Valley National Bancorp (VLY) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Valley National Bank Corp Fourth quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Valley National Bank Corp 2025 年第四季財報電話會議。目前，所有參與者均處於只聽模式。（操作說明）

Please be advised that today's conference be recorded. I'd like to hand the conference over to your first speaker today, Andrew Jianette. Please go ahead.

請注意，今天的會議將被錄音。今天，我將把會議交給第一位發言人，安德魯·賈內特。請繼續。

Good morning and welcome to Valley's fourth quarter 2025 earnings conference call. I'm joined today by CEO, Ira Robbins and CFO, Travis Lan.

早上好，歡迎參加Valley公司2025年第四季財報電話會議。今天和我一起的有執行長 Ira Robbins 和財務長 Travis Lan。

Our quarterly earnings release and supporting documents are available at valley.com. Reconciliations of any non-GAAP measures mentioned on the call can be found in today's earnings release.

我們的季度財報及相關文件可在 valley.com 上查閱。電話會議中提及的任何非 GAAP 指標的調整表均可在今天的收益報告中找到。

Please also note slide 2 of our earnings presentation and remember that comments made today may include forward-looking statements about Valley National Bank Corp and the banking industry. For more information on these forward-looking statements and associated risk factors, please refer to our SEC filings, including Forms 8-K, 10-Q, and 10-K. With that, I'll turn the call over to Ira Robbins.

也請注意我們收益簡報的第 2 頁，並記住今天發表的評論可能包含有關 Valley National Bank Corp 和銀行業的未來展望性聲明。有關這些前瞻性聲明和相關風險因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括 8-K 表格、10-Q 表格和 10-K 表格。接下來，我將把電話交給艾拉羅賓斯。

Thank you, Andrew. Valley delivered record earnings in the fourth quarter of 2025 with net income of approximately $195 million or $0.33 per diluted share. Excluding certain non core items, adjusted net income was $180 million or $0.31 per diluted share. An increase from $0.28 on both the reported and adjusted basis in the third quarter of 2025.

謝謝你，安德魯。Valley 在 2025 年第四季實現了創紀錄的收益，淨收入約為 1.95 億美元，即每股攤薄收益 0.33 美元。剔除某些非核心項目後，調整後淨收入為 1.8 億美元，即每股稀釋收益 0.31 美元。與 2025 年第三季報告的和調整後的每股收益 0.28 美元相比，有所增長。

Our adjusted return on average assets of 1.14% represents the highest level since the fourth quarter of 2022. For the full year of 2025, we produced $598 million of net income, or $585 million on an adjusted basis. This material improvement versus 2024 reflects discipline, balance sheet management.

我們調整後的平均資產報酬率為 1.14%，是自 2022 年第四季以來的最高水準。2025 年全年，我們實現了 5.98 億美元的淨收入，經調整後為 5.85 億美元。與 2024 年相比，這項實質改善反映了紀律和資產負債表管理。

A stronger funding mix and continued benefits from strategic investment in talent, technology, and our operating model. We entered 2025 with a fortified balance sheet and clear profitability targets tied to sustained funding improvement and credit cost normalization.

更強大的資金組合以及對人才、技術和營運模式的策略投資帶來的持續收益。進入 2025 年，我們擁有了穩健的資產負債表和明確的獲利目標，這些目標與持續的融資改善和信貸成本正常化密切相關。

By year end, we had exceeded these expectations across all major metrics while further strengthening our capital and liquidity positions. This performance underscores both the resilience of our franchise and the depth of our customer relationships.

到年底，我們在所有主要指標上都超出了預期，同時進一步增強了我們的資本和流動性狀況。這項業績既體現了我們特許經營的韌性，也體現了我們與客戶關係的深度。

Our improved profitability has accelerated retained earnings growth and enabled us to return more capital to investors through share buybacks and regular cash dividends. Our substantial core deposit growth stands out as one of our major significant achievements of the past year and is the key underpinning of our profitability improvement in 2025.

獲利能力的提高加快了留存收益的成長，使我們能夠透過股票回購和定期現金分紅向投資者返還更多資本。我們核心儲量的顯著成長是我們過去一年的主要成就之一，也是我們2025年獲利能力提升的關鍵基礎。

On a year to year basis, we grew core deposits by nearly $4 billion or 9%. Past strategic investments in talent and technology have deepened customer engagement increased [Akron count wins]. And driven momentum across our diverse delivery channels.

與去年同期相比，我們的核心存款增加了近 40 億美元，增幅達 9%。過去對人才和技術的策略性投資加深了客戶參與度，提高了客戶參與度。[阿克倫縣獲勝]並推動了我們多元化交付管道的發展動能。

We continue to recruit experienced commercial bankers who are focused on both loan and deposit opportunities in their geographies or areas of focus. While future growth is not likely to be linear, we have a high degree of confidence in our ability to further enhance our funding profile over the next 12 months.

我們持續招募經驗豐富的商業銀行家，他們專注於各自所在地區或重點領域的貸款和存款機會。雖然未來的成長不太可能是線性的，但我們對未來 12 個月進一步提升融資能力充滿信心。

The cortisone growth was strong, diverse, and tightly aligned with our relationship focused strategy. For the first time since the second quarter of 2024, total commercial real estate loans grew on a sequential basis. This growth was primarily in the owner occupied category and was partially funded by a strategic runoff of non-relationship commercial real estate.

皮質醇的成長強勁、多樣化，並且與我們以關係為中心的策略緊密契合。自 2024 年第二季以來，商業房地產貸款總額首次較上季成長。這一成長主要發生在業主自用類別中，部分資金來自非關聯商業房地產的策略性出售。

During the quarter, owner occupied Cree and C&I growth was driven primarily by activity in our specialty healthcare vertical and Southeast franchise. Loan growth is well positioned to accelerate further in 2026. Our immediate and late stage pipelines are exceptionally strong, up over $1 billion or nearly 70% from just a year ago, driven by a $600 million increase in C&I and $700 million increase in commercial real estate.

本季度，業主自用 Cree 和 C&I 的成長主要得益於我們在專業醫療保健垂直領域和東南特許經營領域的活動。貸款成長預計在 2026 年進一步加速。我們的近期和後期專案儲備非常強勁，比一年前增加了 10 億美元以上，增幅近 70%，這主要得益於工商業項目增加了 6 億美元，商業房地產項目增加了 7 億美元。

Past investments in data analytics, artificial intelligence, and sales effectiveness are making our bankers more productive across the franchise. These investments also ensure that newly onboarded relationship bankers have the tools necessary to hit the ground running and contribute more quickly to our consolidated results.

過去在數據分析、人工智慧和銷售效率方面的投資，正在提高我們整個銀行從業人員的工作效率。這些投資也能確保新進職的客戶經理擁有必要的工具，以便迅速上手工作，更快地為我們的綜合業績做出貢獻。

To this end, recent additions to our teams New Jersey, California, and Florida have already generated loan and deposit activity and directly support the aforementioned expansion in our pipelines. Our recruiting efforts remain active, which we expect will continue to accelerate the growth in our relationship focused business model.

為此，我們團隊最近在新澤西州、加利福尼亞州和佛羅裡達州新增的成員已經產生了貸款和存款活動，並直接支持了我們上述業務拓展計劃。我們的招募工作仍在積極進行，我們預計這將繼續加速我們以人際關係為中心的商業模式的成長。

Most importantly, increased activity from both legacy and new hires is the result of our strategic focus on attracting profitable, holistic banking relationships which align with our risk appetite. Our improved balance sheet position and profitability metrics reflect the cumulative benefits of a variety of multi-year initiatives.

最重要的是，無論是老員工或新員工，業務活動的增加都源自於我們策略性地專注於吸引與我們風險承受能力相符的、獲利的、全面的銀行合作關係。我們資產負債表狀況和獲利能力指標的改善反映了各項多年措施的累積效益。

We have focused on geographic and business line diversification across the franchise and have invested in high caliber commercial talent to achieve our goals. Our 2023 core systems conversion set the stage for our expanded Treasury management offering which improved our ability to win operating accounts and deepen commercial relationships.

我們專注於在整個特許經營體系內實現地理和業務線多元化，並投資於高素質的商業人才來實現我們的目標。我們在 2023 年完成的核心系統轉換為我們擴展的財務管理產品奠定了基礎，提高了我們贏得營運客戶和深化商業關係的能力。

This has directly supported additional growth in both core deposits and fee income and has been further augmented by specially funding niches that have produced above average deposit growth. Our strategic priorities for 2026 remain generally consistent and focused on sustained value creation.

