美國合眾銀行 (USB) 2026 Q1 法說會逐字稿

Welcome to US Bancorp's first quarter 2026 earnings conference call. (Operator Instructions) This call will be recorded and available for replay beginning today at approximately 10:00 AM Central Time.

歡迎參加美國合眾銀行（US Bancorp）2026 年第一季財報電話會議。(接線員指示) 本次電話會議將被錄音，並自今日約中部時間上午 10:00 起提供重播。

I will now turn the conference call over to Jen Thompson.

我現在把電話會議交給 Jen Thompson。

Thank you, Regina, and good morning, everyone. In our boardroom today, I'm joined by Chief Executive Officer, Gunjan Kedia; and Vice Chair and CFO, John Stern. In a moment, Gunjan and John will be referencing a slide presentation together with their prepared remarks.

謝謝你，Regina，大家早安。今天在董事會會議室與我一同出席的有執行長 Gunjan Kedia，以及副董事長兼財務長 John Stern。稍後，Gunjan 與 John 將配合投影片簡報進行其事先準備的發言。

A copy of the presentation, our press release and supplemental analyst schedules can be found on our website at ir.usbank.com.

簡報檔、新聞稿以及補充的分析師附表可於我們網站 ir.usbank.com 查閱。

Please note that any forward-looking statements made during today's call are subject to risk and uncertainty. Factors that could materially change our current forward-looking assumptions are described on page 2 of today's earnings presentation, our press release and in reports on file with the SEC.

請注意，今日電話會議中所作的任何前瞻性陳述均受風險與不確定性影響。可能對我們目前前瞻性假設造成重大變動的因素，已載於今日財報簡報第 2 頁、新聞稿，以及向美國證券交易委員會（SEC）申報存檔的報告中。

Following our prepared remarks, Gunjan and John will be happy to take questions that you have. I will now turn the call over to Gunjan.

在我們的事先準備發言結束後，Gunjan 與 John 很樂意回答各位的提問。我現在把電話會議交給 Gunjan。

Thank you, Jen, and good morning, everyone. I will begin on slide 3.

謝謝你，Jen，大家早安。我將從第 3 張投影片開始。

This quarter, we delivered earnings per share of $1.18, a year-over-year increase of approximately 15%. Total net revenue of $7.3 billion increased 4.7% year over year, with broad-based growth across each of our three major business lines.

本季我們每股盈餘為 1.18 美元，年增約 15%。淨營收總額 73 億美元，年增 4.7%，我們三大主要業務線皆呈現廣泛成長。

Net interest income on a taxable equivalent basis increased 4.1% year over year, supported by robust core loan growth in Commercial and Credit Card and a second consecutive quarter of record consumer deposits. Fee income grew 6.9% year over year, reflecting improved payments performance and a momentum across Capital Markets and Investment Services businesses.

以應稅等值（taxable equivalent）基礎計算的淨利息收入年增 4.1%，主要受惠於商業放款與信用卡的強勁核心貸款成長，以及消費者存款連續第二季創新高。手續費收入年增 6.9%，反映支付業務表現改善，以及資本市場與投資服務業務動能延續。

Capital Markets' performance was particularly strong as new product penetration with long-standing clients and favorable market volatility combined to drive strong revenue growth. We delivered positive operating leverage of 440 basis points in the quarter. Strong revenue growth and continued expense discipline improved our efficiency ratio by 260 basis points year over year. John will provide more details on our financial performance in his opening remarks.

資本市場表現尤其強勁，與長期客戶的新產品滲透率提升，加上有利的市場波動，共同帶動營收強勁成長。本季我們實現 440 個基點的正向營運槓桿。強勁的營收成長與持續的費用控管，使效率比率年減 260 個基點。John 將在開場發言中提供更多財務表現細節。

On slide 4, we are spotlighting our Business Banking franchise. This segment contributes approximately 9% of our revenues and represents a compelling long-term opportunity for us. We have been building out new products and operational capabilities for this segment. We have also expanded our client teams to build deep, multi-serve relationships that are served in branches with direct bankers and exceptional digital experiences. That approach has driven high single-digit compound annual growth in both clients and fees over the past two years.

在第 4 張投影片，我們聚焦於商業銀行（Business Banking）特許經營。該業務約貢獻我們 9% 的營收，並代表對我們而言具吸引力的長期機會。我們一直在為此業務線建置新產品與營運能力。我們也擴充客戶團隊，以建立深度、多元服務的關係；透過分行的專屬銀行專員與卓越的數位體驗提供服務。這樣的策略在過去兩年帶動客戶數與手續費皆達到高個位數的年複合成長。

Looking ahead, we are investing in integrated solutions, collectively branded Business Essentials. These solutions offer banking, card, spend management, and merchant solutions that support small businesses at every stage of their life cycle.

展望未來，我們正投資於整合式解決方案，統一以 Business Essentials 品牌推出。這些方案提供銀行、卡片、支出管理與商戶解決方案，可在小型企業生命週期的各階段提供支援。

Our recently announced partnership with Amazon is significant in size and will meaningfully expand our small business reach. This partnership is unique from traditional co-brand card arrangements in anticipating a clear pathway to broader banking relationships over time.

我們近期宣布與 Amazon 的合作規模可觀，將大幅擴大我們觸及小型企業的範圍。此合作不同於傳統聯名卡安排，因其預期隨時間推進，能清楚導向更廣泛的銀行往來關係。

On slide 5, we highlight strong momentum in California, where we increased our scale and density with our Union Bank acquisition at the end of 2022. As previously reported, we realized merger-related expense savings of approximately $1 billion and are now focused on capturing the considerable revenue synergies offered by this acquisition.

在第 5 張投影片，我們強調加州的強勁動能；我們於 2022 年底完成收購 Union Bank 後，提升了規模與據點密度。如先前所報告，我們已實現約 10 億美元的併購相關費用節省，現正聚焦於掌握此收購所帶來可觀的營收綜效。

The map on the left illustrates our strong positioning in markets with a high concentration of small businesses. California is a powerful growth engine for us and is outperforming the broader franchise across multiple key dimensions.

左側地圖顯示我們在小型企業高度集中的市場中具備強勢布局。加州是我們強勁的成長引擎，並在多項關鍵面向上優於整體特許經營表現。

Moving to slide 6. Within Payments, we continue to see fee revenue growth consistently strengthening across all segments. In our Credit Card business, new products aimed at affluent transactors, along with significant increases in marketing, have resulted in double-digit growth in account acquisitions over the past four quarters and a strong start to the year.

接著看第 6 張投影片。在支付（Payments）方面，我們持續看到各分項的手續費營收成長穩定增強。在信用卡業務中，針對高資產交易型客群的新產品，加上行銷投入大幅增加，使過去四個季度的帳戶獲取量呈現雙位數成長，且今年開局強勁。

Merchant processing fee growth remained steady in the mid-single digits, reflecting disciplined execution across three core strategies: software-led products focused on five verticals and expanding direct distribution. And in corporate payments and prepaid, we are beginning to see growth rebound as spend levels normalize and installations of last year's strong business wins start to show through in results.

商戶收單手續費成長維持在中個位數，反映我們在三項核心策略上的紀律執行：以軟體驅動的產品、聚焦五個垂直產業，以及擴大直銷通路。在企業支付與預付卡方面，隨著支出水準正常化，以及去年強勁業務勝出案的導入開始反映在成果中，我們正開始看到成長回升。

I'll close on slide 7. In Capital Markets, our organic product expansion as well as our pending BTIG acquisition are expected to drive sustained revenue growth. In Payments, the Amazon partnership will meaningfully accelerate Credit Card revenue growth by the end of the year and expand our banking opportunity with the small business segments in the future. And in our Consumer franchise, we look forward to building Financial Edge, a program to better serve the needs of NFL athletes and their families and to build our brand nationally, both in partnership with the NFL.

我將在第 7 張投影片作結。在資本市場方面，我們的有機產品擴張以及尚待完成的 BTIG 收購，預期將帶動持續的營收成長。在支付方面，與 Amazon 的合作預期將在年底前顯著加速信用卡營收成長，並在未來擴大我們在小型企業客群的銀行業務機會。在消費金融特許經營方面，我們期待打造 Financial Edge 計畫，以更好地服務 NFL 球員及其家庭的需求，並與 NFL 合作在全國建立我們的品牌。

Let me now turn the call over to John.

接下來我把電話會議交給 John。

Thank you, Gunjan, and good morning, everyone. First quarter results showcased another quarter of strong business momentum and ongoing execution against our medium-term financial targets. If you turn to slide 8, I'll start with some highlights, followed by a discussion of trends for the first quarter.

謝謝你，Gunjan，大家早安。第一季結果展現了又一季的強勁業務動能，以及我們持續朝中期財務目標執行到位。請翻到第 8 張投影片，我將先說明幾項重點，接著討論第一季的趨勢。

We reported earnings per common share of $1.18 and generated $7.3 billion of net revenue, representing 4.7% growth year over year. Improved revenue trends reflect strong loan growth in areas like C&I and Credit Cards, along continued momentum in fee-generating businesses like Capital Markets, Investment Services, and Payments.

我們普通股每股盈餘為 1.18 美元，淨營收為 73 億美元，年增 4.7%。營收趨勢改善反映 C&I 與信用卡等領域的強勁貸款成長，以及資本市場、投資服務與支付等手續費型業務的動能延續。

Average total assets increased 0.7% linked quarter to $688 billion, reflecting steady client activity across the franchise. For the first quarter, ending assets were $701 billion. As a reminder, the Category II transition requires four quarters of average assets to be $700 billion or more. As expected, credit quality metrics remain stable, underscoring the resilience of our clients in an uncertain operating environment. As of March 31, our tangible book value per common share increased more than 15% on a year-over-year basis.

平均總資產較前一季增加 0.7% 至 6,880 億美元，反映整體特許經營中穩定的客戶活動。第一季期末資產為 7,010 億美元。提醒一下，第二類（Category II）轉換要求連續四個季度的平均資產達到 7,000 億美元或以上。如預期，信用品質指標維持穩定，凸顯在不確定的營運環境下，我們客戶的韌性。截至 3 月 31 日，我們每股普通股有形帳面價值年增超過 15%。

Slide 9 provides our key performance metrics. We continue to operate comfortably within our medium-term targets for profitability and efficiency. Disciplined balance sheet management and strong returns drove a return on tangible common equity of 17%, while return on average assets was 1.15% this quarter. Net interest margin was flat linked quarter at 2.77% as core loan growth and stable deposit pricing were offset by elevated mortgage prepayments and somewhat tighter credit spreads.

第 9 張投影片提供我們的關鍵績效指標。我們持續在獲利能力與效率的中期目標範圍內穩健運作。嚴謹的資產負債表管理與強勁報酬帶動有形普通股權益報酬率（ROTCE）達 17%，本季平均資產報酬率（ROA）為 1.15%。淨利差較前一季持平於 2.77%；核心貸款成長與存款定價穩定的正面影響，被較高的房貸提前還款以及略為收窄的信用利差所抵銷。

Turning to slide 10. Over the last two years, we have increased our tangible common equity 31%, while continuing to deliver high-teens returns on tangible common equity given steady and improving earnings growth. The sequential step down this quarter reflects normal seasonality, along with the impact of continued AOCI burn-down, rather than any change in the underlying earnings or profitability trajectory. As we look ahead, we remain confident in our ability to deliver high-teens returns on tangible common equity.

接著看第 10 張投影片。過去兩年，我們的有形普通股權益增加 31%；在穩定且持續改善的獲利成長帶動下，我們仍持續交出有形普通股權益報酬率約高十位數（high-teens）的水準。本季的序列性下滑反映正常季節性因素，以及持續的 AOCI 消耗（burn-down）影響，而非基本獲利或獲利能力軌跡出現變化。展望未來，我們仍有信心能夠交出有形普通股權益報酬率約高十位數的表現。

Slide 11 provides a balance sheet summary. Total average deposits were relatively flat on a linked-quarter basis, as record consumer deposits were offset by typical seasonality in our wholesale and investment services businesses, improving our deposit mix. Our percentage of noninterest-bearing to total average deposits remained stable at approximately 16%.

