Truist Financial Corp (TFC) 2022 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this event is being recorded.

問候，女士們，先生們，歡迎來到 Truist Financial Corporation 的 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，正在記錄此事件。

It is now my pleasure to introduce your host, Mr. Ankur Vyas, Head of Investor Relations, Truist Financial Corporation.

現在我很高興向您介紹主持人，Truist Financial Corporation 投資者關係主管 Ankur Vyas 先生。

Thank you, Jennifer, and good morning, everyone. Welcome to Truist's Second Quarter 2022 Earnings Call. With us today are our Chairman and CEO, Bill Rogers; and our CFO, Daryl Bible. During this morning's call, they will discuss Truist's second quarter results and share their perspectives on our efforts to transition from an integration focus to an operating focus, current business conditions and our continued activation of Truist's purpose.

謝謝你，詹妮弗，大家早上好。歡迎來到 Truist 的 2022 年第二季度財報電話會議。今天和我們在一起的是我們的董事長兼首席執行官比爾·羅傑斯；和我們的首席財務官 Daryl Bible。在今天上午的電話會議中，他們將討論 Truist 的第二季度業績，並分享他們對我們從整合重點轉變為運營重點的努力、當前業務狀況以及我們繼續激活 Truist 宗旨的看法。

Clarke Starnes, our Chief Risk Officer; Beau Cummins, our Vice Chair; and John Howard, our Chief Insurance Officer, are also in attendance and are available to participate in the Q&A portion of the call.

Clarke Starnes，我們的首席風險官；我們的副主席博康明斯；我們的首席保險官約翰霍華德也出席了會議，並可以參加電話的問答部分。

The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist Investor Relations website, ir.truist.com.

隨附的演示文稿以及我們的收益發布和補充財務信息可在 Truist 投資者關係網站 ir.truist.com 上獲得。

Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slides 2 and 3 of the presentation regarding these statements and measures as well as the Appendix for the appropriate reconciliations to GAAP.

我們今天的演講將包括前瞻性陳述和某些非公認會計原則財務措施。請查看演示文稿的幻燈片 2 和 3 中有關這些聲明和措施的披露以及與 GAAP 進行適當調節的附錄。

In addition, Truist is not responsible for and does not edit nor guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized live and archived webcast are located on our website.

此外，Truist 不負責也不編輯或保證第三方提供的我們的收益電話會議記錄的準確性。唯一授權的現場直播和存檔網絡廣播位於我們的網站上。

With that, I'll now turn it over to Bill.

有了這個，我現在把它交給比爾。

Thanks, Ankur. Good morning, everyone, and thank you for joining our call this morning.

謝謝，安庫爾。大家早上好，感謝您今天早上加入我們的電話會議。

Truist delivered a good second quarter, reflecting our improving momentum after the integration and the resiliency of our diverse business mix in a volatile market environment. Our financial results modestly exceeded the guidance we provided in April with several puts and takes.

Truist 在第二季度取得了良好的業績，反映了我們在整合後的改善勢頭以及我們在動蕩的市場環境中多元化業務組合的彈性。我們的財務業績略微超過了我們在 4 月份提供的幾次看跌期權的指導。

Loan growth was strong and broad-based. Net interest margin expanded significantly due to higher interest rates in our strong deposit franchise. Credit quality remains excellent and we are pleased by our relative and absolute performance in the recent stress test. In light of these results, our Board will consider a resolution to increase the common dividend by 8% at its July meeting.

貸款增長強勁且基礎廣泛。由於我們強大的存款業務的利率較高，淨息差顯著擴大。信用質量仍然很好，我們對我們在最近的壓力測試中的相對和絕對錶現感到滿意。鑑於這些結果，我們的董事會將在 7 月的會議上考慮將普通股息提高 8% 的決議。

This quarter's performance, combined with improving client experience trends and dramatically lower merger costs, reflects the initial benefits of our shift from integrating to operating. While there's still work to do, such as stemming elevated operational losses, closing out residual integration issues and completing our decommissioning process, I am very confident in Truist's trajectory and reaffirm our commitment to delivering positive operating leverage for the full year of 2022. I'm going to share some more details on those topics in a moment.

本季度的業績，加上客戶體驗趨勢的改善和合併成本的大幅降低，反映了我們從整合向運營轉變的初步收益。雖然仍有工作要做，例如阻止運營損失增加、解決剩餘整合問題和完成退役過程，但我對 Truist 的發展軌跡非常有信心，並重申我們致力於在 2022 年全年提供積極的運營槓桿。我我稍後將分享有關這些主題的更多細節。

Then going to Slide 4. As you all know, Truist is fundamentally a deep, purpose-led company dedicated to inspire and build better lives and communities. We know that our purpose-driven culture is the foundation for our success as a company. Our purpose drives performance and defines how we do business every day. It very intentionally begins with the word inspire, and to be inspirational, it's often necessary to be bold and to be first. I'll highlight 4 examples that I think reflect that purpose on the next slide.

然後轉到幻燈片 4。眾所周知，Truist 從根本上說是一家有深度、以目標為導向的公司，致力於激發和建立更美好的生活和社區。我們知道，我們以目標為導向的文化是我們公司成功的基礎。我們的目標推動績效，並定義了我們每天開展業務的方式。它非常有意地以激發這個詞開頭，為了鼓舞人心，通常需要大膽並成為第一。我將在下一張幻燈片中突出顯示我認為反映該目的的 4 個示例。

First and foremost, we recently announced that we're making a significant investment in our teammates by raising our minimum wage to $22 an hour effective October 1. This increase will benefit approximately 14,000 teammates, about 80% of whom will have client-facing roles in the retail and small business banking business. Purposeful growth is dependent on attracting and retaining the best talent. In addition to our industry-leading benefits, we designed a compensation program that also helps teammates who need it most to block the impact of inflation in their daily lives.

首先，我們最近宣布，我們將從 10 月 1 日起將最低工資提高到每小時 22 美元，對我們的隊友進行重大投資。這一增長將使大約 14,000 名隊友受益，其中約 80% 將擔任面向客戶的角色在零售和小企業銀行業務中。有目的的增長取決於吸引和留住最優秀的人才。除了我們行業領先的福利外，我們還設計了一項補償計劃，該計劃還可以幫助最需要它的隊友在日常生活中阻止通貨膨脹的影響。

Second, we had a historic launch of Truist One Banking yesterday. This is our new differentiated suite of checking solutions that reimagine everyday banking, including 2 new accounts that eliminate overdraft fees and provide greater access to credit. The flagship Truist One checking account has 0 overdraft fees and the capability to provide qualifying clients the liquidity they need through a simple $100 negative balance buffer.

其次，昨天我們歷史性地推出了 Truist One Banking。這是我們全新的差異化支票解決方案套件，它重新構想了日常銀行業務，包括 2 個消除透支費用並提供更多信貸渠道的新賬戶。旗艦 Truist One 支票賬戶的透支費用為 0，並且能夠通過簡單的 100 美元負餘額緩衝為合格客戶提供所需的流動性。

We also introduced the Truist Confidence Account, which provides consumers with access to main street banking services and no overdraft fees.

我們還推出了Truist Confidence Account，它為消費者提供主要街道銀行服務，並且無需支付透支費用。

We're mindful of the impact that inflation and reduced stimulus may have on some of our clients, and Truist One is one of many examples of how we're advancing financial inclusion across our communities.

我們注意到通貨膨脹和刺激措施減少可能對我們的一些客戶產生的影響，Truist One 是我們如何在我們的社區中推進金融包容性的眾多例子之一。

Third, Truist committed $120 million to strengthen and support diverse and small businesses. This commitment exemplifies our purpose by supporting small businesses, which are so vital to the health and vibrancy of our communities.

第三，Truist 承諾投入 1.2 億美元來加強和支持多元化的小型企業。這一承諾通過支持小型企業體現了我們的宗旨，小型企業對我們社區的健康和活力至關重要。

And fourth, we released our 2021 ESG and CSR report in early June. At Truist, we view all the elements of ESG as an opportunity to improve our company and to put our purpose into action, and that includes climate change.

第四，我們在 6 月初發布了 2021 年 ESG 和 CSR 報告。在 Truist，我們將 ESG 的所有要素視為改善我們公司並將我們的目標付諸行動的機會，其中包括氣候變化。

As we look to externalize our own net 0 aspirations and further the transition to a lower carbon economy, we recently created new advisory practices within our CIB and commercial community bank to help our clients make their own transition. We're pleased with how our clients have welcomed and embraced our advice and expertise around ESG as it underscores the possibilities in viewing ESG as an opportunity for growth.

當我們希望將我們自己的淨 0 願望外部化並進一步向低碳經濟轉型時，我們最近在我們的 CIB 和商業社區銀行內創建了新的諮詢實踐，以幫助我們的客戶實現自己的轉型。我們很高興我們的客戶歡迎並接受我們在 ESG 方面的建議和專業知識，因為它強調了將 ESG 視為增長機會的可能性。

Now turning to Slide 7. Consistent with our previous guidance, merger-related costs totaled $238 million, roughly half of what they were in the first quarter. We expect merger costs to decrease significantly in the back half of 2022 before going away entirely in 2023. This trajectory should be welcomed news to shareholders as diminishing merger costs correspond to a less complex narrative, improving earnings quality, more capital and, ultimately, industry-leading returns.

現在轉到幻燈片 7。與我們之前的指導一致，與合併相關的成本總計 2.38 億美元，大約是第一季度的一半。我們預計合併成本將在 2022 年下半年顯著下降，然後在 2023 年完全消失。這一軌跡應該是股東們歡迎的消息，因為合併成本的下降對應於不那麼複雜的敘述，提高了盈利質量，更多的資本，最終是行業-領先的回報。

Lastly, we incurred a $39 million pretax gain related to the early extinguishment of $800 million in FHLB debt.

最後，我們因 FHLB 的 8 億美元債務提前清償而獲得了 3900 萬美元的稅前收益。

Turning to our second quarter performance highlights on the next slide. We earned $1.5 billion or $1.09 a share on a reported basis. Excluding the selected items on Slide 7, adjusted earnings totaled $1.6 billion or $1.20 a share, down 23% compared to a year 8:07 AM ago, primarily due to a sizable reserve release in the prior quarter.

在下一張幻燈片上轉到我們第二季度的業績亮點。根據報告，我們賺取了 15 億美元或每股 1.09 美元。不包括幻燈片 7 中的選定項目，調整後的收益總計 16 億美元或每股 1.20 美元，與上午 8:07 前一年相比下降 23%，這主要是由於上一季度的大量儲備釋放。

Relative to the first quarter, adjusted EPS decreased 2% as higher loan loss provision offset a 10% increase in adjusted PPNR.

與第一季度相比，調整後的每股收益下降了 2%，因為較高的貸款損失準備抵消了調整後的 PPNR 增加了 10%。

Adjusted revenue benefited from higher short-term rates alongside well-controlled deposit costs, strong loan growth, consumer seasonality and strong insurance results, partially offset by continued softness in market-sensitive fee businesses such as investment banking, wealth and mortgage.