這直接促進了核心存款和手續費收入的進一步增長，並透過對存款增長高於平均水平的細分市場的專項投資，進一步增強了這一增長。我們2026年的策略重點大致保持不變，並專注於持續創造價值。

To support our deposit ambitions, we are igniting our small business sales efforts, improving branch productivity, and exploring new growth oriented deposit niches. Additionally, there is an opportunity to further expand the customer adoption of our treasury platform.

為了實現我們的存款目標，我們正在加大對小型企業的銷售力度，提高分行的生產力，並探索新的、以成長為導向的存款細分市場。此外，我們還有機會進一步擴大客戶對我們財務平台的採用率。

Recent investments in branding, artificial intelligence solutions, and service model improvements. Have been designed to accelerate customer acquisition and elevate the client experience, which we believe will contribute to future revenue growth and increased franchise value.

近期在品牌建立、人工智慧解決方案和服務模式改進方面進行了投資。旨在加速客戶獲取並提升客戶體驗，我們相信這將有助於未來的收入成長和提高特許經營價值。

At the same time we are always working to identify and execute on expense offsets to help fund these initiatives. Our strong momentum in 2025 directly supports our 2026 outlook, which Travis will detail shortly. From a high level we expect continued benefits from repricing opportunities on both the funding side of the balance sheet and in the lower yielding fixed rate segment of our loan portfolio.

同時，我們一直在努力尋找和實施費用抵銷措施，以幫助資助這些計劃。我們在 2025 年的強勁勢頭直接支撐了我們對 2026 年的展望，Travis 將很快詳細介紹。從宏觀層面來看，我們預期資產負債表的融資面向以及貸款組合中收益率較低的固定利率部分，都將持續受益於重新定價的機會。

While Travis will describe some of the traditional seasonal headwinds that we face in the first quarter of each year, we anticipate an additional 15 basis points to 20 basis points of margin expansion from the fourth quarter of 2025. To the fourth quarter of 2026, all else equal.

儘管 Travis 將描述我們在每年第一季面臨的一些傳統季節性不利因素，但我們預計從 2025 年第四季開始，利潤率將再成長 15 至 20 個基點。到 2026 年第四季度，其他條件不變。

This combined with continued the income growth. Credit stability and expense management should result in further profitability improvement in 2026. I am extremely proud of what our team accomplished in 2025. We have built undeniable momentum with respect to customer growth, funding diversification, loan quality, talent acquisition.

這與收入的持續成長相結合。信貸穩定和費用控制應能使2026年獲利能力進一步提高。我為我們團隊在2025年所取得的成就感到無比自豪。我們在客戶成長、資金多元化、貸款品質、人才引進方面都取得了不可否認的進展。

And ultimately financial performance. Our strategy is paying off, our teams are executing, and we remain focused on delivering additional long-term value for our associates, shareholders, and clients. With that, I will now turn the call over to Travis to discuss our financial results.

最終影響財務業績。我們的策略正在取得成效，我們的團隊正在執行，我們將繼續專注於為我們的員工、股東和客戶創造更多長期價值。接下來，我將把電話交給崔維斯，讓他來討論我們的財務表現。

After his remarks, [Gina Martocci, Patrick Smith, Mark Sager, Travis], and I will be available for your comments.

在他發言結束後，[Gina Martocci、Patrick Smith、Mark Sager、Travis] 和我將接受大家的評論。

Thank you, Ira. Continuing the discussion on 2026 expectations, we have provided our guidance for the year on slide 9. We expect mid-single-digit loan growth supported by roughly 10% C&I growth, low single-digit Cree growth, and mid-single-digit consumer and residential growth. While results may not be linear, we anticipate deposit growth will outpace the loans throughout the year, allowing us to further reduce our loan to deposit ratio.

謝謝你，伊拉。繼續討論 2026 年的預期，我們在第 9 頁投影片中提供了我們對這一年的指導。我們預計貸款將實現中等個位數成長，這主要得益於約 10% 的商業和工業貸款成長、低個位數的科銳貸款成長以及中等個位數的消費和住宅貸款成長。雖然結果可能並非線性變化，但我們預計全年存款成長速度將超過貸款成長速度，使我們能夠進一步降低貸款存款比率。

We expect [CET1] will remain in the previously guided 10.5% to 11% range as we continue to execute our capital deployment strategy. As a result of expected balance sheet growth and continued repricing tailwinds, we anticipate the net interest income will grow between 11% and 13% in 2026. Our forecast assumes two rate cuts in 2026 that we remain generally neutral to the front end of the yield curve.

我們預計，隨著我們繼續執行資本部署策略，[CET1] 將繼續保持在先前預期的 10.5% 至 11% 的範圍內。由於預期資產負債表成長和持續的重新定價利多因素，我們預期 2026 年淨利息收入將成長 11% 至 13%。我們的預測假設 2026 年將降息兩次，我們對殖利率曲線前端保持整體中性態度。

While fourth quarter fee income benefited from abnormally high commercial loan swap activity and to a lesser extent valuation gains on fintech equity investments which may not recur, we anticipate high single-digit growth in 2026. I will discuss the investments we have made and will continue to make in talent, branding, technology, and capability expansion. These are incorporated into our operating expense guidance, and any incremental investments would be expected to further enhance our growth potential.

雖然第四季度手續費收入受益於異常高的商業貸款互換活動，以及在較小程度上受益於金融科技股權投資的估值收益（這些收益可能不會再次出現），但我們預計 2026 年將實現高個位數增長。我將討論我們已經投入並將繼續投入到人才、品牌、技術和能力拓展方面的投資。這些都已納入我們的營運費用預期，任何新增投資預計都將進一步增強我們的成長潛力。

Finally, we expect further credit cost improvement in 2026. We anticipate general stability in our allowance coverage ratio and further normalization in net charge-offs. These factors would combined to imply a 2026 loan loss provision of around $100 million give or take.

最後，我們預計2026年信貸成本將進一步改善。我們預計撥備覆蓋率將保持穩定，淨沖銷額將進一步正常化。這些因素綜合起來意味著，2026 年的貸款損失準備金約為 1 億美元左右。

While quarterly trends naturally vary, I would remind you that our first quarter tends to be somewhat softer as a result of lower day count, elevated payroll taxes within operating expenses, and seasonal headwinds on both sides of the balance sheet. These dynamics may be more evident in the first quarter of 2026 as we saw a late year spike in both fee income and non-interest deposits which are likely to moderate early in the year. That said, our 2026 guidance reflects the strong momentum that we have and our expectation for further profitability improvement throughout the year. He added slide 10 to provide a clearer view of our capital deployment strategy, which continues to balance organic growth with meaningful capital returns.

雖然季度趨勢自然會有所不同，但我還是要提醒各位，由於營業天數減少、營運費用中工資稅增加以及資產負債表兩端的季節性不利因素，我們第一季的業績往往會比較疲軟。這些動態在 2026 年第一季可能會更加明顯，因為我們看到年末手續費收入和非利息存款都出現了激增，而這些激增可能會在年初有所緩和。儘管如此，我們對 2026 年的業績預期反映了我們強勁的發展勢頭，以及我們對全年獲利能力進一步提升的期望。他添加了第 10 張幻燈片，以便更清晰地展示我們的資本部署策略，該策略繼續在有機成長和有意義的資本回報之間取得平衡。

In the fourth quarter we generated $188 million of net income to common shareholders, of which we returned $109 million of that in the form of cash dividends and share repurchases. Our earnings generated about 38 basis points of CET1 during the quarter, and we used about half of that to support organic loan growth while returning the other half to shareholders and preserving capital ratios well within our target range. At the upper end of that range, we believe we have significant flexibility and anticipate preserving this balanced approach to capital deployment going forward.

第四季度，我們為普通股股東創造了 1.88 億美元的淨收入，其中 1.09 億美元以現金股利和股票回購的形式返還給了股東。本季我們的收益產生了約 38 個基點的 CET1，我們用其中約一半來支持內生貸款成長，同時將另一半返還給股東，並將資本比率保持在我們目標範圍內。我們認為，在這一範圍的上限，我們擁有相當大的靈活性，並預計未來將繼續保持這種平衡的資本部署方式。

Slide 11 illustrates the continued momentum in our deposit gathering efforts. During the quarter, we increased core deposits by about $1.5 billion enabling us to pay off almost $500 million of maturing higher cost broker deposits. Our core deposit growth is primarily concentrated in non-interest and transactional accounts.

