Zions Bancorporation NA (ZION) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Zions Bancorp Q4 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to introduce your host, Shannon Drage. Thank you.

大家好，歡迎參加 Zions Bancorp 第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。我想向您介紹您的主持人 Shannon Drage。謝謝。

You may begin.

你可以開始了。

Thank you, Matt, and good evening. We welcome you to this conference call to discuss our 2024 fourth quarter and full year earnings. My name is Shannon Drage, Senior Director of Investor Relations.

謝謝你，馬特，晚上好。歡迎您參加本次電話會議，討論我們 2024 年第四季和全年收益。我叫 Shannon Drage，投資者關係資深總監。

I would like to remind you that during this call, we will be making forward-looking statements, although actual results may differ materially. We encourage you to review the disclaimer in the press release or slide 2 of the presentation, dealing with forward-looking information and the presentation of non-GAAP measures, which applies equally to statements made during this call. A copy of the earnings release, as well as the presentation are available at zionsbancorporation.com.

我想提醒您，在本次電話會議中，我們將做出前瞻性陳述，儘管實際結果可能存在重大差異。我們鼓勵您查看新聞稿或簡報第 2 張投影片中的免責聲明，該免責聲明涉及前瞻性資訊和非 GAAP 指標的呈現，同樣適用於本次電話會議期間的聲明。收益報告副本以及簡報可在 zionsbancorporation.com 上找到。

For our agenda today, Chief Executive Officer, Harris Simmons, will provide opening remarks. Following Harris' comments, Ryan Richards, our Chief Financial Officer, will review our financial results. Also with us today are Scott McLean, President and Chief Operating Officer; Derek Steward, Chief Credit Officer; and Chris Kyriakakis, Chief Risk Officer.

在我們今天的議程中，執行長哈里斯·西蒙斯將致開幕詞。在哈里斯發表評論之後，我們的財務長瑞安理查茲 (Ryan Richards) 將審查我們的財務結果。今天與我們在一起的還有總裁兼營運長 Scott McLean；德里克‧史都華 (Derek Steward)，首席信貸官；以及首席風險長 Chris Kyriakakis。

After our prepared remarks, we will hold a question-and-answer session. The call is scheduled for one hour.

在我們準備好的發言之後，我們將舉行問答環節。此次通話預計可持續一小時。

I will now turn the time over to Harris Simmons.

現在我將時間交給哈里斯·西蒙斯。

Thanks very much, Shannon, and good evening, everyone. I'd like to start off our call by acknowledging the devastating wildfires, which started in Southern California earlier this month and continue to impact so many people. Our focus continues to be on the safety and well-being of our colleagues, customers, and their families. We've been fortunate there have been no reported injuries or property loss among our people. And we're grateful for the first responders and charitable organizations who are working to protect so many people and to assist them in getting back on their feet.

非常感謝，香農，大家晚上好。首先，我想對本月初在南加州發生的毀滅性的山火表示承認，這場火災持續影響著許多人。我們始終關注同事、客戶及其家人的安全和福祉。幸運的是，我們的人員沒有受傷或財產損失。我們感謝急救人員和慈善組織，他們努力保護許多人並幫助他們重新站起來。

As it relates to anticipated credit losses related to damage from the wildfires, we have a very limited amount of residential exposure in the burn zones. Due to insurance in place, we anticipate any losses or credit tax to be minimal. We have programs in place to work with borrowers that may need payment restructuring into the fires. Based on past experience with similar natural disasters, we expect any losses to be very low.

由於它與野火損害造成的預期信用損失有關，因此我們在火災區的住宅風險敞口非常有限。由於已投保，我們預計任何損失或信用稅都將很小。我們已經制定了計劃，以幫助可能需要重組付款的借款人。根據過去類似自然災害的經驗，我們預期損失會非常低。

Shifting to performance. Key metrics for the year and the quarter are presented on slide 3. We're pleased with the continued improvement in our financial performance relative to the fourth -- relative to the prior year.

轉向績效。投影片 3 展示了年度和季度的關鍵指標。我們很高興看到我們的財務表現相對於第四財年、相對於前一年繼續改善。

Fourth quarter adjusted pre-provision net revenue which excludes most notably the impact of the FDIC special assessment for 2023 bank failures, increased 19% relative to the prior year quarter. Net earnings for the year were $737 million or $4.95 per share. For the fourth quarter, earnings were $200 million or $1.34 per share.

第四季調整後的撥備前淨收入（最顯著的不包括 FDIC 對 2023 年銀行破產的特別評估的影響）較去年同期增加了 19%。全年淨利潤為 7.37 億美元，即每股 4.95 美元。第四季收益為 2 億美元，即每股 1.34 美元。

The net interest margin expanded for the fourth consecutive quarter, primarily due to interest-bearing liabilities repricing downward faster than earning asset yields. The margin was 3.05% for the quarter compared to 3.03% in the prior quarter and against its trough of 2.91% in the year ago quarter. Our efficiency ratio improved 62%. As Ryan will highlight later our guidance for 2025 anticipates continued improvement in these profitability measures and positive operating leverage for the year.