調整後的收入受益於較高的短期利率以及控制良好的存款成本、強勁的貸款增長、消費者季節性和強勁的保險業績，但部分被投資銀行、財富和抵押貸款等市場敏感的收費業務持續疲軟所抵消。

Adjusted ROTCE was 25%, up from 23% in the prior 3 quarters. Even when normalizing things like AOCI to 0 and assuming a flat ALLL ratio, adjusted ROTC was a strong 17%.

調整後的 ROTCE 為 25%，高於前三個季度的 23%。即使將 AOCI 等指標標準化為 0 並假設 ALLL 比率持平，調整後的 ROTC 仍高達 17%。

Adjusted expenses increased 3.8%, reflecting higher insurance-related incentive compensation and intentional investments in talent and technology to support our shift from integrating to operating.

調整後的費用增長了 3.8%，反映了保險相關的激勵薪酬增加以及對人才和技術的有意投資，以支持我們從整合到運營的轉變。

Other expenses also increased due to normalization of teammate travel and elevated operational losses.

由於隊友差旅正常化和運營損失增加，其他費用也有所增加。

We have planned products, processes and technology enhancements underway to reduce these losses and enhance the overall client experience, including the launch of innovative authentication approaches later this quarter.

我們已經規劃了正在進行的產品、流程和技術改進，以減少這些損失並增強整體客戶體驗，包括本季度晚些時候推出創新的身份驗證方法。

While operating leverage was a negative 200 basis points year-to-date, this primarily reflects the $435 million year-to-date headwind we have from PPP and PAA revenue. Despite these headwinds, we're still targeting positive operating leverage on both a GAAP and adjusted basis for the full year.

雖然年初至今的經營槓桿為負 200 個基點，但這主要反映了我們從 PPP 和 PAA 收入中獲得的 4.35 億美元的逆風。儘管存在這些不利因素，但我們仍以 GAAP 和全年調整後的基礎上的積極經營槓桿為目標。

Asset quality remains excellent and net charge-offs decreased relative to the first quarter. Capital deployment was healthy in the second quarter as we funded strong loan growth and completed $150 million worth of share repurchases. Capital levels remain strong in light of our risk and profitability profile, demonstrated by our continued strong performance in the 2022 CCAR process. Overall, the second quarter begins to reflect the power of Truist post integration.

資產質量保持良好，淨沖銷較第一季度有所下降。由於我們為強勁的貸款增長提供了資金並完成了價值 1.5 億美元的股票回購，因此第二季度的資本部署很健康。鑑於我們的風險和盈利能力狀況，資本水平保持強勁，我們在 2022 年 CCAR 流程中的持續強勁表現證明了這一點。總體而言，第二季度開始體現 Truist 崗位整合的力量。

Now turning to Slide 9. Digital activity increased in the second quarter, attributable to seasonality and nearly 200 enhancements we implemented across the platform, representing a significantly higher pace of value delivery for our clients. Our ability to rapidly incorporate client feedback reflects the capabilities of a more modern and agile digital platform and has resulted in improved client satisfaction scores, which have risen consistently since our initial introduction of Truist Digital in waves in 2021.

現在轉到幻燈片 9。第二季度的數字活動有所增加，這歸因於季節性因素以及我們在整個平台上實施的近 200 項增強功能，這代表了我們客戶的價值交付速度明顯加快。我們快速整合客戶反饋的能力反映了更現代、更敏捷的數字平台的能力，並導致客戶滿意度得分提高，自我們於 2021 年首次推出 Truist Digital 以來，該得分一直在持續上升。

In June, we announced the grand opening of our state-of-the-art Innovation and Technology Center. Located within our headquarters, the ITC provides an environment conducive to reimagining the client experience such as by facilitating new ways of working with Agile teams to better collaborate with clients to cocreate dynamic and marketable cross-channel services. The new space features client journey rooms; a maker space for building, testing and refining new products and services; a reality lab, where we can utilize virtual and augmented reality technology; and a contact center incubator where we can collect and respond to real-time feedback directly from our clients. I'm personally excited about our improved ability to aid our teammates as they reimagine how we serve clients.

六月，我們宣布我們最先進的創新和技術中心盛大開幕。 ITC 位於我們的總部內，提供了一個有利於重新構想客戶體驗的環境，例如通過促進與敏捷團隊合作的新方式，以更好地與客戶合作，共同創造充滿活力和適銷對路的跨渠道服務。新空間設有客戶旅程室；用於構建、測試和改進新產品和服務的創客空間；一個現實實驗室，我們可以在這裡利用虛擬和增強現實技術；和聯絡中心孵化器，我們可以直接從客戶那裡收集和響應實時反饋。我個人對我們提高幫助隊友的能力感到興奮，因為他們重新構想了我們為客戶服務的方式。

We also acquired 8San Francisco-based Long Game, the award-winning gamification app that utilizes behavioral economics, prize-linked savings and mobile gaming to motivate positive financial behaviors and drive new account growth and client retention. By leveraging Long Game's innovative technology, Truist can empower our clients to build long-term financial wellness.

我們還收購了總部位於舊金山的 8Long Game，這是一款屢獲殊榮的遊戲化應用程序，它利用行為經濟學、與獎金掛鉤的儲蓄和手機遊戲來激發積極的財務行為並推動新賬戶增長和客戶保留。通過利用 Long Game 的創新技術，Truist 可以幫助我們的客戶建立長期的財務健康。

I'm also pleased to report that our merger integration activities are now complete. Our final merger release was rolled out in May and we recently held our last Merger Oversight Committee meeting. As we shift to BAU, our digital and technology teams are looking forward to accelerating our pace of innovation and client experience improvements.

我也很高興地報告，我們的合併整合活動現已完成。我們的最終合併版本於 5 月推出，我們最近舉行了最後一次合併監督委員會會議。隨著我們轉向 BAU，我們的數字和技術團隊期待著加快我們的創新步伐和改善客戶體驗。

Yesterday, as I mentioned, we introduced Truist One. And as I referenced earlier -- as I referenced earlier, we'll soon expand LightStream to include a new deposit product on a real-time, cloud-based core; enhance the sophistication of our underwriting models through a partnership with [Zest]; roll out Truist Assist, our virtual assistant to millions of clients, just to name a few examples. Overall, we're increasingly optimistic about the performance and the potential of our increased investments and focus on digital and technology.

昨天，正如我所提到的，我們介紹了真理一號。正如我之前提到的——正如我之前提到的，我們將很快擴展 LightStream 以在實時、基於雲的核心上包含一個新的存款產品；通過與 [Zest] 的合作，提高我們承保模式的複雜性；推出 Truist Assist，我們為數百萬客戶提供的虛擬助手，僅舉幾個例子。總體而言，我們對增加投資以及專注於數字和技術的表現和潛力越來越樂觀。

Now turning to loans and leases on Slide 10. Average loan balances increased a very robust $8.1 billion or 2.8% sequentially with growth across most businesses. The pace of growth accelerated during the quarter with end-of-period loans up 4.7%. Growth was primarily driven by C&I, where average balances increased $6.7 billion or 4.8% overall. We delivered broad-based loan growth across most CIB industry verticals, notably energy, consumer and retail, financial institutions, TMT. Due to M&A activity, the current shift to banks from the bond market increased relevance with new and existing clients and a higher revolver usage for CapEx, inventories and inflation. As in recent quarters, growth continues to be strong within our Asset Finance group as we continue to build out that business with more talent, product capabilities and a larger balance sheet.

現在轉向幻燈片 10 上的貸款和租賃。隨著大多數企業的增長，平均貸款餘額環比增長了非常強勁的 81 億美元或 2.8%。本季度增長速度加快，期末貸款增長 4.7%。增長主要由 C&I 推動，平均餘額增加 67 億美元，總體增長 4.8%。我們在大多數 CIB 行業垂直領域實現了廣泛的貸款增長，尤其是能源、消費和零售、金融機構、TMT。由於併購活動，當前從債券市場向銀行的轉移增加了與新客戶和現有客戶的相關性，以及對資本支出、庫存和通貨膨脹的更高的左輪手槍使用率。與最近幾個季度一樣，隨著我們繼續以更多的人才、產品能力和更大的資產負債表來建立該業務，我們的資產金融集團的增長繼續強勁。

Commercial Community Bank C&I balances increased 2%, excluding PPP and dealer floor plan, reflecting growth across all our geographic regions and was the second strongest end-of-period growth since 2019. Revolver utilization increased 300 basis points to just over 30%, the highest level since mid-2020.

商業社區銀行 C&I 餘額增長 2%，不包括 PPP 和經銷商樓層計劃，反映了我們所有地理區域的增長，是自 2019 年以來第二強勁的期末增長。左輪手槍利用率增加 300 個基點，略高於 30%， 2020 年年中以來的最高水平。

CRE remains a headwind, reflecting both the highly competitive market and our disciplined approach. At the same time though, I continue to be optimistic about the future of our CRE business as we create a more strategic -- as we create more strategic clarity internally and nonbank competition rationalizes somewhat with rising rates.

CRE 仍然是一個逆風，反映了競爭激烈的市場和我們嚴謹的方法。但與此同時，我繼續對我們 CRE 業務的未來持樂觀態度，因為我們創造了一個更具戰略性的項目——因為我們在內部創造了更多的戰略清晰性，並且隨著利率的上升，非銀行競爭在一定程度上變得合理。

Wealth lending was up $600 million sequentially as our advisers and clients continue to benefit from the combined capabilities of both heritage firms.

由於我們的顧問和客戶繼續受益於兩家傳統公司的綜合能力，財富貸款環比增長 6 億美元。

Residential mortgage increased 2.6%, reflecting ongoing correspondent purchases and slower prepayments fees. Excluding mortgage, consumer and card balances increased $1 billion or 1.3% as strong growth in Service Finance, prime auto, Sheffield and LightStream more than offset runoff in our partnership and student portfolios.

住宅抵押貸款增長 2.6%，反映了持續的代理購買和較慢的預付款費用。不包括抵押貸款、消費者和信用卡餘額增加了 10 億美元或 1.3%，因為服務金融、優質汽車、謝菲爾德和 LightStream 的強勁增長抵消了我們合作夥伴和學生投資組合的流失。

Service Finance is performing in line with our high expectations and experiencing good business-developed momentum given the alignment with Truist. Second quarter production by Service Finance was about double the volume loss and double the profitability from our terminated partnerships.

鑑於與 Truist 保持一致，Service Finance 的表現符合我們的高期望，並經歷了良好的業務發展勢頭。 Service Finance 第二季度的產量大約是我們終止合作夥伴關係的兩倍和兩倍的盈利能力。

Our prime auto business is also back on its front foot after regaining some momentum it lost following its own fourth quarter conversion.

我們的主要汽車業務在重新獲得第四季度轉型後失去的一些動力後，也重新站穩了腳跟。

In addition, our consumer finance businesses continue to advance their automated decision capabilities, which ultimately improves consistency, efficiency and creates better client experiences.