第 11 張投影片展示了我們在籌集存款方面持續取得的進展。本季度，我們的核心存款增加了約 15 億美元，使我們能夠償還近 5 億美元的到期高成本經紀存款。我們的核心存款成長主要集中在非利息帳戶和交易帳戶。

Non-interest deposits grew over 15% on an annualized basis but benefited from late quarter activity which is likely to moderate. Still, total deposit cost came down by 24 basis points sequentially, implying a 55% quarterly deposit EBITDA. Turning to slide 14, total loans grew about $800 million or 7% on an annualized basis. This was the result of accelerating commercial real estate originations, continued C&I momentum, and complementary residential and consumer growth.

無息存款以年率計算成長超過 15%，但受益於季度末的活躍市場，而這種活躍市場可能會放緩。儘管如此，總存款成本環比下降了 24 個基點，這意味著季度存款 EBITDA 為 55%。翻到第 14 張投影片，貸款總額按年計算增加了約 8 億美元，即 7%。這是商業房地產項目加速開發、工商業持續成長以及住宅和消費品市場相應成長共同作用的結果。

We continue to fund relationship-based pre-growth with transactional pre runoff. For the year we anticipate 40% of our net loan growth will come from C&I, 40% from [CREE], and the remainder from consumer and residential. Our loan yield be continues to meaningfully lag our deposit data as the replacement of low yielding fixed rate loans with higher yielding originations slows the rate-based compression.

我們繼續為基於關係的早期成長提供資金，並進行交易前的早期退出。我們預計今年淨貸款成長的 40% 將來自工商業貸款，40% 將來自[CREE]，其餘部分將來自消費和住宅貸款。由於以更高收益的貸款取代低收益的固定利率貸款減緩了利率壓縮，我們的貸款收益率繼續明顯落後於存款數據。

Slide 17 tells our net interest income and margin expansion story as we benefit from loan growth and repricing dynamics on both sides of the balance sheet. Net interest income increased 4% quarter over quarter or 10% year over year.

第 17 張投影片講述了我們的淨利息收入和利潤率擴張情況，因為我們受益於資產負債表兩端的貸款成長和重新定價動態。淨利息收入季增 4%，年增 10%。

We also saw our margin expand to 3.17%, well beyond our fourth quarter target of above 3.1%. We continue to see the repricing dynamic playing out supporting our expectations for an additional 15 basis points to 20 basis points of margin expansion from the fourth quarter of 2025 to the fourth quarter of 2026.

我們的利潤率也擴大到 3.17%，遠遠超過了我們第四季 3.1% 以上的目標。我們繼續看到重新定價的動態，這支持了我們對2025年第四季至2026年第四季利潤率將額外擴張15至20個基點的預期。

We saw exceptional 18% growth in non-interest income during the quarter. Roughly two-thirds of the sequential growth was from swap fees and unrealized gains on certain fintech investments. Some of this activity was episodic and is not likely to recur. That said, we continue to have strong momentum from a deposit service charge and wealth management perspective.

本季非利息收入實現了18%的顯著成長。環比成長約有三分之二來自互換費用和某些金融科技投資的未實現收益。其中一些活動是偶發性的，不太可能再次發生。儘管如此，從存款服務費和財富管理的角度來看，我們仍然保持著強勁的發展動能。

Quarterly fee income in the mid to high $60 million range is likely a reasonable starting point for 2026 with anticipated growth throughout the year. Similar to fee income, fourth quarter adjusted expenses were elevated by a few discreet and infrequent items. Roughly half of the quarterly expense growth was due to our new branding campaign and performance-based accrual tied to the execution of certain operational initiatives and milestones in 2025.

預計 2026 年季度費用收入將在 6,000 萬美元中高段位，並有望在全年實現成長。與手續費收入類似，第四季調整後的支出也因一些零星且不常發生的項目而增加。季度支出成長約有一半是由於我們的新品牌推廣活動以及與 2025 年某些營運計畫和里程碑的執行相關的績效應計費用。

Even with these items, expenses for the full year increased just 2.6%, well below our 9% revenue growth. We continue to project low single-digit expense growth in 2026 as ongoing investments in talent, technology, branding, and capabilities are partially funded by efficiencies from other parts of the organization.

即使計入這些項目，全年支出也僅成長了 2.6%，遠低於我們 9% 的收入成長。我們預計 2026 年支出成長率將維持在個位數低位，因為對人才、技術、品牌和能力的持續投資部分由組織其他部門的效率提升提供資金。

As a result of these efforts, we anticipate that our efficiency ratio will continue to decline towards 50% throughout the year.

由於這些努力，我們預計我們的效率比率將在全年持續下降至 50%。

Slides 21 and 22 illustrate our asset quality and reserve trends.

第 21 和 22 張投影片展示了我們的資產品質和儲備趨勢。

Criticized and classified loans declined by over $350 million or 8% during the quarter, and total non-accrual loans to total loans were effectively unchanged. Quarterly net charge-offs were 18 basis points of average loans, bringing 2025 net charge-offs down to 24 basis points of average loans versus 40 basis points in 2024.

本季度，受批評和被列為不良貸款的金額減少了 3.5 億美元，降幅達 8%，而非應計貸款總額佔貸款總額的比例基本保持不變。季度淨沖銷額為平均貸款額的 18 個基點，使 2025 年淨沖銷額降至平均貸款額的 24 個基點，而 2024 年為 40 個基點。

Our allowance coverage ratio declined by 2 basis points during the quarter as lower quantitative reserves more than offset higher specific and qualitative factors. We remain confident in the performance of our loan portfolio and expect further normalization of credit costs in 2026.

本季度，由於定量準備金的減少抵消了特定因素和定性因素的增加，我們的撥備覆蓋率下降了 2 個基點。我們對貸款組合的表現仍然充滿信心，並預計信貸成本將在 2026 年進一步正常化。

Turning to slide 24, tangible book value increased by nearly 3% during the quarter as a result of retained earnings and a favorable OCI impact associated with our available for sale portfolio. Regulatory capital ratios remain generally stable as we support our loan growth and utilize excess capital to repurchase stock.

翻到第 24 張投影片，由於留存盈餘和與可供出售資產組合相關的有利其他綜合收益影響，本季有形帳面價值成長了近 3%。由於我們支持貸款成長並利用超額資本回購股票，監管資本比率整體保持穩定。

We utilized over $60 million of organically generated capital to repurchase over 6 million shares in 2025. 4 million of these shares were bought back in the fourth quarter of 2025 alone and we anticipate continued repurchase activity going forward. With that, I will turn the call back to the operator to begin Q&A. Thank you.

2025年，我們利用超過6,000萬美元的有機資本回購了超過600萬股股票。其中400萬股是在2025年第四季回購的，我們預計未來將繼續進行回購活動。接下來，我將把電話轉回給接線生，開始問答環節。謝謝。

Thank you.(Operator Instructions) David Chiaverini, Jefferies.

謝謝。 （操作說明）David Chiaverini，傑富瑞集團。

Hi, thanks for taking the question. So wanted to start on net interest margin. You mentioned about 15% to 20% basis points for Q25 versus for Q26. Can you talk about some of the drivers, behind that on both sides, the loan side as well as the deposit side in terms of betas?

您好，感謝您回答這個問題。所以我想先從淨利差說起。您提到第 25 季與第 26 季相比，大約有 15% 到 20% 的基點。您能否談談貸款方和存款方在β值方面的一些驅動因素？

Yeah this is Travis, David and thanks for the question. The benefits between now and the end of 2026 will be fairly balanced between the loan and deposit sides of the balance sheet. So, from a deposit perspective, we continue to work customer deposit rates lower, and then we have the additional. Benefit of replacing higher cost brokered with lower cost core in 2026 we also have one excuse me $600 million of [FHLB] advances at about 4.7% that will come due and will be replaced lower as well so that's another benefit that we anticipate to play out on the margin we have $1.8 billion of fixed rate loans that are going to mature in 2026 at a rate of around 4.7%. Those are coming back on 150 basis points to 200 basis points higher and so while you know as rates fall asset yields may fall, we slow the rate of compression because of that fixed rate repricing dynamic.