淨息差連續第四個季度擴大，主要由於計息負債的重新定價下行速度快於計息資產收益率。本季利潤率為 3.05%，而上一季為 3.03%，去年同期的最低利潤率為 2.91%。我們的效率率提高了62%。正如 Ryan 稍後將強調的那樣，我們預計 2025 年這些盈利指標將繼續改善，並且當年的經營槓桿將為正值。

Customer deposits increased on both an ending and average basis in the fourth quarter and the full year. We continue to see relative stability in noninterest-bearing deposits, which on average, grew slightly over the prior quarter. Average loan growth was modest at 1.1% on a linked-quarter basis and 3.2% for the full year.

第四季和全年客戶存款期末和平均數均有所增加。我們繼續看到無息存款相對穩定，平均而言，比上一季略有成長。平均貸款成長率溫和，按季度計算為 1.1%，全年為 3.2%。

Net loan losses were higher in the quarter at $36 million or 24 basis points annualized and with two-thirds of the net loss amount attributable to a single commercial and industrial credit. The level of classified balances increased by $777 million primarily in commercial real estate.

本季淨貸款損失較高，達到 3,600 萬美元，或年化損失 24 個基點，其中三分之二的淨損失歸因於單一商業和工業信貸。分類餘額增加了 7.77 億美元，主要集中在商業房地產領域。

At the same time, the levels of nonaccrual loans in the portfolio remained low and in fact, decreased by 18% during the quarter due to significant equity and strong guarantor support in the portfolio. We believe we are at or nearing the peak for CRE classified balances, and we continue to expect that any realized losses that may occur over the next year will be very intangible.

同時，由於投資組合中擁有大量股權且有強大的擔保人支持，投資組合中的不計息貸款水平仍然較低，事實上，本季度下降了 18%。我們相信，我們已處於或接近 CRE 分類餘額的峰值，我們繼續預計，明年可能發生的任何已實現損失都將是非常無形的。

Moving to slide 4. Diluted earnings per share was $1.34 compared to $1.37 in the prior period and $0.78 in the prior year quarter. Provision for credit losses this quarter of $41 million had a negative impact of $0.21 per share.

移至幻燈片 4。每股攤薄收益為 1.34 美元，而上一季為 1.37 美元，去年同期為 0.78 美元。本季信貸損失準備金為 4,100 萬美元，產生每股 0.21 美元的負面影響。

Slide 5 provides a five-quarter view of pre-provision net revenue. On an adjusted basis, our fourth quarter results of $312 million reflect an improvement of 4% on a linked quarter basis. And as previously noted, a 19% improvement over the prior year period.

投影片 5 提供了撥備前淨收入的五個季度視圖。經調整後，我們第四季的業績為 3.12 億美元，季增 4%。正如前面提到的，比去年同期提高了 19%。

Adjusted revenue growth outpaced expenses as funding cost pressures abated somewhat. Our capital markets business experienced strong results, and we continue to maintain expense discipline despite inflationary pressure. Looking to the next year, we are optimistic that our performance will reflect sustained growth, continued improvement in our net interest margin, and increased profitability.

由於融資成本壓力減輕，調整後收入成長超過支出。我們的資本市場業務取得了強勁的業績，儘管面臨通膨壓力，我們仍繼續保持費用紀律。展望新的一年，我們樂觀地認為，我們的業績將反映持續成長、淨利差持續改善和獲利能力增強。

With that high-level overview, I'll turn the time over to our Chief Financial Officer, Ryan Richards, for additional details related to our performance. Ryan?

在介紹完上述高層概述後，我將把時間交給我們的財務長瑞安·理查茲 (Ryan Richards)，以提供有關我們業績的更多詳細資訊。瑞安？

Thank you, Harris, and good evening, everyone. I will begin with a discussion of the components and associated performance drivers and pre-provision net revenue. Beginning with net interest income and net interest margin on slide 6, you will see the five-quarter trend for both measures, reflecting four consecutive quarters of improvement.

謝謝你，哈里斯，大家晚上好。我將首先討論組件和相關的績效驅動因素以及撥備前淨收入。從第 6 頁的淨利息收入和淨利差開始，您將看到這兩個指標的五個季度趨勢，反映出連續四個季度的改善。

During the quarter, the downward repricing of interest-bearing liabilities outpaced the pressure on asset yields. Net interest margin further benefited from a reduction of $1.4 billion in average short-term borrowings.

本季度，有息負債的下行重新定價速度超過了資產收益率的壓力。淨利差進一步受惠於平均短期借款減少 14 億美元。

Additional details on changes in the net interest margin are included on slide 7. On the left-hand side of this page, we provided a linked quarter waterfall start outlining the key changes and key components of the net interest margin, incorporating changes in both rate and volume. The net interest margin expanded by 2 basis points sequentially due primarily to the lower cost of funding. This is reflected in the 23 basis points and 12 basis point margin improvements in the waterfall, attributable to deposits and borrowings, respectively.