此外，我們的消費金融業務繼續提升其自動化決策能力，最終提高一致性、效率並創造更好的客戶體驗。

Overall, clients are generally positive on current economic conditions and demand in their businesses. At the same time, concerns about labor shortages and margin pressure, given the rising rates and higher input costs, are growing, creating the potential for more defensive postures. Truist is well positioned to advise clients across a range of scenarios given our broad capabilities and talented teammates.

總體而言，客戶普遍對當前經濟狀況和業務需求持積極態度。與此同時，由於利率上升和投入成本上升，對勞動力短缺和利潤壓力的擔憂正在增加，這為採取更多防禦姿態創造了可能性。鑑於我們廣泛的能力和才華橫溢的隊友，Truist 能夠在各種情況下為客戶提供建議。

Given all of this, we remain generally positive about our prospects for continued loan growth, particularly taking into account our post-integration momentum. At the same time, we have to acknowledge the increased uncertainty associated with the softening economic environment, which may cause loan growth to deviate from this outlook.

鑑於所有這一切，我們對貸款持續增長的前景總體保持樂觀，特別是考慮到我們整合後的勢頭。同時，我們必須承認與疲軟的經濟環境相關的不確定性增加，這可能導致貸款增長偏離這一前景。

Turning to deposits on Slide 11. Average deposit balances increased $8.5 billion or 2% during the second quarter largely attributable to an increase in brokered deposits in mid-March. Excluding brokered deposits, average deposits decreased $2.9 billion or 0.7%.

轉向幻燈片 11 上的存款。第二季度的平均存款餘額增加了 85 億美元或 2%，這主要是由於 3 月中旬經紀存款的增加。不包括經紀存款，平均存款減少 29 億美元或 0.7%。

Deposit costs were very well controlled, reflecting Truist's strong retail and commercial-oriented franchise and our enviable market share position. In addition, our lines of business and corporate treasury teams delivered excellent execution against a thoughtful strategy to be attentive to client needs and client relationships while maximizing value outside of rate paid. As a result, interest-bearing client deposit betas were 8%, well below our modeled assumptions. As the interest rate environment evolves, we'll continue to take a balanced approach to managing deposit growth and rate paid, particularly given our broad access to other forms of funding.

存款成本得到很好的控制，反映了 Truist 強大的零售和商業特許經營權以及我們令人羨慕的市場份額地位。此外，我們的業務線和企業財資團隊通過周到的策略提供了出色的執行力，以關注客戶需求和客戶關係，同時最大限度地提高已付利率之外的價值。因此，計息客戶存款的貝塔係數為 8%，遠低於我們的模型假設。隨著利率環境的演變，我們將繼續採取平衡的方式來管理存款增長和支付的利率，特別是考慮到我們廣泛獲得其他形式的資金。

And now let me turn it over to Daryl to review our financial performance in greater detail.

現在讓我把它交給達里爾來更詳細地審查我們的財務業績。

Thank you, Bill, and good morning, everyone. Turning to Slide 12. Net interest income increased 7% sequentially, driven by higher short-term interest rates alongside limited deposit betas in addition to strong loan growth. We also saw a positive asset mix shift with the investment portfolio shrinking and funding strong loan growth. As Bill indicated, the strong quality of our deposit franchise also limited deposit rate repricing.

謝謝你，比爾，大家早上好。轉到幻燈片 12。淨利息收入環比增長 7%，這是由於短期利率較高、存款貝塔係數有限以及貸款增長強勁。我們還看到了積極的資產組合轉變，投資組合縮減並為強勁的貸款增長提供資金。正如比爾所說，我們存款業務的強大質量也限制了存款利率的重新定價。

Reported net interest margin increased 13 basis points and core net interest margin increased 15 basis points. Net interest margin and net interest income increased for similar reasons and exceeded the high end of our April guidance, primarily due to our teammates delivering lower-than-modeled deposit betas. Overall, we continue to take a balanced approach to managing interest rate risk.

報告淨息差增加 13 個基點，核心淨息差增加 15 個基點。淨息差和淨利息收入因類似原因而增加，並超過了我們 4 月指引的高端，這主要是由於我們的隊友提供了低於模型的存款貝塔值。總體而言，我們繼續採取平衡的方式管理利率風險。

We continue to be asset-sensitive and that will decrease over time with the diminishing benefit associated with future rate increases and the disintermediation of funding sources.

我們繼續對資產敏感，隨著未來加息和資金來源脫媒帶來的收益遞減，這將隨著時間的推移而減少。

We forecasted an approximate 25% cumulative interest-bearing deposit beta through the second and third quarters. To protect against any potential downside in rates, we also added $16 billion of swaps, which are primarily forward starting. These swaps begin in 2023 and 2024 and will have laddered maturities that range from 3 to 5 years to minimize earnings volatility.

我們預測到第二和第三季度的累積計息存款貝塔係數約為 25%。為了防止利率出現任何潛在下行，我們還增加了 160 億美元的掉期，主要是遠期開始。這些掉期從 2023 年和 2024 年開始，期限為 3 至 5 年，以最大限度地減少收益波動。

Moving to Slide 13. Fee income increased $106 million or 4.9% sequentially. Insurance income increased $98 million due to the seasonality, strong organic growth and the full quarter of Kensington Vanguard acquisition.

轉到幻燈片 13。費用收入環比增長 1.06 億美元或 4.9%。由於季節性因素、強勁的有機增長以及對 Kensington Vanguard 整個季度的收購，保險收入增加了 9800 萬美元。

Card and payment-related fees increased $34 million, reflecting the prior quarter acquisition of merchant relationships and the increased activity.

卡和支付相關費用增加了 3400 萬美元，反映了上一季度對商家關係的收購和活動的增加。

Residential mortgage income decreased $15 million or 17% as higher interest rates pressured volumes and gain on sale margins.

住宅抵押貸款收入減少了 1500 萬美元或 17%，原因是較高的利率對銷量和銷售利潤率造成壓力。

Servicing income was essentially flat from the prior quarter as lower prepays were offset by increasing hedging costs.

服務收入與上一季度基本持平，因為較低的預付款被增加的對沖成本所抵消。

While this is a very challenging environment for mortgage, our mortgage team is playing some offense by leveraging Truist's strong purpose and balance sheet to hire select, well-regarded loan officers as well as acquire certain servicing portfolios.

雖然這是一個非常具有挑戰性的抵押貸款環境，但我們的抵押貸款團隊正在通過利用 Truist 強大的目標和資產負債表來聘請精選的、備受推崇的信貸員以及獲得某些服務組合來發揮一些作用。

Investment banking and trading income was relatively flat sequentially and declined 37% year-over-year as market volatility continues to negatively impact most products. Investment banking pipelines remain full across all products, but the realization of these pipelines will continue to remain subject to more stable market conditions.

由於市場波動繼續對大多數產品產生負面影響，投資銀行和交易收入環比持平，同比下降 37%。所有產品的投資銀行渠道仍然充足，但這些渠道的實現將繼續受到更穩定的市場條件的影響。

Service charges on deposits were relatively flat sequentially as favorable seasonal trends were offset by the elimination of certain overdraft fees in April, resulting in client savings of approximately $20 million during the quarter.

由於有利的季節性趨勢被 4 月份某些透支費用的取消所抵消，存款服務費環比持平，導致本季度客戶節省約 2,000 萬美元。

We included a table at the bottom of Slide 13 to make other income trends more clear. Other income, excluding changes in our nonqualified plan and last quarter's merchant gain, decreased $25 million, primarily due to a loss on a certain sale of SBIC funds to diversify our private equity investment portfolio.

我們在幻燈片 13 的底部添加了一張表格，以使其他收入趨勢更加清晰。其他收入（不包括我們不合格計劃的變化和上一季度的商戶收益）減少了 2500 萬美元，這主要是由於出售 SBIC 基金以使我們的私募股權投資組合多樣化而造成的損失。

Turning to Slide 14. Reported expenses decreased $94 million sequentially to $3.6 billion. The lower expenses were driven by $180 million or 43% reduction in merger costs due to diminishing integration activity.

轉到幻燈片 14。報告的費用環比減少 9400 萬美元，至 36 億美元。由於整合活動減少，合併成本減少了 1.8 億美元或 43%，從而降低了費用。

Adjusted expenses increased $119 million. Personnel expenses increased $64 million due to seasonally higher insurance-related incentive compensation, the full impact of normal first quarter compensation increases and ongoing investments in talent across our lines of business and technology teams. In addition, other expense increased $19 million due to higher operational losses and ongoing normalization of teammate travel. Professional fees and outside processing costs increased $16 million, primarily due to the increase in call center staffing.

調整後的費用增加了 1.19 億美元。人事費用增加了 6400 萬美元，原因是與保險相關的獎勵薪酬季節性增加、第一季度正常薪酬增長的全面影響以及我們業務線和技術團隊對人才的持續投資。此外，由於更高的運營損失和隊友旅行的持續正常化，其他費用增加了 1900 萬美元。專業費用和外部處理成本增加了 1600 萬美元，主要是由於呼叫中心人員的增加。

As Bill mentioned, our minimum wage will increase to $22 per hour effective October 1. This represents a significant investment in our teammates and is expected to increase our personnel expense by $200 million annually, offset by lower turnover expense and improved execution and client experience.

正如比爾所說，從 10 月 1 日起，我們的最低工資將提高到每小時 22 美元。這是對我們團隊成員的重大投資，預計我們的人員費用每年將增加 2 億美元，這被較低的營業額費用以及改進的執行和客戶體驗所抵消。

Moving to Slide 15. Asset quality remains excellent, reflecting our prudent risk culture, diverse portfolio and solid economic conditions. Leading credit indicators remain benign.

轉到幻燈片 15。資產質量仍然出色，反映了我們審慎的風險文化、多樣化的投資組合和穩健的經濟狀況。領先的信貸指標保持良性。

Criticized and classified commercial loans decreased 6% sequentially and are 37% lower to a year ago. Our NPL ratio was flat at 36 basis points. And loans 30 to 89 days past due decreased 3 basis points to 69 basis points. Our net charge-off ratio also decreased 3 basis points to 22 basis points.

被批評和分類的商業貸款環比下降 6%，比一年前下降 37%。我們的不良貸款率持平於 36 個基點。逾期 30 至 89 天的貸款減少 3 個基點至 69 個基點。我們的淨沖銷率也下降了 3 個基點至 22 個基點。

We experienced a slight build in the allowance due to loan growth, although the allowance coverage ratio decreased 6 basis points to 138 basis points, given our strong portfolio performance, tempered somewhat by our moderately slower economic outlook. While the weighting of our pessimistic baseline and optimistic scenarios were unchanged from the first quarter, each scenario is moderately worse, a trend that may continue.

由於貸款增長，我們的撥備略有增加，儘管撥備覆蓋率下降 6 個基點至 138 個基點，因為我們強勁的投資組合表現，在一定程度上受到經濟前景溫和放緩的影響。雖然我們的悲觀基線和樂觀情景的權重與第一季度相比沒有變化，但每種情景都適度惡化，這種趨勢可能會持續下去。

Moving on Slide 16. Our CET1 ratio declined 20 basis points to 9.2%, coming out of the strong loan growth and a $250 million share repurchase during the second quarter. As previously announced, our Board will consider an 8% increase in the quarterly common dividend at its July meeting. If approved, the increase will take effect in the third quarter and will continue to position Truist as one of the dividend leaders in our peer group.