是的，我是崔維斯，大衛，謝謝你的提問。從現在到 2026 年底，資產負債表的貸款和存款兩端將保持相對平衡。所以，從存款的角度來看，我們繼續降低客戶的存款利率，然後我們還有額外的費用。2026 年，以低成本核心貸款取代成本較高的經紀貸款的好處是，我們還有一筆約 6 億美元的聯邦住房貸款銀行 (FHLB) 貸款，利率約為 4.7%，這些貸款將到期，利率也將降低，因此這是我們預計將在邊際上體現的另一個好處。此外，我們還有 18 億美元的固定利率貸款將於 2026 年到期，利率約為 4.7%。這些利率將上漲 150 到 200 個基點，因此，雖然你知道隨著利率下降，資產收益率可能會下降，但由於固定利率重新定價的動態，我們減緩了壓縮的速度。

And in terms of kind of the cadence, you mentioned a couple times about, results not being linear through the year, how should we think about the net interest margin as we kind of progress through the year?

至於您多次提到的節奏問題，即業績在一年中並非線性成長，那麼隨著一年的推進，我們應該如何看待淨利差呢？

Yeah, so in the first quarter I would anticipate the margin comes down a little bit from the [$317] that we put up this quarter, and then grows from that level, back to that kind of mid 330s that we talked about by the fourth quarter. The drivers of that again I mentioned that you know we had some late, December spikes in non-interest-bearing balances. I would expect that that's closer to, the average non-interest deposit balance for the fourth quarter, at [$331]. And then we also get the headwind from day count. So, each day we accrue about $5 million of NII. So two fewer days in the first quarter is a slight headwind, we'll offset some of that with growth and the rate dynamics, but that's the way that we think about it.

是的，所以我預計第一季利潤率會比本季的 [317 美元] 略有下降，然後從這個水平開始增長，到第四季度回到我們所說的 330 美元左右。造成這種情況的原因我再次提到，你知道，我們在 12 月下旬出現了一些非計息餘額的激增。我預計這更接近第四季度的平均無息存款餘額。[331 美元]此外，我們還要面對天數統計帶來的不利影響。因此，我們每天產生約 500 萬美元的淨利息收入。因此，第一季少了兩天假期是一個小小的阻力，我們將透過成長和利率動態來抵消一部分影響，但這就是我們考慮的方式。

Thanks very much.

非常感謝。

Thank you. Freddie Strickland, Hovde Group.

謝謝。弗雷迪·斯特里克蘭，霍夫德集團。

Hey, thanks for taking my question. Good morning, guys. Just great to see the trend down classified again this quarter. And as you look at workouts in progress and you mentioned declining credit costs, is the implication that we could see adversely classified assets continue to fall over the course of '26?

嘿，謝謝你回答我的問題。各位早安。很高興看到本季該趨勢再次下降。鑑於您目前關注的重組工作以及您提到的信貸成本下降，這是否意味著在 2026 年，不良資產可能會繼續下降？

Hey Freddie, this is Mark Saeger. We absolutely, if the economy stays in the situation that it is today, which we expect this trend to continue in '26 and into '27. We've seen it for the past three quarters now, improvement, and this was a substantive decrease.

嘿，弗雷迪，我是馬克·賽格。如果經濟繼續保持目前的狀況，我們當然會這樣做，我們預計這種趨勢將在 2026 年和 2027 年繼續下去。過去三個季度我們已經看到情況有所改善，而這次是大幅下降。

I would just add the idea that--the reduction quarter over quarter is a combination of payoffs and net upgrades, so it's both factors that drove that improvement we would anticipate that to continue.

我只想補充一點——季度環比下降是收益和淨升級共同作用的結果，因此，正是這兩個因素推動了這一改善，我們預計這種情況會繼續下去。

Got It. And then just, on the loan growth outlook, it seems like you're going to have CRE concentration continue to decline to '26 if you have higher growth rates of C&I, consumer and [resi], is that the case or is it maybe relatively flat as you look to employ some capital?

知道了。那麼，關於貸款成長前景，如果工商業、消費和住宅貸款的成長率較高，那麼到 2026 年，商業房地產集中度似乎會繼續下降，是這樣嗎？或者，隨著資本的運用，這種情況可能會相對穩定？

I think it's a modest improvement or further decline in the CREE concentration ratio. So, if you untangle kind of the loan growth guidance, it's about a billion dollars of C&I, a billion dollars of net Cree, and a $5 billion of resi and consumer. Now that billion dollars of CREE will be split between owner occupied and regulatory CRE, and the way that we factor it with the capital growth that we anticipate, you'd still see CREE concentration improved throughout the year.

我認為這是 CREE 濃度比率的輕微改善或進一步下降。所以，如果你理清貸款成長指導，你會發現其中大約有 10 億美元的工商業貸款、10 億美元的淨建築貸款和 50 億美元的住宅和消費貸款。現在，數十億美元的CREE將在業主自用和監管商業房地產之間分配，並且考慮到我們預期的資本增長，您仍然會看到CREE集中度在全年內有所改善。

All right, great.

好的，太好了。

Thanks, that's it for me.

謝謝，我的情況就是這樣。

Thank you. Anthony Elian, JPMorgan.

謝謝。Anthony Elian，摩根大通。

Hi, your adjusted ROE was over 13% in 4Q, which is above your guide of 11% for '25. I know last quarter you pointed to achieving the 15% goal by late '27 or early '28, but any updates to that timeline just given the tailwinds you have and you outline on slide 9 for [Nim] operating leverage and provision.

您好，您第四季的調整後淨資產收益率超過 13%，高於您 2025 年 11% 的預期。我知道上個季度您指出，到 2027 年底或 2028 年初將實現 15% 的目標，但鑑於您目前所擁有的順風以及您在第 9 頁中概述的 [Nim] 經營槓桿和撥備，該時間表有任何更新嗎？

I don't think we're going to update what that guy looks like. We feel really strong about sort of where the liftoff is for us in the beginning of 2026, and a lot of tailwind for us. And we think we're well on our way to achieve that 50% target.

我覺得我們不會更新那個人的外貌資訊。我們對 2026 年初的起飛前景感到非常樂觀，並且有很多順風助力。我們認為我們離實現 50% 的目標很近了。

Thank you. And then on expense, so I get the low single-digit guide for the full year, but Travis, how are you thinking about expense specifically for [1 q] just given some of the elevated items you mentioned around payroll taxes?

謝謝。關於支出，我得到的全年支出指導是低個位數，但是 Travis，考慮到你提到的工資稅等一些較高項目，你對 [1 q] 的具體支出有什麼看法？

Thank you.

謝謝。

Yeah, I appreciate it. I mean, I think as I mentioned, the fourth quarter also included some elevated items, so those normalize and then you typically have about a $7 million or $8 million headwind in the first quarter from payroll taxes. Those things probably roughly balance out, and so you'd see, I'd say general stability and in operating expenses in the first quarter due to that, whereas normally it would be kind of a straight up tick, again you have some offsets with some of these more one time items that occurred in the fourth quarter.

是的，我很感激。我的意思是，正如我之前提到的，第四季度也包含了一些較高的項目，所以這些項目會恢復正常，然後通常第一季會因為工資稅而面臨大約 700 萬或 800 萬美元的不利影響。這些因素大致可以相互抵消，因此你會看到，由於這些因素，第一季的整體營運支出保持穩定，而通常情況下，營運支出會略有上升，但第四季度發生的一些一次性項目又會抵消部分影響。

Thank you.

謝謝。

Thank you. Janet Lee, TD Securities

謝謝。Janet Lee，TD證券

Good morning. So you guys said you're neutral to the front end of the curve and. I know there's a lot of fixed rate asset repricing benefits that are flowing through for Valley. Does your, how does your prediction around 15 basis points to 20 basis points name expansion change if we assume no rate cuts?

早安.所以你們說你們對曲線前端持中立態度，並且。我知道Valley公司正在享受許多固定利率資產重新定價帶來的好處。如果假設不降息，您預測的15至20個基點的貨幣擴張幅度會如何改變？

Yeah Janet, this is Travis. If you assume, as I said, we're, we are generally neutral, if you assume no rate cuts, you would actually, you'd look at kind of a 0.5% to 10% of headwind from NII. The reality though is the implied forward curve assumes some modest increase in the 25 and 10 year points which are more impactful to our margins. So, in a vacuum no fed cuts, would be a slight, very slight headwind, but you know as the rest of the curve plays out I think we offset that.