第11頁提供資產負債表摘要。總平均存款以連結季度（linked-quarter）基礎來看相對持平，因創紀錄的消費者存款被我們批發與投資服務業務的典型季節性所抵銷，從而改善了我們的存款組合。無息存款占總平均存款的比例維持穩定，約為16%。

Average loans totaled $394 billion, up 3.8% from the prior year or 5.3% when adjusting for loan sales in the second quarter of 2025. The growth was broad based and centered around Credit Card, Commercial, and Commercial Real Estate. The ending balance on our investment securities portfolio as of March 31 was $174 billion.

平均貸款總額為3,940億美元，較去年增加3.8%；若調整2025年第二季的貸款出售影響，則增加5.3%。成長範圍廣泛，主要集中在信用卡、商業貸款以及商業不動產。截至3月31日，我們投資證券投資組合的期末餘額為1,740億美元。

Turning to slide 12. Net interest income on a fully taxable equivalent basis totaled $4.3 billion, an increase of 4.1% on a year-over-year basis, driven by a robust loan growth, funding optimization, and ongoing benefits from fixed asset repricing.

接著看第12頁。以完全應稅等值（fully taxable equivalent）基礎計算的淨利息收入為43億美元，年增4.1%，主要受惠於強勁的貸款成長、資金來源最佳化，以及固定資產重訂價帶來的持續效益。

Slide 13 highlights fee revenue trends within noninterest income. Total fee income increased 6.9% on a year-over-year basis, supported by nearly 30% growth in Capital Markets, nearly 10% for trust and institutional fees and ongoing momentum across our Payments business. As a reminder, our Capital Markets business is focused on fixed income, foreign exchange and derivatives, including our commodities business. Our pending BTIG acquisition adds equity and investment banking capabilities in the future.

第13頁重點呈現非利息收入中的手續費收入趨勢。手續費總收入年增6.9%，主要由資本市場近30%的成長、信託與機構費用近10%的成長，以及支付業務的持續動能所支撐。提醒一下，我們的資本市場業務聚焦於固定收益、外匯與衍生性商品，亦包含我們的大宗商品業務。我們尚待完成的BTIG收購，未來將增加股票與投資銀行能力。

During the quarter, we also made updates to a select number of fee categories to better align our disclosure with how we manage the businesses. Prior results were restated for these classification changes, with no effect on total fee revenue.

本季我們也更新了少數幾個手續費類別，以使揭露方式更貼近我們管理業務的方式。先前期間的結果已就這些分類變更進行重編，但不影響手續費總收入。

Turning to slide 14. Noninterest expense totaled approximately $4.3 billion, up 0.8% linked quarter. On a year-over-year basis, ongoing productivity and continued expense discipline helped us fund strong investments in technology and marketing.

接著看第14頁。非利息費用約為43億美元，較前一季增加0.8%。以年對年來看，持續的生產力提升與費用紀律，協助我們支應在科技與行銷上的強勁投資。

Slide 15 highlights our ability to effectively manage our expense base while driving top line growth. Disciplined expense management has become foundational to how we operate, showcased by our seventh consecutive quarter of positive operating leverage. Looking ahead, we see opportunities to build on our strong operating leverage story, supported in part by the ongoing deployment of AI and other automation tools to improve efficiency.

第15頁凸顯我們在推動營收成長的同時，有效管理費用基礎的能力。嚴謹的費用管理已成為我們營運方式的基石，並由我們連續第七季實現正向營運槓桿所展現。展望未來，我們看到可在強勁的營運槓桿表現上再接再厲的機會，其中部分將受惠於持續部署AI及其他自動化工具以提升效率。

Slide 16 highlights our credit quality performance. Our ratio of nonperforming assets to loans and other real estate was 0.38% as of March 31, an improvement of 3 basis points from the previous quarter and 7 basis points from a year ago. The first quarter net charge-off ratio was 0.56%, increasing 2 basis points sequentially, driven by the seasonal nature of Credit Cards, while our allowance for credit losses of nearly $8 billion represented 2.0% of period-end loans.

第16頁重點呈現我們的信用品質表現。截至3月31日，不良資產占貸款及其他不動產的比率為0.38%，較前一季改善3個基點，較一年前改善7個基點。第一季淨沖銷率為0.56%，較前一季上升2個基點，主要反映信用卡的季節性；而我們近80億美元的信用損失準備金（allowance for credit losses）相當於期末貸款的2.0%。

On slide 17, we're providing a closer look at our business credit exposure within the nondepositary financial institution loan portfolio given the increased attention on this segment. Business credit intermediaries represent approximately 3% of total ending loans, and these exposures are well structured.

在第17頁，鑑於市場對此區隔的關注升高，我們針對非存款類金融機構（NDFI）貸款投資組合中的企業信用曝險提供更深入的說明。企業信用中介約占期末貸款總額的3%，且這些曝險的結構設計良好。

Our risk framework includes meaningful over-collateralization, clearly defined industry concentration limits and first-lien collateral. Importantly, this reflects US Bank's long-standing approach to risk management and underpins our comfort with both business credit and the broader NDFI portfolio.

我們的風險框架包含具實質意義的超額擔保、明確界定的產業集中度上限，以及第一順位擔保品。重要的是，這反映了美國銀行（US Bank）長期以來的風險管理作法，並支撐我們對企業信用以及更廣泛NDFI投資組合的信心。

Turning to slide 18. As of March 31, our common equity Tier 1 capital ratio was 10.8%, or 9.3% including AOCI.

接著看第18頁。截至3月31日，我們普通股權益第一級資本比率（CET1）為10.8%；若納入AOCI則為9.3%。

On slide 19, we wanted to provide some initial thoughts following the updated Basel III proposals. We're encouraged by the initial proposals and expect to see meaningful RWA relief under both methodologies, particularly in areas like mortgage and investment-grade corporate lending, providing additional flexibility to support clients through disciplined balance sheet usage. While we await final outcomes around key elements such as the AOCI phase-in and the effective date of the new rules, the framework as proposed supports our return to historical capital deployment ranges under both scenarios.

在第19頁，我們想就更新後的巴塞爾協定III提案提出一些初步看法。我們對初步提案感到鼓舞，並預期在兩種方法下都將獲得顯著的風險加權資產（RWA）減免，特別是在房貸與投資等級公司放款等領域，從而在嚴謹的資產負債表使用下，提供更多彈性以支持客戶。在我們等待關鍵要素（例如AOCI分階段納入以及新規則生效日期）的最終結果之際，按目前提案所示的框架，在兩種情境下都支持我們回到歷史資本部署區間。

On slide 20, we provide a comparison of our first quarter results to our previous guidance. For the first quarter, net interest income, fee revenue, and noninterest expense all exceeded our previous guidance.

在第20頁，我們將第一季結果與先前的指引進行比較。第一季的淨利息收入、手續費收入與非利息費用皆高於我們先前的指引。

I'll now provide forward-looking guidance for the second quarter and the full year 2026. Starting with the second quarter 2026 guidance. Net interest income growth on a fully taxable equivalent basis is expected to be in the range of 6% to 7% compared to the second quarter of 2025. Total fee revenue growth is expected to be in the range of 6% to 7% compared to the second quarter of 2025. We expect total noninterest expense growth of 3% to 4% compared to the second quarter of 2025.

接下來我將提供2026年第二季與2026年全年的前瞻性指引。先從2026年第二季指引開始。以完全應稅等值基礎計算的淨利息收入成長，預期相較於2025年第二季將落在6%至7%的區間。手續費總收入成長，預期相較於2025年第二季將落在6%至7%的區間。我們預期非利息費用總額成長相較於2025年第二季將為3%至4%。

I'll now provide full year 2026 guidance, which is consistent with our previous guidance. We expect total net revenue growth to be in the range of 4% to 6% compared to the prior year. We expect to deliver positive operating leverage of 200 basis points or more for the full year. And our guidance excludes the impact of the pending BTIG acquisition, which is expected to contribute approximately $200 million of fee revenue per quarter, with an anticipated close date in the back half of the second quarter. The impact of the Amazon Small Business Card and the NFL partnership are fully contemplated in our guidance.

我現在提供2026年全年指引，與我們先前的指引一致。我們預期淨營收總額成長相較於前一年將落在4%至6%的區間。我們預期全年可實現200個基點或以上的正向營運槓桿。此外，我們的指引不包含尚待完成的BTIG收購之影響；該收購預期每季可貢獻約2億美元的手續費收入，並預計於第二季後半段完成交割。Amazon小型企業卡與NFL合作的影響已完整納入我們的指引。

Turning to slide 21. First quarter results represent another consecutive quarter of operating within all of our medium-term targets. While we are pleased with our continued momentum, our focus remains on delivering consistent, sustainable and industry-leading returns over time. And we have a high degree of confidence in our ability to strengthen our performance and build on these results.

接著看第21頁。第一季結果代表我們又一季在所有中期目標範圍內運作。儘管我們對持續的動能感到滿意，但我們的重點仍是隨時間推進，提供一致、可持續且業界領先的報酬。我們對於強化表現並在這些成果上再接再厲的能力，具有高度信心。

Let me now hand it back to Gunjan for closing remarks.

現在我把時間交回Gunjan做結語。

Thank you, John. As we look ahead, the macroeconomic backdrop remains constructive despite some softening of sentiment recently. Consumer spend, core loan demand and credit delinquency trends all indicate relative stability. The regulatory backdrop is becoming more helpful, giving us greater capital flexibility over time. And our execution has strong momentum.

謝謝你，John。展望未來，儘管近期情緒略有降溫，宏觀經濟背景仍具建設性。消費支出、核心貸款需求與信用逾期趨勢皆顯示相對穩定。監管環境正變得更有利，隨時間推進將給予我們更大的資本彈性。而我們的執行也具備強勁動能。

All of that gives us confidence in our ability to continue building earnings power and creating long-term value as we move forward.

以上種種讓我們有信心在前進的過程中，持續提升獲利能力並創造長期價值。

With that, we will now open the call for your questions.

接下來，我們將開放提問。

(Operator Instructions) Scott Siefers, Piper Sandler.

（接線員指示）Scott Siefers，Piper Sandler。

John, I wanted to ask about positive operating leverage. You kept the 200-plus basis points target for the year. although you did -- you're doing significantly more than that now. It looks like it'll be about 300 basis points in the second quarter. Maybe -- I was hoping you could discuss how you're thinking about it.

John，我想問關於正向營運槓桿。你們維持全年200個基點以上的目標，雖然你們現在的表現——你們目前做得明顯高於這個水準。看起來第二季大約會是300個基點。也許——我希望你能談談你們是如何看待這件事的。

Would you sort of manage to that level or maybe let some incremental revenues drop to the bottom line if they came in better? And I guess the or more leaves a lot to the imagination. So I'm just curious on your thoughts.

你們會大致把它控制在那個水準，還是如果增量營收表現優於預期，可能會讓其中一部分直接落到獲利底線？而且我想「或更多」這個說法留下了很大的想像空間。所以我只是想聽聽你們的想法。

Sure. Thanks, Scott. I appreciate that. Yes. No, we feel good about the outlook.

當然。謝謝你，Scott。我很感謝這個問題。是的。不，我們對展望感到很有信心。

As we mentioned in our guidance slide, we have a lot of growth opportunities, as we talked about. As we've mentioned in the past a couple of quarters now as we think about 2026, we're really thinking about our revenues growing faster and that being the driver of positive operating leverage. And we have a desire really to invest some of the savings that we have into things like technology and marketing, some of the things that we've talked about in the past.

如同我們在指引投影片中提到的，我們有很多成長機會，正如我們所談到的。過去幾個季度我們也提過，當我們思考2026年時，我們真正的想法是營收成長會更快，而這將成為帶動正向營運槓桿的驅動因素。而且我們確實希望把部分節省下來的成本再投資到像是科技與行銷等領域，也就是我們過去談過的一些事項。

And it also kind of depends on the nature of the revenues. If fee revenues grow faster, as an example, that's going to bring with it more expense just by the nature of the compensation and things like that. And then net interest income, of course, we welcome that as well. So from an operating leverage standpoint, we have a lot of flexibility, and we feel good about our outlook.