繼續幻燈片 16。由於第二季度強勁的貸款增長和 2.5 億美元的股票回購，我們的 CET1 比率下降了 20 個基點至 9.2%。正如之前宣布的那樣，我們的董事會將在 7 月的會議上考慮將季度普通股息提高 8%。如果獲得批准，此次增加將在第三季度生效，並將繼續將 Truist 定位為我們同行中的股息領導者之一。

We were also pleased with the performance during the 2022 stress test. Truist had the second lowest CET1 erosion and a low loss reserve rate in the peer group under severely adverse scenario. Our preliminary stress test capital buffer remained flat at 250 basis points. We believe these results demonstrate our strong capital relative to the risk and profitability profile, the latter of which should improve over time. We are now more comfortable operating below our previously announced CET1 ratio target of 9.75% given our continued strong stress test results and significantly reduced integration risk. Overall, the economic outlook will influence how much we operate below the prior target.

我們也對 2022 年壓力測試期間的表現感到滿意。在嚴重不利的情況下，Truist 的 CET1 侵蝕和損失準備金率在同行組中排名第二。我們的初步壓力測試資本緩衝持平於 250 個基點。我們相信這些結果表明我們相對於風險和盈利能力的強大資本，後者應該會隨著時間的推移而改善。鑑於我們持續強勁的壓力測試結果和顯著降低的整合風險，我們現在在低於我們先前宣布的 9.75% 的 CET1 比率目標的情況下運營更加舒適。總體而言，經濟前景將影響我們的運營低於先前目標的程度。

From a funding perspective, end-of-period loan growth exceeded deposit growth. Truist has multiple sources available to fund incremental loan growth, as seen this quarter with the use of brokered deposits and Federal Home Loan Bank advances and our securities portfolio.

從資金角度看，期末貸款增速超過存款增速。 Truist 有多種來源可用於為增量貸款增長提供資金，如本季度使用經紀存款和聯邦住房貸款銀行預付款以及我們的證券投資組合所見。

I will now provide guidance for full year 2022 and new guidance for the third quarter. In 2022, we now expect adjusted revenue to grow 3.5% to 4.5% from 2021. The mixture of revenue continues to tilt more towards net interest income given the outlook for higher short-term interest rates, partially offset by lower fees, primarily in market-sensitive businesses such as investment banking, mortgage and wealth.

我現在將提供 2022 年全年的指導和第三季度的新指導。到 2022 年，我們現在預計調整後的收入將比 2021 年增長 3.5% 至 4.5%。鑑於短期利率上升的前景，收入組合繼續更傾向於淨利息收入，部分被較低的費用所抵消，主要是在市場上-投資銀行、抵押貸款和財富等敏感業務。

We now expect adjusted noninterest expense to increase 2% to 3% from 2021. This increase in expense outlook largely reflects higher operating losses and intentional investments to support our shift from integrating to operating, including increasing our minimum wage, hiring teammates to support client experience and growth and ongoing investments in technology. Net-net, this is slightly higher PPNR outlook versus our previously full year guide.

我們現在預計，從 2021 年起，調整後的非利息支出將增長 2% 至 3%。支出前景的這種增長很大程度上反映了更高的運營虧損和有意投資以支持我們從整合到運營的轉變，包括提高我們的最低工資、僱傭團隊成員以支持客戶體驗以及對技術的增長和持續投資。 Net-net，與我們之前的全年指南相比，PPNR 前景略高。

In light of our performance during the first half of the year and the benign credit environment, we expect net charge-off ratio to be in the 25 to 35 basis points for the full year. Looking into the third quarter, we expect adjusted PPNR to grow high single digits in the second-quarter level, primarily as a result of higher net interest income, partially offset by higher noninterest expense.

鑑於我們上半年的業績和良好的信貸環境，我們預計全年淨核銷率將在 25 至 35 個基點之間。展望第三季度，我們預計調整後的 PPNR 將在第二季度實現高個位數增長，這主要是由於淨利息收入增加，部分被非利息支出增加所抵消。

We expect mid-20-basis point increase in our core net interest margin due to the benefits from recent rate hikes and a projected 75 basis point hike in July. We also expect low 20-basis point increase in GAAP net interest margin as a result of core net interest margin expansion, offset by continued declines in purchase accounting accretion.

由於近期加息和預計 7 月加息 75 個基點的好處，我們預計核心淨息差將增加 20 個基點中期。我們還預計，由於核心淨息差擴大，GAAP 淨息差將低 20 個基點增長，但被採購會計增長的持續下降所抵消。

Now I'll turn it back to Bill to conclude.

現在我將把它轉回到比爾來總結。

Thanks, Daryl. And moving to Slide 17. On our previous earnings call in April, I expressed my belief that the first quarter marked a strategic and financial turning point for Truist. Our second quarter results are bearing out this thesis and we're beginning to deliver on the potential of Truist.

謝謝，達里爾。轉到幻燈片 17。在我們 4 月份的上一次財報電話會議上，我表示我相信第一季度標誌著 Truist 的戰略和財務轉折點。我們的第二季度業績證明了這一論點，我們開始發揮 Truist 的潛力。

For businesses that finished conversions in 2021, the increased momentum is palpable. Wealth continues to build momentum in hiring advisers who are attracted to Truist's purpose and broad set of capabilities, both within wealth and across the company through IRM. Wealth net adviser count grew in the second quarter for the first time in 10 quarters. With our recent entry into the Chicago market, Truist Wealth now serves 9 of the 10 largest metropolitan areas in the United States. In addition, net organic asset flows have been positive for 5 straight quarters.

對於在 2021 年完成轉換的企業來說，增長的勢頭是顯而易見的。 Wealth 通過 IRM 繼續在招聘顧問方面建立勢頭，這些顧問被 Truist 的宗旨和廣泛的能力所吸引，無論是在財富內部還是在整個公司。財富淨顧問人數在第二季度出現 10 個季度以來的首次增長。隨著我們最近進入芝加哥市場，Truist Wealth 現在為美國 10 個最大的大都市區中的 9 個提供服務。此外，淨有機資產流量已連續 5 個季度為正。

In our mortgage business, client satisfaction scores for origination have improved every month since their conversion in August of 2021. The percentage of retail client applications completed digitally is now 97%.

在我們的抵押貸款業務中，自 2021 年 8 月轉換以來，客戶對發起的滿意度得分每月都有所提高。以數字方式完成的零售客戶申請的百分比現在為 97%。

For the rest of the company where core bank conversions were completed in the first quarter of 2022, momentum's also building. Loan production in the second quarter was the highest it's been at Truist and up 41% compared to the first quarter.

對於在 2022 年第一季度完成核心銀行轉換的其他公司而言，勢頭也在增強。第二季度的貸款產量是 Truist 的最高水平，與第一季度相比增長了 41%。

Pipelines also ended the quarter at the highest we've seen. Branch loan production, which is primarily home equity, was up 24% relative to the first quarter and the highest it's been at Truist. Consumer deposit production, both in the branches and within digital was up 29% sequentially and 20% year-over-year.

管道也以我們所見過的最高水平結束了本季度。主要是房屋淨值的分行貸款生產相對於第一季度增長了 24%，是 Truist 的最高水平。分支機構和數字領域的消費者存款產量環比增長 29%，同比增長 20%。

Retail Banking Net Promoter and client satisfaction scores have rebounded nicely from their March lows and still have more opportunity to improve.

零售銀行淨推薦值和客戶滿意度得分已從 3 月份的低點反彈，並且仍有更多機會提高。

Deposit production within our commercial community bank is up 8% relative to the first quarter. PCB-related IRM revenue was up 21% sequentially with increased activity across all products with significant momentum highlighting the power of our advice-driven model.

與第一季度相比，我們商業社區銀行的存款產量增長了 8%。 PCB 相關 IRM 收入環比增長 21%，所有產品的活動都在增加，勢頭強勁，突顯了我們的建議驅動模型的力量。

Financially, net interest income and margin rebounded from the first quarter low point, as expected. While fee income did not improve to the extent we had hoped, our second quarter results underscore the importance of our diverse business mix and we believe fees will improve as market conditions normalize and we capitalize on our significant IRM and revenue synergy opportunities.

財務方面，淨利息收入和利潤率如預期從第一季度的低點反彈。雖然費用收入沒有達到我們希望的程度，但我們的第二季度業績強調了我們多元化業務組合的重要性，我們相信隨著市場條件的正常化以及我們利用重要的 IRM 和收入協同機會，費用將會改善。

In addition, merger costs are declining rapidly, and we're making good progress towards realizing our remaining cost saves as we decommission data centers and systems in the back half of the year, all of which will help drive positive operating leverage for the full year 2022.

此外，合併成本正在迅速下降，隨著我們在下半年停用數據中心和系統，我們在實現剩餘成本節省方面取得了良好進展，所有這些都將有助於推動全年的積極運營槓桿2022 年。

So to conclude on Slide 18, Truist is on the right path, and I'm highly optimistic about our potential, all of which is clearly summarized in our investment thesis. Strategically, our focus has clearly shifted to executional excellence, transformation and growth. We're shifting millions of hours of integration-related activity to improving our client experience through investments in digital and technology, simplification of our processes and operations and, of course, by continuing to activate our purpose each and every day. We're also focused on capturing the significant IRM and revenue synergy potential we have as this is squarely in the center of building better lives for our clients. These shifts and activities do not require incremental risk appetite or capital and only requires execution and focus.

所以總結一下幻燈片 18，Truist 走在正確的道路上，我對我們的潛力非常樂觀，所有這些都清楚地總結在我們的投資論文中。從戰略上講，我們的重點顯然已經轉向卓越執行、轉型和增長。我們正在將數百萬小時的集成相關活動轉移到通過對數字和技術的投資、簡化我們的流程和運營，當然還有通過每天繼續激活我們的目標來改善我們的客戶體驗。我們還專注於捕捉我們擁有的重要 IRM 和收入協同潛力，因為這正是為我們的客戶打造更美好生活的核心。這些轉變和活動不需要增加風險偏好或資本，只需要執行和專注。

At the same time, while we believe the economy is currently healthy, the effects of ongoing geopolitical uncertainty, coupled with still too high inflation and an aggressive forecast for tightening the monetary policy, have somewhat diminished the economic outlook as we move further into this year and into next. Truist is nevertheless well positioned across a broad range of economic outcomes given our advice-oriented model for clients, strong absolute and relative markets, conservative credit culture, diverse business mix, a strong capital position relative to our risk profile and, most importantly, our power shift from a focus on integration to executional excellence and growth.