是的，珍妮特，我是崔維斯。正如我所說，如果我們保持中立，假設不降息，那麼實際上，淨利息收入（NII）將面臨 0.5% 到 10% 的不利影響。但實際情況是，隱含的遠期曲線假設 25 年期和 10 年期利率將出現一些小幅上漲，而這些利率對我們的利潤率影響更大。所以，如果聯準會不減產，那將是一個輕微的、非常輕微的不利因素，但你知道，隨著其他因素的發展，我認為我們可以抵消這個不利因素。

The other component to think about is we're structurally neutral to the front end of the curve, but we've outperformed our beta assumptions in the wake of Fed cuts, so that's, something that's improved the EBITDA.

另一個需要考慮的因素是，我們對殖利率曲線的前端部分保持結構中性，但在聯準會降息之後，我們的表現超過了預期，因此，這改善了 EBITDA。

Got it. Thank you. And just to follow-up on buyback, looks like $19 million that's remaining in authorization that expires in April.

知道了。謝謝。關於股票回購，目前授權額度還剩 1,900 萬美元，將於 4 月到期。

And with their current capital generation, looks like you could maintain the 4Q pace of buyback while still pretty comfortably staying in that CT1 target range, perhaps even at the higher end. Could you come around the pace of buy back? I know you're going to be opportunistic, but just would love to hear your response. Thanks.

憑藉他們目前的資本創造能力，看起來你可以保持第四季度的回購速度，同時也能相當輕鬆地保持在 CT1 目標範圍內，甚至可能達到更高的目標範圍。能否調整一下回購速度？我知道你可能會投機取巧，但我還是想聽聽你的回覆。謝謝。

Yeah, absolutely. So if you kind of play out our guidance, CET1 on a gross basis would increase 130 basis points to 140 basis points, next year. About 50 basis points of that would be used to support loan growth. 50 basis points would be paid out in the dividend, and it would leave you with 30 basis points or 40 basis points of excess CET1 for the buyback, that would kind of. Back into $150 million to $200 million worth of stock which if you think about the pace of the fourth quarter when we used about $48 million of equity in the buyback it's pretty consistent so that's the way that we're thinking about it to your point our authorization expires in April I mean obviously we would you know plan on re upping that as we would traditionally.

是的，絕對的。因此，如果按照我們的指導方針來看，明年CET1總額將增加130至140個基點。其中約 50 個基點將用於支持貸款成長。 50 個基點將以股息形式支付，剩餘的 30 個基點或 40 個基點將用於回購，這大概就足夠了。重新投入價值 1.5 億至 2 億美元的股票，考慮到第四季度我們動用約 4800 萬美元的股權進行股票回購的速度，這相當穩定，所以我們也是這樣考慮的。至於你說的，我們的授權將於 4 月到期，我的意思是，顯然我們會像往常一樣計劃續約授權。

Thank you.

謝謝。

Thank you.

謝謝。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hey, good morning. On the, strategic growth slide, you have a bullet in there that, talks about contemplating geographic expansion. Any specific markets you'd highlight and I guess, how should we think about the scale of that build out?

嘿，早安。在策略性成長投影片中，有一條提到要考慮地域擴張。您特別想重點關注哪些市場？另外，我們該如何考慮這種建設規模？

I think just from a broad perspective we've had real success as we think about growing into the different geographies, whether it be through acquisition or just from an organic perspective on the back end of our [Leumi] deal we were able to enter into the Chicago and Los Angeles markets and have seen strong growth come out of those areas.

我認為從廣義上講，我們在拓展不同地域市場方面取得了真正的成功，無論是透過收購還是透過自身發展，在我們與 Leumi 達成交易的後期，我們都得以進入芝加哥和洛杉磯市場，並且看到了這些地區的強勁增長。

We recently expanded our team in the Philadelphia area and have seen real positive momentum and traction out of that. So I think we feel very comfortable, whether it be something that's contiguous to where we sit today or where there's other opportunities and strong markets, and Gino, maybe you can comment on that.

我們最近在費城地區擴充了團隊，並看到了由此帶來的積極勢頭和進展。所以我覺得我們感覺很安心，無論是與我們目前所在位置相鄰的地方，還是有其他機會和強勁市場的地方，Gino，也許你可以就此發表一下看法。

I think you phrased that well. We have had, we have had some success with our senior leaders that we've hired in bringing in additional, producers, and we are really focused on adjacent markets but also, opportunistically on teams that we can bring in and quickly start producing.

我覺得你表達得很好。我們在聘請高階領導方面取得了一些成功，引進了更多生產人員，我們非常關注鄰近市場，同時也抓住機會引進能夠迅速開始生產的團隊。

Got it. Okay, great. And then, as we think about the 330 plus, Nim guide for--2026, how important are loan spreads there? We've heard from some banks, that they're seeing more competition and both spread and structure. I guess the question is what are you seeing in your markets and what are you baking into that guide?

知道了。好的，太好了。那麼，當我們考慮 2026 年的 330 加幣 NIM 指導價時，貸款利差有多重要？我們從一些銀行了解到，他們發現市場競爭加劇，業務範圍和結構也更加複雜。我想問的是，你們在市場中看到了什麼，以及你們將哪些因素納入了這份指南中？

Thanks, Manan. This is Travis. The reality is we hear the same from our bankers on the street, but when you look at the data, the spreads have been fairly consistent. Now, based on the feedback, we are conservatively assuming modest spread compression, in the NII forecast that we gave you, so I think we hear it, on the ground as well, and we're trying to factor that in appropriately.

謝謝你，馬南。這是特拉維斯。事實上，我們從銀行家那裡也聽到了同樣的說法，但當你查看數據時，你會發現利差一直相當穩定。現在，根據回饋，我們在先前給出的淨利息收入預測中，保守地假設利差會略有收窄，所以我認為我們也聽到了來自各方的回饋，並且我們正在努力將其適當地考慮在內。

Got it, so that's already baked in thanks.

明白了，所以這筆感謝已經包含在內了。

Yes.

是的。

Thank you. Jared Shaw, Barclays.

謝謝。Jared Shaw，巴克萊銀行。

Hey, good morning. Good morning. Maybe just on the DDA, the, non-interest-bearing deposit, discussion, great growth this quarter. Were you saying we should expect. Average DDA to stay flat, but EOP potentially to go down, or how should we think about the seasonality that you saw this or the growth you saw this quarter and the seasonality in the first quarter.

嘿，早安。早安.或許只是關於活期存款（DDA），也就是不計息存款，本季會有很大的成長。你是說我們應該有所期待嗎？平均DDA保持不變，但EOP可能會下降，或者我們應該如何看待您在本季度看到的季節性因素，或您在本季度看到的成長以及第一季的季節性因素。

Yeah, I mean, first I think there's, it's reflective of a lot of wonderful activity, in terms of our bankers' ability to generate operating accounts and utilize our treasury management platform to generate business. My commentary though was that, we were at $11.9 billion of average NIB for the quarter and the end of the period was $12.2 billion. I would anticipate that the end of the first quarter we're kind of at that $11.9 billion level on an end of period basis and generally flat from an African perspective.

是的，我的意思是，首先我認為這反映了我們銀行家在創建營運帳戶和利用我們的資金管理平台創造業務方面所取得的許多成就。不過我的評論是，本季平均 NIB 為 119 億美元，期末為 122 億美元。我預計第一季末，我們的營收將達到 119 億美元左右，從非洲的角度來看，整體水準將保持穩定。

Okay, all right, thanks, and then. Maybe just, credit overall like you said is stable and looks good. Any, more color you can give on the growth in the C&I, NPLs.

好的，謝謝，然後。或許如你所說，整體信用狀況穩定良好。關於工商業貸款和不良貸款的成長，您還能提供哪些更詳細的資訊？

Sure, Jared, this is Mark again. C&I growth was really driven by, one credit in the portfolio, a larger credit, that we've had within the portfolio for over 10 years, in, in-market, syndicated credit, unique business segment, that's supported, by, structural payments but over a 10 year period. Because of the length of that payback, combined with the recent modification of the loan, we did move that, to non-accrual, and established, what we feel is a, adequate, specific on that loan.