另外也有點取決於營收的性質。例如，如果手續費收入成長更快，基於薪酬等因素的特性，通常也會伴隨較多費用。當然，淨利息收入我們也同樣歡迎。所以就營運槓桿而言，我們有很大的彈性，並且對展望感到樂觀。

Terrific. Okay. And then maybe, Gunjan or John, really good commercial loan growth, maybe if you could touch on sort of what you're seeing in terms of utilization rates. And then you touched on customer sentiment a bit toward the end of the prepared remarks, so maybe just some thoughts on what you're seeing there. Maybe if you could expand upon that a bit.

太好了。好。接著也許Gunjan或John，你們的商業放款成長非常不錯，能否談談你們看到的動用率（utilization rates）情況？另外你在事先準備的發言末段也稍微提到客戶情緒，所以也想請你分享一下你們看到的狀況。如果可以的話，能否再多延伸說明一些。

Yes. No, absolutely, Scott. I'll start. The commercial loan side, we just -- we saw a broad-based good core loan growth really across a number of different sectors. On the large corporate side, food and beverage, energy, healthcare are probably the top ones in our area.

是的。當然可以，Scott。我先開始。在商業放款方面，我們看到的是相當廣泛、以核心放款為主的良好成長，涵蓋多個不同產業。在大型企業端，就我們的區域而言，食品飲料、能源、醫療保健大概是最主要的幾個。

M&A for these customers as well as just general CapEx, really starting to kind of see its way through. Small business also continues to be a very strong performer for us, and that we expect that all to continue.

這些客戶的併購（M&A）活動，以及一般性的資本支出（CapEx），確實開始逐步反映出來。小型企業對我們而言也持續表現非常強勁，我們預期這些趨勢都會延續。

We've talked about loan growth to being in the kind of that 3% to 4%, but I certainly think it's going to be higher than that. It's probably more in the mid-single-digit range from a broader loan growth perspective for the full year. So I think there's just a lot of momentum.

我們曾談到放款成長大概在3%到4%這個區間，但我確實認為會高於那個水準。就全年更廣義的放款成長來看，可能更接近中段個位數成長。所以我認為動能非常強。

In terms of utilization rate, we're at 25% or so, a little bit north of 25%. That's probably a good level for it. It's been creeping up a bit. I don't think there's a lot more upside from that standpoint. But just in general, core loan growth has been really strong.

就動用率而言，我們大約在25%左右，略高於25%。我覺得這大概是個不錯的水準。它確實有些微上升。但從這個角度來看，我不認為還有太多上行空間。不過整體而言，核心放款成長一直非常強勁。

Scott, what I'll add on sentiment is it's turning to more core demand, which we find to be very healthy. So if you compare this time last year when the tariff discussion was very present, the demand we saw last year was very focused on the AI trade data centers, some M&A-driven trades, but a real pause pending some resolution or clarity around tariffs. What we see with loan pipelines going forward, which are quite robust, is people beginning to invest in kind of core middle market expansion and CapEx. So the sentiment has stabilized quite nicely.

Scott，關於情緒面我補充一下：它正在轉向更偏核心需求，而我們認為這是非常健康的。如果你對比去年此時，當時關稅議題非常突出，我們看到的需求主要集中在AI交易資料中心、一些由併購驅動的交易，但在關稅有些解決或更明確之前，整體確實出現明顯的觀望。而我們現在看到未來的放款案源（pipeline）相當強勁，人們開始投資於核心的中型市場擴張與資本支出（CapEx）。因此，整體情緒已相當穩定。

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

And then just on the funding and the margin side, I appreciate your loan growth commentary in terms of what you're seeing, what does that imply in terms of how we should think about the pace of deposit growth? And what are you seeing on the deposit pricing side? We've got a number of even the larger banks that are flagging some pressure still on the deposit pricing side from a competitive dynamic. And then lastly, how should we think about the progression of your margin here as you look out through '26?

接著在資金來源與利差方面，謝謝你對放款成長的評論；就你們看到的狀況而言，這對我們思考存款成長的速度意味著什麼？另外在存款定價方面你們看到什麼？我們看到一些大型銀行也在提到，因競爭態勢，存款定價端仍有一些壓力。最後，當你們展望到2026年時，我們應該如何看待你們利差的走勢？

Yes. A couple of things there, John. On the funding side of things, the deposit equation, we're seeing -- it's a competitive market, right? It's always been that way on the deposit side. But we saw, relatively speaking, price stability really within -- across the portfolios that we that we have.

是的。John，這裡有幾點。在資金端、也就是存款這一塊，我們看到——這是一個競爭激烈的市場，對吧？存款端一直都是如此。但相對而言，我們在我們所持有的各個存款組合中，確實看到價格大致維持穩定。

Maybe just as a reminder, our focus is really going to be and has been on growing consumer deposits. Again, we saw another record level on the super deposit side. We've seen a $7 billion increase year on year, nearly 3% growth. We've seen a focus for us on operational deposits on the wholesale side. really utilizing deposits that can help us, along with the broader relationship and leverages into fees and things of that variety.

也許提醒一下，我們的重點一直、也將會放在成長消費者存款。同樣地，我們在超級存款（super deposit）方面又創下新高。我們年增了70億美元，接近3%的成長。在批發端，我們也聚焦於營運性存款（operational deposits），真正去運用那些能夠幫助我們的存款，同時也能帶動更廣泛的客戶關係，並槓桿到手續費等各類收入。

So that has been where our focus has been on the deposit side. And we've been able to just navigate the deposit environment as we typically do.

所以在存款端，我們的重點一直在這些方向。而且我們也能像以往一樣，順利因應存款環境。

On the margin side of the equation, I -- just as a reminder, I mentioned the margin was flat this quarter and we gave some color that the positive drivers were really good core loan growth, as we talked about. And then the pricing characteristics I just mentioned on the deposit side.

在利差這一塊——提醒一下，我提到本季利差持平；我們也補充了一些背景，正向驅動因素主要是我們剛談到的核心放款成長表現很好。以及我剛提到的存款端定價特性。

On the other end of that though, there was some of the loans we brought on we're at tighter spreads. Still good returning, but these are larger institutions that trade at tighter spreads. And so that was a little bit of a way as well as the impact of some refinancings on the mortgage side as rates -- we had more refinance activity of nearly 15% to 20% more than we did prior year. So those are kind of the puts and takes.

不過另一方面，我們新增的一些放款利差較窄。報酬仍然不錯，但這些是較大型的機構客戶，本來就以較窄利差成交。因此這也形成一些抵銷；另外，隨著利率變動，房貸端再融資的影響也存在——我們的再融資活動比去年同期高出約15%到20%。所以大致就是這些拉鋸因素。

Going forward, I expect that the mortgage stuff will abate and the other things to stick, meaning the good core loan growth, the deposit pricing stability, our earning asset mix all improving as we think about the future. So we see -- we continue to see progression in our net interest margin going forward.

往前看，我預期房貸相關的影響會趨緩，而其他因素會持續，也就是：良好的核心放款成長、存款定價的穩定，以及我們的生息資產組合在展望未來時持續改善。因此，我們認為往後淨利息利差仍會持續改善。

Okay. Great, John. And then just separately on the capital front, if you could maybe just talk a little bit about capital allocation priorities, how you're thinking about the buyback expectation? And then as you look at inorganic opportunities, you've done the BTIG deal, should we expect that there'll be a more active effort to continue to build out the Capital Markets business potentially inorganic?

好的。很棒，John。另外在資本方面，能否請你談談資本配置的優先順序、你們如何看待庫藏股回購的預期？以及當你們看待非有機機會時，你們做了BTIG這筆交易；我們是否應該預期你們會更積極地、可能透過非有機方式，持續擴建資本市場業務？

And then, of course, Gunjan, I got to throw the whole bank M&A question at you as well. Sorry to ask it early in the call.

然後，當然，Gunjan，我也得把整個銀行併購（M&A）的問題丟給你。抱歉在電話會議這麼早就問。

Maybe I'll start on the priorities of capital deployment. Really no change to our thinking here, John. I think from a capital deployment, we really focus our client and loan growth. And we certainly saw that this quarter, we're going to support our clients as needed. And then we're going to focus on the capital deployment to our shareholders.

也許我先從資本部署的優先順序談起。John，我們在這方面的想法真的沒有改變。就資本部署而言，我們確實聚焦在客戶與放款成長。而且我們這一季確實看到了，我們會在需要時支持客戶。接著我們會把資本部署聚焦在股東身上。

Certainly, the dividend is extremely important. And then the buybacks, as you know, we went from $100 million to $200 million this quarter. I would anticipate we're going to continue to guide up. I think we're going to start at $200 million, would be my base case, but -- because we see such strength in the pipelines. But it could increase from there or that would be our intention.

當然，股利極其重要。然後是庫藏股回購，如你所知，我們這一季從 1 億美元提高到 2 億美元。我預期我們會持續上調指引。我認為我們會以 2 億美元作為起點，這會是我的基本情境，但——因為我們看到案源管線非常強勁。不過也可能在此基礎上再增加，或說這會是我們的意圖。

We're certainly going to guide up as we, again, as we get to our capital levels that we need to get to.

我們當然會在——再次強調——當我們達到需要達到的資本水準時，持續上調指引。

Thank you, John. I do want to just reiterate that we are very committed to a long-term capital distribution targets of 70% to 75%, and we are keen to get back to those levels with share repurchases. And we are very close, John, to just stabilizing our capital ratios in a Category II framework and, of course, very encouraged by the capital rules that might accelerate that. So that's the backdrop.

謝謝你，John。我確實想再重申，我們非常致力於長期資本分配目標 70% 到 75%，並且我們很希望透過股票回購回到那些水準。而且，John，我們距離在第二類（Category II）框架下讓資本比率穩定下來已經非常接近了，當然，我們也對可能加速這一進程的資本規則感到非常鼓舞。所以這是背景。

On our bolt-on acquisition strategy, we are constantly looking at properties. They are usually not as big as the acquisition we did with BTIG. It would be unusual for us to think about another bolt-on in the capital markets world because we are focused on closing the BTIG deal and getting synergies out of that.

關於我們的補強式（bolt-on）收購策略，我們一直在持續尋找標的。它們通常不會像我們收購 BTIG 那筆交易那麼大。在資本市場領域，我們再去考慮另一筆補強式收購會比較不尋常，因為我們正專注於完成 BTIG 交易並從中實現協同效益。

But we stay open to that. Those tend to be quite accretive immediately. There are small deals that give you local scale in a particular product to fill a gap.

但我們仍保持開放態度。這類交易通常會立即具備相當高的增益性（accretive）。它們是小型交易，能在特定產品上提供在地規模，以補足缺口。

On your broader M&A question, nothing has changed about our strategy. We are very excited about the organic growth opportunities we have in front of us and the momentum we have. So that is our focus.

至於你更廣泛的 M&A 問題，我們的策略沒有任何改變。我們對眼前的內生成長機會以及目前的動能感到非常興奮。所以那就是我們的重點。

John McDonald, Truist Securities.

John McDonald，Truist Securities。

John, maybe just to follow up on your net interest margin comment. Just to clarify, you do expect the margin to continue expanding, maybe expand in the second quarter and move steadily upward? And are you still on a path to that 3% sometime next year?

John，或許追問一下你對淨利差（NIM）的評論。我想確認一下，你確實預期利差會持續擴張，可能在第二季擴張並穩步上行？而且你仍在朝著明年某個時點達到 3% 的路徑上嗎？

Yes, John. Yes, we certainly still see a path to that 3%. The margin is not always linear, and I gave kind of the reasons why this quarter, the pluses and minuses, of course. I mean if I think about just the underlying metrics, just to repeat, we feel like in terms of loan growth is a good indicator and good -- that will help in terms of the earning asset mix of how we think about the loan growth driving the balance sheet sizing. The deposits are stabilizing, as I mentioned. And then just our asset mix is improving.