與此同時，雖然我們認為經濟目前是健康的，但持續的地緣政治不確定性的影響，再加上仍然過高的通脹和對收緊貨幣政策的積極預測，隨著我們進入今年，在一定程度上削弱了經濟前景並進入下一個。儘管如此，鑑於我們以客戶建議為導向的模式、強大的絕對和相對市場、保守的信用文化、多樣化的業務組合、相對於我們的風險狀況的強大資本狀況，以及最重要的是，我們的權力從關注整合轉向卓越執行和增長。

And with that, let me turn it back over to you, Ankur.

有了這個，讓我把它還給你，Ankur。

Thanks, Bill. Jennifer, at this time, will you please explain how our listeners can participate in the Q&A session? (Operator Instructions)

謝謝，比爾。 Jennifer，此時，請您解釋一下我們的聽眾如何參與問答環節？ （操作員說明）

(Operator Instructions) We'll go first to Betsy Graseck with Morgan Stanley.

（操作員說明）我們將首先與摩根士丹利一起前往 Betsy Graseck。

A couple of questions just on how you're thinking about the funding mix. I know you had several comments in your prepared remarks around accessing some of the pools you have. Could you talk a little bit about what you're doing with deposit pricing for your core deposits, how you're thinking about utilizing brokered from here? And then if you could speak a little bit about the hedge that you put on for protecting earnings against future volatility and where we should expect that to show up in the NIM and how that's going to factor into your outlook for your rate sensitivity.

關於您如何考慮資金組合的幾個問題。我知道您在準備好的評論中對訪問您擁有的一些池有幾條評論。您能否談談您對核心存款的存款定價所做的工作，您如何考慮從這裡使用經紀服務？然後，如果你能談談你為保護收益免受未來波動影響而採取的對沖措施，以及我們應該期望它在 NIM 中出現的位置，以及這將如何影響你對利率敏感性的前景。

Yes, Betsy. So I would first start with we were really excited to have really strong broad-based loan growth this quarter, and we expect that to continue, as Bill said in his prepared remarks.

是的，貝茜。因此，我首先要說的是，我們真的很高興本季度的貸款增長非常強勁，我們預計這種情況會繼續下去，正如比爾在他準備好的講話中所說的那樣。

To fund that, we're going to start with the runoff of our investment portfolio. We built the investment portfolio where we had all that excess liquidity. We're very comfortable letting that run off and have that -- have a positive mix change on the balance sheet.

為了為此提供資金，我們將從投資組合的徑流開始。我們建立了擁有所有過剩流動性的投資組合。我們很樂意讓它消失並擁有它 - 在資產負債表上產生積極的組合變化。

As far as brokered deposits, we did add some brokered deposits over the last several months. I would say we're probably at where we want to be from that perspective knowing that we still have a lot of capacity and other funding sources available in the marketplace. You look at Federal Home Loan Bank advances and negotiable CDs and other amounts, we paid all that off during COVID in 2020 and we have much amount of capacity there.

至於經紀存款，我們在過去幾個月確實增加了一些經紀存款。我想說，從這個角度來看，我們可能正處於我們想要達到的位置，因為我們知道我們仍然有很多能力和市場上可用的其他資金來源。你看看聯邦住房貸款銀行的預付款和可轉讓的 CD 和其他金額，我們在 2020 年的 COVID 期間還清了所有這些，我們在那裡有很多容量。

The other thing from an investment portfolio perspective, we're about $145 billion, give or take. And we feel comfortable we could shrink that portfolio probably $20 billion to $25 billion easily and still stay within our liquidity and LCR guidelines that we have to for regulatory purposes.

從投資組合的角度來看，另一件事是，我們大約有 1450 億美元，無論是給予還是接受。我們感到很自在，我們可以輕鬆地將該投資組合縮減 200 億至 250 億美元，並且仍然保持在我們出於監管目的而必須遵守的流動性和 LCR 指導方針之內。

So as far as our strategies for pricing, we were really pleased, as Bill talked about across our company. Our deposit betas came in much better than modeled. We modeled 25 for the first 100. If you look in the second quarter, we came at 15%, and that includes brokered. When you back out the brokered, we were only at 8%, which is really, really low. I would say we will continue to use that strategy. We're going to make sure that we take care of our clients and use the ability to do exception pricing. But I think overall, I think we will continue to -- hopefully continue to outperform our model expectations.

因此，就我們的定價策略而言，我們真的很高興，正如比爾在我們公司所說的那樣。我們的存款貝塔比模擬的要好得多。我們為前 100 個建模了 25 個。如果您查看第二季度，我們達到了 15%，其中包括代理。當你退出經紀人時，我們只有 8%，這真的非常低。我想說我們將繼續使用這種策略。我們將確保我們照顧好我們的客戶，並利用異常定價的能力。但我認為總的來說，我認為我們將繼續 - 希望繼續超越我們的模型預期。

Betsy, what I'd add is that I think we'll be somewhat stable for deposits for the balance of the year. But remember, as Daryl pointed out, we had just under 2% growth in DDA. So I mean we're adding net new clients and expanding those relationships.

Betsy，我要補充的是，我認為我們今年餘下的存款會比較穩定。但請記住，正如 Daryl 指出的那樣，我們的 DDA 增長略低於 2%。所以我的意思是我們正在增加淨新客戶並擴大這些關係。

And I think the beta really just reflects the benefits of the merger. We're sitting now with just under 20% market share in most of our markets. We've got a business that's highly diversified. Somewhere around 40-plus percent of our deposits are less than $250,000. So we've got a unique franchise here, which I think, on the DDA side, continues to benefit and overall stable deposits for the balance of the year.

而且我認為測試版真的只是反映了合併的好處。我們現在在大多數市場中的市場份額都不到 20%。我們的業務高度多元化。我們大約 40% 以上的存款不到 250,000 美元。因此，我們在這裡擁有獨特的特許經營權，我認為，在 DDA 方面，它將繼續受益，並且在今年餘下的時間裡存款總體穩定。

And the loan growth...

而貸款增長...

And your hedge question?

你的對沖問題？

Yes, yes.

是的是的。

I just -- we are just gradually starting to add some receivers out in the forward markets for the most part, out 1 to 2 years. Since we are stingy on the way up on deposit rates, you won't have as much capacity on the way down. So we're just putting in these forward hedges and protects, manages income as rates might potentially fall overall. But we still are asset-sensitive though decreasing as rates continue to go up.

我只是 - 我們只是逐漸開始在遠期市場中增加一些接收器，大部分時間是 1 到 2 年。由於我們在提高存款利率上很吝嗇，所以在下降的過程中你不會有那麼多的能力。因此，我們只是在利率可能整體下降的情況下進行這些遠期對沖和保護、管理收入。但我們仍然對資產敏感，儘管隨著利率繼續上升而下降。

Got it. Okay. No, that's helpful. And then on your point on loan growth, yes, loan growth was very strong. And I guess the follow-up question here is what are you hearing from the field with regard to the pace of that loan growth? Is it poised to accelerate, continue at this pace for the foreseeable future? Just a little bit of a sense and color for how we should be thinking about that.

知道了。好的。不，這很有幫助。然後關於你關於貸款增長的觀點，是的，貸款增長非常強勁。我想接下來的問題是，您從該領域聽到的關於貸款增長速度的信息是什麼？它是否準備好加速，在可預見的未來繼續以這種速度？對於我們應該如何思考這一點，只是一點點感覺和色彩。

Yes, Betsy, that's the question of long-term sustainability. But on the short-term basis and through the balance of this year, if we sort of look on a year-over-year basis, we were sort of in the mid-single figures. I think, we'll be in the higher end of the single figures in terms of loan growth.

是的，Betsy，這是長期可持續性的問題。但在短期基礎上和今年的餘額中，如果我們按年看，我們有點處於中等水平。我認為，就貸款增長而言，我們將處於單個數字的高端。

Our teams are excited. Our production numbers, which I highlighted, are up significantly. Our pipelines are up. So we're -- I think we're seeing a little bit of maybe idiosyncratic to us and our shift to integration in terms of prowess on the loan side. And the great news is that it is extremely broad-based. So not only is it in the C&I side, but our core branch network, I mean, their applications are up, personal loans are up, HELOCs are up. So similarly, they're starting to execute at a much higher level.

我們的團隊很興奮。我強調的我們的生產數量顯著增加。我們的管道已啟動。所以我們 - 我認為我們看到了一些對我們來說可能是特殊的，以及我們在貸款方面的實力方面向整合的轉變。好消息是它的基礎非常廣泛。因此，不僅在 C&I 方面，而且在我們的核心分支機構網絡中，我的意思是，他們的申請增加了，個人貸款增加了，HELOC 也增加了。同樣，他們開始在更高的水平上執行。

We'll go next to Ken Usdin with Jefferies.

我們將和傑富瑞一起去肯·烏斯丁旁邊。

Yes. Sorry about that. Yes, as a follow-up on the fee side, you've had great insurance revenue this quarter, up 13%. We heard your comments about some of the challenges looking out on some of the other lines. So can you just kind of help us walk through just what you're expecting on the fee income side, inside that third quarter PPNR outlook that you gave? Because I think you talked mostly just about higher NII and higher expenses. So any granularity on the fee side would be great.

是的。對於那個很抱歉。是的，作為費用方面的後續行動，您本季度的保險收入非常可觀，增長了 13%。我們聽到了您對其他一些方面的一些挑戰的評論。那麼，在您給出的第三季度 PPNR 展望中，您能否幫助我們了解您對費用收入方面的預期？因為我認為您主要談論的是更高的 NII 和更高的費用。因此，費用方面的任何粒度都會很棒。

Yes. Ken, let me maybe just do a walk-through of the broad categories. I think sort of overall, I'd say, fee income's stable relative to the first half, and maybe let me give you some puts and takes against that.

是的。肯，讓我也許只是對廣泛的類別進行一次演練。我認為總體而言，我會說，費用收入相對於上半年是穩定的，也許讓我給你一些反對意見。

Insurance, as you noted, solid organic growth. That'll offset some of that seasonality. So I feel really good about the momentum that we have there. And as we mentioned earlier, we're continuing to invest in the insurance business. So we feel good about the growth there.

正如您所指出的，保險業是穩健的有機增長。這將抵消一些季節性因素。所以我對我們在那裡的勢頭感覺非常好。正如我們之前提到的，我們將繼續投資於保險業務。所以我們對那裡的增長感覺良好。

Mortgage, some puts and takes. Origination, probably a little bit offset by servicing. Gain of sales, probably a little bit of a wildcard there in terms of whether we see some rebound on that side as some of the capacity comes out. But mortgage probably a little flat second half of the year to the first half of the year.

抵押貸款，有些放貸。起源，可能會被維修所抵消。銷售增長，就我們是否看到一些產能出現反彈而言，這可能是一個通配符。不過下半年到上半年房貸大概會有點平。

Wealth, probably be a little bit down in the third quarter just sort of where markets are right now. But as I highlighted earlier, our really solid production and asset flows and hiring net advisers, so if we get a little market tailwind, that could change.

財富，可能在第三季度略有下降，就像現在的市場一樣。但正如我之前強調的那樣，我們真正穩健的生產和資產流動以及聘請淨顧問，所以如果我們得到一點市場順風，那可能會改變。

Investment Banking, I think we expect the second half to be better than the first. Pipelines continue to be really solid.