當然，賈里德，我是馬克。工商業成長實際上是由投資組合中的一筆信貸推動的，這是一筆較大的信貸，我們在投資組合中持有這筆信貸超過 10 年，屬於市場內的銀團信貸，屬於獨特的業務領域，由結構性付款支持，但期限長達 10 年。由於還款期限較長，加上最近對貸款進行了修改，我們確實將該貸款轉為非應計制，並製定了我們認為足夠具體的貸款條款。

Okay, thank you.

好的，謝謝。

Thank you, Steve Moss, Raymond James

感謝史蒂夫·莫斯和雷蒙德·詹姆斯

Good morning, or maybe just maybe just going back to the loan pipeline here you highlighted I was just kind of curious good to hear the strong pipeline and I guess also with the kind of decline in the runoff on on CRE just curious, if you guys are thinking potential upside to your loan growth guidance here or maybe what are some of the offsets you see

早上好，或者說，回到您剛才提到的貸款項目，我有點好奇。很高興聽到貸款項目進展順利，但考慮到商業房地產貸款的減少，我想問大家，你們認為貸款增長預期是否有上調空間？或者說，你們認為有哪些因素會抵銷成長？

Maybe I'll start, Steve, this is Travis. So, our 5%, or if you took the midpoint of our loan growth guide, it would be 5%. The reality is that also includes $500 million of runoff, in our tier 3 transactional pre-portfolio. So absent. You'd be at the certainly above the higher end of the range that we gave. So I think there's a lot of good dynamics in the pipeline that Gino can talk about, but wanted to throw that out as well. Yeah.

或許我先來吧，史蒂夫，這位是崔維斯。所以，我們的 5%，或者如果你取我們貸款成長指南的中點，那就是 5%。事實上，這其中也包括我們第三級交易預投資組合中的 5 億美元流出資金。所以缺席。你肯定比我們給出的範圍的上限要高。所以我覺得目前有很多好的發展方向值得吉諾談談，但我也想提這一點。是的。

We've got a really very strong pipeline. I mean we finished [$12.25] at a billion dollars to actually higher than [$1224].

我們擁有非常強大的人才儲備。我的意思是，我們最終的營收（12.25美元）達到了10億美元，實際上比這還要高。[1224 美元]

And also since [$1225] we've grown the pipeline by another $300 million and that, and despite closing about half a billion dollars worth of loans so far. So we feel very good and it's geographically distributed. It's both CRE and C&I with a with a slight concentration in in C&I.

此外，自 [$1225] 以來，我們的貸款儲備又增加了 3 億美元，儘管迄今為止我們已經完成了約 5 億美元的貸款。所以我們感覺非常好，而且這種感覺在地理上分佈廣泛。它既包括商業房地產，也包括商業和工業，但略微側重於商業和工業。

So, our com our clients continue to be very confident and we're backing them with loans.

因此，我們的客戶依然信心十足，我們也用貸款支持他們。

Okay, appreciate that that color there. And then just on credit here with the decline in Chriss and classified, just kind of curious as to, how you're thinking about the reserve kind of settling out over time. If we see that come down towards like a more normal level, like 4 or 5%, could we see a pretty meaningful, reserve decline over time.

好的，欣賞一下這個顏色。然後，就信貸方面而言，隨著克里斯和分類的減少，我只是有點好奇，您是如何看待儲備金隨著時間的推移而逐漸穩定下來的。如果我們看到這個數字下降到更正常的水平，例如 4% 或 5%，隨著時間的推移，我們是否會看到儲備金出現相當大的下降？

This is Travis. I think that directionally makes sense. The offset though is C&I will be an increasing portion of the portfolio, so I think that helps balance out, the benefit hypothetically that you get from lower criticized and classified. So I think that's why we kind of guided to general stability in the allowance coverage ratio.

這是特拉維斯。我覺得從方向看是合理的。不過，C&I 在投資組合中所佔比例將會越來越大，所以我認為這有助於平衡，理論上，從較少受到批評和評級中獲得的收益。所以我認為，這就是為什麼我們引導賠付覆蓋率保持整體穩定的原因。

Okay, great. Appreciate all the call.

好的，太好了。感謝大家的來電。

Thank you very much guys.

非常感謝各位。

Thank you.

謝謝。

Thank you. Matthew Breese, Stephens.

謝謝。馬修·布里斯，史蒂芬斯。

Hey, good morning. I was hoping to get a little bit more color on, loan growth this quarter and then the pipeline from a geography perspective, so how much of the C&I, and creativity is coming from Florida, up here, in the mid-Atlantic Northeast, and then from the national lines, and I'm curious if you're seeing any, major notable differences in origination trends activity or spreads across these kind of categories and geographies.

嘿，早安。我希望能夠更詳細地了解本季的貸款成長情況，以及從地理角度來看的貸款發放情況，例如有多少商業和工業貸款以及創新貸款來自佛羅裡達州、我們這裡、大西洋中部東北部地區，以及來自全國其他地區的貸款。我很好奇您是否觀察到這些類別和地理之間的貸款發放趨勢、活動或利差有任何重大差異。

Hi, it's Gino. I'll take that. As I just mentioned, we, it, it's really well balanced across the spectrum. There is a pretty good pipeline or a strong pipeline, I should say, in health care. We saw that last year and we're seeing it again, this quarter, but, New York, New Jersey, Florida all are contributing, and then even as Ira mentioned, our affily market has already built a a very strong pipeline.

嗨，我是吉諾。我接受。正如我剛才提到的，我們，它，它在各個方面都做得非常平衡。醫療保健領域的人才儲備相當充足，或者應該說，人才儲備非常強勁。我們去年就看到了這種情況，本季又看到了，紐約、新澤西、佛羅裡達都在做出貢獻，正如 Ira 所提到的，我們的聯盟市場已經建立了一個非常強大的管道。

And as far as spread trends, it's pretty consistent across the markets as well. There is a minor bit of compression and competition, but all in all, it's fairly well balanced.

至於價差趨勢，各市場的情況也相當一致。雖然存在一些輕微的競爭和壓縮，但總體而言，平衡性相當不錯。

Got it. Okay. And then Travis, time deposit cost CDs are still a bit elevated north of 4%. As stuff matures and rolls and and maybe you can include some of the promotional activity, what is kind of the new blended rate of CDs, and is that a decent proxy for where CD costs could go over the next, call it 69, 12 months?

知道了。好的。Travis，定期存款的成本仍略高於 4%。隨著事物逐漸成熟並發展，或許還可以包括一些促銷活動，CD 的新綜合價格是多少？這是否可以作為未來 69 個月或 12 個月 CD 價格走勢的合理參考？

Yeah, I think where our new rates or our rates that are available from a rollover perspective are in the kind of 350 range, which would imply some some opportunity to reprice lower in the CD portfolio more broadly and the elements that really keep that. Average cost elevated to continue to be the broker deposits and so in the coming year you know we have a billion to of brokered coming off close to [450] so that you know there's an upside there.

是的，我認為我們新的利率或從展期角度來看可用的利率在 350 左右，這意味著 CD 組合整體上存在一些重新定價降低的機會，以及真正維持這一水平的因素。平均成本上升，繼續是經紀商存款，因此，你知道，來年我們將有十億到 [450] 的經紀業務即將結束，所以你知道那裡有上漲空間。

Got it. And do you have the cost of deposits at periods end or more recently so we get a sense of trend?

知道了。您能否提供期末或最近的存款成本數據，以便我們了解趨勢？

Yeah for sure so the.

是的，當然是這樣。

The total portfolio spot deposit rate was $232, so below the $245 average for the for the quarter, you know our core rate is about $210, and then brokered is $420 or so give or take, so, gives you a little bit more insight into the dynamics there and the opportunity to, replace brokered with core. I'd say in the fourth quarter we originated $1.5 billion of new deposit relationships at a blended rate of $217. That was from a balance perspective pretty consistent with the third quarter, but the third quarter origination rate was 291, so we're seeing some very good tailwinds in terms of the new deposits that we're bringing into the bank, at a much lower blended cost.

投資組合的即期存款利率為 232 美元，低於本季平均利率 245 美元。您知道我們的核心利率約為 210 美元，而經紀利率約為 420 美元左右。因此，這讓您對其中的動態有了更深入的了解，並有機會用核心利率取代經紀利率。我認為，在第四季度，我們新增了 15 億美元的存款關係，綜合利率為 217 美元。從資產負債表的角度來看，這與第三季的情況相當一致，但第三季的新增貸款率為 291，因此我們看到，在以更低的綜合成本為銀行帶來新存款方面，出現了一些非常好的利好因素。

Understood. And then just last one, loans past due 30 to 59 days picked up, I think by about $56 million. Was there anything administrative about that timing related? I know end of year can get a little bit hairy. Or is there a sense that that might migrate into NPLs? And that's all I had. Thank you.