是的，John。是的，我們當然仍看到達到 3% 的路徑。利差並不總是線性變化，我也大致說明了本季的原因，當然有利有弊。如果我只看一些基本指標，再重複一次，我們覺得放款成長是個良好指標，也很——這將有助於我們在收益性資產組合方面的表現，因為我們認為放款成長會帶動資產負債表規模的變化。如我提到的，存款正在趨於穩定。另外，我們的資產組合也在改善。

If I think about just the small business, Amazon acquisition that will come on in the third quarter as an example. So it's things like that, that are going to be -- that we will continue to focus on that should help drive the net interest margin going forward.

如果我以小型企業、Amazon 收購案在第三季併入為例。所以像這樣的事情——我們會持續聚焦——應該能在未來推動淨利差。

And that 3% target, is that still a good target for next year timeframe?

那 3% 的目標，在明年的時間框架內仍然是個合理目標嗎？

Yes, we certainly feel there's a path in 2027 to get to that level.

是的，我們確實認為在 2027 年有一條路徑可以達到那個水準。

Okay. And then just maybe broader, your thoughts on the revenue growth guidance for this year. With the loan growth now looking a bit better and fees starting off strong in the first quarter, is it fair to say you're starting off the year feeling like the higher end of that 4% to 6% range is achievable? Maybe just some thoughts on what are the big swing factors for the low end versus the high end of that 4% to 6%.

好的。然後更廣泛地談一下你們今年的營收成長指引。在放款成長現在看起來稍微更好、而且手續費在第一季開局強勁的情況下，是否可以說你們在年初就覺得 4% 到 6% 區間的高端是可達成的？也請談談，影響 4% 到 6% 低端與高端的主要關鍵變數是什麼。

Yes. No, good question. We have certainly had good momentum on a number of different areas in the fee categories. We've listed out Capital Markets has been extremely strong for us, you see that growth. Payments is -- we're starting to -- we've been making a clear inflection there.

是的。不錯的問題。我們在手續費類別的多個不同領域確實都有不錯的動能。我們已經列出，資本市場對我們來說非常強勁，你也看到那個成長。支付業務——我們開始——在那裡出現了明顯的轉折點。

And things like the corporate payments after the second quarter are going to -- the drag of government spending from last year, that's going to fall away, and we have good pipelines in that area. And our institutional businesses are doing extremely well.

以及像企業支付這類業務，在第二季之後——去年政府支出帶來的拖累將會消退，而我們在那個領域有很好的案源管線。而且我們的機構業務表現非常好。

So I would expect, yes, we'll -- my bias certainly is to be on the higher end of that 4% to 6% range on the fee revenue side of the equation.

所以我會預期，是的——就方程式中的手續費收入那一端而言，我的傾向肯定是落在 4% 到 6% 區間的較高端。

And I was thinking also on the total revenue guidance is also the 4% to 6%?

我也在想，總營收指引也是 4% 到 6% 嗎？

And the total -- yes, total revenue is 4% to 6%. We feel like that's the right level for us to be at this particular juncture.

總營收——是的，總營收是 4% 到 6%。我們覺得在目前這個時點，這對我們來說是合適的水準。

And John, on NII, we are very -- we are feeling optimistic about the volume demand for loans, and the deposits have stabilized. It's just the Iran war has a level of uncertainty around monetary policy and rate path that does impact the resi mortgage book and credit spreads. So we are staying with the 4% to 6% on the NII just because it's quite a heightened level of uncertainty around the rate path.

另外，John，關於淨利息收入（NII），我們對放款的量能需求感到非常——我們是樂觀的，而存款也已穩定。只是伊朗戰爭讓貨幣政策與利率路徑出現一定程度的不確定性，這會影響住宅房貸業務與信用利差。因此我們在 NII 方面仍維持 4% 到 6% 的區間，因為利率路徑的不確定性確實升高。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

So two questions. One, I think on the regulatory stuff, or the regulatory changes, just talk to us, I think given you've obviously slightly crossed $700 billion this quarter. We have heard tailoring is front burner agenda for the Fed over the summer. If Category II moves to, I don't know, $900 billion, $1 trillion in assets, what does that mean for you strategically capital allocation-wise? Does it change anything?

我有兩個問題。第一個，我想是關於監管事項或監管變更；鑑於你們這一季顯然略微跨過了 7,000 億美元。我們聽說「量身訂做」（tailoring）會是聯準會夏季的優先議程。如果第二類（Category II）的門檻提高到——我不知道——9,000 億美元、1 兆美元資產，這在策略上、資本配置方面對你們意味著什麼？會改變任何事情嗎？

Does it not change anything? Would love your perspective there.

還是完全不會改變？很想聽聽你們的看法。

Yes. Sure, Ebrahim, thank you. I think from a Category II, certainly, we're watching to see what the rules are and how those come up. Right now, we have to focus on just kind of what the rule set is. So we are focusing on our on our Category II level.

是的。當然，Ebrahim，謝謝。我想就第二類（Category II）而言，我們當然在觀察規則會是什麼，以及它們會如何出爐。目前我們必須專注在規則集究竟是什麼。所以我們正專注於我們的——我們的第二類（Category II）水準。

Of course, with the regulatory changes, we put the slide in on the two different proposals in terms of standardized and expanded versions. Both of those are better than the Category II regime. So that's going to be a better -- more of a help for us. And in the end, it's just going to give us more flexibility. So those are going to be kind of the helpful nature of the capital areas.

當然，隨著監管變動，我們在投影片中放入了兩個不同提案，分別是標準化版本與擴大版本。這兩者都比第二類（Category II）制度更好。因此，這將會更有利——對我們更有幫助。而且最終，它只會讓我們更有彈性。所以，這些將會是資本面向上較具助益的部分。

Ebrahim, the big variable is timing of when the rules, either indexing and tailoring or even the proposed Basel III rules are effective. So to the extent that the indexing is forward-looking, it doesn't make a difference if the proposed rules get implemented sooner than we think, then we are in a good shape.

Ebrahim，最大的變數在於規則何時生效，不論是指數化與分級（indexing and tailoring），或甚至是提議中的巴塞爾III規則。因此，只要指數化是前瞻性的，即使提議規則比我們預期更早落地，我們也會處於良好狀態。

But either which way, we're very prepared for Category II with full AOCI in our capital. That's what we are counting on. We are very proximate to that. So it's not a meaningful change to anything we would anticipate doing with capital distributions.

但不管怎麼樣，我們對於第二類（Category II）且在資本中完整納入AOCI（累計其他綜合損益）已經準備得非常充分。這就是我們所依據的假設。我們離那個狀態非常接近。所以，這對於我們預期在資本分配上會做的任何事情，都不會造成有意義的改變。

Got it. Clear. And then on your slide 5 and 7, I'm just trying to right-size the idiosyncratic growth opportunity for USB. In slide 5, California, super competitive. We have a Canadian bank that's also trying to gain share in California.

了解。清楚。另外，關於你們的第5與第7頁投影片，我只是想適當衡量USB特有的成長機會規模。在第5頁，加州競爭非常激烈。我們有一家加拿大銀行也在嘗試在加州擴大市占。

And then on slide 7 where you lay out Amazon, NFL, like I'm not sure if that's going to be a needle mover or it's a good logo to have. If it's possible to frame what the actual opportunity could be on both those as we think about the P&L over the next year or two, I think that would be extremely helpful.

然後在第7頁你們列出Amazon、NFL等，我不確定這是否會真正帶來顯著影響，或只是擁有一個好看的客戶標誌。如果可以的話，能否框定這兩者各自實際的機會可能有多大，讓我們在思考未來一到兩年的損益表（P&L）時有個概念，我想那會非常有幫助。

These are quite needle moving. So John, why don't you give some color on that and I'll add on?

這些確實會帶來相當顯著的影響。所以John，你先補充一些背景說明，我再補充？

Yes. So on the Amazon side of the equation, we expect that to be coming online in the third quarter. The loan amount is going to be about $1.6 billion area, is likely in that area, and it's going to be about 70,000 co-brand clients. It's probably going to add in the neighborhood of $75 million to $85 million per quarter. A majority of that is going to be on the net interest income side of the equation.

好的。就Amazon這一端而言，我們預期會在第三季上線。貸款金額大約會在16億美元左右，可能就在那個區間，並且會有約70,000名聯名（co-brand）客戶。它每季大概會增加約7,500萬到8,500萬美元。其中大部分會來自淨利息收入。

Again, this is all taken into our guidance, of course, as I mentioned in our prepared remarks. But we're going to expect to see that in the third quarter and we'll take a reserve with that at the appropriate time. That's about this kind of the same level that our Card book represents.

再次強調，正如我在事先準備的發言中提到的，這些都已經納入我們的指引之中。但我們預期會在第三季看到它上線，並會在適當的時間點為此提列準備金。這大致上與我們信用卡投組目前所代表的規模相近。

And I'll add on California. Yes, it is competitive, as are any other regions that have a big opportunity. But it's a very, very big market too, and we are becoming very significant as a player there, and we are seeing the growth be higher than the rest of our franchise. I'll say a word about what is the significance of the new co-brand relationships we are doing.

我再補充加州的部分。是的，競爭很激烈，就像任何具有重大機會的地區一樣。但那也是一個非常、非常大的市場，而我們在那裡正逐步成為非常重要的參與者；我們看到那裡的成長高於我們其他據點（franchise）。我也想談一下我們正在推動的新聯名合作關係的重要性。

We built our digital platform to nationally serve co-brand Card clients with banking services for the first time with State Farm. We improved that platform with Edward Jones, and it's unique in the market today. And it's very attractive to partners because you can provide a full range of service to your clients under sort of your user experience.

我們打造了數位平台，首次能以全國規模為聯名信用卡客戶提供銀行服務，從State Farm開始。我們在Edward Jones合作上進一步強化了該平台，而它在目前市場上是獨一無二的。它對合作夥伴非常有吸引力，因為你可以在某種程度上以合作夥伴自身的使用者體驗，向其客戶提供完整的服務範圍。

The Amazon deal allows us to take that platform and then expand it to the small business side, at which point it becomes a very big asset to attract big co-brand mandates. So that's a lot of revenue. We have 1.4 million small businesses today. These are banking clients. And the Amazon deal will bring 700,000 new small businesses to the co-brand side, with the opportunity to attract them to the business side.

Amazon這筆交易讓我們能把該平台擴展到小型企業端，屆時它就會成為吸引大型聯名授權（co-brand mandates）的非常重要資產。因此，那會帶來大量收入。我們目前有140萬家小型企業。這些都是銀行客戶。而Amazon交易將在聯名端帶來70萬家新的小型企業，並有機會把他們吸引到我們的企業端業務。

So it's a pathway to a very different type of growth that doesn't need to come with sort of deposit pricing erosion or any of the usual ways banks grow their business. So we are very excited about these possibilities.

因此，這是一條通往非常不同類型成長的路徑，不需要透過存款定價侵蝕或銀行通常用來擴張業務的那些方式。所以我們對這些可能性非常興奮。

And if I may follow up just, Gunjan, on the State Farm and the Edward Jones, because it is idiosyncratic what you're doing there. Is the view that you can actually grow Cards or grow fees in markets where you obviously don't have an on-the-ground presence? Or if the success is determined by converting that State Farm client into a core USB client? Like how do you -- what determines success?

如果我可以追問一下，Gunjan，關於State Farm與Edward Jones，因為你們在那裡做的事情相當具有獨特性。你們的看法是，即使在你們顯然沒有在地據點的市場，也能實際成長信用卡業務或增加手續費收入嗎？或者成功與否取決於是否能把State Farm的客戶轉化為USB的核心客戶？也就是說，你們——成功的判斷標準是什麼？

We think of it as an attractive value proposition for co-brand relationships, first and foremost. That's the easiest value proposition to the partner, because they like to provide the banking services. We think it's a good front-edge brand build with the local client base on the ground. It does not compete in size with what the deposit gathering machine of a bank generally is. But the results show up here in a very unique way to go to market on our Card business on attracting new clients for a bank of our size, that's the fifth largest bank, and we're very, very well known within our own franchises, but trying very, in a very disciplined way, to build our brand out outside of our franchise.