投資銀行，我認為我們預計下半年會好於上半年。管道仍然非常穩固。

And then we've got a bit of things that are unique to us. We've got this really good IRM momentum from our commercial community bank. That's probably a little bit less market-dependent. I'd sort of call that more sort of bread-and-butter kind of investment banking business. And then we've added bankers there also and we're continuing to invest. So we're leaning in there.

然後我們有一些我們獨有的東西。我們的商業社區銀行為我們提供了非常好的 IRM 動力。這可能不太依賴市場。我會稱之為更像是一種麵包和黃油的投資銀行業務。然後我們在那裡也增加了銀行家，我們將繼續投資。所以我們靠在那裡。

And then on the service charge side, with the decisions we've made with Truist One and overdraft decisions, that'll be down. So sort of net-net, that's, I think, a good walk-through on the fee income side.

然後在服務費方面，隨著我們與 Truist One 做出的決定和透支決定，這將會下降。因此，我認為這是一種關於費用收入方面的很好的演練。

Great. Okay. And then second question just you had talked about operating lower CET1 than your $975 million. We saw a $92 million this quarter and just what you're thinking. Saw you did a little buyback, just in terms of capital allocation decisions and potential for more of those insurance deals that you guys have been biased towards over time.

偉大的。好的。然後是第二個問題，您剛才談到 CET1 的運營成本低於您的 9.75 億美元。我們本季度看到了 9200 萬美元，這正是您的想法。看到你們做了一點回購，只是在資本分配決策和隨著時間的推移你們偏向於更多的那些保險交易的潛力方面。

Yes. So I mean, the really great news is we're using capital exactly where we want to right now, so we're using it with growth. So we've been funding the loan growth.

是的。所以我的意思是，真正的好消息是我們正在將資金用於我們現在想要的地方，所以我們正在使用它來實現增長。所以我們一直在為貸款增長提供資金。

As we've talked about, our capital levels were driven by merger risk, CCAR results and economic uncertainty. I think merger risk is largely behind us. Very pleased with the CCAR results, our low risk profile, better PPNR profile. Economic uncertainty, it was really high during the pandemic, moderated and maybe increasing a little bit. So we've got to balance all of those.

正如我們所談到的，我們的資本水平受到合併風險、CCAR 結果和經濟不確定性的驅動。我認為合併風險在很大程度上已經過去了。對 CCAR 的結果非常滿意，我們的低風險概況和更好的 PPNR 概況。經濟不確定性，在大流行期間確實很高，但有所緩和，可能還會增加一點。所以我們必須平衡所有這些。

But we're comfortable where we are. We've had more organic growth. We do see more opportunity in some of the nonbank M&A, as you noted. So we're going to allow capacity and be opportunistic there as well.

但是我們很舒服。我們有更多的有機增長。正如您所指出的，我們確實在一些非銀行併購中看到了更多機會。因此，我們將允許容量並在那裡進行機會主義。

And then we generate -- post merger, we'll generate somewhere around 25 basis points of capital a quarter organically. If you sort of say, okay, we will use about 15 basis points of that to fund the current growth that we have and anticipate, then we've got about 10 basis points net. So I think that gives us the requisite flexibility to fund the growth that we anticipate, be flexible, as you noted, for potential nonbank M&A, particularly on the insurance side. And so if you add all that, share repurchase probably is not our top priority at this particular juncture.

然後我們產生——合併後，我們將在某個季度有機地產生大約 25 個基點的資本。如果你有點說，好吧，我們將使用其中大約 15 個基點來為我們擁有和預期的當前增長提供資金，那麼我們將得到大約 10 個基點的淨值。因此，我認為這為我們提供了必要的靈活性來為我們預期的增長提供資金，正如您所指出的，對於潛在的非銀行併購，特別是在保險方面，保持靈活性。因此，如果你加上所有這些，股票回購可能不是我們在這個特定時刻的首要任務。

We'll go next to Gerard Cassidy with RBC.

我們將與 RBC 一起前往 Gerard Cassidy。

Bill, can you share with us, you obviously put together a very good quarter this quarter and you put some very strong numbers in your comments at the very end of the prepared remarks about growth. But then you've cautioned it, of course, with what's going on at the macro scene, with monetary policy and such. Can you share with us what you're seeing from your customers? Because there seems to be a disconnect. A lot of investors are very concerned about credit deterioration. You certainly don't see it, nor do your peers. But is there something on the horizon other than the macro that you guys are seeing? Or what are your early indicators you're looking at to see if there will be a crack in credit maybe in 6 or 12 months?

比爾，您能否與我們分享一下，您顯然在本季度整理了一個非常好的季度，並且在準備好的有關增長的評論的最後，您在評論中提供了一些非常強大的數字。但是，當然，您已經警告過它，宏觀領域正在發生的事情，貨幣政策等。您能與我們分享您從客戶那裡看到的情況嗎？因為好像脫節了。許多投資者非常擔心信用惡化。你當然看不到，你的同齡人也看不到。但是除了你們看到的宏之外，還有什麼東西在地平線上嗎？或者，您正在查看哪些早期指標來判斷信用是否會在 6 或 12 個月內出現裂縫？

Yes. I mean sort of going down the categories of that question, our clients still see a lot of good demand. I may be a little bit clouded by the fact the last 2 markets I was in were South Florida and Nashville and there's -- they are blowing and going in virtually every direction. But our clients continue to see good demand.

是的。我的意思是按照這個問題的類別進行分類，我們的客戶仍然看到很多良好的需求。我可能對我最近進入的兩個市場是南佛羅里達和納什維爾感到有些困惑，而且它們幾乎在各個方向都在吹。但我們的客戶繼續看到良好的需求。

I think it's appropriate to put a cautious note just because I think you have to. And if we look at sort of what are the canaries in the coal mine, so to speak, what are the things that we're trying to look at, and while we don't see a deterioration, I think the things you look at are things like what's happening in the broadly syndicated sponsor-backed leverage deals. So we sort of look at that market, spreads capped out pretty significantly, things happening in CRE. We've seen some nonrecourse construction loans and some things that you sort of pause a little bit on. Some potential FICO drift and willingness to repay, given some of the stimulus.

我認為僅僅因為我認為你必須這樣做而謹慎地說明是適當的。如果我們看看煤礦裡的金絲雀是什麼，可以這麼說，我們正在嘗試看什麼，雖然我們沒有看到惡化，但我認為你看的東西是什麼就像在廣泛的聯合贊助商支持的槓桿交易中發生的事情一樣。所以我們有點看那個市場，點差非常明顯，CRE發生的事情。我們已經看到了一些無追索權的建設貸款和一些你有點停頓的事情。考慮到一些刺激，一些潛在的 FICO 漂移和償還意願。

Will things happen in mortgage as some of the Care Act relief comes off?

隨著《護理法》的一些救濟措施的取消，抵押貸款會發生什麼事情嗎？

Now all those things that are there, we're not seeing in our results right now, but they are things that we're looking at and that we're stressing and trying to pay attention to. So I think just -- we're bankers, so we should be conservative. That's the world we live in and we try to manage for all outcomes. But sitting here today, looking at the hood of the car, demand looks pretty good and our business looks pretty good and our clients are extremely healthy.

現在所有這些東西，我們現在沒有在我們的結果中看到，但它們是我們正在關注的東西，我們正在強調並試圖關注它們。所以我認為——我們是銀行家，所以我們應該保守。這就是我們生活的世界，我們努力應對所有結果。但是今天坐在這裡，看看汽車的引擎蓋，需求看起來不錯，我們的業務看起來不錯，我們的客戶非常健康。

That's very good. And then as a follow-up, Daryl, you mentioned the deposit beta, it came in better than expected. I think you said without the brokered deposits, it came in around 8 basis points. I think you guys were modeling for something closer to 25. Can you share with us what drove the better-than-expected number?

這是非常好的。然後作為後續行動，Daryl，你提到了存款測試版，它比預期的要好。我想你說沒有經紀存款，它大約是 8 個基點。我認為你們正在為接近 25 歲的人建模。你能與我們分享一下是什麼推動了這個數字好於預期嗎？

And second, as the Fed goes another 75, assuming they do in July and then obviously further rate increases later this year, could the modeling work against you? Meaning could the betas actually go faster later in the year because rates are moving up so quickly?

其次，隨著美聯儲再次升息 75，假設他們在 7 月份這樣做，然後顯然在今年晚些時候進一步加息，那麼該模型會不會對你不利？這意味著由於利率上漲如此之快，貝塔實際上會在今年晚些時候變得更快嗎？

Yes. So Gerard, I would just tell you that I think it was a lot of great work with our teammates. We're working with clients and giving what we thought was appropriate. Most of our clients aren't there just for rate because we have other products and services. They really like to bank with us for those reasons. So they aren't as rate-sensitive as other clients might be in other places. So I think that's really the benefit of our franchise.

是的。所以杰拉德，我只想告訴你，我認為與我們的隊友一起工作非常出色。我們正在與客戶合作，並提供我們認為合適的內容。我們的大多數客戶不僅僅是為了價格，因為我們還有其他產品和服務。出於這些原因，他們真的很喜歡和我們一起存錢。因此，它們不像其他地方的其他客戶那樣對費率敏感。所以我認為這確實是我們特許經營的好處。

I do agree with you though, as interest rates go up, our deposit betas will continue to climb just because more and more people will get a little bit more asset-sensitive. In the prepared remarks, I did say that our cumulative beta would move from 15% to 25% in the second to third quarter on a cumulative basis. We would still expect it to go on if the Fed continues to raise interest rates, that you continue to see that cumulative beta increasing. And probably if you look at from second quarter to fourth quarter, we may be in the low 30s, give or take a couple of percentage points there.

不過我同意你的看法，隨著利率上升，我們的存款貝塔值將繼續攀升，因為越來越多的人會變得對資產更加敏感。在準備好的評論中，我確實說過，我們的累積貝塔係數將在第二季度到第三季度累計從 15% 上升到 25%。如果美聯儲繼續加息，我們仍然預計它會繼續下去，你會繼續看到累積貝塔增加。如果你看一下從第二季度到第四季度，我們可能處於 30 多歲的低位，在那裡給或拿幾個百分點。

So overall, if you go back to where we were during the Great Recession, much better overall performance than what we had. A few of our banks were combined back then. So I think -- right now, I think we feel very good. And I think that you're going to see really positive growth in our net interest income because of that.

所以總的來說，如果你回到我們在大衰退期間的狀態，整體表現會比我們的表現要好得多。當時我們的幾家銀行合併了。所以我認為——現在，我認為我們感覺很好。我認為你會看到我們的淨利息收入因此而真正實現正增長。

We'll go next to Matt O'Connor with Deutsche Bank.