關於淨利差變化的更多詳細資訊請參閱投影片 7。在本頁的左側，我們提供了一個連結的季度瀑布圖，概述了淨利差的主要變化和關鍵組成部分，包括利率和數量的變化。淨利差較上季擴大2個基點，主要由於融資成本下降。這反映在瀑布圖中 23 個基點和 12 個基點的利潤率改善，分別歸因於存款和借款。

Improved funding costs were somewhat offset by the declines in earning asset yields and a lesser contribution from noninterest-bearing sources of funds. The right-hand chart of this slide shows a 14-basis point improvement in the net interest margin versus the prior year quarter, also benefiting from the improved cost of deposits.

融資成本的改善在一定程度上被生息資產收益率的下降和非生息資金來源貢獻的減少所抵消。幾張投影片右側的圖表顯示，淨利差較去年同期提高了 14 個基點，也受惠於存款成本的改善。

Moving to noninterest income and revenue on slide 8. Customer-related noninterest income was $173 million for the quarter, an increase of 7.5% on a linked quarter basis and 15% versus the year ago quarter. We are pleased with the record performance of customer fees for the quarter and full year, driven in large part by capital markets as we continue to realize growth from our strategic investments.

轉到第 8 頁的非利息收入和收益。本季與客戶相關的非利息收入為 1.73 億美元，季增 7.5%，年增 15%。我們對本季和全年客戶費用創紀錄的表現感到滿意，這在很大程度上受到資本市場的推動，因為我們繼續從策略投資中實現成長。

Capital markets were up 36% for the full year compared to 2023. Commercial account fees were also a key contributor to increased fee revenue for the quarter and the full year.

與 2023 年相比，全年資本市場上漲了 36%。商業帳戶費用也是本季和全年費用收入成長的主要因素。

As shown on the chart on the right side of this page, both total revenue and adjusted revenue increased from the prior quarter and prior year periods due to the factors previously noted for net interest income and customer-related fee income. Our outlook for customer-related fee income for the full year of 2025 is moderately increasing relative to the full year 2024.

如本頁右側圖表所示，由於先前提及的淨利息收入和客戶相關費用收入等因素，總收入和調整後收入均較上一季和去年同期增加。我們對 2025 年全年客戶相關費用收入的預期相對於 2024 年全年將適度增加。

Adjusted noninterest expense shown in the lighter blue bars on slide 9, increased $10 million to $509 million, attributable to slight increases in compensation-related accruals, legal services, and occupancy. Reported expenses also at $509 million, increased by $7 million compared to the prior quarter. Our outlook for adjusted noninterest expense for full year 2025 is slightly to moderately increasing relative to the full year 2024. Included in this outlook is the expectation that we will increase marketing spend incur expenses related to the branch acquisition in California and other investments in revenue-generating businesses.

第 9 頁投影片中淺藍色長條圖顯示的調整後非利息支出增加了 1000 萬美元，達到 5.09 億美元，這歸因於與薪酬相關的應計費用、法律服務和入住率的小幅增加。報告的費用也為 5.09 億美元，比上一季增加了 700 萬美元。我們對 2025 年全年調整後非利息支出的預期將較 2024 年全年略有至中度成長。這項展望包括我們預計增加行銷支出，承擔與加州分公司收購相關的費用以及對創收業務的其他投資。

Slide 10 highlights trends in our average loans and deposits over the year. On the left side, you can see that average loans increased just over 1% for the quarter. Consumer mortgages and C&I loans continue to be the drivers for this increase. Total loan yields declined by 23 basis points, largely in response to the reduction in short-term benchmark rates with some partial offsets from fixed loan repricing and loan swaps.

幻燈片 10 重點介紹了我們一年來的平均貸款和存款趨勢。在左側，您可以看到本季的平均貸款增加了 1% 多一點。消費者抵押貸款和商業及工業貸款繼續成為這一成長的驅動力。總貸款收益率下降了 23 個基點，主要由於短期基準利率的下調，部分抵消了固定貸款重新定價和貸款掉期的影響。

Our frontline bankers have noted increased client optimism, particularly from our commercial and small business customers. Our outlook for period-end loans balances for full year 2025 is slightly increasing relative to full year 2024. Growth is expected to be led by commercial loans, offset somewhat by managed declines in mortgages and commercial real estate exposures as payoffs are expected to outpace originations.

我們的第一線銀行家注意到客戶樂觀情緒有所增強，尤其是商業和小型企業客戶。我們對 2025 年全年期末貸款餘額的預測相對於 2024 年全年略有增加。預計成長將由商業貸款帶動，但由於預計還款速度將超過發放速度，抵押貸款和商業房地產風險的下降將在一定程度上抵消這一增長。

Turning to deposits on the right side of the page. Average deposit balances for the fourth quarter increased modestly. As Harris mentioned earlier, we are pleased by the stability we continue to see in the level of noninterest-bearing deposits. Cost of total deposits, shown in the white boxes declined by 21 basis points to 1.93%. Interest-bearing deposits costs decreased by 32 basis points versus the prior quarter.