我們首先把它視為對聯名合作關係而言一個很有吸引力的價值主張。這對合作夥伴來說是最容易理解的價值主張，因為他們希望能提供銀行服務。我們認為，這也是在當地客群中建立品牌的良好前端切入點。它在規模上無法與銀行一般的存款吸收機器相競爭。但成果會以非常獨特的方式呈現：在我們的信用卡業務上，以走向市場的方式吸引新客戶；對於我們這種規模的銀行——第五大銀行——我們在自身據點內非常、非常知名，但我們正以非常有紀律的方式，嘗試把品牌建立到據點之外。

And that's what the NFL deal is about to. So it is an idiosyncratic approach. It has been very economically lucrative for us. And because the platform is now built and now we're going to expand it to small business, it also supports our own product sets, like the Bank Smartly product set that is attracting very meaningful level of deposits along with the card loyalty programs.

NFL的合作也是同樣的概念。所以這確實是一種獨特的做法。它在經濟效益上對我們非常有利。而且因為平台已經建好，接下來我們要把它擴展到小型企業端，它也能支援我們自有的產品組合，例如Bank Smartly產品組合；該產品在信用卡忠誠計畫的搭配下，正吸引相當可觀的存款規模。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，Wells Fargo Securities。

You certainly have come a long way with your CET1 when you highlight over the last three years going from 6% to 9%. So the days of, are you going to be issuing caps, Are long behind you. But still, when you look back over time, the positive operating leverage is something relatively new. It's not US Bancorp of old in terms of the efficiency ratio.

你們的CET1確實進步很大，因為你們強調過去三年從6%提升到9%。所以，是否要發行資本（caps）的那些日子早已過去。但即便如此，回頭看歷史，正向營運槓桿（positive operating leverage）算是相對較新的現象。就效率比率而言，這已不是過去的US Bancorp。

And John, you mentioned this is the second quarter in a row of positive operating leverage. Is this something that you're going to kind of track quarter to quarter to quarter? And then on the other side of that, I'll contradict myself a little bit here, I think everybody wants to make sure you're investing for that growth, and you've highlighted all sorts of growth initiatives from partners to California into small business, middle market to Payments. If you were simply to highlight your three priority areas for investing for growth, what would those be? But first, the operating leverage, if you would.

而John，你提到這是連續第二季出現正向營運槓桿。這是否是你們接下來會一季接一季持續追蹤的指標？另外從另一面來看——我這裡稍微自我矛盾一下——我想大家也希望確保你們是在為成長進行投資；你們也強調了各式各樣的成長計畫，從合作夥伴、加州、小型企業、中型市場到支付業務。如果要你們簡單點出三個成長投資的優先領域，會是哪三個？但先談談營運槓桿，如果可以的話。

You bet. Thanks, Mike. Yes, we've had seven quarters in a row of positive operating leverage, which is we are very proud of and we are very much committed to positive operating leverage. We are tracking that and we will continue to track that. We've -- we're going on with the mindset this year, while last year was more driven by expense management and finding savings within the company to become more efficient, we continue to do that, but what we're doing now is we're taking those savings and investing in some of these projects that we were talking about, and Gunjan will highlight some of the priorities here in a moment.

當然。謝謝，Mike。是的，我們已經連續七個季度實現正向的營運槓桿，我們對此非常自豪，也非常堅定地致力於維持正向營運槓桿。我們一直在追蹤這項指標，並且會持續追蹤。我們——今年的思維是延續下去；去年比較是由費用管理所驅動，並在公司內部尋找節省以提升效率，我們仍會持續這麼做，但現在我們做的是把這些節省下來的資源投入到我們剛才談到的一些專案上，而Gunjan稍後會重點說明其中一些優先事項。

But the things like the small business area, more of the marketing, more of the technology builds and all that sort of thing are really what we are very much focused on. But we are very much committed to positive operating leverage and having it more driven by revenue growth here as we look into 2026.

但像是小型企業領域、更多的行銷、更多的科技建置等等，才是我們真正非常聚焦的方向。不過我們非常堅定地致力於正向營運槓桿，並且在展望2026年時，希望它更多是由營收成長所驅動。

Mike, what I'd add is last year we were very focused on expense management and fee growth. Both of those who were natural extensions of last five years of very heavy investments digitally into a really world-class product set. And the product set is very good, and it came with some sacrifice of efficiency ratio in the past. And going forward, our business mix is very, very helpful to delivering consistent positive operating leverage. And I want to just reiterate that we are very committed to sustaining that over time.

Mike，我想補充的是，去年我們非常專注在費用管理與手續費成長。這兩者都是過去五年在數位領域大量投資、打造真正世界級產品組合的自然延伸。而這套產品組合非常好，但過去也在效率比率上做出了一些犧牲。展望未來，我們的業務組合對於持續交付穩定的正向營運槓桿非常、非常有利。我也想再次強調，我們非常致力於長期維持這一點。

The priorities in terms of growth are very simply to continue to grow out of fee categories. We want to always be known as very heavy in fee mix driving heavy returns for us as a bank. Second real focus is to strengthen our consumer and small business franchise. And all of the examples that we are sharing here are towards that goal so that the consumer franchise and the core funding mix continues to strengthen over time.

就成長的優先事項而言，非常簡單：持續擴大各項手續費類別的成長。我們希望外界一直認為我們的手續費占比很高，並為我們作為一家銀行帶來很高的報酬。第二個重點是強化我們的消費金融與小型企業特許經營（franchise）。我們在這裡分享的所有例子，都是朝著這個目標前進，讓消費金融業務與核心資金來源組合能隨時間持續強化。

And we do want to go back to our DNA of being a very simplified, streamlined cost structure, which we think we can do. In the past, it was very much around the automations. And going forward, we are very focused on what AI can do. So that's the priorities: fee growth, strengthen the consumer franchise and go down the journey of becoming an AI-native organization.

我們也希望回到我們的DNA：擁有非常簡化、精實的成本結構，我們認為這是可以做到的。過去主要是圍繞自動化。展望未來，我們非常聚焦在AI能帶來什麼。所以優先事項是：手續費成長、強化消費金融特許經營，以及踏上成為AI原生組織的旅程。

All right. That's clear. And then just one follow-up. You're saying you have Credit Card customer growth of 10%, but you've only had fee growth of 5%. So does that imply you expect much better fee growth ahead, or is it doesn't work that way?

好的。很清楚。那再追問一個問題。你說信用卡客戶成長10%，但手續費只成長5%。所以這是否意味著你預期未來手續費成長會好很多，還是說不是這樣運作的？

No, it does work that way. There is a leading gap between acquisitions and when revenue shows up. And that's just the reward structure and the upfront rewards of transitioning the book. So if you see what we've done really over the last six quarters is elevated our marketing and acquisition spend, and we track that very closely, across the two big types of segments: the balance revolvers and the transactors. We've always been quite strong on the balance side.

不，它確實是這樣運作的。在獲客與營收顯現之間存在一個領先落差。這主要是因為獎勵結構，以及在轉換客群組合時的前期獎勵。所以如果你看我們過去六個季度實際做的事情，就是提高了行銷與獲客支出；我們非常密切地追蹤這些投入，涵蓋兩大類客群：循環信用餘額客群（balance revolvers）與交易型客群（transactors）。我們在循環餘額那一端一直都相當強。

If you look at our A&R, it has consistently exceeded HA data. But it was the fee side, the transactor side that we really accelerated acquisitions. Faster acquisitions are actually negative revenue on the core revenue pipeline. So you see this measured balance between acquiring new clients, and it's showing up in revenue. And so you see the acquisition numbers be much stronger, and they will lead to stronger strengthening revenue growth about four to six quarters out.

如果你看我們的A&R，它一直都高於HA數據。但在手續費端、也就是交易型客群那一端，我們確實加速了獲客。更快的獲客其實會在核心營收管線上呈現負向影響。所以你會看到我們在獲取新客與營收顯現之間做出這種平衡。因此你會看到獲客數字更強，而它們會在大約四到六個季度後帶動更強的營收成長動能。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Just a few follow-up questions for me, please. Just on the forward look for deposit costs. If the Fed doesn't cut, John, do you think US Bank can hold the line on deposit costs? And to that end, some investors were asking for clarity on your response to John's question.

我這邊有幾個追問，謝謝。先談存款成本的前瞻展望。John，如果聯準會不降息，你認為美國銀行（US Bank）能把存款成本守住嗎？另外，有些投資人希望釐清你對John那個問題的回覆。

I just wanted to make sure we're taking away the right thing in that, fee revenue, you're confident you could be at the high end of the guide, but you're keeping your ranges for both net interest income and total revenue, because while loan growth is strong, the rate curve has a little bit more volatility in terms of the forward look?

我只是想確認我們理解得沒錯：在手續費收入方面，你有信心可以落在指引區間的高端；但你仍維持淨利息收入與總營收兩者的區間不變，因為雖然放款成長強勁，但利率曲線在前瞻上波動性更大？

Yes. Erika, so on your first question on the deposit side of the equation, yes, I think -- the short answer is yes. I think we've seen stabilization in our deposit mix. We are ultra-focused on the priorities that I just mentioned in terms of consumer deposit growth as well as on the wholesale side of the equation. What we've been doing, maybe just to add a little bit more color, is we have been doing a lot of work to reduce, and you'll see this in our numbers, CDs and higher cost institutional-type deposits and things like that, that have less value, maybe our one more -- one-off type transaction as opposed to multi-serve.

是的。Erika，先回答你第一個關於存款端的問題：是的，我認為——簡短答案是是的。我認為我們已看到存款組合趨於穩定。我們非常聚焦在我剛才提到的優先事項上，包括消費者存款成長，以及批發端（wholesale side）的相關工作。我們一直在做的事情——再補充一點背景——是我們做了很多工作來降低（你也會在我們的數字中看到）定存（CDs）以及成本較高的機構型存款等，這些存款的價值較低，可能更像一次性交易，而不是多元服務（multi-serve）。

So that's really where our focus is on the deposit side. And so we do see that. On the -- just to repeat what we've said, our bias is really on the high end of the range for fees just given the momentum we're seeing in all those categories. And we have that visibility because you can see the pipelines of the businesses that are coming online. You can see in all the different categories that I just talked about, including payments, including institutional services.

所以這就是我們在存款端的重點。因此我們確實看到那樣的趨勢。至於——再重申我們說過的，我們對手續費的偏向是落在區間高端，主要是因為我們在所有那些類別看到的動能。我們之所以有這樣的能見度，是因為你可以看到各業務上線的管線。你也可以在我剛才提到的各個類別中看到，包括支付（payments）、包括機構服務（institutional services）。

And then capital markets just has been continuing to be robust. On the net interest income side, just we continue to expect mid-single-digit growth in that area. And that's a reflection of just the uncertainty in the marketplace right now. There's a lot of puts and takes that are occurring. And so while we have deposit stabilization, while we have good core loan growth, those are all things, some things are coming on at tighter spreads and the interest rate environment is uncertain, and we just are taking that into consideration here.

此外，資本市場業務也持續強勁。在淨利息收入方面，我們仍預期該領域會有中個位數的成長。這反映了目前市場的不確定性。有很多相互拉扯的因素正在發生。因此，儘管我們看到存款穩定、也有良好的核心放款成長，但同時也有一些業務是在更緊的利差下承作，加上利率環境不確定，我們在這裡把這些因素一併納入考量。

Got it. And the second question is just a follow-up on the capital discussion. So under the current rules, obviously, in theory, you'll be crossing Cat II at some point next year. If you do elect to the ERBA or enhanced risk-based approach, is your understanding that is the five-year phase-in going to be the overarching sort of guide? Or does it -- does the AOCI cliff once you cross over?

了解。第二個問題是關於資本討論的追問。在現行規則下，顯然理論上你們會在明年某個時點跨過第二類（Cat II）。如果你們選擇採用ERBA或強化風險基礎法（enhanced risk-based approach），你的理解是五年的分階段導入（phase-in）會是整體的主要指引嗎？還是說——一旦跨過門檻，AOCI會出現斷崖式影響（cliff）？

Or to Gunjan's earlier point, does it matter very little because of the timing issue and your AOCI would burn down by the time that's valid anyway?

