Truist Financial Corp (TFC) 2023 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation Third Quarter 2023 Earnings Conference Call. (Operator Instructions) A brief question-and-answer session will follow the formal presentation. As a reminder, this is being recorded.

女士們、先生們，大家好，歡迎參加 Truist Financial Corporation 2023 年第三季財報電話會議。 （操作員說明）正式示範之後將進行簡短的問答環節。提醒一下，這件事正在被記錄下來。

It is now my pleasure to introduce your host, Mr. Brad Milsaps.

現在我很高興向大家介紹你們的東道主布拉德·米爾薩普斯先生。

Thank you, Anthony, and good morning, everyone. Welcome to Truist Third Quarter 2023 Earnings Call. With us today are our Chairman and CEO, Bill Rogers; and our CFO, Mike Maguire. During this morning's call, they will discuss Truist's third quarter results, share their perspectives on current business conditions and provide an updated outlook for 2023. Clarke Starnes, our Vice Chair and Chief Risk Officer; Beau Cummins, our Vice Chair; and John Howard, Truist Insurance Holdings' Chairman and CEO, are also in attendance and available to participate in the Q&A portion of our call.

謝謝你，安東尼，大家早安。歡迎參加 Truist 2023 年第三季財報電話會議。今天與我們在一起的有我們的董事長兼執行長比爾羅傑斯 (Bill Rogers)；和我們的財務長麥克·馬奎爾。在今天上午的電話會議中，他們將討論 Truist 第三季業績，分享對當前業務狀況的看法，並提供 2023 年的最新展望。 Beau Cummins，我們的副主席； Truist Insurance Holdings 董事長兼執行長 John Howard 也出席了會議，並可以參加我們電話會議的問答部分。

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

隨附的簡報以及我們的收益發布和補充財務資訊可在 Truist 投資者關係網站上取得。 ir.truist.com。我們今天的演講將包括前瞻性陳述和某些非公認會計準則財務指標。請查看簡報投影片 2 和投影片 3 中有關這些聲明和措施的揭露資訊以及附錄，以根據 GAAP 進行適當調整。

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

有了這個，我會把它交給比爾。

Thanks, Brad, and good morning, everyone, and thank you for joining our call today. Now before we get into the third quarter results, let's begin as always with our purpose on Slide 4. As we all know, Truist is a purpose-driven company committed to inspiring and building better lives and communities. I'd like to take a few minutes just to highlight some of the ways we demonstrated our purpose last quarter.

謝謝布拉德，大家早安，謝謝您今天加入我們的電話會議。現在，在我們討論第三季業績之前，讓我們一如既往地從幻燈片 4 上的目標開始。眾所周知，Truist 是一家以目標為導向的公司，致力於激勵和建立更美好的生活和社區。我想花幾分鐘時間強調我們上個季度展示我們目標的一些方式。

Truist is driving positive change by supporting organizations that promote the growth and vibrancy of our communities. In August, we invested $17 million to support affordable housing in Charlotte and career development and economic mobility programs across the state of North Carolina. And just last week, we announced our allocation of $65 million in new market tax credits from the U.S. Treasury's Community Development Financial Institution Fund. This is the 12th time Truist has received an award, which has allowed us to invest $750 million in underserved communities by providing loans with reduced rates of interest and/or nontraditional terms.

Truist 透過支持促進社區發展和活力的組織來推動積極的變革。 8 月份，我們投資了 1700 萬美元，支持夏洛特的經濟適用房以及北卡羅來納州的職業發展和經濟流動計劃。就在上週，我們宣布從美國財政部的社區發展金融機構基金撥款 6,500 萬美元的新市場稅收抵免。這是 Truist 第 12 次獲獎，該獎項使我們能夠透過提供降低利率和/或非傳統條款的貸款，向服務不足的社區投資 7.5 億美元。

Over the years, these loans have helped spark economic development and job growth and communities across the regions we serve. I'm really proud of the meaningful work we're doing as a company to have a positive effect on the lives of our clients, our teammates and our communities and, of course, our shareholders as we work to realize our purpose.

多年來，這些貸款幫助促進了我們所服務地區的經濟發展、就業成長和社區發展。我對我們作為一家公司所做的有意義的工作感到非常自豪，當我們努力實現我們的目標時，這些工作對我們的客戶、我們的團隊成員和我們的社區，當然還有我們的股東的生活產生了正面的影響。

Now let's turn to some of the key takeaways on Slide 6. Truist reported solid third quarter earnings that met our guidance despite certain discrete noninterest income and expense items that negatively impacted our results. Mike is going to cover those later in the call. As you can see on the slide, our solid performance was defined by several underlying key themes. On July earnings call, we discussed our intent to significantly reduce the rate of expense growth at our company, which was followed up with the introduction of our simplification efforts and $750 cost saves program in September. We're fully committed to delivering on this work. And the reduction in third quarter expenses is evidence of the hard work that's been ongoing throughout the year.

現在讓我們轉向幻燈片 6 中的一些關鍵要點。儘管某些離散的非利息收入和支出項目對我們的業績產生了負面影響，Truist 仍報告了穩健的第三季度收益，符合我們的指引。麥克將在稍後的電話會議中介紹這些內容。正如您在投影片上看到的，我們的穩健表現是由幾個基本關鍵主題決定的。在 7 月的財報電話會議上，我們討論了大幅降低公司費用成長率的意圖，隨後在 9 月推出了簡化工作和 750 美元的成本節省計劃。我們完全致力於完成這項工作。第三季費用的減少證明了全年的努力。

We're also managing our balance sheet more efficiently. During the past few earnings calls, I've described how we're focusing on core clients, reducing lower-yielding portfolios and paying down higher cost borrowings, all of which occurred during the third quarter and helped drive our NIM higher by 4 basis points during the quarter.

我們也更有效地管理我們的資產負債表。在過去的幾次財報電話會議中，我描述了我們如何專注於核心客戶、減少收益較低的投資組合以及償還成本較高的借款，所有這些都發生在第三季度，並幫助我們的淨息差提高了4 個基點本季期間。

Moreover, these efforts have increased our CET1 ratio to nearly 10%, which is a level that we believe we can maintain throughout the proposed phase-in period under pending Basel III rules based on our current rate of organic capital growth. Although asset quality is normalizing off historically low levels, we are encouraged that our metrics remained relatively stable during the quarter while we continue to build our loan loss reserve considering the uncertain economic environment.

此外，這些努力已將我們的CET1 比率提高到近10%，我們相信，根據我們目前的有機資本增長率，根據未決的巴塞爾III 規則，我們可以在整個擬議的分階段期間維持這一水平。儘管資產品質正從歷史低點恢復正常，但我們感到鼓舞的是，我們的指標在本季度保持相對穩定，同時考慮到不確定的經濟環境，我們繼續建立貸款損失準備金。

Lastly, we're making strong progress on our cost saves program and organizational simplification, which we'll discuss in more detail later in the call.

最後，我們在成本節約計劃和組織簡化方面取得了巨大進展，我們將在稍後的電話會議中更詳細地討論這一點。

I'm pleased with our direction, the intensity and focus and I'm confident in our ability to emerge as a stronger company. While the quarter was solid, we acknowledge there's more work to do as we strive to produce better and more consistent results in the future. We view this third quarter performance as a step forward in that direction.

我對我們的方向、強度和重點感到滿意，並且對我們成為更強大的公司的能力充滿信心。雖然本季表現穩定，但我們承認，在我們努力在未來取得更好、更一致的結果的過程中，還有更多工作要做。我們認為第三季的業績是朝著這個方向邁出的一步。

So let's do some more specific work on Slide 7. Net income available to common shareholders was $1.1 billion or $0.80 per share. Merger-related and restructuring charges primarily related to severance associated with our cost saves program per EPS by $0.04. Total revenue decreased as expected and was essentially in line with our guidance despite an $87 million discrete impact to service charges on deposits revenue.

因此，讓我們對幻燈片 7 進行一些更具體的研究。普通股股東可獲得的淨利潤為 11 億美元，即每股 0.80 美元。與合併相關和重組的費用主要與我們的成本節約計劃相關的遣散費每每股收益減少 0.04 美元。儘管服務費對存款收入產生了 8,700 萬美元的離散影響，但總收入按預期下降，基本上符合我們的指引。

We're also encouraged that our net interest margin improved 4 basis points, driven by our ongoing balance sheet optimization efforts, including a reduction in FHLB borrowings, a decline in lower-yielding loan balances and improving new and renewed loan spreads.

我們也感到鼓舞的是，在我們持續的資產負債表優化工作的推動下，我們的淨息差提高了4 個基點，包括減少FHLB 借款、減少低收益貸款餘額以及改善新貸款和更新貸款利差。

Adjusted expenses were down 50 basis points and within our guidance range and would have decreased 250 basis points excluding $70 million of higher-than-normal other expense.

調整後費用下降了 50 個基點，在我們的指導範圍內，如果不包括高於正常水平的 7000 萬美元其他費用，則將下降 250 個基點。

Average loans decreased 2.5%, primarily due to the sale of the student loan portfolio in the second quarter and our continued repositioning towards higher-return core assets.

平均貸款下降 2.5%，主要是由於第二季出售學生貸款組合以及我們繼續重新定位於更高回報的核心資產。

Average deposits increased modestly as we continue to experience a remixing towards higher-yielding alternatives.

隨著我們繼續經歷向更高收益替代品的重新組合，平均存款略有增加。

We added 29 basis points of CET1 capital in the quarter and increased our ALLL ratio by 6 basis points in light of ongoing economic uncertainty.

鑑於持續的經濟不確定性，我們在本季度增加了 29 個基點的 CET1 資本，並將 ALLL 比率提高了 6 個基點。

Lastly, we maintained our strong quarterly common stock dividend at $0.52 per share paid on September 1.

最後，我們維持 9 月 1 日支付的強勁季度普通股股息為每股 0.52 美元。

So let's move to our digital update on Slide 8. Digital engagement trends at Truist remain positive, as you can see on the left side of the slide. Mobile app users have grown steadily over the past year, and we're currently focused on driving additional growth through our mobile-first engagement initiative. From an activity standpoint, digital transactions increased 9% relative to the fourth quarter last year, driven primarily by Zelle transactions, which were up 32% over the same period.

那麼，讓我們轉向幻燈片 8 上的數位更新。Truist 的數位參與趨勢仍然積極，正如您在幻燈片左側看到的那樣。行動應用用戶在過去一年中穩步成長，我們目前致力於透過行動優先參與計畫推動進一步成長。從活動角度來看，數位交易較去年第四季成長了 9%，這主要是由 Zelle 交易推動的，Zelle 交易同期成長了 32%。

Due to the rapid growth we've experienced, Digital has quickly become a preferred channel for interacting with Truist. In fact, digital transactions now account for more than 60% of total bank transactions. And while that's certainly positive, Truist has a meaningful opportunity to shift the transaction mix even more towards digital, specifically by leveraging what we call T3, which is this concept that touch and technology work together to create trust, and that further enhances the client experience and drives greater digital adoption and efficiency.

