Truist Financial Corp (TFC) 2024 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's event is being recorded.

女士們、先生們，大家好，歡迎參加 Truist Financial Corporation 2024 年第一季財報電話會議。 （操作員說明）提醒一下，今天的事件正在被記錄。

It's 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, Jamie, and good morning, everyone. Welcome to Truist First Quarter 2024 Earnings Call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; and our Vice Chair and Chief Risk Officer, Clarke Starnes; as well as other members of Truist senior management team.

謝謝你，傑米，大家早安。歡迎參加 Truist 2024 年第一季財報電話會議。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)；我們的財務長麥克·馬奎爾；以及我們的副主席兼首席風險長 Clarke Starnes；以及 Truist 高階管理團隊的其他成員。

During this morning's call, they will discuss Truist's first quarter results, share their perspective on current business conditions and provide an updated outlook for 2024. The accompanying presentation, as well as our earnings release and supplemental financial information, are available on the Truist Investor Relations website, ir.truist.com.

在今天早上的電話會議中，他們將討論Truist 第一季的業績，分享他們對當前業務狀況的看法，並提供2024 年的最新展望。在Truist 投資者關係網站上取得網站 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.

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, and good morning, everyone. Thank you for joining our call today. So before we discuss our first quarter results, let's begin as always with purpose, and we see that on Slide 4. Truist is a purpose-driven company dedicated to inspiring and building better lives and communities. And I'd like to share some of the ways we brought purpose to life last quarter.

謝謝，大家早安。感謝您今天加入我們的電話會議。因此，在我們討論第一季業績之前，讓我們一如既往地從目標開始，我們在幻燈片4 中看到了這一點。社區。我想分享上個季度我們實現生活目標的一些方法。

Our focus on small business heroes is a great example of purpose driving performance. This strategy helps community heroes achieve their financial dreams and elevates their ability to support our neighbors and build strong communities. We're seeing great success with small business, evidenced by the addition of nearly 8,600 small business accounts during the quarter and $700 million worth of deposits.

我們對小型企業英雄的關注是目標驅動績效的一個很好的例子。這項策略幫助社區英雄實現他們的財務夢想，並提高他們支持鄰居和建立強大社區的能力。我們看到小型企業取得了巨大成功，本季新增近 8,600 個小型企業帳戶和價值 7 億美元的存款就證明了這一點。

Our Truist Community Capital team committed more than $252 million to support over 1,600 units of affordable housing, over 3,000 new jobs and projects that will help empower almost [100,000] people in underserved communities over the next 3 years. Additionally, we announced the initial recipients of grants from the Truist Community Catalyst Initiative, which is a 3-year Community Reinvestment Act program aimed at 4 key focus areas: Affordable housing, small business access to capital, workforce development and essential community services. There's 17 community organizations receiving grants that will be used to support efforts in 54 communities across 13 states and allow local nonprofit organizations to better respond to critical community needs within their states.

我們的Truist Community Capital 團隊承諾投入超過2.52 億美元來支持1,600 多個經濟適用房、3,000 多個新就業崗位和項目，這些項目將在未來3 年內幫助為服務欠缺社區中的近[100,000] 人提供幫助。此外，我們還宣布了Truist 社區催化劑計劃的首批贈款接收者，這是一項為期3 年的《社區再投資法案》計劃，旨在4 個關鍵重點領域：經濟適用房、小型企業獲得資本、勞動力發展和基本社區服務。有 17 個社區組織獲得了贈款，這些贈款將用於支持 13 個州的 54 個社區的工作，並使當地非營利組織能夠更好地響應本州內的關鍵社區需求。

Lastly, we published our 2023 Corporate Responsibility and Sustainability Report this month, which I encourage you to read and learn more about our progress in building better lives and communities. In all of these examples, our core belief is evident. We're leaders in banking and we're unwavering in care.

最後，我們在本月發布了 2023 年企業責任和永續發展報告，我鼓勵您閱讀並進一步了解我們在建立更美好的生活和社區方面取得的進展。在所有這些例子中，我們的核心信念是顯而易見的。我們是銀行業的領導者，我們在護理方面堅定不移。

All right. So let's turn to some of our key takeaways on Slide 6. First, I need to state and remind everyone that our first quarter, and for the previous periods, have been restated to reflect the pending sale of Truist Insurance Holdings. This change has no impact on our net income available to common shareholders. The restatement does remove TIH's revenue and expense from our financial statements as net income from TIH is now being reported as net income from discontinued operation. Mike is going to provide a lot more details around that later in the call.

好的。因此，讓我們轉向幻燈片6 中的一些關鍵要點。 。這項變化對我們普通股股東的淨利沒有影響。重述確實從我們的財務報表中刪除了 TIH 的收入和費用，因為 TIH 的淨利潤現在被報告為來自終止經營的淨利潤。麥克將在稍後的電話會議中提供更多細節。

On an adjusted basis, we reported net income available to common shareholders of $1.2 billion or $0.90 a share, which excludes a $0.04 per share impact from the industry-wide FDIC special assessment and a $0.05 per share impact from the acceleration of incentive compensation at TIH due to the pending sale. Pretax restructuring charges of $70 million negatively impacted adjusted EPS by $0.04 per share. So despite a few discrete items in the quarter, we're pleased with our underlying results.

在調整後的基礎上，我們報告普通股股東可獲得的淨利潤為12 億美元，即每股0.90 美元，其中不包括FDIC 全行業特別評估帶來的每股0.04 美元的影響，以及TIH 激勵薪酬加速帶來的每股0.05 美元的影響由於待售。 7,000 萬美元的稅前重組費用對調整後每股盈餘產生了 0.04 美元的負面影響。因此，儘管本季度有一些離散項目，但我們對我們的基本結果感到滿意。

As you can see on the slide, our solid performance was defined by several key themes. First, we saw a significant increase in investment banking and in trading revenue driven by strong performance across much of our capital markets platform with particular strength in M&A and equity capital markets.

正如您在投影片上看到的，我們的穩健表現是由幾個關鍵主題決定的。首先，我們看到投資銀行業務和交易收入顯著成長，這得益於我們大部分資本市場平台的強勁表現，尤其是併購和股權資本市場的強勁表現。

Loan demand continues to remain relatively muted, but we did see some improvement in our commercial lending pipelines during the quarter. On the consumer side, we recalibrated several of the capital-conserving strategies we deployed last year prior to announcing the sale of TIH. This resulted in an increase in loan applications. And in March, we saw the first increase in balances since October of 2022.

貸款需求持續保持相對低迷，但我們確實看到本季商業貸款管道有所改善。在消費者方面，我們重新調整了去年宣佈出售 TIH 之前部署的幾項資本節約策略。這導致貸款申請增加。 3 月份，我們看到餘額自 2022 年 10 月以來首次增加。

Second, our results show our expense discipline and continued focus on managing costs. As a result of these efforts, adjusted expenses increased by less than 1%, linked quarter, and decreased by 4% on a year-over-year basis. Although the linked-quarter rate of expense growth will increase in the second quarter relative to the first, we are fully committed to delivering our expense objectives in 2024, which excluding TIH, should now result in adjusted expenses remaining approximately flat in 2024 versus 2023.

其次，我們的結果顯示我們的支出紀律和對成本管理的持續關注。由於這些努力，調整後費用較上季成長不到 1%，較去年同期下降 4%。儘管第二季的費用環比成長率將較第一季有所增加，但我們完全致力於在2024 年實現我們的費用目標（不包括TIH），現在應導致2024 年調整後費用與2023 年基本持平。

Third, asset quality continues to normalize off historically low levels, but we're pleased that nonperforming loans remained relatively stable and the net charge-offs were within our expectations.

第三，資產品質繼續從歷史低點恢復正常，但我們很高興不良貸款保持相對穩定，淨沖銷也在我們的預期之內。

Finally, during the quarter, we also announced that we'll be sell -- we'll sell our remaining stake in Truist Insurance Holdings, which is on track to close in the second quarter. Sale of TIH will significantly strengthen our relative capital position, which will create substantial capacity for growth in our core banking businesses. In addition, as we discussed in February, a stronger capital position affords us an opportunity to evaluate a variety of capital deployment opportunities post closing, including a potential balance sheet repositioning designed to at least replace TIH earnings.

最後，在本季度，我們還宣布將出售我們在 Truist Insurance Holdings 的剩餘股份，該公司預計將在第二季度完成交易。出售 TIH 將顯著增強我們的相對資本狀況，這將為我們的核心銀行業務創造巨大的成長能力。此外，正如我們在 2 月討論的那樣，更強勁的資本狀況使我們有機會評估交易結束後的各種資本部署機會，包括旨在至少取代 TIH 收益的潛在資產負債表重新定位。

Sale of TIH also positions us to resume share repurchases. The timing and size of repurchase activity will depend on our ongoing capital planning, market conditions, clarity around final capital rules and other factors. But our goal is to resume a program that's both meaningful and durable.

出售 TIH 也使我們能夠恢復股票回購。回購活動的時間和規模將取決於我們正在進行的資本規劃、市場狀況、最終資本規則的清晰度和其他因素。但我們的目標是恢復一項既有意義又持久的計劃。

Before I hand the call over to Mike to discuss our financial performance in more detail, I want to provide a quick update on the progress we're making and improving experiences for our clients, which we see on Slide 7.

在我將電話轉交給麥克以更詳細地討論我們的財務業績之前，我想快速介紹一下我們正在取得的進展以及改善客戶體驗的最新情況，我們在幻燈片 7 中看到了這一點。

We continue to show strong and steady growth in our digital capabilities. In the first quarter of 2024, mobile app users grew 8% and digital transactions increased 13% compared to the first quarter of last year. Though activating teammates -- through activating teammates to educate clients on our capabilities, transactions continue to shift towards self-service capabilities with 77% of deposits occurring through these channels, primarily driven by strong growth in Zelle transactions.

我們的數位能力持續表現出強勁而穩定的成長。與去年第一季相比，2024 年第一季行動應用用戶成長了 8%，數位交易成長了 13%。透過啟動團隊成員－透過啟動團隊成員向客戶介紹我們的能力，交易繼續轉向自助服務能力，77% 的存款透過這些管道進行，這主要是由 Zelle 交易的強勁成長推動的。

Recently, we rolled out Zelle QR code widget, where users can quickly access their QR codes from their home screens to seamlessly assist with bank transfers. At Truist, we aim to make banking simple and easy for our clients through thoughtful enhancements to their experience.