前往頁面右側的存款。第四季平均存款餘額小幅增加。正如哈里斯之前提到的，我們很高興看到無息存款水準繼續保持穩定。白色框中顯示的總存款成本下降了 21 個基點，至 1.93%。計息存款成本較上一季下降32個基點。

On average, the rate on interest-bearing deposits was 2.87% for the quarter compared to $3.1 in the prior period. Interest-bearing deposit spot rate at December month end was 2.62% and the total deposit spot rate was 1.78%. Deposit repricing has been disciplined and in line with our expectations, reflecting near 100% betas on higher cost deposits.

平均而言，本季的計息存款利率為 2.87%，而上一季為 3.1%。12月末計息存款即期利率為2.62%，總存款即期利率為1.78%。存款重新定價一直很嚴格並符合我們的預期，反映了高成本存款接近 100% 的貝塔係數。

Slide 11 is a more comprehensive view of funding sources and total funding cost trends. Left side chart includes ending balance trends. Compared to the prior quarter, total deposits grew approximately $500 million comprised of period growth of $670 million in customer deposits, offset by a $163 million reduction in higher-cost broker deposits. Period end, noninterest bearing demand deposits were relatively stable and represented approximately 32% of total deposits.

投影片 11 是對資金來源和總融資成本趨勢的更全面的介紹。左側圖表包括期末餘額趨勢。與上一季相比，總存款成長約 5 億美元，其中客戶存款期間成長 6.7 億美元，但高成本經紀人存款減少 1.63 億美元。期末，無息活期存款相對穩定，約佔總存款的32%。

On the right side, average balances for our key funding categories are shown along with the total cost of funding. As seen on this chart, the total funding costs declined by 24 basis points during the quarter.

右側顯示了我們主要資金類別的平均餘額以及資金總成本。從該圖可以看出，本季總融資成本下降了 24 個基點。

Moving to slide 12. Our investment portfolio exists primarily to a house of funds to absorb customer-driven balance sheet changes. Here, we present our securities and money market investment portfolios over the last five years. Maturities, principal amortization, and prepayment related cash flows from our investment securities portfolio were $749 million in the fourth quarter. Net of reinvestment, cash flows for the quarter were $370 million (sic - see slide 12, "$379 million").

移至投影片 12。我們的投資組合主要存在於基金中，以吸收客戶驅動的資產負債表變動。這裡我們展示了過去五年的證券和貨幣市場投資組合。第四季度，我們投資證券組合的到期、本金攤銷和預付款相關現金流為 7.49 億美元。扣除再投資後，本季的現金流為 3.7 億美元（原文如此 - 請參閱投影片 12，「3.79 億美元」）。

The paydown and reinvestment of lower-yielding securities continues to contribute to the favorable remix of our earning assets as well as a means to manage down our wholesale funding costs. The duration of the investment portfolio, which is a measure of price sensitivity to changes in interest rates is estimated at 3.4 years.

低收益證券的償還和再投資持續有助於我們獲利資產的良好重組，同時也是降低批發融資成本的手段。投資組合的期限（衡量價格對利率變動的敏感度）估計為 3.4 年。

While we provided standard parallel interest rate shock sensitivity measures on slide 28 in the appendix of this presentation, we present on slide 13 our view of net interest income sensitivity, assuming interest rates follow the path implied as of December 31, which assumes the Fed funds target reaches 4.25%.

雖然我們在本簡報附錄的第 28 張投影片中提供了標準的平行利率衝擊敏感度指標，但我們在第 13 張投影片中介紹了我們對淨利息收入敏感度的看法，假設利率遵循 12 月 31 日隱含的路徑，即假設聯邦基金目標達到 4.25%。

Modeled net interest income in the fourth quarter of 2025 is expected to be 6.8% higher when compared with the fourth quarter of 2024. This includes the impact of both latent and emergent sensitivity that we have broken out in prior quarters. As expectations on the rate path continue to evolve, we also provide 100 basis points shock to the rates implied by the forward path, which suggests a sensitivity range between 4% and 9.4%.

預計 2025 年第四季的淨利息收入將比 2024 年第四季成長 6.8%。這包括我們在前幾個季度中揭示的潛在敏感性和新出現的敏感性的影響。隨著利率路徑預期不斷演變，我們也對未來路徑隱含的利率提供了 100 個基點的衝擊，這意味著敏感度範圍在 4% 至 9.4% 之間。

As a reminder, this slide presents a model view of rate sensitivity based on static balance sheet assumptions, while allowing for some additional migration of noninterest-bearing deposits into higher cost time deposits. This view does not include expected balance changes, pricing strategies and other strategic features included in full year net interest income guidance.