由於我們經歷了快速成長，數位已迅速成為與 Truist 互動的首選管道。事實上，數位交易目前佔銀行交易總額的60%以上。雖然這當然是積極的，但 Truist 有一個有意義的機會，可以將交易組合進一步轉向數位化，特別是透過利用我們所說的 T3，這是觸摸和技術共同創造信任的概念，並進一步增強客戶體驗並推動更高的數位化採用和效率。

As a proof point, recent enhancements to the digital onboarding have helped drive a 19% increase in Truist One funding rates year-to-date, which may in turn lead to additional balances and transaction activity with those new clients. In sum, Truist has solid momentum in digital and I'm highly optimistic about the potential we have to leverage T3 to further expand our digital user base and drive transaction volume.

作為一個證明，最近對數位化入職的增強幫助推動今年迄今為止 Truist One 資金費率增長了 19%，這反過來可能會導致這些新客戶的餘額和交易活動增加。總而言之，Truist 在數位領域擁有強勁的勢頭，我對我們利用 T3 進一步擴大數位用戶群和推動交易量的潛力非常樂觀。

Next, I'm going to cover loans and leases on Slide 9. Average loans decreased 2.5% sequentially, reflecting our ongoing balance sheet optimization efforts, including the sale of our student loan portfolio last quarter and further reductions in lower-return portfolios. Excluding the student loan sale, average loans were down 1.1%. Average commercial loans decreased 1.1%, primarily due to a 1.5% decrease in C&I balances driven by lower revolver utilization and production.

接下來，我將在投影片 9 上介紹貸款和租賃。平均貸款較上季下降 2.5%，反映出我們正在進行的資產負債表優化工作，包括上季出售學生貸款組合以及進一步減少低迴報投資組合。不包括學生貸款銷售，平均貸款下降 1.1%。平均商業貸款下降 1.1%，主要是由於左輪手槍利用率和產量下降導致 C&I 餘額下降 1.5%。

Lower C&I production in our Corporate and Commercial Banking segment reflected a combination of moderately lower demand due to economic uncertainty and greater pricing discipline, which contributed to wider spreads on new production and commercial community bank.

我們的企業和商業銀行部門的 C&I 產量下降反映了由於經濟不確定性和更嚴格的定價紀律導致的需求適度下降，這導致新的生產和商業社區銀行的利差擴大。

In our consumer and credit card portfolios, average loans decreased 4.6% and primarily due to the sale of our student loan portfolio and further reductions in indirect auto production. Consumer and card balances were down 1%, excluding the student loan sale. Residential mortgage was essentially flat relative to the prior quarter.

在我們的消費者和信用卡投資組合中，平均貸款下降了 4.6%，這主要是由於我們的學生貸款組合的出售以及間接汽車產量的進一步減少。不包括學生貸款銷售，消費者和銀行卡餘額下降了 1%。住宅抵押貸款與上一季基本持平。

We do continue to experience growth in higher-yielding portfolios, especially Sheffield and Service Finance. Loan production increased 21% year-over-year at Sheffield and 17% at Service Finance. Overall, we expect average commercial and consumer balances to decline modestly in the fourth quarter, driven by our ongoing mix shift towards deeper client penetrations, deeper relationships, deemphasis of lower-return portfolios and the effects of continued economic uncertainty.

我們確實繼續經歷高收益投資組合的成長，特別是謝菲爾德和服務金融。謝菲爾德的貸款產量年增 21%，服務金融的貸款產量年增 17%。總體而言，我們預計第四季度平均商業和消費者餘額將小幅下降，原因是我們持續向更深層次的客戶滲透、更深層次的關係、不再強調低迴報投資組合以及持續的經濟不確定性的影響進行組合轉變。

So let's move to the deposit trends on Slide 10. Average deposits were flat sequentially, although we continue to experience remixing within the portfolio as clients sought higher rate alternatives. Noninterest buried deposits decreased 3.9% and currently represent 30% of total deposits compared to 31% in the second quarter and 34% in the fourth quarter of last year.

因此，讓我們轉向投影片 10 上的存款趨勢。平均存款環比持平，儘管隨著客戶尋求更高利率的替代方案，我們繼續經歷投資組合內的重新混合。無息埋藏存款下降 3.9%，目前佔存款總額的 30%，而第二季為 31%，去年第四季為 34%。

Within our segments, average deposits were down 1% in Corporate and Commercial Banking and relatively flat in consumer banking and wealth due to the effects of quantitative tightening and availability of higher-rate alternatives. We continue to deepen our relationships with consumer banking and wealth clients, especially in payments.

在我們的細分市場中，由於數量緊縮和更高利率替代方案的影響，企業和商業銀行業務的平均存款下降了 1%，而消費者銀行業務和財富業務的平均存款則相對持平。我們持續深化與消費銀行和財富客戶的關係，特別是在支付方面。

Net new checking account production has been positive for 3 quarters in a row. We're also seeing solid adoption of our flagship Truist One checking product. In addition, small business deposits were up sequentially, and August was the strongest month for net new small business checking account production in the last 3 years.

新支票帳戶淨產出已連續三季為正值。我們也看到我們的旗艦產品 Truist One 檢查產品得到了廣泛採用。此外，小型企業存款較上季成長，8 月是過去 3 年來小型企業支票帳戶淨新增量最強勁的月份。

Deposit costs continued to rise during the third quarter, though at a slower pace. Interest-bearing deposit costs increased 38 basis points sequentially, down from a 55 basis point increase in the prior quarter. Our interest-bearing cumulative deposit beta was 49%, up from 44% in the second quarter due to the presence of higher rate alternatives and ongoing mix shift from noninterest-bearing accounts into higher-yielding products.

第三季存款成本持續上升，但成長放緩。計息存款成本較上季增加 38 個基點，低於上一季 55 個基點的增幅。我們的計息累積存款貝塔值為 49%，高於第二季的 44%，原因是存在更高利率的替代方案以及持續從無息帳戶轉向高收益產品的組合轉變。

Going forward, we'll continue to maintain our balanced approach, being attentive to our client needs and relationships while also striving to maximize value for them outside of rate paid.

展望未來，我們將繼續保持平衡的做法，專注於客戶的需求和關係，同時努力為他們提供費率以外的最大價值。

Now let me turn it over to Mike to discuss the financial results in a little more detail. Mike?

現在讓我把它交給麥克，更詳細地討論財務結果。麥克風？

Great. Thank you, Bill, and good morning, everyone. I'm going to begin with net interest income on Slide 11.

偉大的。謝謝你，比爾，大家早安。我將從幻燈片 11 上的淨利息收入開始。

For the quarter, taxable-equivalent net interest income decreased 1.6% linked quarter primarily due to lower average earning assets and higher deposit costs. Although net interest income was down linked quarter, we are encouraged that the decline was slower than the 6.1% decrease observed in the second quarter as deposit betas increased at a more moderate pace.

本季度，應稅等值淨利息收入季減 1.6%，主要是由於平均獲利資產下降和存款成本上升。儘管淨利息收入與季度掛鉤，但我們感到鼓舞的是，由於存款貝塔係數以更溫和的速度增長，下降速度比第二季度觀察到的 6.1% 的下降速度要慢。

Reported net interest margin increased 4 basis points after declining for 2 consecutive quarters. NIM stabilization reflected our ongoing balance sheet optimization initiatives, including: focusing on our core clients, improving spreads on new and renewed loans, reducing lower-yielding loan portfolios and paying down higher cost wholesale borrowings, including FHLB advances, which were down about $20 billion on average compared to the second quarter.

報告淨利差在連續兩個季度下降後上升 4 個基點。淨利差穩定反映了我們正在進行的資產負債表優化舉措，包括：專注於我們的核心客戶、改善新貸款和續簽貸款的利差、減少收益較低的貸款組合以及償還成本較高的批發借款，包括減少約200 億美元的FHLB 預付款與第二季相比平均。

Turning to noninterest income on Slide 12. Fee income decreased $185 million or 8.1% relative to the second quarter. The decline was primarily attributable to lower insurance income, which decreased $142 million sequentially due to seasonality. Insurance production is typically lowest in the third quarter and highest in the second. Insurance fundamentals remain strong, driven by new business growth, improved retention and favorable pricing, all of which contributed to 6.3% organic revenue growth on a like-quarter basis.

轉向幻燈片 12 上的非利息收入。費用收入較第二季減少 1.85 億美元，即 8.1%。下降的主要原因是保險收入下降，由於季節性因素，保險收入環比減少了 1.42 億美元。保險產量通常在第三季最低，在第二季最高。在新業務成長、留任率提高和優惠定價的推動下，保險基本面依然強勁，所有這些都促成了 6.3% 的有機收入同比增長。

Service charges on deposits were down $88 million in the third quarter due primarily to $87 million of client refund accruals that were driven by changes we made to our deposit fee protocols. Investment banking and trading income was lower by $26 million, while other income increased $38 million primarily due to higher income from other investments. Fee income was flat on a like-quarter basis as higher insurance income and higher other income were offset by lower service charges and lower investment banking and trading income.

第三季存款服務費下降了 8,800 萬美元，主要是由於我們對存款費用協議進行的更改導致客戶應計退款達到 8,700 萬美元。投資銀行和交易收入減少了 2,600 萬美元，而其他收入增加了 3,800 萬美元，主要是由於其他投資收入增加。費用收入與同季持平，因為較高的保險收入和較高的其他收入被較低的服務費以及較低的投資銀行和交易收入所抵消。

Next, I'll cover noninterest expense on Slide 13. Reported noninterest expense was flat sequentially as lower adjusted expense was offset by a $21 million increase in merger-related and restructuring expense, driven mostly by severance and facilities rationalization. Adjusted noninterest expense decreased 50 basis points sequentially, in line with our July guidance range of flat to down 1%. The decrease in adjusted expenses was driven by lower personnel expense and reduced professional fees and outside processing expense, partially offset by higher other expense.

接下來，我將在投影片13 中介紹非利息費用。報告的非利息費用環比持平，因為調整後費用的降低被合併相關和重組費用增加2100 萬美元所抵消，這主要是由遣散費和設施合理化推動的。調整後的非利息支出較上季下降 50 個基點，符合我們 7 月持平至下降 1% 的指導範圍。調整後費用的減少是由於人事費用減少以及專業費用和外部加工費用減少，部分被其他費用增加所抵消。

The increase in other expense included $70 million of costs arising from the previously mentioned client deposit service charge refund accruals as well as the settlement of certain litigation matters, including a settlement and patent licensing agreement, which resolved the USAA patent infringement lawsuit. If you excluded these items, adjusted expenses declined by 2.5% linked quarter. The work associated with our gross cost saves program is well underway as we will discuss on Slide 14.