明白了。最後，逾期 30 至 59 天的貸款增加了，我認為增加了約 5,600 萬美元。關於時間安排，是否有任何行政方面的問題？我知道年底可能會有點棘手。或者，有人認為這種情況可能會蔓延到不良貸款中？這就是我全部的家當。謝謝。

Yeah, Matt, it was really driven, there's three loans in there, unique, situations. We don't view, this is a trend at all, but, related to the th specific loans, one, we have a contract of sale, and we expect that, to be completed in this quarter, and be done. We've recently, signed a modification, for another loan and anticipate, interest being current. And the third we're we're we believe it's going to linger in delinquency 30 to 60 day bucket, but gradually catch up and and potentially be current in the second quarter so not seeing a trend really in the portfolio in any means, really just a couple of specific transactions.

是的，馬特，這筆交易確實很有吸引力，裡面涉及三筆貸款，情況都很特殊。我們並不認為這是一種趨勢，但是，就具體的貸款而言，其中一筆我們已經簽訂了銷售合同，我們預計該合約將在本季度完成。我們最近簽署了一份貸款修改協議，預計利息將按時支付。第三筆款項我們認為會拖欠 30 到 60 天，但會逐漸追趕，並有可能在第二季度恢復正常，因此目前在投資組合中並沒有看到任何趨勢，實際上只是少數幾筆具體的交易。

That's all I had. Thanks for taking my questions.

這就是我全部的家當。謝謝您回答我的問題。

Thanks, Matt.

謝謝你，馬特。

Thank you. Arfstrom, RBC.

謝謝。Arfstrom，RBC。

Hey, thanks. Good morning. Yeah, just a couple of follow-ups, but may be obvious, but you mentioned, CRE growth for the first time in a long time. What changed there? Is it just. Less runoff on your balance sheet or are you actually seeing stronger growth and stronger pipelines there?

嘿，謝謝。早安.是的，還有幾個後續問題，雖然可能很明顯，但您提到了商業房地產增長，這是很長一段時間以來的首次增長。那裡發生了什麼變化？就是這樣嗎？資產負債表上的虧損減少了，還是實際上出現了更強勁的成長和更強勁的業務拓展？

It's stronger originations, John. I mean, as we talked about entering 2025, we were turning the pre-origination engine back on obviously from a very disciplined perspective, both in terms of, requiring deposits to come with those loans, and obviously the consistent conservatism on the credit side, but it took a couple of quarters, I think for the origination. Engine to fully pick back up and we saw it in the fourth quarter origination trends were very strong again as we look forward to 2026, we're contemplating about $1.5 billion of new tier one and tier two CRE that'll be offset by about $1.5 billion of runoff in our transactional free portfolio, so you'll net to about $1 billion, and that's, I think just consistent with the general strong activity we're seeing across our geographies.

約翰，它的起源更強大。我的意思是，當我們談到進入 2025 年時，我們顯然是從非常嚴謹的角度重新啟動了貸款發放前的準備工作，包括要求貸款附帶存款，以及在信貸方面保持一貫的保守態度，但我認為貸款發放花了幾個季度的時間。引擎已全面恢復，我們在第四季度看到了這一點，貸款發放趨勢再次非常強勁。展望 2026 年，我們預計新增約 15 億美元的一流和二流商業地產，這將被我們交易自由投資組合中約 15 億美元的退出所抵消，因此淨額約為 10 億美元。我認為這與我們在各地看到的普遍強勁的業務活動是一致的。

Yes, okay, and then just some subtleties on expenses. I'm just curious, Ira, how aggressive you want to be. On the commercial banker recruiting efforts and then also if you can maybe comment on the branding investments and how much you want to allocate there.

好的，接下來還有一些關於費用的細節問題。我只是好奇，伊拉，你想採取多強硬的手段。關於商業銀行家的招募工作，以及您能否就品牌投資和您計劃投入多少資金發表一下看法。

Yeah, look, I honestly believe there's a lot of opportunity within our geographies and as we think about different verticals for us to enter into as well. So from a hiring perspective, it, it's a really good market for us, I think, Valley has a very unique value proposition based on the size. Organization we are are focused on relationship banking and then when you look across the product set and the capabilities that we have very few organizations our size have the breadth of capital markets FX and everything else that we do across the entire organization. The Treasury platform here, the data and analytics, I mean, it's phenomenal, really on a relative basis.

是的，說實話，我認為在我們所在的地區有很多機會，而且我們也在考慮進入不同的垂直領域。所以從招募的角度來看，這對我們來說是一個非常好的市場，我認為，矽谷是基於其規模，具有非常獨特的價值主張。我們是一家專注於關係銀行的機構，但當你縱觀我們的產品組合和能力時，你會發現很少有像我們這樣規模的機構能夠像我們一樣，在整個機構內提供如此廣泛的資本市場、外匯以及其他所有服務。財政部的這個平台，它的數據和分析功能，我的意思是，就相對而言，真是太棒了。

So we have bankers that are really attracted to us, which is a phenomenal place for us to be in. That said, the P&L is very important, and managing the new hires that we bring into the organization, to not just blow up the expense base some of that we're very focused on, obviously making sure that we provide, internal opportunities, to really think about, where we can re-shift expenses, across the organization so it's not just growth and expenses we think about.

所以，很多銀行家都被我們吸引，這對我們來說是一個非常難得的局面。也就是說，損益表非常重要，管理我們引入組織的新員工，不能僅僅為了增加支出而大幅增加支出，我們非常關注這一點，顯然，我們還要確保提供內部機會，認真思考我們可以在組織內部重新分配哪些支出，這樣我們考慮的就不僅僅是增長和支出。

Some of the opportunities, we talked in the prepared comments about some of the AI initiatives that we have in place, with regard to machine learning and other things to really focus on the expenses, and we continue to really, look at the cost to serve across the entire organization.

在事先準備好的評論中，我們談到了一些我們已經實施的人工智慧計劃，包括機器學習和其他一些真正關注費用的舉措，我們將繼續認真審視整個組織的營運成本。

When I took over CEO, we were 3,351 employees and about $20 billion in size. Today we're 3,634 and, $60 billion in size, so. And 280 plus or minus employees and triple the size of the organization, so we've done a really nice job, I think, leveraging in technology and thinking about how we can support growth within the organization without bloating on the expense side and I really do believe we have a great team in place and we'll be able to continue that.

當我接任執行長時，我們有 3,351 名員工，規模約 200 億美元。今天我們擁有 3,634 家公司，規模達 600 億美元。員工人數大約有 280 人，公司規模是原來的三倍，所以我認為我們做得非常好，充分利用了技術，思考如何在不增加開支的情況下支持公司內部的增長，我真的相信我們已經擁有一支優秀的團隊，我們將能夠繼續保持這種勢頭。

Okay, and just to comment on branding, how, kind of what are you doing and how extensive is that?

好的，關於品牌建設，我想問一下，你們具體做了哪些工作，規模有多大？

It's been a real, long-term effort for us, I think, in thinking about who our target client was, especially, after what happened with STB and making sure that we were focused on building a whole relationship, internal branding within our bankers to make sure that we understood what a relationship banker should do across the organization, and we're now very comfortable that we have the right ability to execute, with the branding campaign that we put out there.

我認為，在思考我們的目標客戶是誰方面，我們付出了真正的長期努力，尤其是在新加坡電信公司（STB）事件之後，我們更加專注於建立完整的客戶關係，並在我們的銀行家內部進行品牌建設，以確保我們了解客戶經理在整個組織中應該做什麼。現在，我們非常有信心，憑藉我們推出的品牌推廣活動，我們擁有執行該活動所需的能力。

So we have a that's how branding campaign that we're really focusing on. We think it'll it'll really enhance the ability to grow some of the consumer and small business, within our geography right now. We hired Patrick Smith to come into the organization, during this past year, a really strong proven leader within that space, and we want to make sure that we have a branding campaign to complement.