或者如Gunjan先前提到的，因為時間點的問題，這其實影響不大，因為等到那個規定生效時，你們的AOCI也會已經逐步消化（burn down）了？

Yes. It's a good question, Erika, and it's one we actually have for the regulators in terms of just clarification of it. We're unique in that we have proximity to Category II. So there is a little bit of a timing collision between the Category II timing of when we come online which is we expect that would to be under current rules sometime in 2027, the effective date of ERBA, and when does that occur? And then of course, Ebrahim, I believe, had the comment about, is there some rules that will change on the index?

是的。Erika，這是個好問題，而我們其實也就此向監管機關提出，希望能釐清。我們的特殊之處在於，我們接近第二類（Category II）。因此在時點上會有些交錯：第二類的時程，也就是我們預期在現行規則下大約於2027年某個時間點納入適用、ERBA的生效日，以及那會在何時發生？當然，Ebrahim，我記得你也提到，是否有一些規則會在指數方面有所變動？

So a lot of things are moving. What I'll tell you is that we're preparing for a Cat II world. That is what we are -- have been ensuring that we have -- we'll be in compliance with. We have the capability to go to standardize or ERBA. That's -- technologically, that's very simple for us to execute.

所以很多事情都在變動。我能告訴你的是，我們正在為第二類的環境做準備。這就是我們一直在確保、也將會確保符合規範的方向。我們具備切換到標準法或ERBA的能力。就技術面而言，這對我們來說非常容易執行。

And I think overall, we will just have -- we'll monitor and we'll update you as we go. But we feel prepared, and we have a lot of -- we feel like we have a lot of flexibility now with the capital rules and how that will go -- how ultimately it will play out.

整體而言，我們會持續監控並在進展過程中向各位更新。但我們覺得已經準備就緒，而且就資本規則以及其後續走向——最終將如何落地——我們現在也覺得具備很大的彈性。

And just a quick follow-up question in terms of what Gunjan is saying with regards to optimizing the payout. Does the timing of the clarification impact sort of the path to optimization? Or does that really have to do with sort of the RWA demands from stronger loan growth, in terms of timing of capital payout optimization?

另外就Gunjan提到的關於最佳化資本回饋（payout）再追問一下。釐清的時點會不會影響到最佳化的路徑？或者就資本回饋最佳化的時點而言，這其實主要取決於更強勁的放款成長所帶來的RWA需求？

Erika, I would say that we believe the regulators' intent is to allow all banks five-year phase-in on AOCI to take the cliff effects away. But we are waiting for that clarification. A very good outcome from a capital distribution side for us will be, let's say, a very prompt date to have the current proposals of Basel III be effective and for us to get a five-year phase-in period, in which case we'll be well ahead of our capital needs even as a Cat II, and we would bring forward the capital distributions.

Erika，我會說我們相信監管機關的意圖，是讓所有銀行對AOCI採取五年的分階段導入，以消除懸崖效應。但我們仍在等待這項釐清。就我們的資本分配而言，一個非常好的結果會是：假設巴塞爾III目前的提案能很快生效，且我們能取得五年的分階段導入期；在那種情況下，即便成為第二類，我們的資本也會遠超需求，我們就會把資本回饋提前。

We are thinking here one or two-quarter changes. So that's why I say it's not that material to our strategy or our timing. But it can move by one or two quarters in terms of how quickly we step up.

我們認為這裡影響的是一到兩個季度的變化。所以我才說，這對我們的策略或時程並不是那麼重大。但就我們加速提升的速度而言，可能會前後移動一到兩個季度。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Just one question on the expense side. You did a great job holding the line as you had expected to on year-over-year growth in first. And we can see in the second quarter guide that it's, as expected, moving higher. Just wondering, first to second quarter costs last year were actually down. So understanding the year-over-year growth goes up a little bit.

我只有一個關於費用面的問題。你們在第一季如預期般很好地守住了年增幅。而我們也看到第二季的指引如預期般走高。只是想了解一下，去年第一季到第二季的成本其實是下降的。所以在理解年增幅會稍微上升的同時——

But kind of tied to the prior points about operating leverage and magnitude, if we get back into this 3% to 4% growth, is that how we kind of think about it as we just move forward on a regular basis, that the investment that you're making kind of and revenue-related leads you to a decently higher expense growth rate than what we had seen in the first quarter, which I don't think people thought was going to be the baseline?

但也呼應前面關於營運槓桿與幅度的重點，如果我們回到3%到4%的成長區間，我們是否可以把它視為往後常態的思考方式：也就是你們所做的投資與收入相關，會使費用成長率明顯高於第一季所看到的水準，而我認為市場並不覺得第一季會是基準？

Yes. Ken, yes, I appreciate that because, right, we've been operating at pretty much a flat expense base for several quarters now, I think it's 10 or something like that. And here, we are stepping that up. And it's -- I'll tie it back to some of the answers we have been giving on positive operating leverage.

是的。Ken，是的，我很感謝你提出這點，因為沒錯，我們在過去好幾個季度基本上都維持費用基礎相當平坦，我想大概有10季左右。而現在我們正在把它往上調。而這——我會把它連結回我們一直在回答的、關於正向營運槓桿的一些說法。

We're very much committed to positive operating leverage, but we want it to be driven by revenue. And so to the extent that revenue is at the levels that we are forecasting, for example, here in the second quarter, that 6% to 7% area, then that calls for expenses to be elevated and higher so that we can invest more into the business.

我們非常致力於正向營運槓桿，但我們希望它是由收入所驅動。因此，在我們預測的收入水準之下——例如這裡第二季大約6%到7%的區間——就需要費用相對提高，讓我們能對業務投入更多資源。

Certainly, if the revenues don't materialize, we have levers to move that down. I think you can tell from our actions over the past two to three years plus, maybe decades, that we have the ability to manage expenses and have the different levers to do so. So we have a lot of confidence in our ability to achieve positive operating leverage.

當然，如果收入沒有實現，我們也有槓桿可以把費用往下調。我想從我們過去兩到三年、甚至更久（也許是幾十年）的作為，你可以看出我們有能力管理費用，並且有不同的工具可以運用。因此，我們對達成正向營運槓桿的能力非常有信心。

Thank you, John. I'll add, Ken, you can be confident in our degrees of freedom around expenses. We have quite a lot of flexibility in delivering the positive operating leverage and flex with the revenue set up. The productivity that the franchise is observing is very real and not just squeezing expenses, which I know investors worry about whether that is sustainable. So we are, as John said, very committed to positive operating leverage and with some ability to flex on the expenses as needed.

謝謝你，John。Ken，我補充一下，你可以對我們在費用方面的自由度有信心。我們在實現正向營運槓桿上有相當大的彈性，並能隨收入狀況調整。特許經營體所展現的生產力提升是真實的，而不只是擠壓費用——我知道投資人會擔心那是否可持續。所以如John所說，我們非常致力於正向營運槓桿，並且在需要時具備調整費用的能力。

And are you able to pull forward investments? Like if you are doing that well on the revenue side and you still want to keep closer to that 200, I mean, I think people are hoping for more than 200, but how much on the flex side, do you also kind of have the opportunity to just get some spending done and then set yourself up for even better results in the future?

那你們是否能把投資提前？例如如果收入端表現很好，但你們仍希望維持接近200（我想大家希望超過200），那麼在彈性運用方面，你們是否也有機會把一些支出先做完，進而為未來更好的成果打下基礎？

It's a combination. So there are things like branch investments and things like big technology builds that you don't think you can flex and change in the short term. But a lot of our expense is contra revenue in the sense of marketing expense for acquisition of card or marketing expense for brand building is very short-term flex. So that mix is flexible enough for us to think about it. And we do hear your point, I'm not ignoring it, that investors would prefer it to be more than 200 basis points.

這是多種因素的組合。像分行投資或大型科技建置這類，你不太可能在短期內彈性調整或改變。但我們有很大一部分費用在某種意義上是「抵減收入」（contra revenue）的，例如為了信用卡獲客的行銷費用，或品牌建設的行銷費用，這些在短期內非常有彈性。所以這樣的組合讓我們有足夠彈性去思考。而我們也聽到你的觀點，我沒有忽略：投資人會偏好超過200個基點。

But as you know, the opportunity set in our portfolio is really very attractive. So we are leaning into it this year, while last year we realized that we really needed to put some points on board on positive operating leverage. And you saw from John's chart, we've reduced efficiency ratio by more than 400 basis points over the last two years. And we still have some aspirations to be just a lean bank, but not at the expense of really investing to capture some of the growth opportunities we have.

但如你所知，我們投資組合中的機會集合確實非常具吸引力。所以我們今年正積極投入；而去年我們意識到確實需要在正向營運槓桿上先交出一些成績。你也從John的圖表看到，過去兩年我們把效率比率降低了超過400個基點。我們仍有一些目標，希望成為一家更精實的銀行，但不會以犧牲投資、錯失我們所擁有的一些成長機會為代價。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC Capital Markets。

Gunjan, can you share with us -- obviously, you were very clear about focusing in on organic growth. And we all know in the banking industry that consumer transaction accounts or DDA deposit accounts are the gold that really drives profitability from the liability side of the balance sheet for all the banks. And our industry or your industry has obviously consolidated. US Bancorp has been a big consolidator over the years. And that's one way to grow those core deposits, of course.

Gunjan，你能否和我們分享——顯然你非常清楚地表達了聚焦於內生成長。我們都知道在銀行業，消費者交易帳戶或DDA活期存款帳戶，是從資產負債表負債端驅動所有銀行獲利能力的「黃金」。而我們的產業或你們的產業顯然已經整併。US Bancorp多年來一直是大型整併者。而那當然也是成長這些核心存款的一種方式。

But with the organic growth, is there any plans for US Bancorp maybe to follow some of the strategies your peers are pursuing now of building out nationwide or regional-wide branches to grow these core deposits? Even though I know online digital is a main driver of capturing new growth. But it seems like it's complemented by having physical branch presence. What are your thoughts on that?

但就有機成長而言，美國合眾銀行（US Bancorp）是否有任何計畫，可能會跟進同業目前採取的一些策略，透過在全國或區域範圍內擴建分行網路，以成長這些核心存款？儘管我知道線上數位是吸引新成長的主要驅動力。但看起來若能搭配實體分行據點，效果會更好。您對此有何看法？

Gerard, well, we very much agree that the physical branch presence is very critical both to the quality of the deposits and the deposits per account. So the economics of a branch-based deposit acquisition are very attractive to us. As you know, we spend $200 million a year on our branch network.

Gerard，我們非常同意，實體分行據點對於存款品質以及每戶存款金額都非常關鍵。因此，以分行為基礎的存款獲取在經濟效益上對我們很有吸引力。如你所知，我們每年在分行網路上投入2億美元。

We still have work to do in changing the formats of the branch, to go from focus on servicing, which our legacy branch network very much had focused on, like these small branches, many times an in-store, what you see us building out even sometimes in the same location are these multiproduct branches where you can have a small business adviser, a wealth adviser, a mortgage adviser and, of course, our banking and loan and small business specialists.

我們仍需要在改變分行型態上持續努力，從以服務為重心（我們的傳統分行網路過去確實非常著重於此，例如這些小型分行，很多時候設在店中店）轉向你現在看到我們正在打造的模式，甚至有時在同一地點也會同步建置：也就是多產品分行，在那裡你可以配置小企業顧問、財富顧問、房貸顧問，當然還有我們的銀行與放款以及小企業專員。

So we are very committed to branch expansion. The slight nuance here is that our focus is on densifying those parts of our existing footprint where our brand is very powerful to become the top three depositor in that geography. And so that's been our focus. We're building our branches in places like Nashville, Phoenix is a big focus for us, Reno, and pockets of sort of really new, young growth, is where we are building out the branches.

因此，我們非常致力於擴充分行。這裡稍微有個細微差異：我們的重點是加密（densify）既有版圖中品牌影響力很強的區域，目標是在該地理區域成為前三大存款機構。所以這一直是我們的重點。我們在像納許維爾（Nashville）、鳳凰城（Phoenix，這是我們很大的重點）、雷諾（Reno）等地，以及一些真正新興、年輕的成長區塊，持續建置分行。

What we want to do though is to leverage the uniqueness of our payments franchise and our digital capabilities to augment that branch-based growth. But all of this to say we strategically understand the need to be very highly focused on building out a high-quality consumer and small business franchise and improving the deposit quality over time. That's why we track the consumer deposits as a mix of our total deposits like a hawk now. And we are very focused on growing that mix.

不過我們也希望運用我們支付業務的獨特性與數位能力，來強化這種以分行為基礎的成長。總之，我們在策略上理解必須高度聚焦於打造高品質的消費者與小企業業務，並隨時間提升存款品質。這也是為什麼我們現在像盯鷹一樣密切追蹤消費者存款占總存款的比重。而且我們非常專注於提升這個比重。

What would you add, John?

John，你會補充什麼？

Yes. I mean, I think that's well said. And from a deposit standpoint, as I mentioned, we've been growing those deposits. And I think the opportunity for us to refurbish and to, where we have scale and lean in on those areas that you mentioned and then some, is really where we are focusing our investment and time.

是的。我認為這說得很好。就存款而言，如我提到的，我們一直在成長這些存款。我認為我們的機會在於翻新（refurbish），並在我們具備規模的地方加大投入，聚焦在你提到的那些區域以及其他一些地方；這正是我們投資與投入時間的重點。

And that's where, ultimately, once you have scale in those markets, you can get the deposit features that you want that help us with the things like the deposit stabilization that we're getting in terms of not as much rotation in the consumer side of the equation and things like that. So that's very much a focus for us as we -- as Gunjan has articulated.

而最終，一旦你在那些市場具備規模，就能取得你想要的存款特性，這有助於我們在存款穩定性等方面的表現，例如在消費端不會出現那麼多的輪動（rotation）之類的情況。因此，正如Gunjan所闡述的，這確實是我們非常重視的重點。

Very good. And the follow-up question is, and I direct it to you, folks, because you're well respected on credit quality through a full cycle. You're one of the banks that has demonstrated consistent underwriting conservativeness. And I want to come back to the slides that you put out, John and Gunjan, 17 and 26, on the NDFI portfolios. And what's interesting is that many of the banks are giving us this information, which is very helpful, and it doesn't appear that these NDFI portfolios, even in the business credit intermediaries category, are that frightening, if you will, because of the structure of the portfolios.

非常好。追問一個問題，我把它指向各位，因為你們在完整景氣循環中的信用品質方面備受尊敬。你們是少數展現一貫保守承作（underwriting conservativeness）的銀行之一。我想回到你們提供的投影片，John和Gunjan，第17頁與第26頁，關於NDFI投資組合。有趣的是，許多銀行都在提供這些資訊，這非常有幫助；而且看起來這些NDFI投資組合，即使是在商業信用中介（business credit intermediaries）類別，也沒有那麼可怕，因為投資組合的結構使然。

And so this is more of an educational question, I'm asking for myself and probably others. What kind of scenario -- and again, I'm not saying it's going to happen to you, folks, but again, it's more -- you guys know credit very well.

所以這比較像是一個教育性的問題，我是替我自己、也可能替其他人請教。在什麼樣的情境下——再次強調，我不是說一定會發生在你們身上，但這更多是——你們非常懂信用。

What kind of scenario would you actually have to see for losses to show up in these types of credits? Because it doesn't appear that it's going to happen even in a traditional credit cycle? Or am I way off?

你們實際上需要看到什麼樣的情境，才會讓這類信用曝險出現損失？因為看起來即使在傳統的信用循環中也不太會發生？還是我理解得完全不對？

Well, thanks, Gerard, for that thoughtful question. I think a couple of points I'd make. One, we put the slide out there. This really started, I think, a couple of quarters ago, and there was a couple of unique losses that were in the marketplace and there was a reaction to, hey, what's in the book from an investor standpoint. And so I think more information, more education is helpful.

Gerard，謝謝你這個很有深度的問題。我想我會提出幾點。第一，我們把這張投影片放出來。我想這大概是從幾個季度前開始的，當時市場上出現了幾筆較特殊的損失，投資人就會反應：從投資角度來看，資產負債表（book）裡到底有什麼？因此我認為提供更多資訊、更多教育是有幫助的。

I think getting more granular, like we did on page 17 in terms of giving you some color on the structure and how it's set up to give, just how you -- what exactly you just said that we think there's very low loss likelihood in these sorts of structures.

我認為更細緻地拆解，就像我們在第17頁所做的，提供一些關於結構與設計方式的說明，正是為了讓你理解——也就是你剛剛所說的——我們認為在這類結構下發生損失的可能性非常低。

It would, in terms of like AAA CLOs, I mean, we've never really seen losses. And of course, as a banker, you want to never say the never say never because you -- that's why you have limits, that's why you have underwriting practices, that's where the risk management comes in. Because it's hard to envision any -- there's lots and lots of scenarios out there, and there could be one that could trigger something. I don't know what that would be. I don't know what the trigger item would be.

以AAA級CLO為例，我們其實從未真正見過損失。當然，作為銀行家，你永遠不該說「絕不可能」（never say never），因為——這也是為什麼要有額度上限（limits）、為什麼要有承作規範（underwriting practices）、以及風險管理為何重要。因為很難想像任何——外面有非常非常多的情境，而可能會有某個情境觸發某些事情。我不知道那會是什麼。我不知道觸發點會是什麼。

But that's why we have the limits, that's why we have the rigor that we do. And we'll stay true to that, and that's -- we wanted to illustrate that on page 17 and the other page in the appendix.

但這就是為什麼我們設有額度上限、為什麼我們有目前這樣的嚴謹度。我們會持續堅持這些原則；而這也是——我們想在第17頁以及附錄的另一頁中加以說明的。

Saul Martinez, HSBC.

Saul Martinez，匯豐（HSBC）。

I want to go back to Amazon. You guys seem very excited at the opportunity set here. And Gunjan, I think you said it meaningfully expands your card growth. And John, you gave some numbers around it, $1.6 billion of loans and, I guess, $75 million, $80 million of revenue. But can you talk to the size of the opportunity?

我想回到Amazon。你們看起來對這裡的機會集合非常興奮。Gunjan，我想你說這會顯著擴大你們的卡片成長。John，你也提供了一些數字，大約16億美元的貸款，以及我猜大約7,500萬到8,000萬美元的營收。但你們能談談這個機會的規模嗎？

It seems like a relationship that can really grow. How big can this get either in terms of volumes, loans, revenues? And what can you do -- what are you doing to ensure that this partnership is enhancing value for yourselves and for Amazon?

看起來這是一段能夠真正成長的合作關係。無論以交易量、貸款或營收來看，這能做到多大？以及你們能做什麼——你們正在做什麼——以確保這個合作夥伴關係能為你們自己以及Amazon提升價值？

Saul, we have a portfolio of co-brand partners, and the growth in that book is very reliant on the growth of the customer base of our partner. So to that extent, just because Amazon's ability to grow its small business base, and their aspirations around this segment, give us optimism around our path forward.

Saul，我們有一個聯名（co-brand）合作夥伴的投資組合，而那本業務的成長非常依賴於合作夥伴客戶基礎的成長。因此，就這一點而言，Amazon擴大其小企業客群的能力，以及他們在這個客群上的企圖心，讓我們對未來的發展路徑感到樂觀。

Just when we convert the book in the third quarter, what we are expecting is about $75 million to $85 million per quarter type of impact, which is meaningful from a growth standpoint. Our intention would be to have some of that show up in the revenue projections of the business, but some of that we'll reinvest in driving new client acquisition.

當我們在第三季完成這本業務的轉換時，我們預期每季大約會有7,500萬到8,500萬美元的影響，從成長角度來看相當有意義。我們的意圖是讓其中一部分反映在該業務的營收預測中，但也會把其中一部分再投資，用於推動新客戶獲取。

But our goal here is to take our payments business to a more robust long-term growth trajectory. And that's what this platform helps us do, along with many others that we are building.

但我們在此的目標，是讓我們的支付業務走上更穩健的長期成長軌道。而這個平台正是協助我們做到這一點的工具之一，並且也與我們正在打造的許多其他項目相輔相成。

Okay. That's helpful. And maybe to stay on payments, I wanted to ask about the merchant acquiring business. The merchant processing fees did grow nicely again, mid-single digits, 5%. The volumes have been a little soft though the last couple of quarters.

好的。這很有幫助。那也許延續支付的話題，我想問一下商戶收單業務。商戶處理手續費再次有不錯的成長，中個位數，5%。不過過去幾個季度交易量有點偏軟。

I think it was 2% last year -- last quarter, 1% this quarter. It's actually a little bit lower than even the number of transactions, which grew slightly more than that, which would suggest lower ticket, average ticket. It's a little bit unusual in an inflationary backdrop. But anything to read from this? Are you seeing higher take rates? Does it reflect the mix shift?

我記得去年是2%——上一季是1%，這一季也是1%。實際上甚至比交易筆數還低一些；交易筆數成長略高於此，這可能意味著客單價、平均票面金額較低。在通膨背景下這有點不尋常。但這裡有什麼訊號可解讀嗎？你們看到更高的抽成率（take rate）嗎？這是否反映了組合結構的轉變？

Are you seeing changes in consumer behavior or consumer spend patterns? I'm just curious if there's anything to read from this because, obviously, the volume eventually, I think you would want to have volumes growing a little bit faster than what they've been growing the last couple of quarters.

你們是否看到消費者行為或消費支出模式的變化？我只是好奇這裡是否有什麼可以解讀的，因為很明顯，交易量最終我想你們會希望其成長速度比過去幾個季度更快一些。

Saul, it's a great insight and question. I'll give you the quick fact on it is it's just -- it's basically one or two clients that have exited that have really no revenue impact on the numbers. And so the big picture then, therefore, is that the underlying trends of our clients are more reflective of the growth rate that you see. So if you were to take that -- and what I mean by that is the growth rates we had in card are kind of that 5% to 6% area. That's kind of more reflective of what we're seeing in our core for merchant, which is reflective of that growth rate of 5.1% that you see for the quarter.

Saul，這是很好的觀察與問題。我先給你一個快速事實：主要就是——基本上是一兩個退出的客戶所致，對營收數字其實幾乎沒有影響。因此從大局來看，我們客戶的基本面趨勢更能反映你看到的成長率。我的意思是，如果把那個因素剔除，我們卡類業務的成長率大概在5%到6%區間。這也更能反映我們商戶核心業務所看到的情況，對應到本季你看到的5.1%成長率。

And broadly speaking, payment trends have been just very strong. Gunjan mentioned in her comments, despite the sentiment that is out there, the spend patterns that we've seen both in terms of high-FICO and in mid-FICO are about the same, discretionary versus nondiscretionary about the same. We're just -- it's broad-based strength in the spend despite the sentiment that you see out there.

而整體而言，支付趨勢一直非常強勁。Gunjan在她的評論中提到，儘管外界有那樣的情緒，我們觀察到的支出模式——無論是高FICO或中FICO——都差不多；可選消費與必需消費也差不多。我們看到的是廣泛性的支出強勁，儘管外界情緒看起來並非如此。

And over time, we do want to decouple from the volume growth. This is a vast industry and a lot of volume comes with very little revenue and a lot of risks. So we are going to be quite disciplined about only focusing on the revenue growth. And I do understand from your point of view, there's not that much visibility to revenue trends. A lot of the external reporting is only volume.

而且隨著時間推進，我們確實希望與交易量成長脫鉤。這是一個非常龐大的產業，很多交易量帶來的營收很少，卻伴隨很多風險。因此我們會非常自律，只專注於營收成長。我也理解從你的角度來看，對營收趨勢的能見度不高。外部揭露多半只報交易量。

And we'll try to bring as much transparency. But we are very committed to a profitable business that grows modestly, and not chase after sort of big volume that comes with very, very thin revenue, which you can do in this market quite a bit.