其他費用的增加包括前面提到的客戶存款服務費退款應計費用以及某些訴訟事項的和解所產生的 7000 萬美元費用，包括解決 USAA 專利侵權訴訟的和解和專利許可協議。如果排除這些項目，調整後的費用較上季下降 2.5%。與我們的總成本節省計劃相關的工作正在順利進行，我們將在投影片 14 中進行討論。

In September, we announced a $750 million gross cost saves plan that will be achieved over the next 12 to 18 months. The cost saves will include $300 million from reductions in force, $250 million from organizational realignment and simplification and $200 million from technology expense reductions. Since these initiatives were announced in mid-September, we have already realigned significant elements of our organizational and operational structure to improve efficiency and to drive revenue opportunities. The work we're doing includes optimizing spans and layers to improve organizational design health, consolidating redundant functions, restructuring select businesses and geographic simplification, all of which will result in reductions in force over the next couple of quarters.

9 月，我們宣布了一項 7.5 億美元的總成本節省計劃，該計劃將在未來 12 至 18 個月內實現。成本節省將包括3億美元的人力削減、2.5億美元的組織調整和簡化以及2億美元的技術費用削減。自 9 月中旬宣布這些措施以來，我們已經重新調整了組織和營運結構的重要組成部分，以提高效率並增加收入機會。我們正在做的工作包括優化跨度和層次，以改善組織設計的健康狀況、整合冗餘職能、重組選定的業務和簡化地域，所有這些都將導致未來幾個季度的兵力減少。

In addition, we are aggressively managing third-party spend, reducing our corporate real estate footprint and rationalizing technology spend. Based on the latest information available, we still expect onetime costs associated with the cost saves program to range from 25% to 30% of gross cost saves. We also continue to project the cost saves program will help us manage adjusted expense growth to 0 to 1% in 2024, which is net of natural expense growth driven by inflation and other factors.

此外，我們正在積極管理第三方支出，減少公司房地產足跡並合理化技術支出。根據現有的最新消息，我們仍然預計與成本節省計劃相關的一次性成本將佔總成本節省的 25% 至 30%。我們也繼續預計，成本節約計畫將幫助我們在 2024 年將調整後的費用成長控制在 0 至 1%，這不包括通貨膨脹和其他因素驅動的自然費用成長。

Moving to asset quality on Slide 15. Asset quality metrics continued to normalize in the third quarter, but overall remain manageable. Nonperforming assets were unchanged linked quarter, while early-stage delinquencies increased 4 basis points sequentially as increases in our consumer portfolios were partially offset by declines in commercial. Included in our appendix is updated data on our office portfolio, which represents 1.7% of total loans. We're pleased that nonperforming and criticized and classified office loans increased only modestly linked quarter, while we increased the reserve on this portfolio from 6.2% at June 30, up to 8.3% at September 30.

轉到投影片 15 上的資產品質。第三季資產品質指標持續正常化，但整體仍處於可控狀態。不良資產環比保持不變，而早期拖欠率環比增加了 4 個基點，因為我們的消費者投資組合的成長被商業投資的下降部分抵消。我們的附錄中包含了我們辦公大樓投資組合的最新數據，佔貸款總額的 1.7%。我們很高興看到不良貸款、批評貸款和分類辦公室貸款在季度中僅小幅增長，而我們將該投資組合的準備金從 6 月 30 日的 6.2% 增加到 9 月 30 日的 8.3%。

Our net charge-off ratio decreased 3 basis points to 51 basis points, reflecting the prior quarter impact of the student loan sale, partially offset by increases in our CRE and consumer lending portfolios. (technical difficulty) reserves as provision expense exceeded net charge-offs by $92 million. Our ALLL ratio increased to 1.49%, up 6 basis points sequentially and 15 basis points year-over-year due to ongoing credit normalization and greater economic uncertainty. Consistent with our commentary last quarter, we have tightened our risk appetite in select areas, though we maintain our through-the-cycle supportive approach for high-quality, long-term clients.

我們的淨沖銷率下降了 3 個基點，至 51 個基點，反映了上一季學生貸款銷售的影響，但部分被我們的商業房地產和消費貸款投資組合的增加所抵消。 （技術困難）撥備費用超過淨沖銷額 9,200 萬美元的準備金。由於持續的信貸正常化和更大的經濟不確定性，我們的 ALLL 比率升至 1.49%，環比上升 6 個基點，比去年同期上升 15 個基點。與我們上季度的評論一致，我們收緊了特定領域的風險偏好，但我們仍維持對高品質長期客戶的整個週期支援方法。

Turning to capital now on Slide 16. Based on our assessment of the proposed capital rules, we feel confident in our ability to meet the requirements under the proposed phase-in periods. Truist added 29 basis points of CET1 capital in the third quarter through a combination of organic capital generation and disciplined RWA management. With a CET1 ratio of 9.9%, Truist remains well capitalized relative to our new minimum regulatory requirement of 7.4%, which took place on October 1.

現在轉向投影片 16 上的資本。根據我們對擬議資本規則的評估，我們對滿足擬議分階段期間的要求充滿信心。透過有機資本產生和嚴格的 RWA 管理相結合，Truist 在第三季度增加了 29 個基點的 CET1 資本。 Truist 的 CET1 比率為 9.9%，相對於 10 月 1 日實施的 7.4% 的新最低監管要求，資本充足。

As a company, we are strongly committed to building capital and achieving a CET1 ratio of approximately 10% by the end of the year. The projected trajectory for our CET1 ratio does incorporate headwinds from the pending FDIC assessment, which is now expected to be recognized in the fourth quarter.

作為一家公司，我們堅定地致力於累積資本，並在年底前實現約 10% 的 CET1 比率。我們的 CET1 比率的預期軌跡確實包含了待定的 FDIC 評估所帶來的阻力，目前預計該評估將在第四季度得到認可。

Our primary capital priorities are supporting the organic growth needs of new and existing core clients and the payment of our $0.52 per share common dividend. We have no plans to repurchase shares over the near term and we will continue to allow previous acquisitions to mature. RWA management continues to be disciplined as we allocate less capital to certain businesses, though we have been very clear that our balance sheet is open to core clients.

我們的主要資本優先事項是支持新舊核心客戶的有機成長需求以及支付每股 0.52 美元的普通股息。我們短期內沒有回購股票的計劃，我們將繼續讓先前的收購成熟。儘管我們非常清楚我們的資產負債表對核心客戶開放，但隨著我們向某些業務分配的資本減少，RWA 管理仍然受到約束。

In addition, we continue to believe that Truist's capital flexibility with Truist Insurance Holdings is a distinctive advantage. We estimate that our residual 80% ownership stake provides greater than 200 basis points of additional capital flexibility.

此外，我們仍然認為 Truist 與 Truist Insurance Holdings 的資本彈性是一個獨特的優勢。我們估計，我們剩餘的 80% 股權可提供超過 200 個基點的額外資本彈性。

The table in the center of the slide provides an updated analysis of our AOCI. Based on estimated cash flows in today's forward curve, we would expect the component of AOCI attributable to securities to decline from $13.5 billion at the end of the third quarter to $9.7 billion by the end of 2026 or a decline of 28%.

幻燈片中央的表格提供了 AOCI 的最新分析。根據今天遠期曲線的估計現金流量，我們預計 AOCI 中證券的組成部分將從第三季末的 135 億美元下降到 2026 年底的 97 億美元，即下降 28%。

Finally, as it relates to the proposed rules for a long-term debt requirement, we estimate that Truist's binding constraint is at the bank level and that the shortfall is approximately $13 billion. We are confident that we will meet the proposed requirements at both the bank and holding company level through normal debt issuance during the phase-in period.

最後，由於它涉及長期債務要求的擬議規則，我們估計 Truist 的約束約束是在銀行層面，缺口約為 130 億美元。我們有信心在分階段期間透過正常的發債方式滿足銀行和控股公司層面的建議要求。

Now I will review our updated guidance on Slide 17. Looking into the fourth quarter of 2023, we expect revenues to be flat or to decline 1% from 3Q '23 GAAP revenue of $5.7 billion. We expect linked-quarter improvement in noninterest income due to higher insurance, service charges on deposit income and investment banking and trading income, partially offset by lower mortgage and other income. Net interest income is likely to remain under some pressure due to our smaller balance sheet and modest NIM compression.

現在我將回顧投影片 17 上的更新指引。展望 2023 年第四季，我們預期營收將持平或較 23 年第三季 GAAP 營收 57 億美元下降 1%。我們預計，由於保險費、存款收入服務費以及投資銀行和交易收入增加，非利息收入環比改善，但部分被抵押貸款和其他收入減少所抵消。由於我們的資產負債表規模較小且淨利差適度壓縮，淨利息收入可能仍面臨一定壓力。

Adjusted expenses of $3.5 billion are expected to decline 3.5% due to lower personnel and other expenses. In April, we stated that our 2023 expense guidance excluded expenses associated with TIH independence readiness. Previously, we've not called out these costs because they totaled only $20 million through the first 9 months of 2023, including $9 million in the second quarter and $11 million in the third quarter. In the fourth quarter, we expect these expenses to approximate $35 million, which are excluded from our 4Q '23 expense guidance.

由於人員和其他費用減少，預計 35 億美元的調整後費用將下降 3.5%。 4 月份，我們表示 2023 年費用指引不包括與 TIH 獨立準備相關的費用。先前，我們並未公佈這些成本，因為 2023 年前 9 個月的成本總計僅為 2,000 萬美元，其中第二季的 900 萬美元和第三季的 1,100 萬美元。在第四季度，我們預計這些費用約為 3500 萬美元，這不包括在我們的 23 年第四季費用指引中。

For the full year 2023, we expect revenues to increase by approximately 1.5%, which is at the midpoint of our previous revenue guidance of up 1% to 2%. Our guidance includes the $87 million client refund accrual that negatively impacted fees in the third quarter.

對於 2023 年全年，我們預計收入將增長約 1.5%，這是我們之前收入增長 1% 至 2% 指導值的中位數。我們的指導包括 8700 萬美元的應計客戶退款，這對第三季的費用產生了負面影響。

Full year 2023 adjusted expenses are still on track to increase 7%. This includes $70 million related to the legal settlements and client deposit service charge refunds, but excludes the $55 million of TIH independence readiness costs for 2023.

2023 年全年調整後費用仍有望成長 7%。這包括與法律和解和客戶押金服務費退款相關的 7,000 萬美元，但不包括 2023 年 TIH 獨立準備費用的 5,500 萬美元。

In terms of asset quality, we have tightened our guidance from a range of 40 to 50 basis points to approximately 50 basis points for the full year, which includes the impact of the student loan sale. Finally, we expect our tax rate -- effective tax rate to approximate 18% or 20% on a taxable equivalent basis compared to 19% and 21% previously.

在資產品質方面，我們將全年指導從 40 至 50 個基點收緊至約 50 個基點，其中包括學生貸款銷售的影響。最後，我們預計我們的稅率——以應稅等值計算的有效稅率約為 18% 或 20%，而之前為 19% 和 21%。

Now I'll hand it back to Bill for some final remarks.