最近，我們推出了 Zelle 二維碼小工具，用戶可以從主螢幕快速存取其二維碼，以無縫協助銀行轉帳。在 Truist，我們的目標是透過深思熟慮地增強客戶的體驗，讓客戶的銀行業務變得簡單又輕鬆。

Enhanced offerings, coupled with strong growth in digital, have resulted in higher retail digital client satisfaction scores. These scores surpassed premerger highs as we continue to focus on accelerated adoption and efficiency using our T3 strategy. Overall, I'm proud of the continued momentum Truist is making in digital and optimistic about the opportunity to expand our digital user base and drive self-service transaction volume.

增強的產品和數位化的強勁成長帶來了更高的零售數位化客戶滿意度分數。隨著我們繼續專注於使用 T3 策略加速採用和效率，這些分數超過了合併前的高點。總的來說，我對 Truist 在數位領域取得的持續發展勢頭感到自豪，並對擴大我們的數位用戶群和推動自助服務交易量的機會感到樂觀。

So if Mike -- and with that, Mike, let me turn it over to you to discuss our financial results in a little more detail.

因此，如果麥克——麥克，讓我把它交給你，更詳細地討論我們的財務表現。

Thank you, Bill, and good morning, everyone. As Bill mentioned, our financial statements for the first quarter and for previous periods have been restated due to the pending sale of Truist Insurance Holdings. This restatement has no impact on our net income or earnings per share for historical or current reporting periods. However, as you can see in our financial tables, revenue and expense associated with TIH is no longer shown on our financial statements.

謝謝你，比爾，大家早安。正如比爾所提到的，由於 Truist Insurance Holdings 待出售，我們第一季和前期的財務報表已重述。此重述對我們歷史或目前報告期間的淨利或每股盈餘沒有影響。然而，正如您在我們的財務表格中看到的那樣，與 TIH 相關的收入和費用不再顯示在我們的財務報表中。

TIH's contribution to Truist net income and earnings per share is now captured in net income from discontinued operations. My comments today will focus on revenue and expense from continuing operations, although I will also provide some detail on revenue and expense for the quarter inclusive of TIH for comparative purposes.

TIH 對 Truist 淨利和每股盈餘的貢獻現已納入已終止經營業務的淨利。我今天的評論將集中於持續營運的收入和支出，儘管出於比較目的，我還將提供包括 TIH 在內的本季度收入和支出的一些詳細資訊。

We reported net income available from continuing operations of $1 billion or $0.76 per share, which includes a $75 million pretax or $0.04 per share after-tax expense related to the industry-wide FDIC special assessment. We reported net income available from discontinued operations, which represents earnings from TIH, of $64 million or $0.05 per share, which includes an $89 million pretax or $0.05 per share negative impact from the acceleration of incentive compensation at TIH due to the pending sale.

我們報告的持續經營淨利潤為 10 億美元或每股 0.76 美元，其中包括與全行業 FDIC 特別評估相關的稅前 7,500 萬美元或每股稅後費用 0.04 美元。我們報告來自已終止經營業務的淨利潤（代表TIH 的收益）為6400 萬美元或每股0.05 美元，其中包括因待售而導致TIH 激勵薪酬加速帶來的8900 萬美元或每股0.05 美元的稅前負面影響。

So on an adjusted basis, we reported net income available to common shareholders of $1.2 billion or $0.90 per share, which includes adjusted net income from continuing operations of $0.80 and adjusted net income from discontinued operations of $0.10. In addition to the items I just noted, we also had pretax restructuring charges totaling $70 million in the quarter, which negatively impacted adjusted EPS to common shareholders by $0.04 per share. The bulk of these charges were related to severance and real estate rationalization.

因此，在調整後的基礎上，我們報告普通股股東可獲得的淨利潤為12 億美元，即每股0.90 美元，其中包括來自持續經營業務的調整後淨利潤0.80 美元和來自非持續經營業務的調整後淨利0.10 美元。除了我剛才提到的項目外，本季我們還有總計 7,000 萬美元的稅前重組費用，這對普通股股東的調整後每股盈餘產生了 0.04 美元的負面影響。這些費用大部分與遣散費和房地產合理化有關。

Total revenue, which excludes revenue associated with TIH, decreased by 1.4%, linked quarter, due to a decline in net interest income, partially offset by stronger noninterest income, led by investment banking and trading. Revenue before the impact of discontinued operations accounting increased 0.2% on a linked-quarter basis. Adjusted expenses, which excludes adjusted expense associated with TIH, increased by 0.7%. Adjusted expenses before the impact of discontinued operations accounting increased 1% on a linked quarter basis.

總收入（不包括與 TIH 相關的收入）環比下降 1.4%，原因是淨利息收入下降，但部分被投資銀行和交易主導的非利息收入強勁所抵消。未計入終止經營業務會計影響前的營收年增 0.2%。調整後費用（不包括與 TIH 相關的調整後費用）增加了 0.7%。終止經營會計影響前的調整後費用較上季增加 1%。

Next, I'll cover loans and leases on Slide 9. Average loans decreased 1.3% sequentially, reflecting overall weaker client demand and our decision to deemphasize certain lending activities during 2023, which impacted growth during the first quarter. Average commercial loans decreased 0.9%, primarily due to a 1.2% decrease in C&I balances due mostly to lower client demand.

接下來，我將在投影片 9 上介紹貸款和租賃。平均商業貸款下降 0.9%，主要是由於客戶需求下降導致 C&I 餘額下降 1.2%。

In our consumer portfolio, average loans decreased 2%, primarily due to further reductions in indirect auto and mortgage. During the quarter, we did increase our appetite for high-quality indirect auto loans, which, as Bill mentioned, resulted in consumer loan balances showing positive growth for the month of March. Overall, we expect average loan balances to decline modestly in the second quarter, albeit at a slower pace than the first quarter.

在我們的消費者投資組合中，平均貸款下降了 2%，主要是由於間接汽車和抵押貸款的進一步減少。在本季度，我們確實增加了對高品質間接汽車貸款的興趣，正如比爾所提到的，這導致 3 月份的消費貸款餘額呈現正增長。總體而言，我們預計第二季平均貸款餘額將小幅下降，儘管降幅較第一季放緩。

Moving to deposit trends on Slide 10. Average deposits decreased 1.6% sequentially as growth in client time deposits and interest checking was more than offset by declines in noninterest-bearing brokered and money market balances. Approximately $1.9 billion of the $6.3 billion linked quarter decline in average deposits was due to lower broker deposits. Adjusting for broker deposits, our average deposits declined approximately 1%. Noninterest-bearing deposits decreased 4.9% and represented 28% of total deposits compared to 29% in the fourth quarter of 2023.

轉到投影片 10 的存款趨勢。平均存款季度下降 63 億美元，其中約 19 億美元是由於經紀商存款減少。調整經紀人存款後，我們的平均存款下降了約 1%。無利息存款下降 4.9%，佔存款總額的 28%，而 2023 年第四季為 29%。

During the quarter, consumers continued to see higher rate alternatives, which drove an increase in deposit costs. Specifically, total deposit costs increased 11 basis points sequentially to 2.03%, which resulted in a 2% increase in our cumulative total deposit beta to 38%. Similarly, interest-bearing deposit costs increased 11 basis points sequentially to 2.82%, which also resulted in a 2% increase in our cumulative total interest-bearing deposit beta of 53%.

本季度，消費者繼續看到利率更高的選擇，這推動了存款成本的增加。具體而言，總存款成本較上季上升 11 個基點至 2.03%，這導致我們的累計總存款貝塔係數上升 2%，達到 38%。同樣，計息存款成本較上季上升 11 個基點至 2.82%，也導致我們的累計計息存款貝塔係數增加 2%，達到 53%。

Moving to net interest income and net interest margin on Slide 11. For the quarter, taxable equivalent net interest income decreased by 4.2% linked quarter, primarily due to higher rate paid on deposits, lower day count in the quarter and lower average earning assets. Reported net interest margin declined 7 basis points on a linked-quarter basis due primarily to higher rate paid on deposits.

轉向投影片 11 上的淨利息收入和淨利差。報告的淨利差環比下降 7 個基點，主要是由於存款利率上升。

Turning to noninterest income on Slide 12. Noninterest income increased $83 million or 6.1% relative to the fourth quarter. The linked-quarter increase was primarily attributable to higher investment banking and trading income, which is up $158 million linked quarter due to strong results across much of our entire capital markets platform, with specific strength in M&A and equity capital markets.

轉向投影片 12 上的非利息收入。環比成長主要歸因於投資銀行和交易收入的增加，由於我們整個資本市場平台大部分業務的強勁業績，尤其是併購和股權資本市場的強勁業績，環比季度增長了 1.58 億美元。

Lending-related fees decreased $57 million linked quarter due to lower leasing-related gains. Noninterest income increased 1.8% on a like-quarter basis as higher investment banking and trading, wealth and other income were partially offset by lower service charges on deposits and mortgage banking income.

由於租賃相關收益減少，貸款相關費用較上季減少 5,700 萬美元。非利息收入較上季成長 1.8%，投資銀行和交易、財富和其他收入的增加被存款服務費和抵押銀行收入的下降部分抵銷。

Next, I'll cover noninterest expense on Slide 13. GAAP expenses of $3 billion decreased $6.6 billion linked quarter as fourth quarter 2023 expenses were negatively impacted by a $6.1 billion goodwill impairment charge, a $507 million FDIC special assessment and $155 million of restructuring charges primarily related to our cost-savings initiatives. Excluding these items and the impact of intangible amortization, adjusted noninterest expense increased 0.7% sequentially.

接下來，我將在投影片13 上介紹非利息費用。為30 億美元，與季度相比減少了66 億美元主要與我們的成本節約措施有關。排除這些項目和無形攤銷的影響，調整後的非利息費用較上季增加 0.7%。

The increase in adjusted expense was driven by higher personnel expense of $156 million due to normal seasonal factors and higher variable incentive compensation. Partially offsetting the increase in personnel expense were lower other expenses, which declined $82 million, reflecting lower operating charge-offs and lower pension expense.

調整後費用的增加是由於正常季節性因素和較高的可變激勵薪酬導致人事費用增加 1.56 億美元。其他費用的減少部分抵消了人事費用的增加，減少了 8,200 萬美元，反映出營運沖銷和退休金費用的減少。

Adjusted noninterest expenses before the impact of discontinued operations accounting increased 1% on a linked-quarter basis. On a like-quarter basis, adjusted expenses declined $120 million or 4.2%, reflecting lower headcount and continued expense discipline.

終止營業會計影響前的調整後非利息支出較上季增加 1%。與同季相比，調整後費用下降了 1.2 億美元，或 4.2%，反映出員工人數減少和持續的費用紀律。

Moving to asset quality on Slide 14. Asset quality metrics continued to normalize in the first quarter but overall remain manageable. Nonperforming loans remained relatively stable, linked quarter, while total delinquencies were down 6 basis points sequentially, driven by a 7 basis point decline in loans 30 to 89 days past due.