提醒一下，本投影片展示了基於靜態資產負債表假設的利率敏感性模型視圖，同時允許將一些無息存款額外遷移到成本更高的定期存款。這一觀點並不包括全年淨利息收入指引中所包含的預期餘額變動、定價策略和其他策略特徵。

Our outlook for net interest income for full year 2025 is moderately increasing relative to the full year 2024. The sensitivity associated with this guidance includes risks and opportunities, including realized loan growth, competition for deposits and deposit behavior, and the path of interest rates across the yield curve. When combined with our outlook for customer-related fee income and noninterest expense, we anticipate continued positive operating leverage moving forward into 2025.

我們對 2025 年全年淨利息收入的預期將較 2024 年全年適度增加。與本指引相關的敏感度包括風險和機遇，包括實際貸款成長、存款競爭和存款行為、以及殖利率曲線上的利率走勢。結合我們對客戶相關費用收入和非利息支出的展望，我們預計到 2025 年，經營槓桿將繼續保持正成長。

We begin our discussion of credit quality on slide 14. Harris previously noted that realized losses in the portfolio continue to be quite manageable with annualized net charge-offs to 24 basis points of loans in the quarter and just 10 basis points over the last 12 months, with the jump in losses this quarter attributable to a single commercial credit.

我們從第 14 張投影片開始討論信用品質。哈里斯先前指出，該投資組合的實際損失仍然相當可控，本季年化淨沖銷額為 24 個基點，過去 12 個月僅為 10 個基點，本季損失的增加歸因於一筆商業信貸。

Nonperforming assets decreased $70 million in the quarter, while criticized and classified loan balances increased by $849 million and $777 million, respectively. The decline in nonperforming assets was driven largely by several successful resolutions at par, together with a large charge-off previously noted in the portfolio.

本季不良資產減少了 7,000 萬美元，而批評和分類貸款餘額分別增加了 8.49 億美元和 7.77 億美元。不良資產的下降主要得益於幾次成功的以面額處置，以及投資組合中先前記錄的大量沖銷。

The increase in classified loans was primarily driven by commercial real estate, primarily in multifamily, industrial, and office. Expected loss content in classified loans remained low due to significant borrower equity, strong sponsor support, and continued borrower cash flows despite the pressure on those cash flows. Recent reductions in short-term benchmark interest rates should benefit our operating costs and slow unfavorable grade migration, while the increase in term rates may result in criticized balances staying higher for longer, due to less favorable refinance opportunities.

分類貸款的成長主要由商業房地產推動，主要是多戶住宅、工業和辦公房地產。由於借款人權益巨大、發起人支持有力、借款人現金流持續（儘管現金流面臨壓力），分類貸款的預期損失內容仍處於較低水準。近期短期基準利率的下調應有利於降低我們的營運成本並減緩不利等級的遷移，而定期利率的上升可能會導致受到批評的餘額在更長時間內保持在較高水平，因為再融資機會較少。

The allowance for credit losses was stable versus the prior quarter at 1.25%, and the loan loss allowance coverage compared with nonaccrual loans improved to 234%. For reference in our appendix, we've included a trend for ACL, nonaccrual, and classified loans. As a reminder, classified loans primarily reflect a measure of probability of default while the CECL methodology used to set the reserve is a forward-looking measure of expected loss, which also encompasses loss given default.

信貸損失準備金與上一季相比保持穩定，為 1.25%，貸款損失準備金與非應計貸款的覆蓋率提高至 234%。為了供參考，我們在附錄中列出了 ACL、不計息和分類貸款的趨勢圖。提醒一下，分類貸款主要反映違約機率，而用於設定準備金的 CECL 方法則是預期損失的前瞻性指標，其中也包括違約損失。

Slide 15 provides an overview of the $13.5 billion CRE portfolio, which represents 23% of total loan balances. The portfolio is granular and well diversified by property type and location with this growth carefully managed over a decade through disciplined concentration limits.

投影片 15 概述了 135 億美元的 CRE 投資組合，佔總貸款餘額的 23%。該投資組合按資產類型和位置細分且多樣化，並透過嚴格的集中度限制在十多年內精心管理其成長。

Slide 16 provides a detailed view of the problem loans in our CRE portfolio. The chart on the right-hand side provides a breakout of which sub-portfolios drove increases in criticized and classified assets during the quarter. Of the $777 million increase in total classified loans, $609 million was driven by commercial real estate, primarily multifamily, industrial, and office credits.

投影片 16 詳細介紹了我們的 CRE 組合中的問題貸款。右側的圖表詳細說明了哪些子投資組合在本季度推動了受批評和機密資產的增加。在分類貸款總額增加的7.77億美元中，有6.09億美元是由商業房地產推動的，主要是多戶住宅、工業和辦公室信貸。

The chart on the bottom left-hand side of the slide is the LTV distribution of classified CRE loans with more than three-quarters of the portfolio having loans to value less than 60% when examined by either most recent appraisal or index adjusted values. Overall, we continue to inject the CRE portfolio to perform reasonably well with limited losses based on the current economic outlook, the types of problems being experienced by the borrowers, relatively low loan-to-value ratios, and continued sponsor support.