現在我將把它交還給比爾做一些最後的評論。

Great. Thanks, Mike. And I'll conclude on Slide 18.

偉大的。謝謝，麥克。我將在投影片 18 上進行總結。

So looking beyond the third quarter, our transformation into a simpler, more profitable company is underway. We're driving swift and meaningful actions to simplify our organization, which include key organizational changes. So for example, in the recent weeks we've streamlined our commercial and community banking regions from 21 to 14, realigned several overlapping units into a unified commercial real estate business.

因此，展望第三季之後，我們正在轉型為更簡單、更獲利的公司。我們正在推動迅速而有意義的行動來簡化我們的組織，其中包括關鍵的組織變革。例如，最近幾週，我們將商業和社區銀行業務區域從 21 個精簡為 14 個，將幾個重疊的單位重新調整為統一的商業房地產業務。

We've merged our consumer payments and wholesale payments businesses into a single enterprise payments organization, which will help us to accelerate payments activity more effectively across Truist. There have been a number of team consolidations within our consumer and small business banking lines of businesses. We've also realigned 9 teams under our enterprise operational services to drive efficiencies across our support team serving the whole organization. All of these changes are part of our $750 million cost saves program, which is well underway and designed to drive better service for our clients and limit adjusted expense growth to flat to up 1% in 2024.

我們已將消費者支付和批發支付業務合併為一個企業支付組織，這將有助於我們更有效地加速整個 Truist 的支付活動。我們的消費者和小型企業銀行業務線內進行了多次團隊整合。我們也重新調整了企業營運服務下的 9 個團隊，以提高為整個組織提供服務的支援團隊的效率。所有這些變化都是我們 7.5 億美元成本節約計劃的一部分，該計劃正在順利進行，旨在為我們的客戶提供更好的服務，並將調整後的費用增長限制在 2024 年持平至 1%。

Although we're focused on reducing the rate of expense growth, we will continue to invest in our risk management organization and ability to maintain strong asset quality metrics. While there are many changes happening inside Truist, we've not lost focus on our core consumer and commercial businesses, which is an area that will continue to see significant investment. Net new checking account production has been positive for the first 3 quarters of this year, and we're on track to continue positive net news for the whole year.

儘管我們專注於降低費用成長率，但我們將繼續投資於我們的風險管理組織和維持強大資產品質指標的能力。儘管 Truist 內部發生了許多變化，但我們並沒有失去對核心消費者和商業業務的關注，這是一個將繼續獲得大量投資的領域。今年前三個季度的淨新支票帳戶產出一直為正值，我們預計在全年繼續帶來正面的淨值消息。

During the quarter, we acquired more than 39,000 households through our digital channel. We're also maintaining momentum in wealth, where net organic asset flows have been positive in 9 of the past 10 quarters. Client satisfaction scores were stable or increased across most RSPB channels during the third quarter. In the corporate and commercial, new left lead transactions were up 45% year-over-year.

本季度，我們透過數位管道獲得了超過 39,000 個家庭。我們也保持了財富成長勢頭，過去 10 個季度中有 9 個季度的淨有機資產流動為正。第三季度，大多數 RSPB 通路的客戶滿意度分數保持穩定或上升。在企業和商業領域，新左鉛交易年增 45%。

Lastly, our wholesale payments pipeline is up 10% year-over-year. We're also seeing strong improvement in client sentiment amongst commercial clients, reflecting product and digital investments that we've already made.

最後，我們的批發支付管道年增了 10%。我們也看到商業客戶的客戶情緒有了強勁改善，這反映了我們已經進行的產品和數位投資。

As a company, we're also operating our balance sheet more efficiently, thanks to our focus on core clients, deemphasizing lower-return portfolios and paying down higher-cost debt. We're building capital, and we feel confident in our ability to satisfy the requirements proposed in the Basel III end game rules with the proposed phase-in periods, while preserving our strategic flexibility with TIH.

作為一家公司，由於我們專注於核心客戶、淡化低迴報投資組合以及償還成本較高的債務，我們的資產負債表營運也更有效率。我們正在累積資本，我們對滿足巴塞爾協議 III 最終遊戲規則中提出的建議分階段要求的能力充滿信心，同時保持我們與 TIH 的戰略靈活性。

In conclusion, we're making progress and we're doing what's necessary to improve our financial performance to meet your high expectations and, of course, ours. I am truly optimistic about Truist, and I know we're well positioned for the future. Our teammates are really performing at a high level, and they are committed to serving our clients, caring for each other and capitalizing on our great growth markets, I am really proud of our teammates.

總而言之，我們正在取得進展，我們正在採取必要的措施來改善我們的財務業績，以滿足您的高期望，當然還有我們的高期望。我對 Truist 非常樂觀，我知道我們已經為未來做好了準備。我們的團隊成員確實表現出高水平，他們致力於服務我們的客戶，互相關心並利用我們巨大的成長市場，我為我們的團隊成員感到自豪。

Before we move to Q&A, I also want to publicly thank the 8 members of our Board of Directors who plan to retire at the end of this year. I'm deeply grateful for their years of service and meaningful contributions to our company. Truist literally exists due to their leadership and confidence. Following these retirements, our Board will consist of 13 members, including 12 independent directors, who are well positioned to oversee and advance our strategic plans during this period of rapid industry transformation.

在進入問答環節之前，我還想公開感謝 8 位計劃於今年底退休的董事會成員。我對他們多年來為我們公司提供的服務和做出的有意義的貢獻深表感謝。真實主義者之所以存在，是因為他們的領導力和自信。退休後，我們的董事會將由 13 名成員組成，其中包括 12 名獨立董事，他們能夠在產業快速轉型時期監督和推進我們的策略計畫。

So with that, Brad, let me turn it back over to you, and we look forward to the Q&A.

那麼，布拉德，讓我把它轉回給你，我們期待著問答。

Thank you, Bill. Anthony, at this time, will you please explain how our listeners can participate in the Q&A session? As you do that, (Operator Instructions)

謝謝你，比爾。安東尼，現在請您解釋一下我們的聽眾如何參與問答環節？當您這樣做時，（操作員說明）

(Operator Instructions) Our first question will come from Ken Usdin with Jefferies.

（操作員說明）我們的第一個問題將由 Jefferies 的 Ken Usdin 提出。

I just -- Bill, just coming back to the independence preparation for TIH and articles that were in the paper, I know you're still -- I'm talking about the optionality. Can you just give us an updated sense of just how you're looking at the value of the business financially versus strategically? And what would change here to make you guys move forward with some type of transaction to move it forward?

我只是 - 比爾，剛剛回到 TIH 的獨立準備和報紙上的文章，我知道你仍然 - 我正在談論選擇性。您能否向我們介紹一下您如何從財務角度和策略角度看待企業價值？這裡會發生什麼變化來促使你們推進某種類型的交易來推動它向前發展？

Yes, Ken, thanks for that. As you can imagine, I don't want to comment on any sort of rumor or speculation. But to your question, think about the reason we did the opportunity with Stone Point. I mean what we wanted to do is exactly what you highlighted in your question, is to create this financial and strategic flexibility for both Truist and for TIH. We wanted to establish value in the business, and the business is growing. I mean, we've been able to hire and retain talent.

是的，肯，謝謝你。正如你可以想像的，我不想對任何謠言或猜測發表評論。但對於你的問題，請思考我們與 Stone Point 合作的原因。我的意思是，我們想要做的正是您在問題中強調的內容，即為 Truist 和 TIH 創造這種財務和策略彈性。我們希望在業務中建立價值，並且業務正在成長。我的意思是，我們已經能夠僱用並留住人才。

So we feel really good about what's happening in the core insurance business. We wanted to make sure that the insurance business had flexibility to continue to grow and then that Truist had an opportunity to respond so whatever may happen. I mean, we're obviously in a market that's got a lot of uncertainty to it, and we just want to retain that strategic and financial flexibility. So there's not one thing. There's not like a queue, if something happens, we do this. But we want to just continue to reserve this flexibility and continue to apply it to both the bank and the insurance business.

因此，我們對核心保險業務的發展狀況感到非常滿意。我們希望確保保險業務具有繼續成長的靈活性，然後 Truist 有機會做出反應，以便無論發生什麼情況。我的意思是，我們顯然處於一個充滿不確定性的市場，我們只想保留策略和財務彈性。所以沒有一件事。不像排隊，如果發生什麼事情，我們就會這樣做。但我們希望繼續保留這種靈活性，並將其繼續應用於銀行和保險業務。

Yes. And I guess just a follow-up on it as well. Like at what point does financial benefit become strategic? Because a lot of the questions we get are the trade-off between the 2, an obvious ability to improve capital versus a delta in terms of like fee contribution, ROE, et cetera. So it's hard for the investor community to kind of just understand what that incremental switch is. I guess, maybe, how do you think about that notion of like when financial becomes strategic?

是的。我想這也只是後續行動。例如什麼時候財務利益會變成戰略利益？因為我們收到的許多問題都是兩者之間的權衡，也就是明顯提高資本的能力與在費用貢獻、股本報酬率等方面的增量。因此，投資者群體很難理解增量轉換是什麼。我想，也許，當金融變得戰略性時，你如何看待這種概念？

Yes. As I said, there isn't a particular trigger point. We just want to make sure that we retain that flexibility, and we're constantly looking at everything that you just talked about and factoring that into the decision-making. This is something that we sort of continually keep in front of ourselves, we keep in front of the Board. But I think the intentionality -- I mean, the reason we did this is we're allowed to have this conversation around flexibility.

是的。正如我所說，沒有特定的觸發點。我們只是想確保保留這種靈活性，並且我們會不斷關注您剛才談到的所有內容，並將其納入決策中。這是我們不斷地擺在自己面前、擺在董事會面前的事。但我認為有意向——我的意思是，我們這樣做的原因是我們可以圍繞靈活性進行對話。

Our next question will come from John McDonald with Autonomous Research.

我們的下一個問題將來自自治研究中心的約翰·麥克唐納。

I wanted to ask you about net interest income. A number of banks have said that they see NII dollars potentially bottoming in the fourth quarter. Mike mentioned you see a little bit of slippage into the fourth quarter. But do you have any visibility on whether that could stabilize fourth quarter? And what factors should we think about for you as we think about the NII path heading into next year?

我想問你關於淨利息收入的問題。許多銀行表示，他們認為NII美元可能會在第四季觸底。麥克提到你會看到第四季出現了一些下滑。但您是否知道這是否可以穩定第四季？當我們考慮明年的 NII 路徑時，我們應該為您考慮哪些因素？

Yes, John. We obviously did see some pressure this quarter, actually probably a little bit better than we expected and that we talked about during the second quarter. We do expect to continue to see some pressure in the fourth, and frankly, even into the first half of 2024. And I think that just has to do with the rate path. We have an expectation that we think we've seen our last hike, and we don't have a cut in the forecast until July of next year. We have 2 cuts in the second half.

是的，約翰。顯然，本季度我們確實看到了一些壓力，實際上可能比我們預期的要好一些，我們在第二季度談到了這一點。我們確實預計第四季度甚至到 2024 年上半年都會繼續面臨一些壓力。我認為這與利率路徑有關。我們預計我們已經看到了上次升息，並且直到明年 7 月我們才會下調預測。下半場我們有2次晉級。

And so as betas sort of -- again, the good news is, are slowing down, and we feel like grinding a bit lower, we should still feel a little bit of pressure there. We're trying to combat some of that pressure. We've been very intentional around how we're managing rate paid across our client base. We're beginning to see nice progress as it relates to new and renewed credit spreads. We're repricing some of the fixed rate loans. So the good news is, is while there's pressure, it's moderating, but we still do see that pressure into early next year.

因此，正如貝塔測試一樣——再次，好消息是，正在放緩，我們感覺要降低一點，但我們仍然應該感受到一點壓力。我們正在努力應對一些壓力。我們非常注重如何管理整個客戶群的支付費率。我們開始看到在新的和更新的信用利差方面取得的良好進展。我們正在重新定價一些固定利率貸款。因此，好消息是，雖然存在壓力，但正在緩解，但我們仍然會在明年初看到這種壓力。

Got you. And in terms of the expenses, when you talk about the goal for next year to be flat to up 1%, can you remind us how much of the $750 million gross are you expecting it next year and whether you might also have TIH readiness costs go into next year, too.

明白你了。就費用而言，當您談到明年的目標是持平至增長 1% 時，您能否提醒我們您明年預計 7.5 億美元總額中的多少以及您是否還需要 TIH 準備成本也進入明年。

I can start there, John. I think Bill may want to weigh in, too. Hard to say. I mean, we said on the 750% million, it's kind of 12 to 18 months. I mean, I think if you think about 2/3 plus or minus, being recognized next year, maybe it's a little more than that. That's how we're thinking about the math there. And that would again, John, give us the confidence that we have to make sure we manage expense growth to less than 1%. You asked about TIH readiness costs as well. We're not ready to talk about '24 yet there. We will give you more visibility to that when we guide for the full year in January.

我可以從這裡開始，約翰。我認為比爾可能也想參與其中。很難說。我的意思是，我們說 750% 的百萬，是 12 到 18 個月。我的意思是，我認為如果你考慮明年獲得認可的 2/3 加或減，也許比這個多一點。這就是我們思考數學的方式。約翰，這將再次給我們信心，我們必須確保將費用成長控制在 1% 以下。您也詢問了 TIH 準備成本。我們還沒準備好談論「24」。當我們在一月份發布全年指南時，我們將讓您更清楚地了解這一點。

Our next question will come from Ebrahim Poonawala with Bank of America.

我們的下一個問題將來自美國銀行的 Ebrahim Poonawala。

I guess maybe, Mike, just following up on the expense savings. One, just trying to think through when we look at the 0 to 1% growth next year. When do these get realized? And does -- should we assume that the expense run rate through 2024 continues to decline from when we are thinking about exit 2024, second half '24 expenses will be lower than first half '24? Is that just from a construct standpoint, the right way to think about how these flow through relative to your offsetting investments?

麥克，我想也許只是為了節省開支。第一，當我們展望明年 0% 到 1% 的成長時，試著思考一下。這些什麼時候才能實現呢？我們是否應該假設，到 2024 年的費用運行率從我們考慮退出 2024 年時開始持續下降，24 年下半年的費用將低於 24 年上半年的費用？僅從構建的角度來看，這是否是考慮這些相對於您的抵消投資如何流動的正確方法？

Yes, Ebrahim, I think the way I'd answer that question is a lot of the action we're taking actually right now and in the rest of the fourth quarter and early next year around, for example, some of the some of the organizational design and health and some of the reductions in force, you'll see that come into the run rate relatively quickly. Same goes for some of the realignment of businesses. Those have different flavors. In certain cases, if we significantly restructure a business -- like as a good example, we discontinued our middle market agency trading business earlier this year. That was a pretty quick adjustment to run rate.

是的，易卜拉欣，我認為我回答這個問題的方式是我們現在、第四季度剩餘時間和明年初實際上正在採取的很多行動，例如，一些組織設計和健康狀況以及一些人員的減少，您會發現它們相對較快地進入運行速度。一些業務的重組也是如此。這些有不同的味道。在某些情況下，如果我們對業務進行重大重組——例如，我們今年稍早終止了中間市場代理交易業務。這是對運行率的一個相當快的調整。

Other adjustments we're making maybe take place throughout the course of the course of next year. And then technology spend which, as you'll recall, is a pretty significant component of our cost savings plan, that has a variety of flavors as well. So I'd say for the most part, you're going to see pretty good progress on run rate adjustment sort of as we exit '23 and enter '24. And you'll see, I think, just sort of continuous improvement throughout the course of the year.

我們正在進行的其他調整可能會在明年整個過程中進行。然後是技術支出，正如您所記得的那樣，這是我們成本節約計劃的一個非常重要的組成部分，該計劃也有多種形式。所以我想說，在大多數情況下，當我們退出'23並進入'24時，你會看到運行率調整方面取得了相當好的進展。我想，你會看到這一年的持續改進。

That's helpful, Mike. And I guess just a separate question. So you talked about exiting certain businesses, the student loan portfolio, another one. How much more is there as you think about just making the balance sheet more efficient, optimizing capital? Is there a lot more to go on the asset side that you could look to exit or sell? And if there's any way to quantify that.

這很有幫助，麥克。我想這只是一個單獨的問題。所以你談到了退出某些業務、學生貸款組合以及另一項業務。當您考慮提高資產負債表效率、優化資本時，還有多少其他的想法呢？資產方面還有很多值得您退出或出售的東西嗎？如果有任何方法可以量化這一點。

I think we got after the lowest hanging fruit pretty quickly, Ebrahim. The student portfolio was not a strategic asset for us. It was less profitable. There have been other businesses within even our C&I business, for example, that we didn't feel like we're as highly as strategic. We've talked a lot about correspondent mortgage and some of our national indirect lending businesses.

我認為我們很快就找到了最容易實現的目標，易卜拉欣。學生作品集對我們來說並不是戰略資產。它的利潤較少。例如，甚至在我們的工商業業務中，還有其他業務，我們覺得我們的策略性不那麼高。我們已經討論了很多關於代理抵押貸款和一些國家間接貸款業務的問題。

So I think that we have a pretty good line of sight to it. I think going forward, it's just much more around optimization, right? And being more disciplined in how we select opportunities, how we price opportunities. We're seeing that come through in our results as well. But there's not a -- I don't think a significant shoe to drop on portfolio sales and those types of things.

所以我認為我們對此有很好的視線。我認為展望未來，更多的是圍繞優化，對吧？我們在如何選擇機會、如何定價機會方面更加自律。我們在結果中也看到了這一點。但我不認為投資組合銷售和這類事情有什麼重大意義。

Maybe the only thing to add to that, Mike, is that just particularly in the areas that we've seen really good growth, think Sheffield and Service Finance, we'll do more securitization. So we'll create more velocity around those things on our balance sheet, which I think are great. So continue the production, continue to acquire new clients, but increase the velocity.

麥克，也許唯一需要補充的是，特別是在我們看到真正良好成長的領域，例如謝菲爾德和服務金融，我們將進行更多的證券化。因此，我們將圍繞資產負債表上的這些事情創造更快的速度，我認為這很棒。因此，繼續生產，繼續獲得新客戶，但提高速度。

And we'll look at that with other parts of our portfolio. So I think Mike said it right. It's not a major power shift. But this optimization strategy, our team has really embraced, and I think we just continue to have more opportunities, I'm going to say, around the edges but maybe more significant that as we move forward. And you saw that reflected in the NIM this quarter.

我們將結合我們產品組合的其他部分來研究這一點。所以我認為麥克說得對。這不是一次重大的權力轉移。但我們的團隊確實接受了這種優化策略，我認為我們將繼續擁有更多機會，我想說的是，在邊緣，但隨著我們的前進，可能更重要。您在本季度的淨息差中看到了這一點。

Our next question will come from Erika Najarian with UBS.

我們的下一個問題將由瑞銀集團的埃里卡·納賈里安（Erika Najarian）提出。

This first question is for you, Bill. I think just taking a step back and thinking about Slide 16, I think a handful of your investors did think that once you struck the deal with Stone Point, that it was a sort of a one-way exit. That being said that deal was struck in February, right? The world didn't change in until March. And so my question for you is that you have this monetization opportunity for Truist Insurance Holdings.

第一個問題是問你的，比爾。我想退一步想想幻燈片 16，我認為你們的一些投資者確實認為，一旦你們與 Stone Point 達成了交易，那就是一種單向退出。話雖如此，這筆交易是在二月達成的，對嗎？直到三月，世界才改變。所以我想問你的問題是，Truist Insurance Holdings 有這個貨幣化機會。

And as you think about the proceeds, again, clearly, the world has changed. So how do you balance essentially the push that some investors are calling for in terms of restructuring your portfolio very meaningfully? And I can see in that middle chart in Slide 16 that portfolio is a very, very slow lead versus if you do that, you're essentially making the same call you did in 4Q '20, which is assume that rates are going to stay where they are versus maybe doing more on the RWA mitigation side, which will cost you more in NII over the near term, but won't trap you into making a rate bet.

當你想到收益時，很明顯，世界已經改變了。那麼，您如何從根本上平衡一些投資者所呼籲的、非常有意義地重組您的投資組合的推動力呢？我可以在投影片 16 的中間圖表中看到，投資組合的領先速度非常非常慢，如果你這樣做，你基本上會做出與 20 年第四季相同的決定，即假設利率將保持不變他們現在的情況與可能在RWA 緩解方面做更多的事情相比，這會在短期內讓你在NII 上花費更多，但不會讓你陷入利率押注。

Erika, I think you've been in all our meetings. These are all the things that we're evaluating. Everything is in a bucket to discuss. And as you noted, I mean, the world changed pretty substantially from March, but it just reaffirmed our desire to have this flexibility. And going back a little bit to the independence question, remember, we sort of got this large capital benefit. But we always have this -- part of getting that capital benefit was the expense of creating the independents over the long term, as you just highlighted that.

艾莉卡，我想你參加了我們所有的會議。這些都是我們正在評估的事情。一切都在桶子裡討論。正如您所指出的，我的意思是，自三月以來，世界發生了很大的變化，但這只是重申了我們對擁有這種靈活性的渴望。回顧獨立性問題，請記住，我們獲得了巨額資本利得。但我們總是有這樣的情況——獲得資本利益的一部分是長期創建獨立公司的費用，正如您剛才強調的那樣。

So that -- to us, that was always a really good trade-off in terms of creating that flexibility. So I don't want to speculate today as to we're going to go left or we're going to go right other than to say, I think you've encapsulated almost perfectly in your question all the alternatives we would consider and their trade-offs to every single one. There's not one perfect path. There are trade-offs to all of them. And we're going to make the decisions that are in the best long-term interest of our shareholders. That's going to be our North Star and the guiding post as we think through this and factor in all the environment that will exist today, and that will exist tomorrow with everything that you put into your question.

因此，對我們來說，在創造靈活性方面，這始終是一個非常好的權衡。所以我今天不想猜測我們會向左走還是向右走，只是說，我認為你已經在你的問題中幾乎完美地概括了我們會考慮的所有替代方案及其對每一項都進行權衡。沒有一條完美的道路。所有這些都需要權衡。我們將做出符合股東最佳長期利益的決定。這將是我們的北極星和指導柱，當我們思考這個問題並考慮今天將存在的所有環境以及明天將存在的所有環境以及你在問題中提出的所有內容時。

And my second question is far more boring. On the service charges, Mike, it went down to $150 million from like a $240 million handle and $249 million in the previous quarter -- the previous March quarter. Was that a onetime reversal? Or is this a new run rate? I know that there was some offset in other income, but just trying to think about the moving pieces for fees from here.

我的第二個問題比較無聊。麥克，在服務費方面，它從上一季（即上一季）的 2.4 億美元和 2.49 億美元降至 1.5 億美元。這是一次逆轉嗎？或者這是一個新的運行率？我知道其他收入有一些抵消，但只是想考慮這裡的費用轉移部分。

Yes. During the quarter, the accrual that we referenced was $87 million, and that's not something that we would expect to continue.

是的。在本季度，我們提到的應計費用為 8700 萬美元，我們預計這種情況不會持續下去。

Our next question will come from John Pancari with Evercore ISI. You may now go ahead.

我們的下一個問題將來自 Evercore ISI 的 John Pancari。現在你可以繼續了。

On the commentary you gave to John McDonald's question regarding some incremental pressure in margin and NII in the fourth quarter and into the first half, can you maybe help quantify that magnitude of the pressure that you would expect based upon your rate outlook and the balance sheet dynamics?

關於您對約翰·麥克唐納關於第四季度和上半年利潤率和NII增量壓力的問題的評論，您能否幫助量化您根據利率前景和資產負債表預期的壓力大小動力學？

And then secondly, could you possibly unpack the deposit growth assumption and deposit beta assumption that's baked into that?

其次，您能否解開其中包含的存款成長假設和存款貝塔假設？

John, I'll just maybe give you a sense for the outlook on NIM for the fourth quarter. I think we're -- again, as I mentioned, with the deposit betas creeping, we're at 49%, as you know, as of the third quarter; we were at 44% in the second. We would expect that to continue to worsen a bit just as customers continue to reprice a bit, that's obviously slowing. And for the most part across, say, about 3 or 4 of our segments is sort of all the way where we think terminal betas might be, but we're still seeing some movement on the consumer side of things.

約翰，我可能會讓您了解第四季度 NIM 的前景。我認為，正如我所提到的，隨著存款貝塔值的不斷攀升，正如你所知，截至第三季度，我們的比率為 49%；第二個我們的得分是 44%。我們預計，隨著客戶繼續稍微重新定價，情況會繼續惡化，這顯然正在放緩。在大多數情況下，比如說，我們的大約 3 或 4 個細分市場有點像我們認為的終端測試版可能的那樣，但我們仍然看到消費者方面的一些變化。

So I think a little bit of pressure from the betas, again, offset perhaps a bit by some of the credit spread widening that we're seeing. So from a NIM perspective, maybe it's a few basis points. As far as our revenue outlook for the quarter, we have a sense that it's probably worse, 1%, perhaps flat. NII is going to be down a touch and fees will be up a touch. So I'd just sort of maybe leave it at that.

因此，我認為來自貝塔的一點壓力可能會被我們看到的一些信貸利差擴大所抵消。因此，從 NIM 的角度來看，也許有幾個基點。就我們本季的收入前景而言，我們有一種感覺，它可能會更糟，1%，也許持平。 NII 將會下降，費用將會上升。所以我可能就這樣吧。

As far as the balance sheet sizing, we had a much more significant decline in earning assets during the third quarter, around $18 billion. We would expect that to be much, much smaller in the fourth quarter. So maybe closer to the tune of $5 billion or so. You've got the securities portfolio that's cash flowing at about $3 billion and maybe just a little bit of pressure on loans. So I think that's probably the math you need.

就資產負債表規模而言，第三季我們的獲利資產下降幅度更大，約 180 億美元。我們預計第四季這一數字會小得多。所以可能更接近 50 億美元左右。你的證券投資組合的現金流量約為 30 億美元，可能還有一點貸款壓力。所以我認為這可能就是你需要的數學。

Okay. Great. That's helpful. And then secondly, you had a pretty solid remix of the funding base that you discussed a bit on Slide 11 in the third quarter given the some of the paydown or reduction in the club advances, et cetera. How much more do you think of rationalization of the funding mix do you think there is in coming quarters as you look at the setup now?

好的。偉大的。這很有幫助。其次，考慮到俱樂部預付款的一些支付或減少等，您對第三季幻燈片 11 中討論過的資金基礎進行了相當紮實的重新組合。當您考慮現在的設定時，您認為未來幾季融資組合的合理化還有多少？

Yes, I think the third quarter was unique in the amount of remixing that was accomplished. I mean, you saw the student loan portfolio was a big component of that, And that's a pretty low net interest margin contributor. Same thing, the investment portfolio at $3 billion. We took cash down by close to $5 billion. So if you think about that stuff as sort of right at SOFR, really, really thin spreads and then at the same time, taking off the FHLB advances, that was really the driver, that mixing that saw some of the benefit on the NIM and that sort of aided the NII in the quarter.

是的，我認為第三季完成的混音數量是獨一無二的。我的意思是，你看到學生貸款組合是其中的一個重要組成部分，而且這是一個相當低的淨利差貢獻者。同樣，投資組合為 30 億美元。我們減少了近 50 億美元的現金。因此，如果你認為 SOFR 的這些東西確實非常非常薄，然後同時取消 FHLB 的進步，那確實是驅動力，這種混合給 NIM 帶來了一些好處，這對本季度的國家信息基礎設施有所幫助。

I think in the fourth quarter, you're going to see a more sort of traditional march of, again, I've hit it, deposit costs creeping up a little bit higher. Hopefully, again, we'll continue to be successful as we have been around. Thinking about rate paid, I mean, I'm really pleased by how the business has been performing. I mean, we've been testing different rate strategies. We've been looking at promo rates. We've looked at exception-based pricing and structure. And so that will continue. And so we're going to try to do the best we can to manage that. But I think the mix driver that we saw in Q3 is really a Q3-only opportunity.

我認為在第四季度，你會看到一種更傳統的行進，我再次擊中了這一點，存款成本逐漸上升。再次希望我們能像以前一樣繼續取得成功。考慮到支付率，我的意思是，我對公司的表現感到非常滿意。我的意思是，我們一直在測試不同的費率策略。我們一直在研究促銷率。我們研究了基於例外的定價和結構。這樣的情況將會持續下去。因此，我們將盡力做到最好。但我認為我們在第三季看到的混合驅動因素實際上是第三季獨有的機會。

Our next question will come from Mike Mayo with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券公司的麥克梅奧。

I hear you about the expense guide for next year is 0 to 1%. So that would be better. And I hear you about taking the tough actions. But then I look at the core efficiency ratio of around 60%, and it's not what investors signed up for when you had announced the merger, even recognizing the rate headwinds and other things. I don't think it's where you wanted to be. So as you embark on what maybe you could call Truist 2.0 as compared to Truist 1.0, how is management changing in terms of the time to make decisions?

我聽說明年的費用指南是 0 到 1%。這樣就更好了。我聽說你要採取強硬行動。但後來我看到了大約 60% 的核心效率，這並不是投資者在宣布合併時所認同的，即使承認了利率阻力和其他因素。我認為這不是你想去的地方。因此，當您開始實施可能稱為 Truist 2.0 的產品時，與 Truist 1.0 相比，管理階層在決策時間上有何變化？

Truist 1.0 was like selecting best of breed, it seemed to take a long time. Maybe that was slowed down by such a large board, which now is getting reduced. How is Truist 2.0 better on intensity? How is Truist 2.0 better in terms of moving shareholders up the pecking order? And I guess, generally, with all your optimism, Bill, that certainly is not reflected in the share price, and there's a lot of frustrated and disgruntled shareholders out there. So how can Truist is 2.0 with the $750 million of savings, maybe strategic actions with insurance, intensity and the way you manage, help shareholders more?

Truist 1.0就像選擇最好的品種，似乎需要很長時間。也許這麼大的董事會放慢了速度，現在董事會正在縮小。 Truist 2.0 的強度如何更好？ Truist 2.0 在提升股東地位方面如何做得更好？我想，總的來說，比爾，儘管你如此樂觀，但這肯定沒有反映在股價中，而且還有很多沮喪和不滿的股東。那麼，Truist 2.0 怎樣才能透過 7.5 億美元的節省，或許包括保險、強度和管理方式的策略行動，為股東提供更多幫助呢？

Yes. Mike, thanks. The intensity is -- I don't know what superlative to use other than high. So the intensity is really good. And what's happened with the cost save program, and we talk about the $750 million in cost saves, but I don't want to diminish the simplification of our business. So creating these consumer and wholesale towers and creating the simplification of our business, that really has allowed us to move a lot faster. So I've been really pleased with how the team has embraced this whole process. I mean, leaders are stepping up in really demonstrable ways, getting in front of it. And they're making decisions at a much, much faster pace.

是的。麥克，謝謝。強度是──我不知道除了高之外還能用什麼最高級的字。所以強度真的很好。成本節省計劃發生了什麼，我們談論了 7.5 億美元的成本節省，但我不想削弱我們業務的簡化。因此，創建這些消費者和批發塔並簡化我們的業務，這確實使我們能夠更快地採取行動。因此，我對團隊如何接受整個過程感到非常滿意。我的意思是，領導者正在以真正明顯的方式挺身而出，走在前面。他們做出決策的速度要快得多。

So I outlined a bunch of the different consolidation and those type of things. Those would have been more sequential in the past. You sort of do one, you do another one, you sort of go through the process. And today, they're all on these great parallel paths. And I think that's going to have a faster, longer-term impact. And look, I mean, to your point, I mean, we're not happy with where the efficiency is now. One of them stated that as publicly as possible. And we have demonstrable plans. We talked about the overall play on the cost saves. But long term, that also has to result in better revenue growth.