轉到投影片 14 上的資產品質。不良貸款較上季維持相對穩定，拖欠總額較上月下降 6 個基點，原因是逾期 30 至 89 天的貸款下降了 7 個基點。

Included on our appendix is updated data on our office portfolio, which is virtually unchanged at 1.7% of total loans. However, we did increase our reserve on this portfolio from 8.5% to 9.3% during the quarter to reflect continued stress in the sector. We expect stress to remain in the office sector but believe that the size of our office portfolio is manageable and well reserved. Approximately 5.5% of our office portfolio is currently classified as nonperforming but 89% of these loan balances are paying in accordance with the original terms of the loan.

我們的附錄中包含了我們辦公大樓投資組合的更新數據，幾乎沒有變化，佔總貸款的 1.7%。然而，本季我們確實將該投資組合的準備金從 8.5% 增加到 9.3%，以反映該行業持續面臨的壓力。我們預期辦公室領域仍將面臨壓力，但相信我們辦公室投資組合的規模是可控的且儲備充足。目前，我們大約 5.5% 的辦公大樓投資組合被歸類為不良貸款，但其中 89% 的貸款餘額是按照原始貸款條款支付的。

During the quarter, our net charge-offs increased 7 basis points to 64 basis points. The increase in net charge-offs for the quarter reflects increases in our CRE and consumer portfolios, offset by lower C&I and CRE construction losses. Our ALLL ratio increased to 1.56%, up 2 basis points sequentially and 19 basis points on a year-over-year basis, due to ongoing credit normalization and stress in the office sector. Consistent with our commentary last quarter, we've tightened our risk appetite in select areas, though we maintain our through-the-cycle supportive approach for high-quality, long-term clients.

本季度，我們的淨沖銷增加 7 個基點，達到 64 個基點。本季淨沖銷的增加反映了我們的商業房地產和消費者投資組合的增加，但被商業與工業和商業房地產建設損失的減少所抵消。由於持續的信貸正常化和辦公部門的壓力，我們的 ALLL 比率升至 1.56%，環比上升 2 個基點，比去年同期上升 19 個基點。與我們上季度的評論一致，我們在某些​​領域收緊了風險偏好，但我們仍保持對高品質長期客戶的整個週期支援方法。

Turning now to capital on Slide 15. Truist CET1 ratio remained relatively stable on a linked-quarter basis at 10.1% as organic capital generation and the impact of lower risk-weighted assets were mostly offset by the impact of the CECL phase-in that occurred during the quarter. We still anticipate the sale of TIH will generate approximately 230 basis points of CET1 under current rules and 255 basis points of CET1 capital under proposed Basel III endgame rules. It will also increase our tangible book value per share by 33% through a combination of a $4.8 billion after-tax gain and the deconsolidation of $4.7 billion of goodwill and intangibles from our balance sheet.

現在轉向幻燈片 15 上的資本。我們仍然預計，根據現行規則，出售 TIH 將產生約 230 個基點的 CET1 資本，根據擬議的巴塞爾 III 終局規則，將產生 255 個基點的 CET1 資本。透過 48 億美元的稅後收益以及從資產負債表中剝離 47 億美元的商譽和無形資產，我們的每股有形帳面價值還將增加 33%。

The divestiture of TIH has a 255 basis point positive impact under fully proposed phase-in Basel III endgame rules, which is 25 basis points higher than under current rules. The larger impact on our CET1 ratio under the proposed rules is due to the reduction in certain threshold deductions due to the overall higher level of capital from selling TIH.

根據全面提議的分階段巴塞爾協議 III 殘局規則，TIH 的剝離產生了 255 個基點的正面影響，比現行規則高出 25 個基點。根據擬議規則，對我們的 CET1 比率的較大影響是由於出售 TIH 的資本水平總體較高而導致某些門檻扣除額的減少。

The sale of TIH accelerates our ability to meet increasing standards for capital and liquidity in the industry, and importantly, creates capacity for Truist to evaluate a wide variety of capital deployment alternatives, including growing our core banking franchise during a time when much of the industry is conserving capital, repositioning our balance sheet and resuming share repurchases.

TIH 的出售加快了我們滿足行業不斷提高的資本和流動性標準的能力，更重要的是，為Truist 創造了評估各種資本部署替代方案的能力，包括在大多數行業都面臨困境時擴大我們的核心銀行業務特許經營權正在節省資本，重新定位我們的資產負債表並恢復股票回購。

As it relates to a possible repositioning, recognizing securities losses under proposed Basel III rules would have no impact on our fully phased-in CET1 ratio since current proposed rules include AOCI in the calculation. Moreover, any decision to sell market-value securities has no impact on our tangible book value per share.

由於它涉及可能的重新定位，因此根據擬議的巴塞爾 III 規則確認證券損失不會對我們完全分階段採用的 CET1 比率產生影響，因為當前擬議的規則在計算中包括 AOCI。此外，任何出售市值證券的決定都不會對我們的每股有形帳面價值產生影響。

I will now review our updated guidance on Slide 16. First, all of my comments today related to second quarter and full year 2024 guidance exclude any benefit from interest income that Truist will earn on the $10.1 billion of after-tax cash proceeds that we expect to receive from the pending sale of TIH. Our guidance also excludes any impact from a potential balance sheet repositioning that we plan to evaluate post closing. In addition, revenue and expense guidance for the second quarter and full year 2024 is based on revenue and expense from continuing operations and does not include any contribution from TIH in previous or in future periods.

我現在將回顧投影片16 上的更新指引。收入帶來的任何收益從待售的 TIH 中獲得。我們的指導意見也排除了我們計劃在交割後評估的潛在資產負債表重新定位的任何影響。此外，2024 年第二季和全年的收入和支出指引是基於持續經營業務的收入和支出，不包括 TIH 在之前或未來期間的任何貢獻。

Looking into the second quarter of 2024, we expect revenue to decline about 2% from 1Q '24 GAAP revenue of $4.9 billion. Net interest income is likely to be down 2% to 3% in the second quarter due to continued pressure on rate paid and a smaller balance sheet. We expect noninterest income to remain relatively stable on a linked-quarter basis. Adjusted expenses of $2.7 billion in the first quarter are expected to increase 4% in Q2 due to higher professional fees, some timing of projects delayed from Q1, higher marketing costs, and annual merit increases.

展望 2024 年第二季度，我們預計營收將比 24 年第一季 49 億美元的 GAAP 營收下降約 2%。由於支付利率持續面臨壓力以及資產負債表規模縮小，第二季淨利息收入可能下降 2% 至 3%。我們預計非利息收入將比去年同期保持相對穩定。由於專業費用上漲、部分專案時間較第一季推遲、行銷成本上升以及年度績效增加，第一季調整後費用為 27 億美元，預計第二季將成長 4%。

For the full year 2024, we previously expected revenues to be down 1% to 3%, which would have included revenue from Truist Insurance Holdings. If we had excluded revenue from Truist Insurance Holdings from our outlook, our expectation would have been closer to down 3% to down 5% in 2024. Today, we are tightening our previous revenue guidance adjusted for TIH of down approximately 3% to down 5% to now down approximately 4% to 5% to reflect the latest interest rate outlook and continued pressure on deposit mix, partially offset by our improved outlook for noninterest income.

對於 2024 年全年，我們此前預計收入將下降 1% 至 3%，其中包括 Truist Insurance Holdings 的收入。如果我們將Truist Insurance Holdings 的收入排除在我們的展望之外，我們的預期將在2024 年下降3% 至5%。 今天，我們正在收緊先前針對TIH 調整後的收入指引，即下降約3%至下降5%。

Our outlook assumes 3 reductions in the Fed funds rate with the first reduction coming in June 2024. Previously, we assumed 5 reductions in the Fed funds rate with the first reduction occurring in May 2024. We still assume that net interest income will trough in the second quarter of 2024 and modestly improve in the second half of the year. Fewer than 3 rate reductions would add pressure to our NII outlook and result in our annual revenue coming in at the lower end of our range for revenue to be down 4% to 5%.

我們的展望假設聯邦基金利率將下調3 次，首次下調將於2024 年6 月進行。在2024 年5 月觸底。少於 3 次降息將會給我們的 NII 前景增加壓力，並導致我們的年收入處於收入範圍的下限，即收入下降 4% 至 5%。

As a reminder, our second quarter and full year revenue outlook excludes any benefit from interest income earned on the cash proceeds from the sale of TIH or the benefit of potential balance sheet repositioning. As Bill mentioned, we still expect the sale of TIH to be completed during the second quarter.

提醒一下，我們第二季和全年的收入展望不包括出售 TIH 現金收益所賺取的利息收入或潛在資產負債表重新定位的收益。正如 Bill 所提到的，我們仍然預計 TIH 的出售將在第二季完成。

We previously expected our expenses to remain flat or to increase by 1% in 2024, which included expenses associated with Truist Insurance Holdings. If we had excluded expected expenses from Truist Insurance Holdings from our outlook, our expectation would equate to expenses remaining approximately flat in 2024. Consistent with our previous expense outlook adjusted for TIH, we expect full year '24 adjusted expenses to remain approximately flat over 2023 adjusted expenses of $11.4 billion. In terms of asset quality, we continue to expect net charge-offs of about 65 basis points in 2024.

我們先前預計 2024 年我們的支出將保持不變或增加 1%，其中包括與 Truist Insurance Holdings 相關的支出。如果我們將Truist Insurance Holdings 的預期費用從我們的展望中排除，我們的預期將相當於2024 年的費用保持大致持平。費用將在2023 年保持大致持平。就資產品質而言，我們繼續預期 2024 年淨沖銷約為 65 個基點。

Finally, we expect our effective tax rate to approximate 16% or 19% on a taxable equivalent basis. Our estimated tax rate excludes any impact from the gain on the sale of TIH or a potential balance sheet repositioning that we might consider following the sale.

最後，我們預期在應稅等值基礎上，我們的有效稅率約為 16% 或 19%。我們估計的稅率不包括 TIH 出售收益或出售後我們可能考慮的潛在資產負債表重新定位的任何影響。

So now I'll turn it back to Bill for some final remarks.

現在我將把它轉回給比爾，讓他做一些最後的評論。

Great. Thanks, Mike. I am proud of the results our teammates delivered during the first quarter, which included solid underlying earnings, improved momentum and the announced sale of Truist Insurance Holdings. As Mike mentioned, TIH will enter its partnership with its new investors with strong momentum, as evidenced by its first quarter results. Providing risk advice to our clients is core to our purpose, and we look forward to maintaining a strong partnership with that team into the future.