所以，我們目前正在重點介紹一項品牌推廣活動。我們認為這將真正增強我們目前所在地區消費者和小型企業的發展能力。去年，我們聘請了帕特里克·史密斯加入公司，他是一位在該領域實力雄厚、經驗豐富的領導者，我們希望確保我們有一個與之相匹配的品牌推廣活動。

A lot of what Patrick is able to really bring to the organization. So, for me it's a holistic approach. You can't have branding without the people, and I think what we're doing on the branding side will really complement what Patrick's able to bring to Valley.

派崔克能為組織帶來很多東西。所以，對我來說，這是一種整體性的方法。沒有員工就沒有品牌，我認為我們在品牌建立所做的一切，將真正補充 Patrick 能為 Valley 帶來的東西。

Yes, okay, all right, thank you.

好的，謝謝。

Thanks.

謝謝。

Thank you. Chris McGratty, KVW.

謝謝。克里斯·麥格拉蒂，KVW。

Oh, great. Good morning.

哦，太好了。早安.

Morning Chris.

早上好，克里斯。

Travis, just going back to the deposit growth beyond, I hear you on the first quarter on the average EOP NIB, but on the full year, how do you break down the 5% to 7% growth by mix?

Travis，回到存款成長的話題，我明白你對第一季平均EOP NIB的看法，但是就全年而言，你如何按產品組合細分5%到7%的成長呢？

Like how much contribution from NIB versus you know.

例如NIB的貢獻與你知道的相比如何。

Yeah, yes, so if you take the midpoint you're at 6% total deposit growth. We conservatively model NIB growth of 5%, so all of the margin guide that we've talked about in the deposit growth that we're talking about, it's not overindexed on some assumption that NIB, significantly outgrows total deposits. The, it's pretty consistent, so 5% NIB growth, about 7%, savings now in money market growth, and then pretty modest, CD growth.

是的，沒錯，所以如果你取中間值，總存款成長率就是 6%。我們保守地將NIB成長建模為5%，因此，我們先前在討論存款成長時提到的所有利潤率指導，都沒有基於NIB成長顯著超過總存款成長的假設而過度調整。這個成長相當穩定，NIB 成長 5%，貨幣市場儲蓄成長約 7%，而 CD 成長則相當溫和。

Okay, and then what's the beta you're assuming on, I think you talked about. I don't have the number in front of me, but the 55% in the fourth quarter, what are you assuming for 26% on the basis?

好的，那你假設的 beta 值是多少呢？我想你剛才也提到過。我手頭上沒有具體數字，但第四季是 55%，那你假設 26% 的比例是多少呢？

Yeah, we've been consistently assuming 50% total deposit data for the full year of '25. It was actually 60% in terms of the actual result, but we continue to model a 50% total deposit cost data.

是的，我們一直假設 2025 年全年的總存款數據為 50%。實際結果實際上是 60%，但我們仍然按照 50% 的總存款成本資料進行建模。

Okay, great. And then I was last quarter, you were asked this kind of about strategic options and long-term planning. You've got a good organic story going, operating leverage, good balance sheet growth. Is there a scenario where you might entertain buying a bank this year? Is there a possibility?

好的，太好了。然後上個季度，我被問到了這類關於策略選擇和長期規劃的問題。你們擁有良好的有機成長動能、營運槓桿和良好的資產負債表成長。今年有沒有可能考慮收購銀行？有可能嗎？

Look, I think M&A is, an interesting dynamic as to how you think about sort of where the market, looks, today. For me, really, there's sort of three levers that you really need to think about. One, it just starts with shareholders, like what are you doing for your shareholders and are you really prioritizing your shareholders?

我認為併購是一個有趣的動態，它影響你如何看待當今市場的走向。對我來說，真正需要考慮的其實有三個關鍵因素。首先，一切都要從股東開始，例如你為股東做了什麼？你真的把股東的利益放在第一位嗎？

I think the second, as you think about M&A, really sticks to one of the financial constraints. We spent a lot of time and a lot of focus across the organization as we've done M&A historically and not diluting the current shareholders. I think M&A Varshi is focused on the target shareholders, which I think is crazy. You have a strong shareholder holder base, and to sit there and solely focus on the target doesn't make any kind of sense in my mind.

我認為第二個問題，當你思考併購時，其實涉及了財務限制之一。我們投入了大量時間和精力，全公司上下都集中精力進行併購，因為我們一直以來都堅持不稀釋現有股東的權益。我認為M&A Varshi只專注於目標股東，這簡直太瘋狂了。你們擁有強大的股東基礎，在我看來，僅僅關注目標公司是沒有任何意義的。

I think that M&A really then has to be aligned with what the strategic objectives of the organization look like. Travis and his team did a wonderful job on slide 8, laying out sort of what the focus is for us in 2026. So if we see an opportunity to accelerate some of those things based on an M&A deal, that's something we may consider.

我認為，併購必須真正與組織的策略目標一致。Travis 和他的團隊在第 8 張投影片上做得非常出色，大致闡述了我們在 2026 年的重點工作。因此，如果我們發現有機會透過併購交易加速推進其中一些事項，我們可能會考慮這樣做。

But to your point, there's an unbelievable organic story that's really unraveling here at Valley. We brought in tremendous leaders across the organization, starting with Gina, Patrick, and a real complement of individuals to help support them. And then we've really been able to continue to bring in people below them, so we feel really excited about the organic, and there have to be something that would make a lot of sense for us to really divert any kind of attention away from that.

但正如你所說，Valley 這裡確實正在上演一個令人難以置信的自然發展故事。我們從組織內部引進了非常優秀的領導者，首先是吉娜、派崔克，還有一群優秀的人員來幫助他們。然後我們真的能夠繼續吸引更多人加入，所以我們對有機成長感到非常興奮，而且肯定有一些事情對我們來說很有意義，才能真正轉移人們對有機成長的注意力。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks.

謝謝。

Thank you. David Smith, Truist Securities.

謝謝。David Smith，Truist Securities。

Hey, good morning. On the funding cost side. You've obviously, been able to pay down a lot of broker this year. You mentioned being able to take some FHLB funding lower next year. Is there a minimum level of brokerage and borrowings that you would still want to maintain, through the long-term, or, as poor organic deposit growth keeps outperforming, do those go more or less to zero overtime?

嘿，早安。從資金成本來看。顯然，你今年已經償還了不少經紀費。你提到明年可以降低一些聯邦房屋貸款銀行的融資金額。您是否希望長期維持最低的經紀和借貸水準？或者，隨著有機存款成長持續疲軟，這些水準是否會隨著時間的推移而逐漸趨近於零？

Yeah David, this is Travis. Look, I think the reality is both brokered CDs and FHLB advances play a very important role in terms of interest rate risk management, and the certainty that you can get with some of those instruments, and so I don't anticipate that it would go to zero, but there is a level certainly lower than where we are today that that probably makes more sense.

是的，大衛，我是崔維斯。我認為，現實情況是，經紀公司發行的定期存單和聯邦住房貸款機構的貸款在利率風險管理方面都發揮著非常重要的作用，而且這些工具還能提供一定的確定性，所以我預計利率不會降到零，但肯定存在一個比我們目前所處的水平更低的水平，降到零可能更有意義。

Thank you. And then the regulatory backdrop is changing a lot for the banking industry right now, but you can also say that about pretty much any industry. I'm wondering, given that you have, some pretty niche industries and commercial clients that you bank, is there any, regulatory changes to your client base that you're watching with particular interest either from the risk or opportunity side. Thank you.

謝謝。目前銀行業監管環境正在發生很大變化，但這種情況也適用於幾乎所有行業。鑑於貴公司服務的客戶群中包含一些非常小眾的行業和商業客戶，我想知道，貴公司是否特別關注客戶群的任何監管變化，無論是風險還是機會方面。謝謝。

Hi, it's, I think generally speaking, the reduced regulation is driving confidence in our entrepreneurial borrowers, and I think it's increasing their level of confidence and their willingness to invest. But no specific industry, I would say that that at least we're pretty well generalists here.

您好，我認為總的來說，監管的放鬆正在增強我們創業型借款人的信心，我認為這正在提高他們的信心水平和投資意願。但我不屬於任何特定產業，至少可以說我們這裡都是相當通才的群體。

All right. Thank you.

好的。謝謝。

Thank you, I'm showing no further questions at this time. Thank you for your participation in today's conference. This is to conclude the program. You may now disconnect.

謝謝，我暫時沒有其他問題了。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。