所以我概述了一系列不同的整合和類似的事情。在過去，這些會更加連續。你做了一個，又做了另一個，你經歷了這個過程。今天，他們都走在這些偉大的平行道路上。我認為這將產生更快、更長期的影響。聽著，我的意思是，就你的觀點而言，我的意思是，我們對現在的效率不滿意。其中一位盡可能公開地表示這一點。我們有可論證的計劃。我們討論了成本節約的整體效果。但從長遠來看，這也必須帶來更好的收入成長。

And all the things that we do together of bringing these businesses together, optimizing the balance sheet, creating capacity, creating product and capability, training our teammates, having them lean in, demonstrated net new, all the things that are building in terms of the momentum, those are key. And I can assure you, for our Board, we have presented an improvement plan on the efficiency ratio, long-term improvement plan. And we'll be on that track. I mean, we share your frustration, trust me. But I think we've got now the structure in place, the leadership in place, the commitment, the intensity, the support, and we're moving fast. And our team can feel it and they've embraced it.

我們一起做的所有事情包括將這些業務整合在一起，優化資產負債表，創造能力，創造產品和能力，培訓我們的隊友，讓他們精益求精，展示全新的東西，所有這些都是根據動力，這些是關鍵。我可以向您保證，對於我們的董事會，我們已經提出了關於效率比的改進計劃，長期改進計劃。我們將走上這條軌道。我的意思是，我們和你一樣感到沮喪，相信我。但我認為我們現在已經有了適當的結構、適當的領導、承諾、強度和支持，而且我們正在快速行動。我們的團隊可以感受到這一點，並且他們已經接受了它。

Just as a follow-up, since you did present a plan to the Board for the efficiency ratio, I don't think consensus expects much improvement next year. I guess next year is going to be tough to have positive operating leverage. But if you could comment on that. And maybe just a little bit more meat on the bones. You gave a lot, 1/3 less bank region, One payment business. Any other color you can give on the efficiency.

作為後續行動，既然您確實向董事會提出了效率比率計劃，我認為共識預計明年不會有太大改善。我想明年將很難擁有積極的營運槓桿。但如果你能對此發表評論的話。也許只是骨頭上多了一點肉。你給了很多，少了1/3的銀行區域，一個支付業務。您可以給出任何其他顏色來表示效率。

And when you say simplification, I mean, you guys aren't Citi Group, right? It's not like you're in 100 countries. You're in adjacent regional markets where you should be able to be a lot more simple than what happened after the merger. So positive optimal leverage, improvement in efficiency next year, is this really, as you say, a long-term plan?

當你說簡化時，我的意思是，你們不是花旗集團，對嗎？這不像你身處 100 個國家。您處於相鄰的區域市場，您應該能夠比合併後發生的事情簡單得多。那麼積極的最優槓桿，明年效率的提升，這真的是你說的長期計畫嗎？

Yes. On the -- they're just as with efficiency, there is a positive operating leverage long-term plan in all of our businesses. And part of the simplification allows them to control that destiny and make decisions about that on a faster basis. It will be harder in the first part of next year. I mean, as you know, I mean, you're sort of running off an NII comparison. So that's just the tougher hurdle. But as we get into the latter part of next year, I mean, we're going to see continuous improvement and commitment to that on a long-term basis.

是的。就效率而言，我們所有業務都有積極的營運槓桿長期計劃。部分簡化使他們能夠控制命運並更快地做出決策。明年上半年會更困難。我的意思是，如你所知，我的意思是，你有點在進行 NII 比較。所以這只是更難的障礙。但當我們進入明年下半年時，我的意思是，我們將看到長期的持續改進和承諾。

So I can't -- without sort of a rate forecast and all that, particularly, I can't comment exactly. But I can comment that during the second half of next year, you're going to start seeing a lot of improvement on the operating leverage and going into '25, we'll be firmly committed and be on a really good flight path. And then as you -- and then to the simplification things, we'll continue to -- it's a really good question. We'll continue to outline some of those.

所以我不能——如果沒有某種利率預測以及所有這些，特別是我無法準確發表評論。但我可以評論說，在明年下半年，您將開始看到營運槓桿有很大改善，進入 25 年，我們將堅定地致力於並走上一條非常好的飛行路線。然後，正如您所說——然後為了簡化事情，我們將繼續——這是一個非常好的問題。我們將繼續概述其中的一些內容。

I mean just think about, for example, care centers. I mean, we have a lot of care centers serving a lot of different businesses. In the merger. We needed to bring those all over the transom and have them perform well. We've invested in a lot of technology and we can consolidate care centers. Just think about that as one of dozens and dozens of examples of this component of simplification. So while I agree with you, we're not sort of globally in 100 countries or whatever that parallel may have been, but we still have a lot of opportunity to make this company simpler, faster, leaner and more responsive to clients, and as you noted, more responsive to shareholders.

我的意思是想想看，例如護理中心。我的意思是，我們有很多護理中心，為許多不同的企業提供服務。在合併中。我們需要將它們帶到橫樑上並讓它們表現良好。我們投資了大量技術，可以整合護理中心。只需將其視為該簡化部分的數十個示例之一即可。因此，雖然我同意你的觀點，但我們並不是在全球100 個國家/地區開展業務，或類似的情況，但我們仍然有很多機會讓這家公司變得更簡單、更快、更精簡、對客戶的回應更靈敏，你注意到，對股東的反應更加積極。

Our next question will come from Matt O'Connor with Deutsche Bank.

我們的下一個問題將來自德意志銀行的馬特·奧康納。

Can you guys elaborate on the service charge issue? Was that something that was kind of self-identified? Was it driven by the CFPB? Or -- we haven't seen that at peers, at least not yet. Can you elaborate what happened there, please?

能否詳細說明一下服務費問題？這是某種自我認同的東西嗎？是CFPB推動的嗎？或者說——我們在同行中還沒有看到這一點，至少現在還沒有。請您詳細說明那裡發生了什麼事？

Yes, Matt. This is Bill. Yes, we did that on our own volition. I mean, we've looked at all of our products and offerings. We've listened to a lot of client feedback. We reviewed and changed our protocols with respect to deposit-related fees. And that resulted in refunds that did impact revenue and other expense. I think we're taking just a more contemporary view of sort of where the world is, where the puck is going and making sure that we get ahead of that, we're staying in front and creating this clearer path as possible for next year and the continuous improvement we want to make in our business.

是的，馬特。這是比爾。是的，我們是自願這麼做的。我的意思是，我們已經研究了我們所有的產品和產品。我們聽取了很多客戶的回饋。我們審查並更改了有關存款相關費用的協議。這導致退款確實影響了收入和其他費用。我認為我們正在以更現代的視角看待世界在哪裡，冰球將走向哪裡，並確保我們領先，我們保持領先並為明年創造一條盡可能清晰的道路以及我們希望在業務中不斷改進。

And then how do we think about the run rate of the service charges given these changes? Obviously, we're not going to run rate to $152 million. But I guess I would assume it's lower than previous quarters if you implemented changes going forward?

那麼考慮到這些變化，我們如何看待服務費的運作率呢？顯然，我們不會將利率維持在 1.52 億美元。但我想如果你們今後實施改變的話，我會假設它會低於前幾季？

Yes. Look, I mean, I think there's been pressure on this item in general, just given the evolution of the service charges on deposits. But I think you can safely assume that the $87 million that we've noted here during the third quarter was a third quarter event. So again, I think you should expect there to be the same style of pressure you've seen on this line item sort of trending in the industry and for Truist. But this particular event wasn't sort of a step functional driver.

是的。我的意思是，考慮到存款服務費的變化，我認為這個項目總體上面臨壓力。但我認為您可以放心地假設我們在第三季期間注意到的 8700 萬美元是第三季的事件。再說一遍，我認為您應該預料到，在行業和 Truist 的趨勢中，您會看到與此訂單項目類似的壓力。但這特殊事件並不是一種階躍功能驅動因素。

Okay. And then just to summarize, I guess, at this point, with the changes that you made and the refunds like -- how would you frame your approach to service charges? Are you kind of in the middle in terms of being conservative or more on the conservative side? How would you frame the overdraft and the fees overall, the approach?

好的。然後我想總結一下，在這一點上，透過您所做的更改和退款，您將如何制定服務收費方法？你是屬於保守派還是更保守派？您將如何制定透支和整體費用以及方法？

Yes, I think we've got a great product in Truist One and that really reflects where we're going. And so we're adding almost all of our new clients to Truist One. I highlighted some of the benefits, some of the things we're doing that. And then we're migrating some of our back book to Truist One. So I don't know how to characterize conservative work, but I do know this is purposeful. And I think we've got an incredibly competitive product that has all the right mixes and that it's really, really client responsive, but it's also contributed to our growth.

是的，我認為 Truist One 是一款很棒的產品，它真正反映了我們的發展方向。因此，我們將幾乎所有新客戶都新增到 Truist One。我強調了一些好處，以及我們正在做的一些事情。然後我們會將一些舊書移轉到 Truist One。所以我不知道如何形容保守的工作，但我確實知道這是有目的的。我認為我們已經擁有了一款極具競爭力的產品，它具有所有正確的組合，而且它確實非常非常適合客戶，但它也為我們的成長做出了貢獻。

So while service charges as an overall, as Mike talked, will continue to click down, we're balancing that with growth, adding new clients, expanding relationships. And I think that's sort of the right mix as we think going forward. Those things won't align perfectly quarter-to-quarter. But long term, I think we're on a really, really good long-term shareholder value building path.

因此，正如麥克所說，雖然整體服務費用將繼續下降，但我們正在與成長、增加新客戶、擴大關係來平衡這一點。我認為這是我們未來認為的正確組合。這些事情不會在季度與季度之間完全一致。但從長遠來看，我認為我們正走在一條非常非常好的長期股東價值建設道路上。

Our next question will come from Gerard Cassidy with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的傑拉德·卡西迪。

Bill, can you share with us -- when you think about the game plan that you and your peers have had to use post financial crisis in this low interest rate environment, of 0 to 25 basis points, there was a blip in 2018, of course. But now we're in this new rate environment that was really pre-financial crisis, what changes are you -- if you are having some changes, what changes are you implementing to win new business in this new rate environment since it's quite a bit different than it was 3 or 4 years ago with both commercial and consumer customers, loans, deposits, et cetera?

比爾，你能和我們分享一下嗎——當你想到你和你的同行在金融危機後在這種低利率環境下不得不使用的遊戲計劃時，0 到25 個基點，2018 年出現了一個小插曲，課程。但現在我們正處於金融危機前的新利率環境中，您會發生哪些變化 - 如果您正在進行一些變化，那麼您正在實施哪些變化來在這個新利率環境中贏得新業務，因為它有很多變化與3 或4 年前相比，商業和消費者客戶、貸款、存款等有何不同？

Yes, Gerard. I'm unfortunately maybe of the age to have operated in this environment in the past.

是的，傑拉德。不幸的是，我可能已經到了過去在這種環境下工作的年齡。

Same here.

同樣在這裡。

Yes, exactly. So I have some familiarity. This is not unprecedented or new territory. And I think sort of a couple of things. It first starts with -- and you highlighted, I mean, the cost of funding is not free. So the first part starts with all the things we've been talking about, about optimization and demanding more full relationships from our clients and all the things that go along with that. But you have to offer competitive products and capabilities and be leading.

對，就是這樣。所以我有一些熟悉感。這並不是前所未有的或新的領域。我認為有幾件事。首先，你強調了，我的意思是，資金成本不是免費的。因此，第一部分從我們一直在談論的所有事情開始，關於優化和要求我們的客戶建立更全面的關係以及與之相關的所有事情。但你必須提供有競爭力的產品和能力，並且處於領先地位。

And so for us, I highlighted a lot of the metrics, things like net new on the consumer side. So we've got a product like Truist One that's really responsive. We're winning the battle with the competitive environment that clients want more than rate paid. You've got -- your rate paid is not the only option. You got to offer more product and more capabilities. So I think we're winning on that front. And then on the commercial and corporate side, same thing. We're in the advice business. And if we start that we're in the advice business versus we're in the rate business, we start with a really good framework.

因此，對我們來說，我強調了許多指標，例如消費者方面的淨新增指標。因此，我們擁有像 Truist One 這樣響應迅速的產品。我們正在贏得競爭環境的勝利，客戶想要的不僅僅是報酬。您所支付的費用並不是唯一的選擇。您必須提供更多的產品和更多的功能。所以我認為我們在這方面取得了勝利。然後在商業和企業方面，同樣的事情。我們從事諮詢業務。如果我們開始從事諮詢業務而不是利率業務，那麼我們就會從一個非常好的框架開始。

So this whole concept of business life cycle, advisory where we are. I highlighted the fact that we're winning on left lead relationships, so we're becoming more important to our clients. We're becoming the go-to with our clients. We're in the first call perspective where you want to be. So I think the changes are just this relevance is so much more important to start with the market share that we enjoy in our core markets, 20%, all the ubiquity and efficiency that comes with that. So this is not new work, but it's a double down on you have to be really good at the job. You have to be really good at advice. You have to really be good in product and capability and the -- which, by the way, I think that's going to really work well for Truist. The new definition of winning, I think, fits perfectly into our strategy going forward.

因此，我們所處的業務生命週期的整個概念是諮詢。我強調了這樣一個事實，即我們正在贏得左引線關係，因此我們對客戶來說變得越來越重要。我們正在成為客戶的首選。我們處於您想要的第一次通話視角。所以我認為變化就是這種相關性更重要，首先是我們在核心市場享有的市場份額，20%，以及隨之而來的普遍性和效率。所以這不是新工作，但它要求你必須真正擅長這項工作。你必須非常擅長提供建議。你必須真正擅長產品和能力，而且——順便說一句，我認為這對 Truist 來說真的很有效。我認為，勝利的新定義完全符合我們未來的策略。

I appreciate those insights, Bill. And then on credit, maybe this is best answered by Clarke. You guys talked about tightening up, I think, the credit standards a bit. But I'm more interested -- we're not worried about you folks. You guys have a good track record of credit underwriting. But can you make any comments about what others might have been doing over the last 2 or 3 years, whether it's nondepositories or depositories in lending?

我很欣賞這些見解，比爾。然後就信用而言，也許克拉克是最好的答案。我認為你們談到了收緊信貸標準。但我更感興趣——我們並不擔心你們。你們在信貸核保方面有著良好的記錄。但您能否對其他人在過去兩三年中可能會做的事情發表評論，無論是非存款機構還是存款機構的貸款？

And those may be aggressive actions, if there were any, how that could impact your customers who -- again, you've underwritten fine but maybe they've done something crazy with somebody else, which then the second derivative, you guys get impacted. But Clarke, any color on that as first compared to prior cycles?

這些可能是激進的行為，如果有的話，這會如何影響你的客戶——再說一遍，你承保得很好，但也許他們和其他人做了一些瘋狂的事情，然後是二階導數，你們會受到影響。但是克拉克，與之前的周期相比，有什麼顏色嗎？

Yes. Gerard, it's a great question. I know we've -- my peers and I have talked about this. But I'd say, in general, particularly since the Great Recession, I think the discipline in the industry overall has been really good. And I think the fundamental credit approach despite the low rate environment, I think the industry in general is in a much better place than we were prefinancial crisis, and even the nonbank players generally have done a good job there.

是的。傑拉德，這是一個很好的問題。我知道我們和我的同事已經討論過這個問題。但我想說，總的來說，特別是自大衰退以來，我認為整個行業的紀律非常好。我認為，儘管利率環境較低，但基本的信貸方法，我認為整個行業的狀況比金融危機前要好得多，甚至非銀行參與者總體上也做得很好。

So I don't think there's -- we don't necessarily see a big shoe to drop. I think the biggest impact we're trying to evaluate through as you shift from a long secular low rate environment to where we are now is how economic some of those deals were even if you thought your underwriting well, how sustainable will all that be. And we feel really good about where we are. And I'd say generally, the industry as well.

所以我認為我們不一定會看到大問題。我認為，當你從長期的低利率環境轉向我們現在所處的環境時，我們試圖評估的最大影響是，即使你認為你的承保很好，其中一些交易的經濟性如何，這一切的可持續性如何。我們對自己所處的位置感覺非常好。我想說的是，一般來說，這個行業也是如此。

We will now take our final question from Ryan Kenny with Morgan Stanley.

現在我們將接受摩根士丹利瑞安·肯尼提出的最後一個問題。

So I just want to clarify something on the earlier questions on the NII path. So we heard the comment around not expecting any significant loan portfolio sales from here. But can you give us an update on your current approach to managing the securities portfolio? And specifically, what are your views on potentially repositioning parts of the securities portfolio, especially if more capital is freed up from potential future exits or optionality?

所以我只想澄清一些關於 NII 路徑的早期問題。因此，我們聽到了有關預計不會出現任何重大貸款組合銷售的評論。但您能否向我們介紹一下您目前管理證券投資組合方法的最新情況？具體來說，您對可能重新定位部分證券投資組合的看法是什麼，特別是如果從未來潛在的退出或選擇性中釋放更多資本的話？

Yes. Ryan, on the security side, we've -- on average, we see $2.5 billion to $3 billion of just cash flow and maturities from the portfolio. I think you should expect that to continue in terms of sort of just some of the drag on the earning asset base.

是的。 Ryan，在安全方面，我們平均看到投資組合的現金流量和到期日為 25 億至 30 億美元。我認為你應該預期這種情況會持續下去，這會對獲利資產基礎造成一定程度的拖累。

As far as the repositioning, I don't think there's any new news here. I mean, obviously, long rates of sort of been on the rise here. And so we've been tracking the unrealized losses, and we have some incremental disclosure kind of on our current position and the burn down on our capital slide. I think we're constantly evaluating potential strategies and the likes as it relates to the bond portfolio, but nothing new.

至於重新定位，我認為這裡沒有任何新消息。我的意思是，很明顯，這裡的長期利率一直在上升。因此，我們一直在追蹤未實現的損失，並且我們對我們當前的頭寸和資本下滑的燒毀情況進行了一些增量披露。我認為我們正在不斷評估與債券投資組合相關的潛在策略等，但沒什麼新鮮的。

We did -- I'd just say, as we think about this new world we're living in, where these unrealized losses, at least the securities OCI is a factor in terms of capital, in an effort to manage that potential volatility in the future, we did add some pay-fixed hedges during the third quarter, which we'll see some benefit from to the extent that kind of rates hang where they are or worsen a bit. So we've got about 1/3 -- a little less than 1/3 of the AFS securities hedged.

我們做到了——我只想說，當我們思考我們所處的這個新世界時，這些未實現的損失，至少證券 OCI 是資本方面的一個因素，以努力管理潛在的波動性未來，我們確實在第第三季增加了一些固定工資對沖，如果利率保持不變或稍微惡化，我們將看到一些受益。因此，我們有大約 1/3——略小於 1/3 的 AFS 證券進行了對沖。

And then just as a follow-up, on the credit side. Just give a little bit more color on what you're seeing in terms of credit quality. And I'm asking because it does look like you've increased your 2023 NCO guide slightly to the higher end of the prior range. Just wondering if you can share what you're seeing under the surface.

然後作為後續行動，在信用方面。只需對您所看到的信用品質進行更多描述即可。我之所以這麼問，是因為看起來您確實已將 2023 年 NCO 指南略微提高到先前範圍的高端。只是想知道您是否可以分享您在表面下看到的內容。

Yes, Ryan, it's a good question. First, I'd say we haven't established our '24 guidance yet, but I believe the things that will drive where we go forward are the same considerations we are seeing now coming out of Q3 and going into Q4. And so I would say for us, we are seeing normalization in our consumer area, particularly in the low-end consumer. So think of our regional acceptance, subprime auto. And then you've also got some defined seasonality in the second half of the year that's impacting Q4 outlook.

是的，瑞安，這是個好問題。首先，我想說我們還沒有製定 24 年指導方針，但我相信推動我們前進的因素與我們現在在第三季和第四季看到的考慮因素相同。所以我想說，對我們來說，我們正在看到消費領域的正常化，特別是低端消費者。所以想想我們的區域接受度，次級車。然後，下半年的一些明確的季節性因素也會影響第四季的前景。

The other piece would be on what Bill spoke of earlier and Mike, we're remixing our balance sheet to be more optimal. And so you're seeing more growth in our higher-margin businesses like Sheffield and Service Finance, but they carry higher normal losses. And then I think most importantly, something that we control is our efforts to get ahead of the CRE office risk. So in Q3, we were very intentional about working through moving from just identifying the risk there to actually resolving several of the problem credits. And we took some losses there to do that. And we're anticipating maybe opportunities to do more in Q4. So I think those are the 3 factors that will impact where losses go.

另一篇文章是關於比爾之前提到的，麥克，我們正在重新調整我們的資產負債表以使其更加優化。因此，您會看到謝菲爾德和服務金融等利潤率較高的業務出現更多成長，但它們的正常損失也更高。我認為最重要的是，我們可以控制的是我們為應對商業房地產辦公室風險所做的努力。因此，在第三季度，我們非常有意識地從僅僅識別風險轉變為實際解決一些問題。為此我們遭受了一些損失。我們預計第四季度可能有機會做更多事情。所以我認為這三個因素將影響損失的走向。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Brad Milsaps for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給布拉德·米爾薩普斯先生發表閉幕詞。

Okay. Thanks, Anthony. That completes our earnings call. If you have any additional questions, please feel free to reach out to the Investor Relations team. Thank you for your interest in Truist, and we hope you have a great day. Anthony, you can now disconnect the call.

好的。謝謝，安東尼。我們的財報電話會議到此結束。如果您還有任何其他問題，請隨時聯絡投資者關係團隊。感謝您對 Truist 的興趣，祝您度過愉快的一天。安東尼，你現在可以掛斷電話了。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。