我們會盡量提高透明度。但我們非常致力於打造一個能獲利、且溫和成長的業務，而不是去追逐那種交易量很大、但營收非常非常薄的量；在這個市場其實很容易做到那樣。

Vivek Juneja, JPMorgan.

JPMorgan 的 Vivek Juneja。

I have a couple of questions. One, to sort of follow up on payments. I think you have a new category now, it says corporate and treasury payments, pardon me, if I get that wrong, or is it treasury and corporate? I know you just changed, yes, corporate payment and treasury management revenues. You've reclassified it.

我有幾個問題。第一個，算是延續支付的問題。我想你們現在有一個新類別，寫的是企業與財資支付，不好意思如果我講錯，或是財資與企業？我知道你們剛調整了，是的，企業支付與財資管理收入。你們把它重新分類了。

The growth rate in that slowed to 2% year-on-year, and you have the fuel card, which benefited a lot from gas prices. So any color on what's going on there that you can help elaborate on that growth rate?

那一塊的年增率放緩到2%，而你們的燃油卡又因油價受益很大。所以能否補充一下那邊發生了什麼，幫助我們更理解這個成長率？

You bet, Vivek. Yes. So with the change, we combined treasury management as well as corporate payments, that's kind of the classification change based on how we manage the businesses here within the company, along with other changes that we put in the 8-K a week or two ago.

當然可以，Vivek。是的。這次調整是把財資管理以及企業支付合併在一起，這算是依照我們在公司內部管理這些業務的方式所做的分類變更，並且也包含我們在一兩週前於8-K中提到的其他變更。

In terms of the growth rate, just on the corporate payment side is where we're seeing the drag in that number. And that's really a reflection of last year at this time, recall, there was the tariff announcements and things of that variety and a lot of focus on government spend from DOGE and other things like that, that really we're beginning to lap that.

就成長率而言，拖累主要出現在企業支付這一端。這其實反映了去年同期——回想一下——當時有關稅公告等各類事件，且市場對DOGE等帶動的政府支出有很多關注，而我們現在開始進入與那段期間的比較基期（lap）。

In the second quarter, you'll start to see that lapped and fully in the third quarter. So we see the pipelines being really strong there. And so by the time we get to the third quarter, that will be more representative of what we believe that will be the true growth rate in that business.

到第二季你會開始看到這個基期因素被消化，第三季則會完全消化。我們看到那邊的業務管線非常強勁。因此到了第三季，成長率會更能代表我們認為該業務真正的成長速度。

A different question. John, thanks for the disclosure on the NDFI stuff. I know you gave BDCs and CLOs. How about private credit? And what's your exposure there?

換個問題。John，謝謝你揭露NDFI相關資訊。我知道你提到了BDC和CLO。那私募信貸（private credit）呢？你們在那邊的曝險是多少？

Yes. So I think if I'm reading you right, just on the capital call facilities and things like that.

是的。所以如果我理解正確，你指的是資本催繳融資（capital call facilities）之類的項目？

No, that's private equity, I was talking private credit, because that's going to be different from BDCs? Or is that in your mind synonymous?

不，那是私募股權；我問的是私募信貸，因為那應該不同於BDC吧？還是你認為兩者是同義？

Yes. I mean, I think page 17 is a lot of the private credit type of exposures. So I think that's the laundry list is how I would lead to. Then the call facilities, which I know you mentioned private equity, that's going to be the other -- the equity component of NDFI. So I look at this page as really the private credit component and exposure, on page 17.

是的。我的意思是，我認為第17頁列出的多數就是私募信貸類型的曝險。所以我會把那份清單視為主要內容。然後你提到的催繳融資——我知道你說的是私募股權——那會是NDFI的另一塊，也就是股權部分。因此我會把第17頁視為私募信貸的組成與曝險。

Okay. You mean because you've got the five different categories, but not all of that should really be private credit?

好的。你的意思是因為你們有五個不同類別，但其中不一定全部都算私募信貸？

Yes. No, true. True, true. Yes, CDF, BDCs and the CLOs, I would say, are really representative of the private credit components, yes, which is just under 3% of our total loans.

是的。沒錯。沒錯、沒錯。是的，CDF、BDC以及CLO，我會說確實更能代表私募信貸的組成部分；是的，合計略低於我們總放款的3%。

David Chiaverini, Jefferies.

Jefferies 的 David Chiaverini。

The other bogeyman out there is AI disruption risk as opposed to just private credit. Can you frame to what extent any of your fee income businesses could be at risk from AI, particularly payments, and the moats you have to defend your position?

外界另一個「大魔王」是AI帶來的顛覆風險，而不只是私募信貸。你能否說明你們哪些手續費收入業務可能面臨AI風險，特別是支付，以及你們用來捍衛自身地位的護城河？

Let me start. We don't see any particular business be truly exposed to an en masse sort of disruption either in terms of price collapse or volume transition. What we are seeing is a very rapid shift in customer search behavior in how they find products and services.

我先開始。我們沒有看到任何特定業務會真正面臨大規模的顛覆——不論是價格崩跌或交易量轉移。我們看到的是，客戶在搜尋行為上出現非常快速的轉變，也就是他們如何找到產品與服務。

So to the extent that we need to keep up with the discovery, and it's very like basic things like search engine optimization tools for marketing are very rapidly migrating to the AI world. The reason we don't think that is going to be impacting our business is because we are building those capabilities and transitioning our approaches pretty rapidly too and there's a lot of tool kit.

因此，就我們需要跟上相關發現的程度而言，像是用於行銷的搜尋引擎最佳化工具這類很基礎的東西，正非常快速地遷移到 AI 世界。我們之所以不認為這會影響我們的業務，是因為我們也正在建立這些能力，並且相當迅速地轉換我們的方法，而且我們有很多工具組合。

So I will tell you we are watching these trends very carefully to see how it might be. But as of now, we are not seeing anything that would show a sudden discontinuity or shift here.

所以我可以告訴你，我們正非常仔細地觀察這些趨勢，看看可能會如何發展。但就目前而言，我們沒有看到任何會顯示這裡出現突然的不連續或轉變的跡象。

Maybe I'd just add. I mean, I think of -- we had a commentary from Stephen in the recent conference about the usage of AI. We have a lot of businesses that have complex operations that we do very well, if you think about fund services and corporate trust. So this is an opportunity for us to leverage AI and go on offense really and simplify our operations and the complexity that goes along with it.

也許我再補充一下。我的意思是，我想到——Stephen 在最近的會議上對 AI 的使用做過一些評論。我們有很多業務具有複雜的營運，而我們做得非常好；如果你想到基金服務與公司信託。因此，這對我們而言是一個機會，可以運用 AI、真正採取進攻姿態，並簡化我們的營運以及隨之而來的複雜性。

We have the knowledge of how these things work and so we should be able to take advantage of that faster than any other outside competitor or fintech or whatever the case may be. So that's kind of how we think about it.

我們了解這些事情如何運作，因此我們應該能比任何外部競爭者或金融科技公司（或不論情況為何）更快地加以利用。這大致就是我們的看法。

Chris McGratty, KBW.

Chris McGratty，KBW。

I'm interested if any of the optimism on loan growth is perhaps nonbank lending turning back to the traditional banks such as yourself?

我想了解，對貸款成長的樂觀情緒是否有一部分是因為非銀行放貸回流到像你們這樣的傳統銀行？

I don't think so. This is -- what we're seeing is if I think about private credit and where they've grown, they've grown in more of the leverage space, more in HLT and other places like that. And a lot of that we just -- because of our credit underwriting and the way we look at things, those are areas that we're not as focused on really. So we never really have truly competed head-to-head with the private credit wing, so to speak. This growth that we're seeing is going to be more in the large corporate space.

我不這麼認為。我們看到的是——如果我想到私募信貸以及它們成長的地方，它們更多是在槓桿領域成長，更多在 HLT 以及其他類似的地方。而其中很多——基於我們的授信承作與我們看待事情的方式，那些領域其實不是我們真正聚焦的方向。所以嚴格來說，我們從來沒有真正與所謂的私募信貸部門正面競爭。我們看到的這波成長將更多是在大型企業領域。

I mentioned food and beverage and energy, utility, all these sorts of categories are really coming online. And that's unique. That has not shown up in the last several quarters. So I think that is why we wanted to call that out and why we have such optimism in our pipelines go forward.

我提到食品飲料、能源、公用事業，這些類別都正在真正開始啟動。而這是獨特的。這在過去幾個季度並沒有出現。所以我認為這就是為什麼我們想特別點出來，以及為什麼我們對未來的案源管線如此樂觀。

Okay. And then given the optimism on growth, is the expectation core deposit funded? Do you think you'll need to rely on perhaps more expensive sources to fund the stronger growth?

好的。那麼，鑑於對成長的樂觀預期，是否預期會以核心存款來支應資金？你認為為了支應更強勁的成長，是否需要依賴可能更昂貴的資金來源？

Yes. Maybe just to link a couple of comments we made here, I think deposits will generally grow in line with loans, although it may not be one for one. It will probably be a little bit less. And the reason I say that is because our focus is really on consumer deposits and growing operational deposits and really limiting or eliminating things like CDs and higher-cost institutional or just kind of onetime clients that just -- that's all we have is just the deposit. So we're going to be more nimble on the deposit side of growth versus the loan side, I would imagine.

是的。也許把我們在這裡提到的幾點連結起來，我認為存款通常會與貸款同步成長，雖然可能不會一比一。可能會略低一些。我之所以這麼說，是因為我們的重點其實在於消費者存款、成長營運性存款，並且真正限制或消除像是定存（CDs）以及高成本的機構資金，或是那種一次性客戶——我們跟他們的往來就只有存款而已。所以我想，相較於貸款端，我們在存款端的成長會更靈活。

John McDonald, Truist Securities.

John McDonald，Truist Securities。

Just a quick modeling question on the BTIG. John, understanding it's not part of the guidance. When you say accretive for the year, does that include any integration charges, so that's kind of all in accretive to your results for the year is the expectation?

關於 BTIG 我有個快速的模型問題。John，我了解這不在財測指引之內。當你說今年是增益（accretive）時，是否包含任何整合費用？也就是說，預期今年的結果是把這些都算進去後仍為增益嗎？

Yes, that's our expectation, John, is slightly accretive to inclusive of those charges. We'll start to provide some of that information as we come online. We're expecting kind of back half of the year in terms of that. So obviously, there'll be a bigger expense base. There's less of a margin with this business than most of our businesses.

是的，John，我們的預期是：在包含那些費用的情況下，仍會略為增益。隨著我們開始上線，我們會開始提供其中一些資訊。我們預期大概是在下半年。所以很明顯，費用基礎會更大。而且這項業務的利差比我們大多數業務都要小。

So you'll see that flow through. And then it's merger cost that we'll identify as well.

所以你會看到這些反映在數字上。另外，我們也會辨識並揭露併購成本。

Okay. So the financial impact, probably not much in the second quarter? This will all start hitting your numbers in the back half?

好的。所以財務影響在第二季可能不大？這些會在下半年才開始反映到你們的數字上？

Yes, that's right. Yes. I wouldn't expect much of anything in the second quarter. Then the third and fourth quarter, we should be, pending regulatory approvals, yes.

是的，沒錯。是的。我不預期第二季會有太多影響。然後第三、第四季，我們應該會——在取得監管核准的前提下——是的。

There are no further questions at this time. I'll hand the call back over to Jen for closing comments.

目前沒有其他問題。我把電話交回給 Jen 作結語。

Thank you, everyone, for joining our call this morning. Please contact the Investor Relations department if you have any follow-up questions. Regina, you may now disconnect the call.

感謝各位今天早上參加我們的電話會議。如有任何後續問題，請聯絡投資人關係部門。Regina，你現在可以中斷通話。

This concludes our call today. Thank you all for joining. You may now disconnect.

我們今天的電話會議到此結束。感謝各位參與。你現在可以中斷連線。