投影片左下方的圖表是分類 CRE 貸款的 LTV 分佈，根據最近的評估或指數調整值檢查，超過四分之三的投資組合的貸款價值比低於 60%。總體而言，基於當前的經濟前景、借款人所遇到的問題類型、相對較低的貸款價值比率以及持續的贊助商支持，我們將繼續注入 CRE 投資組合，使其表現合理良好且損失有限。

Our loss-absorbing capital is shown on slide 17. The Common Equity Tier 1 ratio grew in the fourth quarter to 10.9%. This, when combined with the allowance for credit losses, compares well to our risk profile as reflected in top quartile performance and loan losses. We expect our common equity from both a regulatory and GAAP perspective to increase organically through earnings and that AOCI improvement will continue through unrealized loss accretion in the securities portfolio as individual securities pay down and mature.

我們的損失吸收資本如投影片 17 所示。第四季普通股一級資本充足率成長至 10.9%。這與信用損失準備金相結合，與我們的風險狀況（反映在最高四分位數表現和貸款損失）相比效果很好。我們預計，從監管和 GAAP 的角度來看，我們的普通股將透過收益有機增長，並且隨著個別證券的償還和到期，AOCI 的改善將透過證券投資組合中未實現損失的累積而繼續。

Of note, in the fourth quarter of 2024, we redeemed $374 million of preferred stock with coupons exceeding 9% and called $88 million of subordinated debt, the latter of which have begun to phase out of Tier 2 capital. These issuances were replaced with $500 million of lower cost subordinated notes that will positively impact earnings per share starting in the first quarter of 2025 by $0.02 to $0.03 per share.

值得注意的是，在 2024 年第四季度，我們贖回了票面利率超過 9% 的 3.74 億美元優先股，並贖回了 8,800 萬美元的次級債務，後者已開始逐步退出二級資本。這些發行被 5 億美元的低成本次級票據所取代，這將從 2025 年第一季開始對每股收益產生 0.02 美元至 0.03 美元的正面影響。

Slide 18 summarizes the financial outlook provided over the course of this presentation. As a reminder, this outlook represents our best estimate for the financial performance for the full year of 2025 as compared to the full year 2024. Now with this outlook, we expect to see positive operating leverage and improved efficiency as revenue growth outpaces funding and expense pressures.

投影片 18 總結了本次簡報過程中提供的財務前景。提醒一下，該展望代表了我們對 2025 年全年與 2024 年全年財務表現的最佳估計。現在有了這樣的前景，我們預期隨著收入成長超過資金和費用壓力，將看到積極的營運槓桿和效率提高。

This concludes our prepared remarks. As we move to the question-and-answer section of the call, we request that you limit your questions to one primary and one follow-up question to enable other participants to ask questions.

我們的準備好的演講到此結束。當我們進入通話的問答環節時，我們要求您將問題限制為一個主要問題和一個後續問題，以便其他參與者提問。

Matt, will you please open the line for questions?

馬特，你能開通熱線來回答問題嗎？

(Operator Instructions) Manan Gosalia, Morgan Stanley.

（操作員指示） 摩根士丹利的 Manan Gosalia。

It looks like deposit betas on a spot basis are running close to 60% already. Can you talk about how you expect that to progress from here? I'm assuming there is still some benefit that's going to come with a lag. But at the same time, there's fewer rate cuts in the forward curve, which might have that much more you can do, so if you can just run through some of that?

看起來現貨存款測試版已經接近 60%。您能談談您預期今後會如何發展嗎？我認為滯後仍會帶來一些好處。但同時，遠期曲線的降息次數減少了，這可能意味著您可以採取更多措施，您能不能簡單介紹一下其中的一些？

Yeah. Thanks for the observation. I think it's fair to say that so far, we've been pleased with the response. The prior response has been very much in line with what we've discussed on previous calls about how we anticipated interest-bearing deposits to behave. And as you also know, there is a lag factor associated with different types of time deposits and broker deposits. So we've been in an athletic posture each time that there's been in a position to reduce rates, that will remain true.

是的。謝謝你的觀察。我認為可以說到目前為止我們對回應感到滿意。先前的回應與我們在先前的電話會議上討論的有關預期計息存款走勢的內容非常一致。而且您也知道，不同類型的定期存款和經紀存款都存在滯後因素。因此，我們每次都保持積極的姿態，只要能夠降低利率，我們就會一直保持這種狀態。

And so I think as we move forward with the prospect of another potential 25 basis point rate decrease during 2025, right now, would we think of any other reason to expect other than in-line performance with what we've seen as lower. Predicting beyond that, it would be really difficult to do at this point.