我們將與德意志銀行一起去馬特奧康納旁邊。

I just want to follow up on the expense guide. Obviously, overall, the PPNR guide is higher. But the expenses have been an area of focus, I think, for the company since the merger. And I did just want to kind of follow up on what's driving the tweak up by roughly 1% on expenses, especially since the fees are coming in a little bit weaker and net interest income tends not to have a lot of fees or a lot of expenses related to it. And then just as we think about -- the follow-up would be the confidence that you can control expenses kind of next year without the benefit of this kind of merger and other merger-related costs that will be done this year.

我只想跟進費用指南。顯然，總體而言，PPNR 指南更高。但我認為，自合併以來，費用一直是公司關注的一個領域。我只是想跟進一下是什麼推動了大約 1% 的費用調整，特別是因為費用有點弱，而且淨利息收入往往沒有很多費用或很多與之相關的費用。然後正如我們所想的那樣，後續行動將是您有信心控制明年的費用，而無需受益於今年將完成的這種合併和其他與合併相關的成本。

Yes. Matt, this is Bill. No eye off the ball on expenses, I can assure you that. So the competencies that we've built through the merger to manage expenses, understand expenses, create continued improvements are all still there and will be a big part of our expense story for this year and for the years going forward and a big part of our capability to deliver positive operating leverage and I think industry-leading efficiency ratio. So no lack of focus on the expense side. And we have lots of things underway in terms of how we would achieve those additional opportunities.

是的。馬特，這是比爾。我可以向你保證，不要把注意力放在費用上。因此，我們通過合併建立的管理費用、了解費用、持續改進的能力仍然存在，並將成為我們今年和未來幾年費用故事的重要組成部分，也是我們的重要組成部分。提供積極的經營槓桿的能力和我認為行業領先的效率比。因此，不乏關注費用方面的問題。在如何實現這些額外機會方面，我們正在進行很多工作。

But on the same side, we're going to -- we're investing in our business. And just like we've seen some of this momentum we've talked about, particularly coming from the first quarter into this quarter, we don't want to miss those opportunities. And those opportunities don't line up quarter-to-quarter. They -- I think they line up well.

但在同一方面，我們將——我們正在投資我們的業務。就像我們已經看到我們談到的一些這種勢頭一樣，特別是從第一季度到本季度，我們不想錯過這些機會。而且這些機會不會按季度排列。他們——我認為他們排列得很好。

We have confidence in the investments we've made in talent and insurance, wealth, investment banking. Care centers, as an example, improved revenue potential, improved the client experience. And we have a pretty good formula for long-term paybacks on those investments. I mean we've been at this and have a pretty good understanding of that. Also the investments in our teammates for the minimum wage. So that was a -- that's a clear step up.

我們對我們在人才和保險、財富、投資銀行方面的投資充滿信心。例如，護理中心提高了收入潛力，改善了客戶體驗。對於這些投資的長期回報，我們有一個很好的公式。我的意思是我們一直在這方面，並且對此有很好的理解。還有對我們隊友的投資以獲得最低工資。所以這是一個 - 這是一個明顯的進步。

I think in fairness, that over time others will be in that same position. But we just felt like, as I mentioned earlier, it was important for us to lead. This is a time when those teammates need us most. I think it will really help us long term in terms of retention and acquisition of key talent. So it also has an immediate bump-up and a longer-term payback, which I feel really good about.

我認為公平地說，隨著時間的推移，其他人將處於同樣的位置。但正如我之前提到的，我們只是覺得領導對我們來說很重要。這是那些隊友最需要我們的時候。我認為這將真正幫助我們長期保留和獲取關鍵人才。所以它也有一個直接的提升和一個長期的回報，我對此感覺非常好。

And then the one that's just trickier and a little more quarter and year-end specific is just the increase in operating losses and they are up. They're up higher than we think they should be. We have a lot of things in place to do that. We made some decisions related to the client experience that I think increased some of those operating losses. But I'm confident that they'll normalize over time given the investments we're making in that part. But that's the only part that I would say is the non-investment part of the increase in the expense side and I think we'll be more positive about that long term in normalizing those expenses.

然後更棘手、更具體的季度和年末只是運營虧損的增加，而且它們還在上升。它們比我們認為的要高。我們有很多東西可以做到這一點。我們做出了一些與客戶體驗相關的決定，我認為這些決定增加了一些運營損失。但我相信，鑑於我們在這部分所做的投資，它們會隨著時間的推移而正常化。但這是我要說的唯一部分是費用方面增加的非投資部分，我認為我們會更積極地看待長期使這些費用正常化。

And what exactly are those operating losses? Maybe you can give an example or 2? And is any of that related to the deal conversion and any follow-up from that, to be blunt.

這些經營虧損到底是什麼？也許你可以舉一個或2個例子？坦率地說，是否與交易轉換和任何後續行動有關。

Yes. I mean there are decisions we made relative to client experience I'll give you an example of. On the fraud side is giving the client the benefit of the doubt upfront. So if a client has an experience, we're going to get the money back from another bank and what we're doing is go ahead and funding that client now. That has a onetime increase. But over time, that normalizes, just as an example. And we think that's a good client experience and something, again, that'll normalize over time is just one example.

是的。我的意思是我們做出的一些決定與客戶體驗有關，我會給你一個例子。在欺詐方面，是讓客戶提前獲得懷疑的好處。因此，如果客戶有經驗，我們將從另一家銀行取回資金，我們現在要做的是繼續為該客戶提供資金。這有一次增加。但隨著時間的推移，這會正常化，就像一個例子。我們認為這是一種很好的客戶體驗，而且隨著時間的推移會正常化的東西只是一個例子。

You also asked for containment of expenses on a go-forward basis. As we look to rationalize and get back to business as usual, I think there's still opportunities in our corporate real estate portfolio. I think as we continue to rationalize our branch network on closure of some branches over time just as behaviors change with our clients. I think we've talked about this before, but we still have a lot of initiatives that our teammates came up with that would help us from both the cost savings as well as revenue and client experience perspective, and we're in the midst of implementing those over the next 12 to 18 months.

您還要求在前進的基礎上控制開支。當我們尋求合理化並恢復正常業務時，我認為我們的企業房地產投資組合仍有機會。我認為，隨著我們客戶的行為發生變化，隨著時間的推移，我們會繼續合理化我們的分支機構網絡，關閉一些分支機構。我想我們之前已經討論過這個問題，但是我們的團隊成員仍然提出了很多可以從成本節約以及收入和客戶體驗的角度來幫助我們的舉措，而且我們正處於在接下來的 12 到 18 個月內實施這些措施。

We also are moving towards a new card platform over the next year or 2, which would generate some savings once we both combine to that.

我們還將在未來一兩年內轉向一個新的卡平台，一旦我們兩者結合起來，這將產生一些節省。

From a technology perspective, we are starting to put more applications up into the cloud which, over time, we're also generating some savings.

從技術的角度來看，我們開始將更多的應用程序放到雲中，隨著時間的推移，我們也產生了一些節省。

And the last thing I just want to mention is, as you look at our operations, both front and back office, the digitization and artificial intelligence projects that are rolling out, all part and very important to how the company runs and operates. It gives us comfort that our expenses will be contained over the next year or 2.

我只想提的最後一件事是，當您查看我們的運營時，包括前台和後台、正在推出的數字化和人工智能項目，這些都是公司運營和運營的一部分並且非常重要。讓我們感到欣慰的是，我們的開支將在未來一兩年內得到控制。

We'll go next to Mike Mayo with Wells Fargo Securities.

我們將與富國銀行證券一起去邁克梅奧旁邊。

Well, Bill, you gave me the opening, you talked about the hood of the car, so I'll go with the Corvette analogy again. And...

好吧，比爾，你給了我機會，你談到了汽車的引擎蓋，所以我將再次使用克爾維特的類比。和...

All right.

好的。

It looks like -- on the positive is it looks like you're going from first to second gear, right? You said end-of-period loans are up 5%. That's accelerating. You're beating on deposit beta. Your NIM's up. You expect it to be up maybe in the range of 25 basis points next quarter. NII is going higher. And you still have the decommissioning of the data centers and all the apps later this year, so that should help. So next second gear, fantastic.

看起來 - 從積極的角度來看，你看起來像是從一檔到二檔，對吧？你說期末貸款增長了 5%。那正在加速。您正在擊敗存款測試版。你的 NIM 起來了。你預計下個季度它可能會上漲 25 個基點。 NII 越來越高。今年晚些時候，數據中心和所有應用程序仍然會退役，這應該會有所幫助。所以接下來的第二檔，太棒了。

But then I look at the speed that you're going and it doesn't seem to be a lot faster. Yes, PPNR guidance, a little bit higher. But you're guiding for 50 basis points plus operating leverage for this year, if you took the narrow part of your bands. And some of your peers are 200, 300, 400 basis points. I think last quarter, that difference was 100 basis points. So in a way, the operating leverage is a little bit less than I think what you were guiding in the first quarter. And I hear you, you're not taking your eye off the ball on expenses. You're investing in minimum wage. You have some operating losses. But still, it just seems like the power of the Corvette is still not being fully realized.

但是然後我看看你的速度，它似乎並沒有快很多。是的，PPNR 指導，稍微高一點。但是，如果您選擇了窄幅區間，您今年的指導是 50 個基點加上經營槓桿。而你的一些同行是 200、300、400 個基點。我認為上個季度的差異是 100 個基點。所以在某種程度上，經營槓桿比我認為你在第一季度的指導要低一點。我聽到你的聲音，你並沒有把注意力從開支上移開。你投資的是最低工資。你有一些經營虧損。但是，似乎克爾維特的力量還沒有完全發揮出來。

So where are you in that progression of translating the power of the engine to the power of the growth and the power of the operating leverage? Because your efficiency ratio is not really in the ZIP code of the initial figures you gave when you announced the merger 3.5 years ago.

那麼，在將引擎的力量轉化為增長的力量和經營槓桿的力量的過程中，您處於什麼階段？因為您在 3.5 年前宣布合併時給出的初始數字的郵政編碼中並不真正包含您的效率比率。

Yes. A couple of things, Mike. So I appreciate the acknowledgment of second gear at least. So I don't know how many gears your Corvette has, but at least there's an acknowledgment of the second gear. And I think we are seeing that. We are seeing that growth. And I feel really good about the migration from the first to the second quarter. If loan growth is one of those indicators, though I don't think it's always the indicator, but if I look at production and pipelines and just the things that we're doing, and it's broad-based, so it's not one thing, it's the whole engine operating at a faster pace.

是的。有幾件事，邁克。因此，我至少感謝對二檔的認可。所以我不知道你的克爾維特有多少檔，但至少有第二檔的確認。我認為我們正在看到這一點。我們正在看到這種增長。我對從第一季度到第二季度的遷移感覺非常好。如果貸款增長是這些指標之一，雖然我不認為它總是指標，但如果我看看生產和管道以及我們正在做的事情，它是廣泛的，所以它不是一回事，這是整個引擎以更快的速度運行。

But if we're going to continue to just grind on the Corvette thing, you got to put gas in it. And you got to put -- and gas is more expensive. And we want to drive it faster. And we're really confident in the things that we're investing in and the capability of the company long term.

但是，如果我們要繼續研究克爾維特的東西，你就得給它加油。你必須說 - 天然氣更貴。我們希望更快地推動它。我們對我們投資的事物和公司的長期能力非常有信心。

As it relates to the efficiency ratio from the first guidance, I mean, remember that was in an interest rate environment that was pretty different than where we are now. I still believe, and we're delivering and prospectively will deliver industry-leading efficiency ratio with growth. Whether it's at 55 or low 50s, I don't know, but I am confident that it will be industry-leading in any different -- in any rate environment. So I feel good about that, so.

因為它與第一個指導中的效率比有關，我的意思是，請記住，那是在一個與我們現在完全不同的利率環境中。我仍然相信，我們正在交付並且預期將交付行業領先的效率比和增長。無論是 55 歲還是 50 歲以下，我不知道，但我相信它將在任何不同的環境中處於行業領先地位 - 在任何利率環境中。所以我對此感覺很好，所以。

And then we've got market-sensitive businesses that are sitting on the launching pad and really good capability to grow significantly if we get a little bit of tailwind. And that tailwind could come in the fourth quarter, it could come next year, but it's going to come, and we're better positioned than we've ever been to capitalize on those opportunities.

然後，我們擁有對市場敏感的企業，它們正處於起步階段，如果我們獲得一點順風，它們就有顯著增長的能力。這種順風可能會在第四季度到來，它可能會在明年到來，但它會到來，我們比以往任何時候都更有能力利用這些機會。

I guess what my question is getting to, perhaps some of the other questions, and I know I'm not going to get an answer, but you can give it qualitatively. Looking out at 2023, when you finally have all the merger savings in your numbers and when you finally have realized some of these -- some of the noisy financial items such as the operating losses and you finally are done with these one-off charges which are going down, what sort of operating leverage we can expect next year? At least if you can answer that qualitatively or if you want to put numbers around it, we'd love it.

我猜我的問題是什麼，也許是其他一些問題，我知道我不會得到答案，但你可以定性地給出它。展望 2023 年，當你終於在你的數字中節省了所有的合併儲蓄，當你終於意識到其中的一些——一些嘈雜的財務項目，如經營虧損，你終於完成了這些一次性費用正在下降，明年我們可以期待什麼樣的經營槓桿？至少如果您可以定性地回答這個問題，或者如果您想在它周圍加上數字，我們會喜歡它。

Yes. Qualitatively, it's got to be qualitatively, we just don't know what the rate environment is going to be. So qualitatively, it'll be positive. That's the angle that we're gaining towards and committed to. But similarly, and I think, again, you're seeing it this quarter, with revenue growth that reflects the power of this franchise and an efficient expense model that supports that.

是的。定性的，它必須是定性的，我們只是不知道利率環境會是什麼。所以從質量上講，這將是積極的。這就是我們正在努力並致力於的角度。但同樣，我認為，你在本季度再次看到它，收入增長反映了這個特許經營權的力量以及支持這一點的有效費用模式。

We'll go next to Erika Najarian with UBS.

我們將與瑞銀一起前往 Erika Najarian。

Just to follow up on the Corvette analogy. You are driving this car and in theory, the roads are getting worse, right? So maybe the first question I have is, in the last crisis, both companies did fairly well, relatively well from a credit perspective. And Daryl, as you think about the different scenarios for ACL buildup in a downturn, a lot of investors are comfortable thinking about where the banking industry could be in a charge-off scenario, but none of us can limit the CECL process, right? So I guess the question is, is in a mild recession scenario, how much more ACL build would -- do you think would be ahead of you for what the charge-offs that you think your portfolio would produce?

只是為了跟進克爾維特的類比。您正在駕駛這輛車，理論上，道路越來越差，對吧？所以也許我的第一個問題是，在上一次危機中，兩家公司都做得相當好，從信用的角度來看相對較好。達里爾，當您考慮在低迷時期建立 ACL 的不同情景時，很多投資者都樂於思考銀行業可能處於沖銷情景中的位置，但我們誰都不能限制 CECL 流程，對吧？所以我想問題是，在溫和衰退的情況下，ACL 的構建量會增加多少——你認為你認為你的投資組合會產生什麼樣的沖銷會領先於你？

Erika, I'll start and Clarke can help finish me off on this. But when we set the amounts, obviously, it's scenario-based. It's always forward-looking from that perspective. In the prepared remarks, we did say that there is potential that the scenarios can continue to deteriorate. If that is the case, then you would expect us to continue to add to our allowance. And that would add to our provision costs as that moves up from that perspective.

Erika，我先開始，Clarke 可以幫我完成這件事。但是，當我們設定金額時，顯然，它是基於情景的。從這個角度來看，它總是具有前瞻性。在準備好的評論中，我們確實說過情況可能會繼續惡化。如果是這種情況，那麼您會期望我們繼續增加我們的津貼。從這個角度來看，這將增加我們的供應成本。

But right now, we aren't seeing a whole lot. And there could be some deterioration from that perspective, but let me kick it back over to Clarke.

但現在，我們並沒有看到很多。從這個角度來看，可能會有一些惡化，但讓我把它踢回到克拉克身上。

Yes, Erika, I would just say this, and Bill mentioned it and Daryl earlier, as we came through the quarter, we refreshed all of our scenarios. So our baseline, which is 40% of our estimate, is a more pessimistic outlook, slower economy. And then we have a 30% weight on a recessionary, a more pessimistic scenario. So we feel like we've been pretty conservative in our estimate this quarter.

是的，Erika，我只想這麼說，Bill 和 Daryl 早些時候提到過，當我們完成這個季度時，我們更新了所有場景。因此，我們的基線，即我們估計的 40%，是更悲觀的前景，經濟放緩。然後我們對衰退的權重為 30%，這是一種更悲觀的情景。所以我們覺得我們對本季度的估計相當保守。

And also this quarter, we had really good loan growth and very highly rated credits. So those carry a lower relative reserve rate. So that's why you didn't see a big build this quarter. You saw 6 basis points decline in our allowance. That was because of the growth.

同樣在本季度，我們的貸款增長非常好，信用評級也非常高。因此，它們的相對準備金率較低。所以這就是為什麼你本季度沒有看到大的建設。你看到我們的津貼下降了 6 個基點。那是因為成長。

So we believe we've accounted for some of the recessionary risk right now. And so as we look forward, the main driver of changing the allowance would be growth. Unless the scenarios get more severe, and then obviously, our reserve rate would have to change.

因此，我們相信我們現在已經考慮到了一些衰退風險。因此，正如我們所期待的那樣，改變津貼的主要動力將是增長。除非情況變得更嚴重，否則很明顯，我們的準備金率將不得不改變。

Jennifer, we've got time for 1 more question.

詹妮弗，我們還有時間再回答 1 個問題。

We'll take our last question from John Pancari with Evercore ISI.

我們將回答 John Pancari 與 Evercore ISI 的最後一個問題。

Just on the -- also on the credit front, can you just talk about are you seeing any emerging signs of stress within the portfolio, particularly as you look at some of the lower-end consumer, maybe in your regional acceptance business on the non-prime side or the Sheffield business? If you can just talk about where, if any, that you're seeing some of the cracks form.

就在信貸方面，您能否談談您是否在投資組合中看到任何新出現的壓力跡象，特別是當您查看一些低端消費者時，可能在您的非區域承兌業務中-主要方面還是謝菲爾德業務？如果你能談談你看到一些裂縫形成的地方（如果有的話）。

This is Clarke. I mean, we are monitoring that very carefully. So I think what we're seeing, probably a little bit of indication would be the low to moderate income consumer, think cohorts $50,000 incomes and below. We're seeing higher delinquent -- early delinquency in those areas. But it's not translated yet into higher late-stage delinquencies or losses. So for example, in our subprime auto business, we had with -- one of our lower loss rates this quarter seasonally and we're seeing things, like, because of the Manheim being up, consumers' higher redemption rates even on repo. So it's not yet translated into any losses.

這是克拉克。我的意思是，我們正在非常仔細地監控這一點。所以我認為我們所看到的，可能有一點跡象表明中低收入消費者，比如收入在 50,000 美元及以下的人群。我們看到更多的拖欠——這些領域的早期拖欠。但它尚未轉化為更高的後期拖欠或損失。因此，例如，在我們的次貸汽車業務中，我們本季度的季節性損失率較低，我們看到了一些事情，例如，由於曼海姆正在上漲，即使在回購時，消費者的贖回率也更高。所以它還沒有轉化為任何損失。

We've also looked at our deposit levels or our consumer borrowers and they're not coming down rapidly, particularly for the moderate income and above. So while there's early signs we're watching, it's not translated into any significant concerns. And our outlook right now for the rest of the year does not assume any significant deterioration.

我們還查看了我們的存款水平或我們的消費者藉款人，它們並沒有迅速下降，特別是對於中等收入及以上的收入。因此，儘管我們正在觀察早期跡象，但並未轉化為任何重大擔憂。我們目前對今年剩餘時間的展望並不認為有任何顯著惡化。

Got it. Okay. And then just separately on the loan growth side, I know you indicated that you did see some pressure there this quarter on commercial real estate, but you seem a bit more optimistic there in stabilization. How should we think about the growth in that portfolio? Is there the potential for incremental declines there? Or do you think stabilization will happen beginning next quarter?

知道了。好的。然後單獨在貸款增長方面，我知道你表示你確實在本季度看到了商業房地產的一些壓力，但你似乎在穩定方面更加樂觀。我們應該如何看待該投資組合的增長？那裡有增量下降的潛力嗎？或者你認為下個季度會開始穩定嗎？

Yes. I'm sure it's quarter-to-quarter, but I think we're stabilizing is the way I would say it, and enter into more of a growth mode. And by the way, we feel really comfortable about it. I think we've made decisions through the cycle that create a really good portfolio. We've done a lot of things internally strategically to get really, really strong alignment around the type of CRE portfolio we want, the diversity that we want. So probably somewhere in the next couple of quarters, stabilizing with the bend for growth over time.

是的。我敢肯定這是按季度計算的，但我認為我們正在穩定是我想說的方式，並進入更多的增長模式。順便說一句，我們對此感到非常舒服。我認為我們已經通過創建一個非常好的投資組合的周期做出了決定。我們在內部戰略性地做了很多事情，以便圍繞我們想要的 CRE 投資組合類型和我們想要的多樣性實現非常非常強大的一致性。因此，可能會在接下來的幾個季度中，隨著時間的推移穩定增長。

Thanks, John, and thanks, everybody. That completes our earnings call. If you have any additional questions, please feel free to reach out to the IR team. Thank you for your interest in Truist. We hope you have a great day. Jennifer, you can now disconnect the call.

謝謝，約翰，謝謝大家。這完成了我們的收益電話會議。如果您有任何其他問題，請隨時與 IR 團隊聯繫。感謝您對 Truist 的關注。我們希望你有一個美好的一天。詹妮弗，你現在可以掛斷電話了。

Thank you. This does conclude today's conference. We thank you for your participation.

謝謝你。今天的會議到此結束。我們感謝您的參與。