偉大的。謝謝，麥克。我為我們的團隊成員在第一季的成果感到自豪，其中包括堅實的基礎收益、改善的勢頭以及宣佈出售 Truist Insurance Holdings。正如麥克所提到的，TIH 將與新投資者建立合作關係，勢頭強勁，第一季業績證明了這一點。為客戶提供風險建議是我們目標的核心，我們期待未來與該團隊保持牢固的合作關係。

We have great confidence in our capability to grow our core banking business and help our clients achieve financial success by delivering our commercial, consumer, payments, investment banking, and wealth platform throughout our existing footprint and specialty areas.

我們對發展核心銀行業務的能力充滿信心，並透過在現有業務範圍和專業領域提供商業、消費者、支付、投資銀行和財富平台，幫助客戶實現財務成功。

Our top priorities for 2024 are unchanged and include growing and deepening relationships with core clients, maintaining our expense discipline, evaluating various capital deployment options following the sale of TIH, and enhancing Truist digital experience through T3, all while maintaining and strengthening strong risk controls and asset quality metrics.

我們2024 年的首要任務保持不變，包括發展和深化與核心客戶的關係、維持我們的費用紀律、評估出售TIH 後的各種資本部署方案，以及透過T3 增強Truist 數位體驗，同時保持和加強有力的風險控制和資產品質指標。

Our expense discipline is showing up in our results, which gives us confidence that we'll meet our expense objectives this year. I'm also encouraged by the improvement in our wholesale banking business, which includes investment banking and trading as it was a key driver of our quarterly results. In investment banking, we've increased our market share across several capital market products due to significant investment in talent and industry verticals.

我們的支出紀律體現在我們的業績中，這讓我們有信心實現今年的支出目標。我也對我們批發銀行業務的改善感到鼓舞，其中包括投資銀行和交易，因為它是我們季度業績的關鍵驅動力。在投資銀行領域，由於對人才和垂直行業的大量投資，我們在多種資本市場產品上的市場份額增加。

These investments have resulted in a significant increase in the number of lead roles across several products, including equity capital markets, leveraged finance, asset securitization, and M&A. In addition, our mind share with clients and our key industry verticals has never been stronger, and we continue to expand into new verticals that are primed for growth as capital markets activities recover.

這些投資導致多個產品的主導角色數量顯著增加，包括股權資本市場、槓桿融資、資產證券化和併購。此外，我們與客戶和關鍵垂直行業的思想共享從未如此強大，我們繼續擴展到新的垂直行業，隨著資本市場活動的復甦，這些垂直行業將迎來成長。

We're seeing solid year-over-year growth in referral revenue from commercial banking as we continue to deliver value-added advice and capabilities to our clients. Our commercial teammates have responded to new expectations, and we continue to add great talent to our comprehensive platform.

隨著我們繼續向客戶提供增值建議和能力，我們看到來自商業銀行的推薦收入逐年穩定成長。我們的商業團隊回應了新的期望，我們繼續為我們的綜合平台增添優秀人才。

Finally, we made new key leadership hires within our payments business during the quarter as this is an area where we see significant opportunity for growth over time. In consumer, I'm encouraged that our internal consumer satisfaction scores have returned to premerger levels. In addition, net new checking account production was positive in the first quarter as we added 30,000 new consumer and business accounts. Importantly, we're also seeing year-over-year improvement in account attrition rates.

最後，我們在本季在支付業務中聘用了新的關鍵領導層，因為隨著時間的推移，我們認為這是一個有重大成長機會的領域。在消費者方面，令我感到鼓舞的是，我們的內部消費者滿意度分數已恢復到合併前的水平。此外，第一季淨新支票帳戶產量為正，因為我們增加了 30,000 個新消費者和企業帳戶。重要的是，我們也看到帳戶流失率逐年提高。

Also during the first quarter, our digital channel, we acquired 172,000 accounts, including 63,000 new to Truist, while also seeing a 14% increase in deposit balances over the fourth quarter of 2023. While the branch network represents opportunity for further efficiency in certain markets, we continue to see improvements in productivity due to teammate execution and investments in technology. We're encouraged by this increased productivity. We'll look to make investments in branches on select key growth markets in 2025.

同樣在第一季度，我們的數位管道獲得了 172,000 個帳戶，其中包括 63,000 個新帳戶，同時存款餘額較 2023 年第四季度增長了 14%。 ，由於團隊成員的執行力和技術投資，我們不斷看到生產力的提升。我們對生產力的提升感到鼓舞。我們將尋求在 2025 年對選定的關鍵成長市場的分支機構進行投資。

Overall, loan demand does remain muted, but I'm encouraged by the improvement in our commercial loan pipelines and the growth we witnessed in consumer balances late in the first quarter. By selling TIH, we'll have capital capacity to play more offense in our consumer and wholesale businesses, which includes seeking ways to accelerate loan growth in our core franchise.

總體而言，貸款需求確實仍然疲軟，但我對我們商業貸款管道的改善以及第一季末消費者餘額的成長感到鼓舞。透過出售 TIH，我們將有資本能力在我們的消費者和批發業務中發揮更大的作用，其中包括尋求加速我們核心特許經營貸款成長的方法。

In addition, our significantly stronger balance sheet will be positioned to weather an even wider range of economic environments while also giving us the unique ability to evaluate a variety of capital deployment opportunities post closing, including a potential balance sheet repositioning and resuming meaningful share repurchases later in the year.

此外，我們顯著增強的資產負債表將能夠應對更廣泛的經濟環境，同時也使我們具有獨特的能力來評估交易結束後的各種資本部署機會，包括潛在的資產負債表重新定位和稍後恢復有意義的股票回購在這一年。

Although we have a plan to replace TIH earnings in the near term, we recognize that our increased level of capital will result in near-term dilution to our return on average tangible common equity ratio. Our starting point for ROATCE following the sale of TIH will be exactly that, a starting point.

儘管我們計劃在短期內取代 TIH 收益，但我們認識到，我們增加的資本水準將導致短期內稀釋我們的平均有形普通股回報率。出售 TIH 後，我們的 ROATCE 的起點正是這個起點。

The strength of our markets, our core banking franchise, our capital deployment options we can consider after the sale, will result in improved returns over time. We'll move with pace, but will not be in a rush to deploy capital to meet short-term expectations that don't have a long-term positive impact on our company, our clients, our shareholders, especially since Basel III capital rules have not been firmly established for the industry.

我們的市場實力、我們的核心銀行業務、出售後可以考慮的資本部署選項，將隨著時間的推移帶來更高的回報。我們將加快步伐，但不會急於部署資本來滿足短期預期，這不會對我們的公司、我們的客戶、我們的股東產生長期積極影響，特別是考慮到巴塞爾協議 III 資本規則尚未在行業內牢固確立。

In conclusion, we're off to a solid start in 2024, but we acknowledge, as always, there's more work to do as we strive to produce better results in the future. We view our first quarter performance as another step forward in that direction. I'm optimistic about our future. I look forward to operating our company from this increased position of financial strength in some of the best markets in the country.

總而言之，我們在 2024 年有了一個良好的開端，但我們一如既往地承認，在我們努力在未來取得更好成果的過程中，還有更多工作要做。我們認為第一季的業績是朝這個方向又向前邁出了一步。我對我們的未來持樂觀態度。我期待在該國一些最好的市場上憑藉不斷增強的財務實力來經營我們的公司。

And finally, I'd like to thank all of our teammates and our leaders for their incredible, purposeful focus in productivity, particularly over the last few months during this important time for both TIH and for Truist.

最後，我要感謝我們所有的隊友和領導者對生產力的令人難以置信的、有目的的關注，特別是在過去幾個月，在這個對 TIH 和 Truist 來說都很重要的時刻。

So with that, Brad, let me hand it back over to you for Q&A.

那麼，布拉德，讓我把它交還給你進行問答。

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

謝謝你，比爾。 Jamie，現在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) And our first question today comes from John McDonald from Autonomous Research.

（操作員說明）今天我們的第一個問題來自 Autonomous Research 的 John McDonald。

I was just wondering how the rate environment changes at all, if at all, the ability and willingness to deploy through the restructuring of the securities book. Mike, maybe you can just comment. With higher rates presumably, achieving that neutral impact gets a little bit easier. Does that affect how much you might do?

我只是想知道利率環境會發生什麼變化，如果有的話，透過證券帳簿重組進行部署的能力和意願會發生什麼變化。麥克，也許你可以發表評論。想必，隨著利率的提高，實現中性影響會變得更容易。這會影響你可以做多少事嗎？

And maybe, Bill, could you just make some broader comments about the options you'll have to deploy organically, in buybacks and other things?

也許，比爾，你能否就你必須在回購和其他方面有機部署的選項發表一些更廣泛的評論？

Yes. Thanks, John, for the question. Look, I mean, we're certainly taking a look at the market rate environment. And I'd say just the framework that we shared back in February, we remain committed to, right. And so we laid out a set of objectives that spanned maintaining a relative capital position at least replacing the earnings from TIH. We also have ambitions around advancing our liquidity and ALM position.

是的。謝謝約翰提出這個問題。我的意思是，我們當然正在研究市場利率環境。我想說的是，我們仍然致力於我們二月分享的框架，對吧。因此，我們制定了一系列目標，涵蓋維持相對資本狀況，至少取代 TIH 的收益。我們也雄心勃勃地致力於提高我們的流動性和 ALM 地位。

So the rate environment, when we talked about that in February, is a touch different than what we're looking at today, but we think still actionable. And -- so we -- our plans to evaluate a repositioning after we complete the sale are still intact.

因此，當我們在二月談論這個問題時，利率環境與我們今天所看到的有所不同，但我們認為仍然可行。因此，我們在完成出售後評估重新定位的計劃仍然完好無損。

I mean, if you look at the short end of the curve, certainly, we see probably a little bit of benefit relative to what we talked about from a cash reinvestment perspective. And the same goes if you think about reinvestment rates on the bonds. But on the other hand, you do have the trade-off of a slightly higher realized loss in that instance.

我的意思是，如果你看一下曲線的短端，我們當然會看到相對於我們從現金再投資角度討論的內容可能有一些好處。如果考慮債券的再投資利率，情況也是如此。但另一方面，在這種情況下，您確實需要權衡實現損失略高。

I'll go to the others. And as you said, John, I mean, we're in a different rate environment. So we'll evaluate all the other alternatives that exist with that. And there are some things that have some shorter paybacks that I think should be evaluated in that alternative. And then also, we have some tax efficiency as it relates to this. So we have some unique components of doing this in line with the TIH sale.