因此，我認為，隨著我們展望 2025 年可能再次降低 25 個基點的利率，現在，除了與我們所看到的較低利率保持一致的表現之外，我們還會想到其他什麼理由可以預期。就目前情況而言，預測未來還會更加困難。

Got it. And for my follow-up, do you have your CET1 ratio is including AOCI for the quarter? And is that something you need to manage to, especially given the volatility that we're seeing in the long end of the curve?

知道了。我的後續問題是，您的 CET1 比率是否包括本季的 AOCI？這是您需要做到的嗎，尤其是考慮到我們在曲線長端看到的波動性？

It is something that we certainly are cognizant of. And I know that we periodically get the question about when might we take more additional capital actions and view is still uncertainty that is in the environment about where the Basel III in game rules reside. And even without that, there's sort of an increasing, I think, expectation that we'll be managing our capital inclusive of AOCI.

這是我們當然知道的事。我知道我們會定期被問到我們什麼時候會採取更多額外的資本行動，而人們對巴塞爾協議 III 的遊戲規則仍然存在不確定性。即使沒有這一點，我認為，人們越來越期望我們能夠管理包括 AOCI 在內的資本。

So we do include in our appendix slides sort of the path that we see today with $2.4 billion in AOCI losses in the past one year, hence about where that goes. And we certainly do think internally about what our excluding AOCI capital levels are with an expectation of continuing to grow capital, so that over time that we are more sort of at median peer capital levels.

因此，我們確實在附錄幻燈片中列出了我們今天看到的過去一年 AOCI 損失 24 億美元的走勢，以及未來的走向。我們確實會在內部思考排除 AOCI 資本水準後，期望資本繼續增長，以便隨著時間的推移，我們的資本水準將更接近中等水準。

So those are things that we do monitor and that we are comfortable with the glide path for any realistic expectation about what motion game could be applicable for us.

所以這些都是我們確實在監控的事情，並且我們對適合我們的動作遊戲的任何現實預期的滑行路徑感到滿意。

So is it fair to say that if there is more volatility in the long end of the curve, that it would only really impact when you think about buybacks as opposed to impacting how you grow your loan book?

因此，是否可以這樣說：如果曲線長期波動性加大，那麼它只會在你考慮回購時產生影響，而不會影響你的貸款帳簿的成長？

I think that's probably the case. I mean, I think you'll see back in the appendix the projections with respect to how AOCI runs off. And if you look at -- there's kind of a proxy for this. If you look at tangible, book value has been improving pretty rapidly. I think it's around 20%, 21%, something over the last 12 months.

我認為情況可能確實如此。我的意思是，我認為您會在附錄中看到有關 AOCI 如何運作的預測。如果你看一下——這有一種代理。如果你看一下有形資產，帳面價值一直在快速提高。我認為過去 12 個月的增幅在 20% 或 21% 左右。

And so we expect that we don't know the final outline of what the rules are going to look like in the transition period, kind of how regulators will reengage with this. I think we'd certainly expect that AOCI will come back into capital. That's probably one thing that survive, but the timing of it is this is not entirely clear.

因此，我們預計，我們不知道過渡期內規則的最終輪廓是什麼樣的，也不知道監管機構將如何重新參與這項工作。我認為我們肯定會期望 AOCI 能夠重新獲得資本。這或許是可以存活下來的一件事，但時間尚不完全清楚。

But in the meantime, I think we feel like we're on a pretty good glide path to getting to the point where this will solve itself without having to do anything in a way of capital actions. It will probably continue to regard our buyback activity until we can see this with more clarity. That's how I think about it.

但同時，我認為我們感覺我們正處於一條相當良好的道路上，即將到達這個問題自行解決的地步，而不需要採取任何資本行動。它可能會繼續關注我們的回購活動，直到我們能夠更清楚地看到這一點。我就是這麼想的。

Great. Thank you.

偉大的。謝謝。

Bernard Von Gizycki, Deutsche Bank.

德意志銀行的 Bernard Von Gizycki。

Okay, guys, good evening. I just wonder if you could just unpack a little bit more about the rate sensitivity, the model net interest income that you have from page 13. The implied path of the 6.8% versus the 1.4% at September 30, obviously, the difference in the Fed fund. And then the big increase in the deposit beta from 58% from 36%. Just wonder if you could just walk through any of the assumptions that kind of update the previous quarter?

好的，夥計們，晚上好。我只是想知道您是否可以更詳細地解釋第 13 頁中的利率敏感度和模型淨利息收入。6.8% 的隱含路徑與 9 月 30 日的 1.4% 相比，顯然是聯邦基金的差異。然後存款貝塔值從 36% 大幅增加到 58%。我只是想知道您是否可以簡單介紹一下對上一季進行更新的一些假設？

Yeah. Listen, I think speaking to that deposit beta assumption that you quoted there on the interest-bearing deposits, that's pretty much in line with what we've been seeing. So that's in sync. I think one of the things that you've seen from us over time, as we've grown more comfortable with the level of noninterest-bearing deposits and the behaviors there, is that the implied assumption about the continued migration from noninterest-bearing into interest-bearing has been tightened over time.

是的。聽著，我認為，談到您在有利息的存款中引用的存款貝塔係數假設，這與我們所看到的情況基本一致。因此這是同步的。我認為，隨著時間的推移，您從我們身上看到的一件事是，隨著我們對無息存款的水平及其行為越來越滿意，關於從無息存款持續轉變為有息存款的隱含假設已經隨著時間的推移而變得更加嚴格。

I think that's also allowed us to be a little bit more constructive about how we see NII sensitivity out one year, still benefiting from some fixed asset repricing that is still playing through the system, and some of the latency and the repricing of time deposits with down rates still staying to benefit from that. So with a more stable and we hope and anticipate growing deposit base, supplanting wholesale fund sources, I think all that lends to a more constructive outlook.

我認為這也讓我們對如何看待一年後的 NII 敏感度有了更多的建設性的看法，仍然受益於系統中仍在發揮作用的一些固定資產重新定價，以及一些延遲和定期存款重新定價，而利率下降仍然受益於此。因此，我們希望並預期存款基礎將更加穩定，並取代批發基金來源，我認為所有這些都將帶來更具建設性的前景。

Great. And then I know you guys have talked in the past about getting the NIM back to mid-3%. Just based on like the model assumptions here, I think that's been discussed over a couple of years, just any idea is that something to think about for '26? Anything you can kind of give us for timing any expectations on how we should think about that like kind of longer term NIM outlook?

偉大的。然後我知道你們過去曾談論過將 NIM 恢復到 3% 中間水平。僅基於這裡的模型假設，我認為這已經討論了好幾年了，有什麼想法是值得為 26 年思考的嗎？您能否告訴我們關於我們應該如何看待長期 NIM 前景的任何預期？

Yeah. Listen, thank you for the question. We don't manage to a NIM outcome per se, but it's certainly true that with a more naturally sloped yield curve that we can stand to do better than what we've been experiencing before. So as we sort of look at where we've been in the not-too-distant past when things were more constructed that way. Having something in the mid-3%s doesn't seem like it's out of reach. And so we think there's potential to get back to those levels. But the timing of when that occurs is yet to be seen.

是的。聽著，謝謝你的提問。從本質上說，我們無法實現 NIM 結果，但確實，透過更自然傾斜的殖利率曲線，我們能夠做得比以前更好。因此，我們可以回顧一下不久前的情況，那時的事物都是以這種方式建構的。達到 3% 中間水準似乎並非遙不可及。因此我們認為有潛力回到這些水平。但其發生的具體時間尚不清楚。

All right, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Oh, great. Thanks. Ryan, just on the balance sheet, some movement between liquidity and the bond portfolio in the quarter. Could you help us -- within your guide for NII, help on the total earning asset levels? Will you continue to use the bond portfolio as a source funds? How should we be thinking about the earning assets in the next year?

噢，太好了。謝謝。瑞安，僅在資產負債表上，本季流動性和債券投資組合之間就出現了一些變動。您能否幫助我們—在 NII 指南中，幫助提高總收益資產水準？您會繼續使用債券投資組合作為資金來源嗎？我們該如何考慮明年的獲利資產？

Yeah. It's a good call out, Chris. I mean, I think if you look at the related slide we have in terms of investment securities, money market, kind of a share of total earning assets, that stayed pretty striving through with maybe just a touch down. But as you point out, year over year, we've seen that nice runoff in investment securities portfolio. And as I noted in my prepared remarks with the use those cash flows to sort of pay down more expensive wholesale cost of funding or invest in the loan growth.

是的。這是一個很好的呼籲，克里斯。我的意思是，我認為，如果你看一下我們在投資證券、貨幣市場、總收益資產份額方面的相關幻燈片，你會發現它們仍然在努力奮鬥，可能只是略有下降。但正如你所指出的，年復一年，我們看到投資證券投資組合呈現良好的成長動能。正如我在準備好的演講中提到的那樣，使用這些現金流來償還更昂貴的批發融資成本或投資貸款成長。

So I think if you look moving forward, you probably would have also heard from my prepared remarks that we're starting to do a little bit more and the reinvesting of those cash flows that are being kicked off from the investment securities play. So perhaps tapering a little bit in terms of the runoff on the security side.

因此，我認為，如果你展望未來，你可能也會從我的準備好的發言中聽到，我們開始做更多的事情，並對投資證券業務中產生的現金流進行再投資。因此，從安全性的削減來看，可能會稍微減少一些。

But with the prospects that we shared with you of slightly increasing loan growth, we think there will be opportunities before that in organic ways to support our compliance -- our customers' growth objectives.

但根據我們與您分享的貸款成長略有增加的前景，我們認為在此之前將有機會以有機的方式支持我們的合規性——即我們客戶的成長目標。

Okay. