stronger now, are you thinking that, that back half could actually exceed growth in the first half? How are you thinking about that?

回到貸款成長來看，即使第三季與第四季的平均貸款在季對季基礎上持平，你們看起來也會落在低個位數平均貸款成長指引區間的中間位置。所以想請你談談下半年展望：目前管線更強，你們是否認為下半年實際上可能會超過上半年的成長？你們是怎麼思考的？

We had really good loan growth in the first quarter. Good growth in the second quarter as well, but really started off strong, as we talked about before, some of that withdrawals that we saw late in the quarter. So we'd be cautious to extend too much of that into the second half of the year. I think what we delivered this quarter, we feel good about in terms of closer to being a run rate. But I wouldn't just extrapolate out what we've seen in the first half has potentially occurring in the second half, given we did see some higher draws in the first quarter that may not occur as we go into the second half of the year.

我們第一季的貸款成長非常好。第二季也有不錯的成長，但一開始確實很強勁；如同我們先前提到的，我們在季末看到一些提款。因此，我們會謹慎，不會把太多第一季的情況延伸推估到下半年。我認為我們本季交出的表現，我們對其更接近常態運行水準（run rate）感到滿意。但我不會直接外推上半年看到的情況就會在下半年發生，因為我們確實在第一季看到一些較高的動用額度（draws），而這些在進入下半年時未必會再出現。

Okay. And then just given the reduction in the more problematic portfolios that you just talked about earlier, despite the softness that you mentioned in multifamily, as you look ahead beyond some maybe incremental improvement you could see in the back half of this year, are you thinking that maybe that net charge-off range could step down to something that's more of a sub-40 basis points level, assuming the economy remains resilient.

了解。另外，考量到你剛才提到較具問題的投組已縮減，儘管你提到多戶住宅（multifamily）有些疲弱，往前看，除了今年下半年可能出現一些邊際改善之外，你是否認為在經濟維持韌性的前提下，淨沖銷（net charge-off）區間可能下調到更接近 40 個基點以下的水準？

We're continuing to debate and talk about that just based upon the composition of our portfolio, which has changed a little over the last 12 to 24 months or so. Today, we're still guiding to 40 to 50 basis points. And as we begin thinking about 2027, we'll contemplate whether or not that range changes looking forward.

我們仍在就此持續討論與辯論，主要是基於我們投組的組成在過去 12 到 24 個月左右已有些變化。目前我們仍指引在 40 到 50 個基點。當我們開始思考 2027 年時，我們會再評估往前看這個區間是否需要調整。

And I think we have to take a look at across all the portfolios and look at where more normalized charge-offs could be. We continue to benefit on the consumer side for near recoveries on the real estate side. So being thoughtful in terms of how long does that continue into the future will also impact how we think about our guidance going forward.

而且我認為我們必須檢視所有投組，看看較為常態化的沖銷可能落在哪裡。在消費金融端，我們仍持續受惠於不動產端的近期回收（recoveries）。因此，審慎評估這種情況未來能持續多久，也會影響我們對未來指引的思考方式。

Sounds good. Any steps you're taking on the multifamily front?

聽起來不錯。在多戶住宅方面，你們有採取任何措施嗎？

Just continuing to watch that. I'd say there's just a couple of discrete markets where we see absorption rates being a little slower than we might have expected and/or rising interest rates potentially impacting the refinanceability of some of those projects. So -- into the permanent market. So just watching that, nothing to be particularly concerned about today.

就是持續觀察。我會說在少數幾個特定市場，我們看到去化率（absorption rates）比我們原先預期稍慢，且／或利率上升可能影響部分專案的再融資能力。也就是進入永久性融資市場（permanent market）。所以我們就是持續觀察，目前沒有什麼特別需要擔心的。

Erika Najarian, UBS.

Erika Najarian，UBS。

Just wanted to double-click on sort of the funding strategy from here, if lending growth continues at a pretty solid pace for the rest of the year, Anil take us through the trade-off in terms of how you're thinking about maybe using some short-term borrowings, FHLB advances as funding versus you mentioned that deposit costs you'd like for it to stay where they are now. So take us through sort of the thought process in terms of defending our core deposit cost base versus looking at other avenues to fund loan growth if we don't see deposit growth materialize in the second half of the year.

我想更深入追問一下接下來的資金策略：如果今年剩餘時間放款成長仍以相當穩健的速度進行，Anil，請你帶我們了解一下取捨：你們如何思考可能使用一些短期借款、FHLB 預付款（advances）作為資金來源，對比你提到希望存款成本維持在目前水準。所以請帶我們走一遍你們的思考流程：在捍衛核心存款成本基礎與在下半年若存款成長未能實現時、改以其他管道支應貸款成長之間，你們如何權衡？

Sure. So first and foremost, over the long term, it is our strategy to ensure that loans and deposits grow at a similar rate. Now to your point, at any 1 given period of time, you could see that loans grew faster than deposits. The key for us is to continue to make sure we're investing in the right products and services and bankers to grow our operating accounts for small business and core consumer checking accounts. We saw nice growth this quarter in that.

當然。首先也是最重要的，長期而言，我們的策略是確保貸款與存款以相近的速度成長。如你所說，在任何一個特定期間，你可能會看到貸款成長快於存款。對我們而言，關鍵在於持續投資於正確的產品、服務與銀行家團隊，以成長我們的小型企業營運帳戶以及核心消費者活期支票帳戶。我們本季在這方面看到不錯的成長。

You saw non-interest-bearing account balances for us, grow about $500 million on average. And so we'll continue to make those investments to make sure we have that pace of growth continue into the future. That's the key to our profitability advantage and we'll continue to do that. Now to your point, you'll have periods of time where you may have opportunities to grow loans faster than deposits. So yes, we will utilize FHLB advances to fill that gap in a short-term basis.

你也看到我們的無息存款帳戶平均餘額增加了約 5 億美元。因此我們會持續進行這些投資，確保這樣的成長速度能延續到未來。這是我們獲利優勢的關鍵，我們會持續這麼做。如你所說，你也會遇到某些期間，可能有機會讓貸款成長快於存款。所以是的，我們會使用 FHLB 預付款在短期內補足這個缺口。

We'll do what you saw us do this quarter was issued $1.5 billion of unsecured debt, very good pricing, treasuries plus $68 million. So we'll do that from time to time as well when we have opportunities to fill gaps. But that will be our strategy going forward. But make no mistake, our long-term strategy is still to make sure we're growing deposits commensurate with loans.

我們也會做你看到我們本季做的事：發行 15 億美元的無擔保債務，定價非常好，為國庫券利率加 68 個基點。所以當我們有機會補足缺口時，也會不時採取這類作法。但這將是我們未來的策略。不過請不要誤會，我們的長期策略仍是確保存款成長與貸款相匹配。

Got it. And in terms of just on deposit pricing again, obviously, you have -- have always had an enviable deposit base, how should we think about pricing and betas if we do get that rate hike? And going back to the earlier question, as you talked about this more intense competitive dynamic in deposits over the past 12 to 18 months, like has it been on promo pricing? Has it been on sort of cash incentive to open DDA accounts elsewhere. Maybe talk us through sort of what you have been up against over the past 12 to 18 months.

了解。再回到存款定價，你們一直擁有令人稱羨的存款基礎；如果真的升息，我們應該如何看待定價與存款 beta？另外回到先前的問題，你提到過去 12 到 18 個月存款競爭更激烈，這主要是促銷利率嗎？還是像是以現金獎勵吸引客戶到別處開立 DDA 帳戶？能否談談過去 12 到 18 個月你們面臨的競爭情況？

Yes. Over the past 12 to 18 months, we've consistently seen competitors issue promotional pricing in markets where they're looking to grow. That has been consistent. I'd say what we've seen over the past, call it, 6 months is that pricing has not dramatically changed as you've seen the outlook for rates change. And so I've talked about this before, all banks are trying to manage -- thread this needle in terms of growing deposits but also protecting their deposit costs because they're trying to drive profitability.

是的。過去 12 到 18 個月，我們一直看到競爭對手在他們想要成長的市場推出促銷定價。這一直都很一致。我會說，過去大約 6 個月，我們看到的定價並沒有隨著利率展望的變化而出現劇烈改變。因此我之前也談過，所有銀行都在努力管理——在成長存款與保護存款成本之間取得平衡，因為他們都想推動獲利能力。

So that's been unchanged in the market. we continue to benefit from -- and historically, our ability to reprice our CD portfolio. Going forward, our ability to manage the mix of our deposit base is the key advantage for us. I just talked about being able to grow non-interest-bearing deposits it's being patient in terms of being able to meet short-term funding needs with alternative funding sources, having a 76% loan-to-deposit ratio is a huge advantage that we have over our peers. So these are advantages that we can pull upon to not feel the pressure to have to use rate to grow funding as others may have to do.

所以市場上的情況並沒有改變。我們仍持續受惠於——以及歷史上——我們對 CD 投組進行重新定價的能力。往前看，我們管理存款基礎組合（mix）的能力是我們的關鍵優勢。我剛才提到能夠成長無息存款、在滿足短期資金需求時保持耐心並使用替代性資金來源，以及 76% 的貸存比對我們而言是相較同業的一大優勢。因此，這些都是我們可以運用的優勢，讓我們不必像其他人可能必須那樣，感受到必須用利率來吸收資金的壓力。

Got it. I'll follow up offline on the 25 basis points.

了解。我會在會後再就那 25 個基點跟進。

Yeah, on beta, we expect our guidance, and we expect to maintain a mid-30s beta, should the Fed increase, we still expect that to hold.

是的，關於 beta，我們預期維持我們的指引，也預期維持在三成中段的 beta；即使聯準會升息，我們仍預期能維持在該水準。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC Capital Markets。

John, you touched upon the deposit system conversion expected in 2027. A two-part question. Is it the beginning of 2017, do you convert all the deposits onto the new system or the middle end of the year? And then the second question is, what kind of capacity and when you convert everything over, what kind of growth capacity do you have with this new system? Could you deposits 50% before you have to do another systems or add capacity or something like that?

John，你提到預計在 2027 年進行存款系統轉換。我有兩個部分的問題。是 2027 年年初就把所有存款都轉到新系統，還是年中或年底？第二個問題是，當你把所有內容都轉過去之後，新系統的容量如何、以及你們有多大的成長容量？你們的存款是否可以成長 50%，在需要再做另一套系統或增加容量之類的事情之前？

Yes. Great question. So Gerard, we will begin a pilot family and friends, so to speak, sometime in September or October with the idea that we would begin to convert some discrete section of customers likely in the first quarter of 2027. This will not be a big bang type conversion. So we have the ability to migrate customers to the new system over time.

是的。好問題。所以 Gerard，我們會先做一個試點（可以說是先從親友團開始），大概在 9 月或 10 月左右，目標是在 2027 年第一季開始把某一個獨立的客群區塊進行轉換。這不會是那種一次性的大爆炸式轉換。因此我們有能力隨時間逐步把客戶遷移到新系統。

And it's our expectation that we will do that in 2027 and be complete midyear to sometime in the third quarter of 2027. Once it is complete, and we'll have a contemporary platform, we think it gives us a lot of capabilities, the ability to bring products to the market much faster, provide a much better customer experience to keep our systems updated and current, much more easily because of the API layers that we will depend on. And generally, because it's a cloud-based platform. And then generally, we -- in terms of capacity, we think we have tremendous capacity. I can't tell you how much of that will be, but we think it will give us quite an advantage in terms of our ability to grow on that system with partners that we have.

我們預期會在 2027 年完成這件事，並在 2027 年年中到第三季某個時間點完成。一旦完成，我們就會擁有一個現代化的平台；我們認為它會帶來很多能力：能更快把產品推向市場、提供更好的客戶體驗；也能更容易讓系統保持更新與現行，因為我們將依賴 API 層。而且整體而言，這是一個雲端平台。另外，整體來說——就容量而言，我們認為容量非常充足。我無法告訴你具體會是多少，但我們認為，這會在我們與既有合作夥伴一起、在該系統上擴張成長的能力方面，帶來相當大的優勢。

Very good. Those fire trucks in the background, your building's not on fire.

很好。背景那些消防車聲音，你們大樓沒有失火吧。

No, it's not.

沒有，沒有。

Because I heard John pause there for a minute. Okay. And then as a follow-up question, you guys have always -- and you did it again this quarter, give us good color on the portfolios that may have weaknesses in transportation, for example, the commercial real estate office, which, of course, now are on the mend. So my question is, when you guys look out into the future, one of the areas that I'm wondering about is the success that the AI industry has had on this country's economy, which has been very powerful and the boom is incredible. But we know as in past periods, like the dot-com period, where we had all those fiber cables built, eventually, it was a bust.

因為我聽到 John 停頓了一下。好。接著作為追問，你們一直以來——而且這一季你們也再次如此——對於可能有弱點的投資組合提供了很好的說明，例如運輸業、商用不動產辦公室等，當然這些現在正在改善。所以我的問題是，當你們展望未來時，我在想的一個領域是 AI 產業對這個國家經濟的成功影響，這股力量非常強大，這波榮景也非常驚人。但我們也知道，過去像網路泡沫時期，我們建了大量光纖電纜，最後還是崩盤。

And I'm not suggesting AI is going to be a bust. But how do you guys do the second derivative analysis? Because I know you're not financing for the most part, the data center construction. But your customers that might be connected to this ecosystem. How do you keep an eye on that? So that two years from now, it's the portfolio that everybody has kind of watch out for?

我不是在暗示 AI 會崩盤。但你們如何做二階導數（第二層次）的分析？因為我知道你們大多數情況下並不是在融資資料中心的建設。但你們的客戶可能與這個生態系有連結。你們如何持續關注？以免兩年後，這反而成為大家都得特別留意的投資組合？

Yes. I think we're trying to have discussions on a routine basis just in terms of understanding what's in our portfolio, what the connectivity is and doing some just different kinds of analysis stressed analysis to say if this particular sector has some weakness, how does that affect us? what companies, what industries are connected, what interconnectedness is there here that we need to be concerned about.

是的。我想我們會例行性地進行討論，主要是為了了解我們投資組合裡有哪些曝險、彼此的連結性是什麼，並做一些不同類型的分析、壓力測試式的分析，來判斷如果某個特定產業出現弱點，會如何影響我們？有哪些公司、哪些產業與之相連？這裡有哪些互相連動的關係是我們需要擔心的。

Part of that is, I think, fundamentally, just embedded in our concentration risk management analysis and the conversations that we have about that generally. But as we think about portfolio, we think about credit risk, we're having ongoing conversations about the connectedness of exposure, interconnectedness of exposure throughout that sector.

其中一部分，我認為從根本上來說，就是內嵌在我們的集中度風險管理分析，以及我們一般針對此所進行的討論之中。但當我們思考投資組合、思考信用風險時，我們也持續在討論該產業中曝險的連結性與相互關聯程度。

I think we add to that, we bring our discipline of being cautious as to how quickly we would grow anything until we get all those learnings back. And so soundness, profitability and growth in that order matters, especially when you're thinking about industries like this, where there could be change. And so we don't want to get too far ahead of ourselves and growing ahead of that as we gather this data that John was alluding to.

我想我們還會加上一點：在我們把所有學習與回饋都拿到之前，會秉持謹慎的紀律，不會太快擴張任何業務。因此，健全性、獲利性、成長性——依此順序——很重要，尤其是在思考這類可能出現變化的產業時。所以在蒐集 John 剛才提到的這些資料時，我們不希望自己走得太前面、在尚未掌握之前就過度擴張。

Very good. And then just a real quick one, John. You mentioned about the multifamily market a couple of bespoke markets that you're deepen an eye on. Can you -- is that Charlotte or is the Nashville, what's --

很好。再很快一個問題，John。你提到多戶住宅市場，有幾個你們特別在密切關注的客製化市場。你能——是夏洛特（Charlotte）還是納許維爾（Nashville），是——

In Texas.

在德州。

Matt O'Connor, Deutsche Bank.

Matt O'Connor，德意志銀行。

Was hoping to dig into some of the traditional banking fees. Slide 7, you split out the consumer and corporate service charges, both growing really nice year over year. And I guess I'm wondering, I think the corporate stuff is the treasury management investments you've made, but maybe comment on how sustainable that is? And then on the consumer side, I think a big chunk is overdraft. So I guess I always wonder, is that like good or bad when overdraft has become so much.

我想深入了解一些傳統銀行手續費。在投影片 7，你們把消費者與企業的服務費用拆開列示，兩者年增都相當不錯。我想企業端應該是你們在財資管理（treasury management）上的投資所帶動，但能否談談這樣的成長有多可持續？另外在消費者端，我想很大一部分是透支（overdraft）。所以我一直在想，當透支費變得這麼多時，這到底算好事還是壞事？

Yeah, maybe I'll speak to initially to your question about treasury management in general. We've improved our penetration rate in terms of the number of customers, percentage of customers to whom we're delivering treasury management products. It's grown from 57% to over 66% over the last 5 years or so. It's really been a focus of ours. We've improved our product offering. We've improved our sales capabilities and is generally how we think about making recommendations to customers to meet their specific needs. That has created a lot of momentum in treasury management, and I would expect that to continue.

是的，或許我先回應你關於整體財資管理的問題。我們在滲透率方面有所提升，也就是我們提供財資管理產品的客戶數量、以及占客戶的比例。在過去大約 5 年，這個比例從 57% 成長到超過 66%。這一直是我們的重點。我們改善了產品提供。我們提升了銷售能力，以及我們如何向客戶提出建議以滿足其特定需求的整體方式。這為財資管理帶來了很大的動能，我預期這會持續下去。

Similarly, the wealth business, we reached another record in terms of the amount of revenue we're generating. And that's based on investments in talent. It's based on expansion of our capabilities just generally a good working relationship across our businesses. So we're ensuring that we're making appropriate referrals and helping customers meet their needs. Again, I think that business will continue to grow and it's one that we feel really good about from that standpoint.

同樣地，在財富管理業務方面，我們在營收規模上又創下新高。這是基於對人才的投資。也基於我們能力的擴充，以及整體而言我們各業務之間良好的合作關係。因此我們確保能做出適當的轉介，並協助客戶滿足其需求。同樣地，我認為這項業務會持續成長，從這個角度來看，我們對它的感覺非常好。

On the consumer side, we're growing consumer checking accounts, and we're seeing increased consumer activity. So I mentioned debit spending, credit spending, on a transaction basis, up 8% on a dollar of transaction or amount of spend up 8%. So we're seeing good activity across the consumer book. Overdraft fees were up modestly this quarter, I guess, and that would be somewhat seasonal. And -- so I think -- well, go ahead.

在消費者端，我們的消費者支票帳戶持續成長，也看到消費者活動增加。所以我提到簽帳卡消費、信用卡消費；以交易筆數來看成長 8%，以交易金額或消費金額來看也成長 8%。因此我們在消費者客群整體看到不錯的活動度。本季透支費小幅上升，我想這在某種程度上具有季節性。然後——所以我想——嗯，你繼續。

Yes. No, we also look at that in particular on a very granular basis. So we look across different cohorts so we understand the drivers of the increase. Because to your point, it can be a leading indicator of risk, if not monitored appropriately. So we look across each cohort to see how it's performing.

是的。不，我們也會特別以非常細緻的層級來檢視這一點。因此我們會橫跨不同的客群分組（cohorts）來看，以便了解增加的驅動因素。因為如你所說，如果沒有適當監控，這可能會是風險的領先指標。所以我們會逐一檢視各個分組的表現。

We also look how it tracks into any potential charge-off risk. We're not seeing that yet. So what we're seeing now is that consumers to make -- continue to make themselves available to that service that we provide for them. But as of what we're seeing now, they're curing that, and so we're not seeing much role to charge. But to your point, it's something that we monitor as a potential early sign, but we don't see any issues of that just yet.

我們也會觀察它如何對應到任何潛在的核銷（charge-off）風險。我們目前還沒有看到那種情況。所以我們現在看到的是，消費者——仍持續使用我們為他們提供的那項服務。但就我們目前所見，他們正在把逾期補回（cure），因此我們沒有看到太多需要核銷的情況。不過如你所說，這是我們會監控的潛在早期訊號，但目前還沒有看到任何問題。

Okay, that's helpful. And then within Capital Markets, how big is this mini deal in terms of revenue impact, or is it just kind of a rounding error? And then just kind of long-term ambitions to call it, both grow capital markets and maybe diversify it a little bit in some of the businesses.

好的，這很有幫助。那在資本市場方面，這筆小型交易對營收影響有多大？還是其實只是四捨五入的誤差？另外，長期的企圖心是什麼——包括擴大資本市場業務，以及也許在某些業務上做更多元化。

Yeah. Initially, it will have a modest impact. Longer term, I think we'll have a meaningful impact on our ability to meet customer needs in particular. And we'll be another catalyst to help us grow the capital markets business. It was a very targeted acquisition.

是的。一開始，它的影響會比較溫和。長期來看，我認為它會對我們滿足客戶需求的能力帶來有意義的影響，特別是在客戶需求這一塊。而且它也會成為另一個催化劑，幫助我們成長資本市場業務。這是一項非常有針對性的收購。

We have a really good government and institutional banking business, generating deposits and making direct loans. What we didn't have was the capability to offer municipal underwriting and securities products. And so this will allow us to do that, and again, specifically meet some needs that we were otherwise unable to meet since the sale of Morgan Keegan back in 2012. So it complements a business. It's really a good one for us. And I think over time, we'll make a reasonable contribution to additional earnings.

我們有非常好的政府與機構銀行業務，能夠吸收存款並直接放款。但我們過去缺少的是提供市政承銷（municipal underwriting）與證券產品的能力。因此這將讓我們能做到這點，並且再次、特別是滿足一些需求——自從我們在2012年出售Morgan Keegan之後，原本我們是無法滿足的。所以它是對既有業務的補強。對我們來說確實很合適。我認為隨著時間推進，它會對額外獲利做出合理的貢獻。

And then just interest in kind of further expanding this business over time and also kind of diversifying into areas that you're underway.

那麼，對於未來進一步擴張這項業務，以及在你們正在推進的領域做更多元化，你們的興趣如何？

Yeah, yeah. I mean, we have a stated objective to continue to grow the percentage of non-interest revenue as a percentage of total. And one of the ways we do that is to invest in expanding our capital markets capabilities and business. If you go back to 2014, it was a $60 million to $70 million business, and we should end the year somewhere between $360 million and $380 million, I think, and we hope to be a $400 million business over time. We said it ought to be a $80 million to $100 million kind of business. every quarter. And so, we'll continue to make investments to ensure that we grow and diversify our revenue and that we increase the percentage of non-interest revenue as a percent of total.

是的，是的。我的意思是，我們有一個明確目標：持續提高非利息收入占總收入的比重。而我們達成的方法之一，就是投資擴大我們的資本市場能力與業務。如果回到2014年，那是一個6,000萬到7,000萬美元的業務；而我們今年年底應該會落在3.6億到3.8億美元之間，我想，並且我們希望隨著時間推進能成為4億美元規模的業務。我們也說過，它應該是一個每季約8,000萬到1億美元規模的業務。因此，我們會持續投資，確保我們能成長並多元化收入，同時提高非利息收入占總收入的比重。

Christopher Spahr, Wells Fargo.

Christopher Spahr，Wells Fargo。

I just like to follow up on the capital markets question. Just you bought Clearsight in 2021, and you had a little bit of a bump in revenue. But really, revenues really haven't grown much on a core basis over the last four or five years, and we're having record capital markets this year. So, what do you think you need to do? If your stated goal or you said in the past to be an industry-leading bundle market investment bank, what do you need to do in between and also, you've also done some lift-outs and tactical hire. So, is it just a mix? Is it just a amount of execution? Just like what is going to help drive that fee line?

我想就資本市場的問題追問一下。你們在2021年收購了Clearsight，營收有小幅上升。但實際上，過去四、五年核心基礎上的營收並沒有成長太多，而今年資本市場又是創紀錄的一年。所以你認為你們需要做什麼？如果你們的既定目標——或你們過去說過——是成為業界領先的全方位（bundle）中型市場投資銀行，你們中間需要做哪些事？另外，你們也做了一些團隊挖角（lift-outs）與戰術性招募。所以，這只是組合問題嗎？還是只是執行力的問題？到底是什麼會推動那條手續費收入線（fee line）？

Well, I would -- it has grown. Again, since 2014 from $60 million to $70 million to levels that we've reached today. We have not increased revenue much over the last two years, and some of that's just been a function of the interest rate environment that we are operating in. M&A activity is up one quarter. Next quarter, we see our real estate capital markets activity up and M&A down.

嗯，我會——它確實有成長。同樣地，自2014年從6,000萬到7,000萬美元，成長到我們今天達到的水準。過去兩年我們的營收沒有增加太多，其中一部分只是我們所處的利率環境所致。併購（M&A）活動某一季上升。下一季，我們看到不動產資本市場活動上升，而M&A下降。

So I think we've sort of reached a place where -- it's time to begin to move to the next level. We think the investments we've made in talent will help us do that. I believe that over time, we continue to work with our customers to develop the opportunities that we think exist to meet some of their needs, we'll see more growth in capital markets. But in general, we're very happy with the investments that we've made and the role that Capital Markets plays in helping us deepen relationships and grow and diversify our revenue.

所以我認為我們某種程度上已經到了一個階段——是時候開始邁向下一個層級了。我們認為在人才方面所做的投資將有助於我們做到這點。我相信，隨著時間推進，我們持續與客戶合作、開發我們認為存在的機會，以滿足他們的一些需求，我們會看到資本市場有更多成長。但總體而言，我們對已做的投資，以及資本市場在協助我們深化關係、成長並多元化收入方面所扮演的角色，感到非常滿意。

Okay. Great. And my follow-up is on [Wealth] actually has grown really well, at least in prior years. So just most of your disclosures have been mostly on the deposit side. Like what are the underlying assets under management, net new assets that you're acquiring? Like, what is driving that fee line?

好的。很好。我的追問其實是關於[財富管理]，至少在前幾年成長得非常好。所以你們大多數揭露主要都在存款端。像是，底層的管理資產（AUM）是多少？你們取得的淨新增資產（net new assets）是多少？是什麼在推動那條手續費收入線？

Yeah, so we've made the point in our maybe earlier comments over the last three years, the wealth bankers that we've added have themselves generated over $6 billion in new assets under management. And we're seeing growth in across the wealth platform, whether it be in our retail brokerage business or in our private banking business, our institutional wealth business. All of those are growing, and that's really a function, I think, of both good activity in the market, but more acquisition of customers and customer assets, which are driving increases in fees.

是的，所以我們在過去三年的一些較早評論中提到，我們新增的財富銀行家（wealth bankers）本身已經帶來超過60億美元的新增管理資產。而且我們看到整個財富平台都在成長，不論是我們的零售經紀業務、私人銀行業務，或是機構財富業務。這些都在成長，而我認為這確實同時反映了市場活動良好，以及更多客戶與客戶資產的取得，進而推動手續費增加。

And can you put that $6 billion into context? Like, on the base of what?

那你能把這60億美元放在脈絡下說明嗎？是相對於多大的基礎？

Hunt -- $60 billion, yeah.

Hunt——600億美元，是的。

Chris McGratty, KBW.

Chris McGratty，KBW。

Getting back to the buyback question, the importance of the rating agencies and the TCE ratio is getting a little bit more airtime. I guess, how does that affect how you're thinking about buybacks not only near term but also with follower.

回到庫藏股回購（buyback）問題，信評機構以及TCE比率的重要性似乎被談得更多了。我想問，這會如何影響你們對回購的思考——不僅是短期，也包括之後的走向？

Yeah, it will impact us over the long term. So first, we'll wait to see for the final Basel III rule to come into effect. Just to remind everyone kind of on a fully phased-in Basel III end game, we expect to be probably around 10.5% based on current capital levels. To your point, we are having discussions with the rating agencies around how they will think about this through their lens. As of right now, we're still holding to our guide of [$9.25 to $9.75] we'll evaluate that once we kind of get better clarity from them.

是的，這會在長期對我們產生影響。所以首先，我們會等待最終版的巴塞爾III規則生效。提醒大家一下，在巴塞爾III終局（end game）完全分階段落實後，以目前的資本水準來看，我們預期大概會在10.5%左右。如你所說，我們正在與信評機構討論，他們會如何從他們的角度來看待這件事。截至目前，我們仍維持我們的指引[$9.25到$9.75]；一旦從他們那邊得到更清楚的資訊，我們會再評估。

But the opportunity ahead of us is still there. Where we ultimately land is still subject to further conversation. But we still have an incredible opportunity to deploy capital back into our business and look forward to doing that once we get the final rule.

但我們眼前的機會仍然存在。我們最終落點仍有待進一步討論。但我們仍有一個極佳的機會把資本重新投入到我們的業務中，並期待在最終規則出爐後這麼做。

Okay. And then secondarily, does the commentary before related to the pilot and the conversion and the timing in the middle of next year, does that at all influence or change prior comments about inorganic focus for the placebo future?

好的。其次，先前關於試點、轉換以及明年年中時點的評論，是否會在任何程度上影響或改變你們先前對於未來無機成長重點的看法？

No. I mean I think we're still -- I would say we're not interested in depository M&A. That as an issue or a topic we continue to visit. But I think you can expect us to stay focused on deposit conversion that we have right now, it is super important to us. It's a complex project. One that's going very well. We have a lot of optimism about our ability to execute it, and that's where we'll primarily be focused that just the execution of our business, which I think we're doing really well.

不會。我的意思是，我認為我們仍然——我會說我們對存款機構的併購（M&A）不感興趣。這個議題或話題我們仍會持續檢視。但我認為你們可以預期我們會持續聚焦在目前的存款轉換上，這對我們非常重要。這是一個複雜的專案。而且進展非常順利。我們對自身的執行能力非常樂觀，而我們主要會把重心放在這裡——也就是把我們的業務執行好，我認為我們做得非常好。

Okay. And then just last, if I could, on the preferred. Could you just help us with any back half expectations for dividend.

好的。最後，如果可以的話，關於優先股。能否請你們協助說明一下下半年對股利的任何預期？

Yes. As of right now, it kind of goes hand-in-hand with common equity Tier 1. So when we're managing the higher levels of common equity Tier 1, then we may ultimately need won't feel the need to kind of pre-issue any preferred ahead of them. And so I'd say we're going to wait and see where the rating agency conversation lands that will determine kind of first part of the capital stack. If we feel like we want to add preferred through (inaudible), we'll do that, but we don't build the need to do anything in the near term based on what we're hearing right now.

可以。就目前而言，這與普通股權益第一級資本（CET1）是相互連動的。因此，當我們在管理較高水準的CET1時，我們最終可能不會覺得有必要在那之前先行預先發行任何優先股。所以我會說，我們會先觀察與信評機構的對話最終落點，這將決定資本結構中較前端的部分。如果我們覺得想透過（聽不清）增加優先股，我們會這麼做，但根據我們目前聽到的情況，我們不認為短期內有需要採取任何動作。

Vivek Juneja, JPMorgan.

Vivek Juneja，摩根大通。

Just a follow-up on the earlier question on deposit betas, your CD cost, do you have room to bring those down further? You seem to have brought it down. What are the maturities you have there? I'm trying to understand this your ability to be able to keep betas at mid-30s.

就先前關於存款貝塔值的問題追問一下：你們的定期存單（CD）成本，還有空間再進一步下降嗎？你們似乎已經把它降下來了。那邊的到期結構是怎樣的？我想了解你們維持貝塔值在30%中段的能力。

Yeah, we're confident being able to keep betas in the mid-30s. When we look at the upcoming CD maturities that is declining to about $3 billion a quarter. we think will basically bring on the repriced CDs about at an equal cost. So that's what gives us confidence in our guide that we think the overall deposit pricing will be flattish from here.

是的，我們有信心能把貝塔值維持在30%中段。當我們看即將到期的CD，規模會下降到每季約30億美元。我們認為基本上會以大致相同的成本承作重新定價後的CD。因此，這讓我們對指引有信心：我們認為整體存款定價從這裡起會大致持平。

So you're able to keep that at current rates, even with all the promo pricing. And is that more in your metropolitan markets? Or is it in the rural areas, given the competition from newcomers. And also the online company --

所以即使有各種促銷定價，你們也能把它維持在目前利率水準。那這比較是在你們的大都會市場嗎？還是在鄉村地區，考量到新進者的競爭？另外還有線上公司--

The first, I would really kind of more target the discussion around where we're doing any type of promotional because we're in all these markets, we don't have to do broad promotional pricing to try to enter the market. We're already there. So going back to my earlier comments on understanding our customers, understanding how they behave.

第一點，我會把討論更聚焦在我們在哪些地方做任何形式的促銷；因為我們在所有這些市場都有布局，我們不需要用大範圍的促銷定價來嘗試進入市場。我們本來就已經在那裡了。所以回到我先前的評論：了解我們的客戶，了解他們的行為方式。

We're able to bring all this information together to be incredibly targeted with any customers that we want to do promotional pricing to. We don't have to do it on a broad scale. So we do it in a very targeted way for particular customers that we feel like we may want and need to do that. But for us, it's not a meaningful headwind in terms of deposit cost because one, we don't need it from a funding standpoint Two, we're already in these markets. And so three, we can be very focused in terms of where we want to deploy that.

我們能把所有這些資訊整合起來，對於我們想提供促銷定價的客戶做到非常精準的鎖定。我們不需要大規模地做。因此，我們會以非常有針對性的方式，針對特定客戶——我們覺得可能想要、也需要這麼做的客戶——來提供促銷定價。但對我們而言，就存款成本來說這不是重大的逆風，因為第一，從資金來源角度我們不需要；第二，我們已經在這些市場；第三，我們可以非常聚焦在我們想把這些資源投放到哪裡。

Okay. And you said you don't lead (inaudible) to funding despite loan growth doing a little bit better.

好的。你也提到你們不需要（聽不清）來做資金來源，儘管放款成長表現稍微好一些。

Yeah, look, our long-term, we're not going to fund loan growth with high-cost promotional deposits. If we have loan growth that exceeds deposit costs in any one given period, we'll look to other funding sources that we have available to us, our debt footprint is roughly half of the peer average. So we'll pull on those things first. We'll continue to invest in growing our non-interest-bearing and low-cost deposits to ultimately catch up. But our business model is not built around using high-cost deposits as a funding source.

是的，你看，從長期來看，我們不會用高成本的促銷存款來支應放款成長。如果在某一段期間放款成長超過存款成長，我們會尋求其他可用的資金來源；我們的債務規模大約只有同業平均的一半。所以我們會先動用那些工具。我們也會持續投資於成長我們的無息與低成本存款，最終追上來。但我們的商業模式並不是建立在把高成本存款作為資金來源之上。

Thank you. I would like to turn the call back over to John Turner for closing comments.

謝謝。我想把電話會議交回給John Turner做結語。

Okay. Well, thank you, everyone. We appreciate your interest in Regions and your interaction with us today. Have a great weekend.

好的。那麼，謝謝各位。我們感謝各位對Regions的關注，以及今天與我們的交流。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。