我去其他人那裡。正如你所說，約翰，我的意思是，我們處於不同的利率環境。因此，我們將評估現有的所有其他替代方案。有些事情的回報期較短，我認為應該以這種替代方案來評估。此外，我們還有一些與此相關的稅務效率。因此，我們有一些獨特的組件可以根據 TIH 的銷售來做到這一點。

And then you mentioned sort of one of the other capital deployment options. Obviously, first and foremost for us is growth in our business, I mean, sort of investing in our business. You saw in this quarter some of the things we did on the consumer side, where we leaned in a little bit. Quite frankly, we think some of the margins are still strong in those businesses. So what we're adding is a little more accretive than it would have been in the past. The risk profile has been strong. So we have the capacity to dial some of that up on the consumer side.

然後你提到了其他資本部署選項之一。顯然，對我們來說首要的是我們業務的成長，我的意思是，對我們業務的投資。您在本季度看到了我們在消費者方面所做的一些事情，我們在這方面做了一些傾斜。坦白說，我們認為這些業務的一些利潤率仍然很高。因此，我們添加的內容比過去更具增值性。風險狀況一直很強烈。因此，我們有能力在消費者方面進行一些調整。

And then on the wholesale side, just our relevance is more important. So what we're -- we don't want to give up all the discipline. We created a lot of discipline around pricing and around structure. And again, what we're adding today is much more accretive. So we'll continue to pursue opportunities in our markets and through our industry verticals, and we've got good momentum in that front.

然後在批發方面，我們的相關性更重要。所以我們不想放棄所有的紀律。我們圍繞定價和結構制定了很多規則。再說一次，我們今天添加的內容更具增值性。因此，我們將繼續在市場和垂直行業中尋求機會，並且我們在這方面擁有良好的勢頭。

And then lastly on the share repurchase side, we're going to -- we'll be back in the share repurchase business. That will be part of the portfolio. As I mentioned before, we're going to do all this with pace. So I think it would be reasonable to assume we'll have some type of meaningful share repurchase sort of short, medium term. And then longer term into just a more durable, consistent share repurchase plan. So it's a combination of all those things factored into the equation, which give us, as I said before, a lot of optimism about being able to improve those returns short term, importantly, but most importantly, over the long term.

最後在股票回購方面，我們將重返股票回購業務。這將成為投資組合的一部分。正如我之前提到的，我們將加快步伐完成這一切。因此，我認為可以合理地假設我們將進行某種類型的短期、中期有意義的股票回購。然後從長遠來看，制定一個更持久、更一致的股票回購計畫。因此，這是所有這些因素的結合，正如我之前所說，這讓我們對能夠在短期內提高這些回報感到非常樂觀，這一點很重要，但最重要的是，從長遠來看。

That's really helpful. And maybe as a quick follow-up. We saw a really strong investment banking results this quarter. How much of that is good environment versus payback on some of the investments you've made in that business? And maybe just comment on what's packed into your outlook for the second quarter there, Mike.

這真的很有幫助。也許作為一個快速的後續行動。本季我們看到了非常強勁的投資銀行業績。其中有多少是良好的環境與您在該業務中所做的一些投資的回報相比？也許只是評論一下你對第二季的展望，麥克。

Yes. So I mean a lot of it obviously is from market improvement. But as you noted, I mean, we've been investing in this business for quite some time, particularly over the last several years. Our existing team is really sort of rising to the challenge. They're working really great with the commercial team. So we're seeing all the pull-through from our franchise. We've brought 30-plus new MDs into our business. So these are teammates with great expertise and great access. So I think it's a combination of all those things. And we're really confident. I mean, we're confident heading into the second quarter and the rest of the year about the momentum in this business.

是的。所以我的意思是，其中很大一部分顯然是來自市場的改善。但正如您所指出的，我的意思是，我們已經投資這項業務相當長一段時間了，特別是在過去幾年。我們現有的團隊確實正在迎接挑戰。他們與商業團隊合作得非常好。所以我們看到了我們的特許經營權所帶來的所有影響。我們已將 30 多名新總經理帶入我們的業務。所以這些都是擁有豐富專業知識和良好機會的隊友。所以我認為這是所有這些事情的結合。我們真的很有信心。我的意思是，我們對進入第二季度和今年剩餘時間該業務的勢頭充滿信心。

Our next question comes from Betsy Graseck from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

Betsy, welcome back. Great to hear your voice.

貝特西，歡迎回來。很高興聽到你的聲音。

Thanks so much, Bill, really appreciate it.

非常感謝，比爾，真的很感激。

So I did just want to lean in on the loan side, a couple of comments in the prepared remarks that you made. One was on commercial lending pipelines building. And I wanted to understand, is this a change? And I mean, we often hear about pipelines in the investment banking side, not as much on the commercial lending side. And I wanted to understand your thoughts around what execution on that requires? Is it lower rates? Is it customers? Is it building more inventory? Or just some color on that would be really helpful.

所以我只是想在貸款方面有所幫助，在你準備好的評論中發表一些評論。其中之一是商業貸款管道的建設。我想知道，這是一個改變嗎？我的意思是，我們經常聽到投資銀行方面的管道，而不是商業貸款方面的管道。我想了解您對這需要什麼執行的想法？是不是利率比較低？是顧客嗎？是否正在建立更多庫存？或者只是一些顏色會非常有幫助。

Yes. And I did note it because it's a little bit different. So in the fourth quarter, we started seeing pipelines decrease a little bit. And here in the first quarter, we've seen pipelines improve, particularly on the commercial side. How they get to execution and how they get to finalization will depend a lot on market conditions. But the good news is clients are -- they're having the discussions. They're having the debate about the new warehouse or the new fleet of trucks or the things that they want to do to continue to expand their businesses.

是的。我確實注意到了它，因為它有點不同。因此，在第四季度，我們開始看到管道數量略有減少。在第一季度，我們看到通路有所改善，特別是在商業方面。他們如何執行以及如何最終確定將在很大程度上取決於市場狀況。但好消息是客戶正在進行討論。他們正在就新倉庫或新卡車車隊或他們想要做的事情來繼續擴大業務進行辯論。

But most importantly, we're just more relevant. I mean, we're just more relevant in those discussions. I mean, the activity that we've been able to create in terms of new relationships, I mean, almost 60% of the activity that we added in the quarter were new relationships, so new to Truist. So I think a lot of it -- pitch activity is up. All the things we're doing. New lift leads are up.

但最重要的是，我們變得更相關。我的意思是，我們只是在這些討論中更有意義。我的意思是，我們能夠在新關係方面創建的活動，我的意思是，我們在本季度添加的活動中幾乎 60% 都是新關係，這對 Truist 來說是新的。所以我認為很多——推廣活動都在增加。我們正在做的所有事情。新的電梯線路已經開通。

So I think it's some combination of a little bit of the markets that we operate, probably a little more optimistic than the rest of the country; our investments that we've made, products, capabilities; and our overall relevance with our clients. So we're talking to them about things they want to listen to, they want to talk about. And I think we're just better positioned than we've ever been.

所以我認為這是我們經營的一些市場的某種組合，可能比全國其他地區更樂觀；我們所做的投資、產品、能力；以及我們與客戶的整體相關性。所以我們正在和他們談論他們想聽、想談論的事情。我認為我們的處境比以往任何時候都更好。

And is that -- okay. So then the follow-up is on the auto side. You mentioned that you're leaning into indirect and high quality. So I just wanted to understand what does high quality indirect autos mean to you? And then the relevance to corporate clients increasing, is that a function of balance sheet size or product mix? Or maybe you just -- I know I squeezed in 2, but it was a follow-up plus a follow up.

那是——好吧。那麼後續就是汽車方面了。您提到您正在傾向於間接和高品質。所以我只是想了解高品質間接汽車對您意味著什麼？然後，與企業客戶的相關性不斷增加，這是資產負債表規模還是產品組合的函數？或者也許你只是——我知道我擠進了 2 個，但這是一個後續加上一個後續。

Betsy, You get extra permission for a few more. Yes, exactly. Yes. So on the auto side, maybe to compare and contrast, it's not rack for us, it's sort of our core prime auto business in terms of growth. And again, just being able to be a little more relevant to our dealers and creating a little more capacity. You've seen lots of changes from people in and out of the auto side. We like the consistency of it. And again, we have a deep, strong relationships with lots of dealers, and this just adds to that portfolio.

貝特西，你獲得了更多的額外許可。對，就是這樣。是的。因此，在汽車方面，也許為了進行比較和對比，這對我們來說不是機架，而是我們在成長方面的核心主要汽車業務。再說一遍，只是能夠與我們的經銷商更加相關並創造更多的能力。您已經看到汽車行業內外的人們發生了很多變化。我們喜歡它的一致性。再說一遍，我們與許多經銷商建立了深厚而牢固的關係，這進一步豐富了我們的產品組合。

And then on the corporate side, same thing on the -- if the question was related to the risk profile, similar kind of risk profile. I mean, we're -- we created, as I said, a lot of discipline over the last year in terms of we were optimizing capital, and we want to continue to do that. So the same expectations that we have for full relationships, the same expectations we have for the risk profile. So I think everything we're adding is just more accretive than what we were adding before based on our capabilities.

然後在公司方面，同樣的事情 - 如果問題與風險狀況有關，則類似的風險狀況。我的意思是，正如我所說，我們在過去一年在優化資本方面製定了很多紀律，我們希望繼續這樣做。因此，我們對全面關係的期望相同，對風險狀況的期望也相同。因此，我認為我們添加的所有內容都比我們之前根據我們的能力添加的內容更具增值性。

Our next question comes from Scott Siefers from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Scott Siefers。

Let's see. Mike, I wanted to just ask a little on the guide and the nuance. So if I understood it correctly, on an apples-to-apples basis, the full year guide is the same for expenses, but tightened up to the low end of the prior range as better fees are offset by slightly weaker NII outlook. So hopefully I got that right.

讓我們來看看。麥克，我想問一些有關指南和細微差別的問題。因此，如果我理解正確的話，在同類基礎上，全年支出指南是相同的，但收緊至先前範圍的低端，因為更好的費用被稍微疲軟的國家資訊基礎設施前景所抵消。所以希望我做對了。

But within there, just curious for expanded thoughts on what has changed within the NII expectations. I imagine the preponderance of it is just fewer rate cut expectations with the 3 versus 6 previously. But maybe you could speak to other factors, such as deposit mix or pricing nuance, that might have impacted as well.

但在內部，只是好奇對 NII 期望中發生的變化的擴展思考。我想，其優勢只是 3 次降息預期比之前 6 次降息預期要少。但也許您可以談談其他可能也會產生影響的因素，例如存款組合或定價細微差別。

Yes, Scott, you made it easy for me. Those are the answers. So for us, we had 5 cuts back in January. I think the market had 6. We're looking now at 3. I think the market has 2 or fewer, frankly. And so I think maybe one nuance to our outlook is that we believe that sort of 4 to 5 manages 3 cuts or even fewer cuts than 3. So perhaps worth noting there. And then beyond just the curve, we have just -- and I think our expectation in January, we were 6 months from the last hike and here we now sit at 9 months and we probably had an expectation that there would be a touch less churn and pressure on pricing and mix on the liabilities portfolio side. So those are the 2 factors. And then, of course, we're seeing some strength on the fee side. So put that in the blender and 4% to 5% feels right.

是的，史考特，你讓我很容易。這些就是答案。因此，對我們來說，一月份我們進行了 5 次裁員。我認為市場上有 6 個。 我們現在正在考慮 3 個。因此，我認為我們的前景的一個細微差別是，我們認為 4 到 5 的方式可以管理 3 次削減，甚至少於 3 次削減。然後，除了曲線之外，我們剛剛——我認為我們在一月份的預期是，距上次加息還有 6 個月，而現在是 9 個月，我們可能預計客戶流失率會有所減少以及負債組合方面的定價和組合壓力。這就是兩個因素。當然，我們也看到了費用上的一些優勢。因此，將其放入攪拌機中，4% 到 5% 感覺合適。

I'd add to Mike. As you know, that does not include TIH repositioning. So some -- we still have to say all of this in the same sentence, but that...

我想補充一下麥克。如您所知，這不包括 TIH 重新定位。所以有些 - 我們仍然必須在同一句話中說出所有這些，但是...

Yes, I totally understand. And then, Mike, maybe just on sort of the competitive environment for funding. On one hand, it's a general question, but also curious to hear your thoughts insofar as there are a lot of out-of-market competitors encroaching on your pretty attractive demographic markets. I'm just curious to hear just your thoughts on sort of rationality of funding pricing. Are they having a visible impact? Or is the market pretty rational as to what you would expect in a higher-for-longer environment? How are those things all trajecting?

是的，我完全理解。然後，麥克，也許只是關於資金的競爭環境。一方面，這是一個普遍的問題，但也很想聽聽您的想法，因為有很多市場外的競爭對手正在蠶食您相當有吸引力的人口市場。我只是想聽聽您對融資定價合理性的看法。他們有明顯的影響嗎？或者，對於您在長期較高的環境中的預期，市場是否相當理性？這些東西的軌跡是怎麼樣的？

Yes. I mean, look, we -- one of the benefits of operating in such attractive high-growth markets is, is they're attractive to others as well. And so it's always been a competitive marketplace for us. But I don't think we're seeing what I would describe as irrational behavior in the market. I think we're at a little unusual moment in the cycle being as high as we are for as long as we've been here. And so you're seeing a variety of strategies. But by and large, I think people are all trying to solve the same problem we are, which is when will we perhaps see some relief on the rate side?

是的。我的意思是，你看，在如此有吸引力的高成長市場中運作的好處之一是，它們也對其他人有吸引力。因此，對我們來說，它一直是一個競爭激烈的市場。但我認為我們並沒有看到我所描述的市場非理性行為。我認為我們正處於週期中一個不尋常的時刻，自從我們來到這裡以來，我們就處於如此高的水平。所以你會看到各種各樣的策略。但總的來說，我認為人們都在試圖解決我們同樣的問題，即我們什麼時候才能看到利率方面有所緩解？

Meanwhile, we're really just focused on supporting our clients, right? And so we've got the right products, we think, and the right client experiences. And we're going to pay a competitive rate to defend the relationships that you would expect us to defend.

同時，我們真的只專注於支持我們的客戶，對吧？因此，我們認為我們擁有正確的產品和正確的客戶體驗。我們將支付有競爭力的價格來捍衛您期望我們捍衛的關係。

Yes. It's also, Scott, why we focus on net new. So in addition to sort of the pricing within our existing portfolio, we want to make sure we're adding net new accounts. So our rate of acquisition has been really strong, and our rate of attrition has been improved. So those are important barometers for us to let's sort of look at the overall health of the franchise and our relative competitive positioning.

是的。史考特，這也是我們專注於淨新的原因。因此，除了對現有投資組合中的定價進行排序之外，我們還希望確保增加淨新帳戶。所以我們的收購率非常高，而且我們的流失率也提高了。因此，這些對我們來說是重要的晴雨表，讓我們來看看特許經營權的整體健康狀況和我們的相對競爭地位。

Our next question comes from Ken Usdin from Jefferies.

我們的下一個問題來自 Jefferies 的 Ken Usdin。

I'm just wondering just in terms of sequencing and how we'll understand how the rest of the potential benefits look like following the close of the transaction. I guess just wondering, are you still anticipating a June 1 close? And then do you anticipating like, just next earnings season, we'll kind of get the understanding of the full impacts of both cash reinvestment and whatever you may decide to do on restructuring?

我只是想知道交易結束後的順序以及我們如何理解其餘的潛在好處。我想只是想知道，您還在期待 6 月 1 日關閉嗎？然後，您是否預計，就在下一個財報季，我們將了解現金再投資以及您可能決定對重組採取的任何行動的全部影響？

Ken, it's Mike. We don't have a date certain on closing, but we have an increasing confidence that Q2, we will be able to complete the transaction. I think once we complete the transaction, we think there'll be an opportunity for us to communicate during the quarter sort of what things look like from there.

肯，是麥克。我們沒有確定的交割日期，但我們對第二季度能夠完成交易的信心越來越大。我認為一旦我們完成交易，我們將有機會在本季度就情況進行溝通。

Okay. Got it. And then just on -- underneath the surface, I guess it's hard because, by 3Q, you'll probably have done some of these things. But you mentioned NII down a little bit in the second quarter. Ex the deal, do you have a view of kind of where that core NII would be heading as we look into the second half of the year and kind of when that gets to a stability point?

好的。知道了。然後就在表面之下，我想這很難，因為到第三季度，你可能已經完成了其中一些事情。但你提到第二季NII 略有下降。除了交易之外，當我們展望今年下半年以及何時達到穩定點時，您是否認為核心國家資訊基礎設施將走向何方？

Yes. That's right. And the guide we gave for Q2 is sort of ex any cash or ex any potential benefit from a repositioning. So that down 2% to 3% is, I think, what you're asking for, at least in the quarter. And we do believe that the second quarter will be a trough for us.

是的。這是正確的。我們為第二季提供的指南是不包括任何現金或重新定位帶來的任何潛在收益。因此，我認為，至少在本季度，下降 2% 到 3% 就是您所要求的。我們確實相信第二季將是我們的低谷。

So if you think about the third quarter, a, I think we'll get a touch of benefit just on the -- or a, our baseline has us getting a cut in June. And if you think about the third quarter, maybe a cut and a half, if you get September, early September also. So you got a cut and a half, you've got 1 extra day in the third quarter and maybe a touch of a larger balance sheet if we start to see a little bit of loan growth come through. So we see some modest improvement in Q3 and the same in Q4 as sort of a baseline path. I think fewer cuts puts a little bit of pressure on that, but I think we still expect Q2 to be a trough from an NII perspective, regardless.

因此，如果你考慮第三季度，a，我認為我們將在 - 或者 a，我們的基線使我們在 6 月份得到削減。如果你考慮一下第三季度，也許會削減一半，如果你到了九月，九月初也是如此。因此，你可以削減一半，第三季你可以多一天的時間，如果我們開始看到一點點貸款成長，資產負債表可能會有所擴大。因此，我們看到第三季和第四季都有一些適度的改善，作為基線路徑。我認為減少削減會帶來一點壓力，但無論如何，我認為從國家資訊基礎設施的角度來看，我們仍然預計第二季將是一個低谷。

Okay. Great. Yes, it was a second half point that I was looking for that incremental color on, on kind of how it improves. Okay. And then just one more follow-up on IB. You mentioned the investments you've been making at the quarter, was outstandingly good. Are you kind of implying that flat fees in the second quarter, that this is a new run rate for IB and trading? Some other banks have talked about pull-forward in DCM, but I just want to kind of understand the color, where you think the puts and takes are for fee income growth from here?

好的。偉大的。是的，這是後半點，我正在尋找增量顏色，以及它如何改進。好的。然後是 IB 的另一個後續行動。您提到您在本季進行的投資非常好。您是否在暗示第二季的固定費用，這是 IB 和交易的新運行費率？其他一些銀行已經談到了 DCM 中的前移，但我只是想了解顏色，您認為看跌期權和賣出期權是為了從這裡開始收取費用收入增長嗎？

Yes. I don't think there's been any particular pull-forward. This was a particularly strong M&A quarter. M&A is a little less predictable on a quarter-to-quarter basis. But I think as we look sort of -- if we're thinking short term, like next quarter, next couple of quarters, I mean, this seems to be a pace that we're operating at right now in terms of our momentum and pipelines.

是的。我認為沒有任何特別的推動。這是一個特別強勁的併購季度。從季度來看，併購的可預測性稍差一些。但我認為，如果我們考慮的是短期的，例如下個季度、接下來的幾個季度，我的意思是，就我們的勢頭和情況而言，這似乎是我們目前的運作速度。

Our next question comes from Mike Mayo from Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的麥克梅奧。

If I can just get one simple question and one more complex question. The simple question is, so you're guiding for a trough in NII in the second quarter, and that does not include any deployment of the $10 billion. So if you just put the $10 billion, say you get a 5% yield on that, then you get $500 million. That would add 2% to year-over-year revenue growth. And also how much would the sale of insurance improve your tangible book value?

如果我能得到一個簡單的問題和一個更複雜的問題。一個簡單的問題是，您預計第二季 NII 會觸底，而這不包括 100 億美元的任何部署。因此，如果您投入 100 億美元，假設您獲得 5% 的收益率，那麼您將獲得 5 億美元。這將使收入年增 2%。出售保險會提高您的有形帳面價值多少？

The first question, that's right, Mike. The guidance really for the year-end, specifically you asked for the quarter, does not include the benefit of the cash. We do expect the cash proceeds after tax to be about $10.1 billion. You can pick your forward curve deployment rate, but I think you're in the ballpark.

第一個問題，沒錯，麥克。年底的指導，特別是您要求的季度指導，不包括現金收益。我們預計稅後現金收益約為 101 億美元。您可以選擇遠期曲線部署率，但我認為您處於大致範圍內。

And then your second question was what would be the tangible book value per share improvement from the sale, I think was the question. And that would be by roughly 1/3.

然後你的第二個問題是，我認為出售後每股有形帳面價值的改善是多少。大約是 1/3。

Okay. And then, Bill, for you. I know I brought this up before, but we're -- after 5 years, the announcement of this merger, and at least 5 years ago as of today, your stock is down 1/4, the [BTX] is flat, the S&P is up 2/3. And I'm looking -- I guess your annual meeting is tomorrow, and you talk about leaning into your purpose, inspiring to build better lives. And I just don't see the word shareholder there or on that side.

好的。然後，比爾，給你。我知道我之前提到過這一點，但我們——在宣布這次合併 5 年後，至少在 5 年前的今天，你的股票下跌了 1/4，[BTX] 持平，標準普爾上漲2/ 3。我想──我想你的年會就在明天，你談到了要實現自己的目標，激勵人們建立更美好的生活。我只是在那裡或那邊沒有看到“股東”這個詞。

By the way, I love purpose-driven capitalism and I love how you bring that up. But I think if you don't bring shareholders along -- on that slide, you say happiness, I don't think the shareholders are too happy if they've been around for the last 5 years. So can you just pull the lens back a day before your annual shareholders' meeting and say what you're doing to help make shareholders happy, assuming that your clients, employees and communities are happy. How do you bring the shareholders along a little bit more?

順便說一句，我喜歡目標驅動的資本主義，我也喜歡你提出這個問題的方式。但我認為，如果你不讓股東參與其中——在這張投影片上，你說幸福，我認為如果股東已經存在了過去五年，他們就不會太幸福。那麼，你能否在年度股東大會前一天把鏡頭拉回來，說說你正在做什麼來幫助股東快樂，假設你的客戶、員工和社區都快樂。如何讓股東多一點支持？

Thanks, Mike. So just to be clear in our mission statement, our shareholders are a key component of our stakeholders. So they've never been excluded in terms of our purpose. And I just fundamentally believe that purpose and performance are inextricably linked. So there's just no doubt about that.

謝謝，麥克。因此，在我們的使命宣言中要明確的是，我們的股東是利害關係人的關鍵組成部分。因此，就我們的目的而言，他們從未被排除在外。我從根本上相信，目標和績效是密不可分的。所以這是毫無疑問的。

Do we lean in a lot to clients and teammates and communities during the first part of our merger and during COVID? Absolutely. Are we leaning in equally now with shareholders as a component of all that? Absolutely. And you see some of the actions we're taking, some of the momentum that we're creating.

在合併的第一階段和新冠疫情期間，我們是否向客戶、隊友和社區傾斜了很多？絕對地。我們現在是否平等地與股東一起參與這一切？絕對地。你會看到我們正在採取的一些行動，我們正在創造的一些動力。

I highlighted in the beginning of this call sort of small business as an example of how purpose and performance are linked. So focus on our small business community heroes, which is great. That's very purposeful, help them build their businesses and help them build their communities. But also meant we added 8,600 of them and we created $700 million of deposits.

我在這次電話會議的開頭強調了小型企業作為目的和績效如何連結的例子。因此，請關注我們的小企業社區英雄，這很棒。這是非常有目的的，幫助他們建立自己的企業並幫助他們建立自己的社區。但這也意味著我們增加了 8,600 個帳戶，並創造了 7 億美元的存款。

So I do think they're linked. I think if you sat in our company and listened, you would understand that people make the connection very, very clearly, and I'm not confused about that. And I think the actions that we've taken in the fall, the actions that we're taking now, the momentum we've created, are solid evidence of our focus on our shareholders as well.

所以我確實認為它們是有聯繫的。我想如果你坐在我們公司傾聽，你就會明白人們非常非常清楚地建立了聯繫，我對此並不感到困惑。我認為我們在秋季採取的行動，我們現在正在採取的行動，我們創造的勢頭，也有力地證明了我們對股東的關注。

And our next question comes from Ebrahim Poonawala from Bank of America.

我們的下一個問題來自美國銀行的 Ebrahim Poonawala。

Maybe just, Bill, following up on -- from a shareholder focus. I think there's a lot of focus around what this company can earn on a go-forward basis as you think about the turn on tangible equity. Maybe you want to wait for a few months, I appreciate that until the deal closes.

比爾，也許只是從股東的角度來跟進。我認為，當你考慮到有形股權的轉變時，人們會非常關注這家公司未來可以賺取的收入。也許您想等待幾個月，我很感激，直到交易完成。

But give us a sense, when you look at sort of consensus numbers, 12% return on tangible equity, I'm assuming that's not kind of what you're aspiring for. So give us a framework, when we think about your peer set, whether you think you can get there. And then just how quickly, given maybe just still some more tech spend to be undertaken over the next few years. Yes, if you could start there.

但請給我們一個感覺，當你看到某種共識數字時，有形股本回報率為 12%，我假設這不是你所渴望的。因此，當我們考慮您的同行時，請給我們一個框架，看看您是否認為自己可以達到目標。考慮到未來幾年可能還會有更多的技術支出，那麼速度到底有多快呢？是的，如果你能從那裡開始的話。

Yes, Ebrahim, I think I've hopefully said very clearly that, that would be a starting point. So that would not be an acceptable return for us long term. It is a component of a reset. If you think about it, there are -- let me put it into a couple of buckets.

是的，易卜拉欣，我想我已經非常清楚地說過，這將是一個起點。因此，從長遠來看，這對我們來說不是可接受的回報。它是重置的一個組成部分。如果你仔細想想，有──讓我把它分成幾個桶子。

So short and medium term, we have a chance to actually move that more demonstrably. So think about the share -- the securities repositioning sort of as a step 1 and share repurchase, a little more meaningful to start with and more durable over time. So we have a short and medium-term unique capacity to increase that.

因此，從短期和中期來看，我們有機會真正更明顯地推動這一進程。因此，考慮一下股票——證券重新定位有點像第一步和股票回購，一開始更有意義，隨著時間的推移也更持久。因此，我們擁有短期和中期的獨特能力來提高這一水平。

And then long term has to come from the growth of our business. And we're in the best markets. We're creating momentum in all the segments of our market. We're creating a lot of efficiency. So the -- every dollar of revenue is going to be more efficient in terms of how it produces income for our shareholders over time and our ability to continue to invest. So you mentioned technology, but all those will be components. So the expenses are related to also our capacity to save money and invest in our company long term.

然後長期必須來自我們業務的成長。我們處於最好的市場。我們正在市場的所有領域創造動力。我們正在創造很大的效率。因此，隨著時間的推移，每一美元的收入都將更有效地為我們的股東創造收入，以及我們繼續投資的能力。所以你提到了技術，但所有這些都將是組件。因此，這些費用也與我們省錢和長期投資公司的能力有關。

So short and medium term, we get increased the slope a little bit and then long term, increase the slope over time. It's a little too early for a sort of a specific target. The target right now is to grow, and again, grow meaningfully. And as we understand the capital rules a little bit better, get through some of the capital planning, we'll be in a better position to talk about more longer-term targets.

因此，短期和中期，我們會稍微增加斜率，然後長期來看，隨著時間的推移增加斜率。對於某種具體目標來說還為時過早。現在的目標是成長，而且是有意義的成長。當我們更了解資本規則並完成一些資本規劃時，我們將能夠更好地談論更多的長期目標。

Got it. And Mike, just a quick one for you. So it sounds like fewer rate cuts is negative, but at the same time, the cash will make the balance sheet asset-sensitive. With the cash -- I mean, I'm just wondering if we have to -- if we were to assume there are no rate cuts this year, is that really negative or more a neutral scenario given the cash will be sort of earning higher for longer in that backdrop? If you could clarify that.

知道了。麥克，請簡單介紹一下。因此，聽起來減少降息是負面的，但同時，現金將使資產負債表資產敏感。有了現金——我的意思是，我只是想知道我們是否必須——如果我們假設今年沒有降息，考慮到現金會帶來更高的收入，這真的是負面的還是更中性的情況在這樣的背景下停留更久？如果你能澄清這一點。

Yes. Well, the Ebrahim, what I was talking about was sort of a continuing ops guide, so ex the incremental cash. So we feel like there would be downside, right? So our 4% to 5% contemplates 3 cuts baseline, but fewer cuts as well to the low side. I think if you added the cash, you're right, that would add asset sensitivity and would just sort of transform our NII trajectory broadly.

是的。嗯，易卜拉欣，我所說的是一種持續的營運指南，所以不包括增量現金。所以我們覺得會有負面影響，對嗎？因此，我們的 4% 到 5% 的人考慮削減 3 次基線，但削減的次數也會減少到低端。我認為如果你增加現金，你是對的，這會增加資產敏感性，並且會廣泛改變我們的 NII 軌跡。

Obviously, when that asset sensitivity comes on to the balance sheet, we'll manage that consistent with how we've managed rate risk in the past, which is we would probably add some receivers to manage against lower rates longer. I think I answered your question, which is the guide is continuing OpEx cash. We think the 4% to 5% has that. And the cash and any repositioning benefit would be on top of that.

顯然，當這種資產敏感性出現在資產負債表上時，我們將按照過去管理利率風險的方式來管理這一點，即我們可能會增加一些接收者來管理更長時間的較低利率。我想我回答了你的問題，即繼續營運支出現金的指南。我們認為 4% 到 5% 的人就是這樣。現金和任何重新定位的好處都將是最重要的。

Our next question comes from Matt O'Connor from Deutsche Bank.

我們的下一個問題來自德意志銀行的馬特·奧康納。

What do you think is a good capital level to be running at, kind of looking out medium term including AOCI?

您認為包括 AOCI 在內的中期資本運作水準是多少？

Matt, it's Mike. I'll take a swing at that one. This is -- it's one that's tough to get on the record on. As you know, I think others are probably in the same boat. I think the good news for Truist is we find ourselves, at least once we get our TIH transaction completed, in a really strong I think on a relative and absolute basis, capital position.

馬特，是麥克。我會向那個人發動攻擊。這是一件很難記錄下來的事情。如您所知，我認為其他人可能也有相同的情況。我認為對 Truist 來說好消息是，至少在我們完成 TIH 交易後，我們發現自己的資本狀況非常強勁，我認為在相對和絕對的基礎上。

With the rules still in a proposal stage, I think it's really hard for us to determine exactly what a target might be. I think we do find ourselves in a position right now of some amount of excess capital. It's impossible to understand exactly what that level would be. But the good news, again, is we do have the confidence in our current level such that we can shift from sort of a phase where we've been conserving capital to a phase where we're deploying capital and optimizing that capital and putting it to work.

由於規則仍處於提案階段，我認為我們很難準確地確定目標是什麼。我認為我們現在確實發現自己處於一定數量的過剩資本的境地。不可能準確理解這個水平是什麼。但好消息是，我們對目前的水平確實有信心，這樣我們就可以從保存資本的階段轉變為部署資本、優化資本並投入的階段。

And whether that's in the core balance sheet, which would be our first priority is to grow client relationships and balances and make money the old-fashioned way. We obviously have been clear that we think there's -- we have the capacity to evaluate a repositioning of the balance sheet. And of course, Bill has been pretty direct about our ambitions around buying back stock.

無論這是否在核心資產負債表中，我們的首要任務是發展客戶關係和餘額，並以老式的方式賺錢。我們顯然已經明確表示，我們認為我們有能力評估資產負債表的重新定位。當然，比爾非常直接地表達了我們回購股票的野心。

So I don't have a target for you, but our sort of tone and mindset and planning is oriented around growth.

所以我沒有給你設定目標，但我們的基調、心態和計劃都是圍繞著成長的。

Got it. And then just. I didn't see the disclosures, but remind me what the adjusted CET1 is right now? And again, obviously, you're taking up a lot in the deal. But what's the starting point right now?

知道了。然後就只是。我沒有看到披露，但提醒我現在調整後的CET1是多少？顯然，你在這筆交易中承擔了很多責任。但現在的出發點是什麼？

We're 10.1% as of the end of the quarter, which is flat to last quarter. Obviously, the seasonal phase-in impacted the linked-quarter advancement. And if you fully phased in the proposed rules, our AOCI would, I think, worsen that by a little over 3%. The threshold is a little less than 1%. And then RWA inflation, maybe a couple, call it 20, 30 basis points. So I think we're around 5.9%, maybe 6 on a fully phased-in basis today.

截至本季末，我們的成長率為 10.1%，與上季持平。顯然，季節性的階段性影響影響了相關季度的進步。如果你完全分階段實施擬議的規則，我認為我們的 AOCI 將使情況惡化略多於 3%。閾值略小於 1%。然後 RWA 通膨，也許有幾個，稱之為 20、30 個基點。所以我認為我們今天的比例約為 5.9%，也許是 6%。

Okay. And then obviously, off that 6%, we would add the 2.5% or 2.6% you said, so.

好的。顯然，在 6% 的基礎上，我們會加上你所說的 2.5% 或 2.6%，所以。

That's right.

這是正確的。

Yes.

是的。

Our next question comes from Gerard Cassidy from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的傑拉德·卡西迪。

Mike, to follow up on the bond potential restructuring, a technical question. Are you guys permitted -- I know you can restructure the AFS, available-for-sale portfolio. But can you touch the held-to-maturity portfolio as well?

麥克，跟進債券潛在重組的技術問題。你們可以嗎？但您也可以觸及持有至到期投資組合嗎？

And then second, if this Basel III, as we know it, appears to be delayed because of a big change coming. If Basel III doesn't get solidified and finalized until first or second quarter of next year, how does that impact your guys' decision-making on when to possibly do this restructuring?

其次，正如我們所知，巴塞爾協議 III 是否會因為即將發生的重大變化而被推遲。如果《巴塞爾協議 III》要到明年第一季或第二季才能得到鞏固和最終確定，這會對你們關於何時可能進行重組的決策產生影響？

Sure, Gerard. The first question. No, the HTM portfolio wouldn't be eligible for repositioning. We wouldn't be in a position to sell those securities or the consequences that we would have to mark the rest of the HTM securities.

當然，杰拉德。第一個問題。不可以，HTM 投資組合不符合重新定位的資格。我們將無法出售這些證券，否則我們將不得不標記其餘的 HTM 證券。

In terms of Basel, obviously, we've been engaged in the advocacy there as well. We've been monitoring the evolution of the rule. It does seem at this point that a final rule certainly is delayed versus our -- what we probably would have expected a year ago or even 6 months ago. But I don't think we have an expectation that the substance of the rule that's going to be most relevant to Truist is likely to change, which is the inclusion of -- or the deduction of AOCI from regulatory capital.

顯然，就巴塞爾而言，我們也一直在那裡進行宣傳。我們一直在關注規則的演變。目前看來，最終規則肯定比我們一年前甚至六個月前所預期的要推遲。但我認為我們預計與 Truist 最相關的規則的實質內容不會發生變化，即納入或從監管資本中扣除 AOCI。

So I think we feel good about our path forward. And look, I mean, I think we were pretty clear in February, again, around our objectives with a potential repositioning. And just to sort of state it again, I mean, one, whatever we do, we want to make sure that we still have ample capacity to grow the business and execute on the buyback that Bill has mentioned. But it's really important to us to at least replace the TIH earnings in whatever we would contemplate.

所以我認為我們對前進的道路感覺良好。我的意思是，我認為我們在二月再次明確了我們的目標，並可能進行重新定位。再次聲明一下，我的意思是，第一，無論我們做什麼，我們都希望確保我們仍然有足夠的能力來發展業務並執行比爾提到的回購。但無論我們考慮什麼，至少要取代 TIH 的收益，這對我們來說確實很重要。

Very good. And then possibly a follow-up on the commercial real estate detail you gave us in the appendix. It looked like the nonperforming loan percentage declined a bit from the fourth quarter. Charge-offs, however, obviously went up. Your reserves also went up relative to total loans. Any color that you guys can provide us on what's happening to the mix of the commercial real estate? Obviously, office is the one that we're all focused on, but any other areas that you guys have some color would be great.

非常好。然後可能是您在附錄中向我們提供的商業房地產詳細資訊的後續行動。不良貸款率較第四季略有下降。然而，沖銷額卻明顯上升。您的準備金相對於貸款總額也有所增加。你們可以提供我們有關商業房地產組合發生的情況的任何顏色嗎？顯然，辦公室是我們都關注的領域，但如果你們有一些其他領域的色彩那就太好了。

Yes. Gerard, this is Clarke. We were very pleased in the quarter. To your point, we did see our total CRE NPLs go down, and that was driven by deliberate actions we took to continue to work through the stressed exposure in the CRE office. We actually reduced CRE office $222 million or 4.5% for the quarter while addressing about $230 million worth of maturity.

是的。杰拉德，這是克拉克。我們對本季非常滿意。就你的觀點而言，我們確實看到我們的商業房地產不良貸款總額有所下降，這是由於我們為繼續解決商業房地產辦公室面臨的壓力而採取的故意行動所推動的。實際上，本季我們減少了 CRE 辦公室費用 2.22 億美元，即 4.5%，同時解決了價值約 2.3 億美元的到期問題。

So as we've said before, we're not going to kick the can down the road. So we're trying to be very intentional about recognizing where we have exposure and going ahead and dealing with that. And that's what created higher losses for the quarter, but the trade-off was lower NPLs.

因此，正如我們之前所說，我們不會把事情擱置一旁。因此，我們正在努力非常有意識地認識到我們所面臨的風險，並繼續前進並處理該問題。這就是本季虧損增加的原因，但其代價是不良貸款率下降。

To your point, we also feel very good about our reserves. Our office reserves were increased to 9.3%. And also for the stress, more institutional style, we're nearly -- we're about 11.8%. So we're well, well reserved.

就您而言，我們對我們的儲備也感覺非常好。我們的辦公室儲備增加至 9.3%。對於壓力，更制度化的風格，我們幾乎——我們大約是 11.8%。所以我們保留得很好。

I would say the other CRE segments are holding up really well. I know there's a lot of talk about multifamily. I'd say for us, what we see there is mostly a migration to the watchlist but not to NPL or losses yet. And we're working with those borrowers, and we're quite pleased that most sponsors are coming in and addressing resizing, if necessary, interest reserves or other structural ways to keep those performing. So we feel good about the overall CRE book and our trajectory right now.

我想說，商業房地產的其他細分市場表現得非常好。我知道有很多關於多戶家庭的討論。我想說的是，對我們來說，我們看到的主要是轉移到觀察名單，但還沒有轉移到不良貸款或損失。我們正在與這些借款人合作，我們很高興大多數贊助商都參與其中，並在必要時解決調整利息儲備規模或其他結構性方法，以保持這些借款人的表現。因此，我們對整體 CRE 書籍和我們目前的發展軌跡感覺良好。

And our final question today comes from Vivek Juneja from JPMorgan.

今天我們的最後一個問題來自摩根大通的 Vivek Juneja。

A couple of quick questions. One is the balance sheet restructuring that you're talking about. Any sense of timing in terms of how long is it? Do you expect you get done by -- assuming you close on June 1, do you think you'd get done by end of this year? Or do you think it ends -- heads over into '25? Are there any sort of tax reasons why you have any time limitations?

幾個簡單的問題。一是你所說的資產負債表重組。對於時間有多長有任何時間感嗎？你預計你能在 6 月 1 日結束前完成嗎？或者你認為一切都會結束——進入 25 年嗎？是否有任何稅務原因導致您有時間限制？

Maybe let me hit that, Mike. I mean, the spirit would be simultaneous. So that would be the spirit in terms of how we would potentially restructure.

也許讓我擊中它，麥克。我的意思是，精神是同時的。因此，這將是我們可能進行重組的精神。

Okay. And then as you restructure, Bill, are you thinking you replace the securities with other securities? Are you -- I know you're only going to get it to -- you want to get earnings to neutral. Where are you at this point in thinking, are you willing to go more? What do you think in terms of ongoing run rate of securities as a proportion of earning assets?

好的。然後，當你重組時，比爾，你是否認為用其他證券取代這些證券？你是否——我知道你只會做到——你想讓收益達到中性。此時你在想什麼，你願意走得更多嗎？您如何看待證券的持續運作率佔獲利資產的比例？

Yes. Vivek, it's Mike. I'll take it. In February, what we laid out was sort of an even redeployment into cash and securities. Even that, I think, was hypothetical. And as you can imagine, we are keeping an eye on the market and thinking about the trade-offs around different -- whether it be mortgages or treasuries and cash. So I think we'll get that mix right.

是的。維維克，是麥克。我要買它。二月份，我們計劃將資金平均重新部署到現金和證券。我認為，即便如此，這也是假設的。正如你可以想像的那樣，我們正在密切關注市場並思考不同的權衡——無論是抵押貸款還是國債和現金。所以我認為我們會得到正確的組合。

And we'll be guided on -- not just earnings. Obviously, we have an objective of shortening the balance sheet and improving our readiness around what we think will be more rigorous liquidity requirements over time. And so that's actually one of the great benefits of this transaction or this collection of potential transactions, is it's not just about capital. This really does move us forward more broadly. So.

我們將受到指導——而不僅僅是收益。顯然，我們的目標是縮短資產負債表，並圍繞我們認為隨著時間的推移將更加嚴格的流動性要求做好準備。因此，這實際上是這筆交易或這批潛在交易的最大好處之一，它不僅僅是資本。這確實推動我們更廣泛地前進。所以。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想將發言權交還給管理階層，讓他們發表結束語。

Okay. Thank you, Jamie. 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. Jamie, you may now disconnect the call.

好的。謝謝你，傑米。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。傑米，你現在可以掛斷電話了。

Ladies and gentlemen, that does conclude today's conference call. We thank you for attending. You may now disconnect your lines.

女士們先生們，今天的電話會議到此結束。我們感謝您的出席。現在您可以斷開線路。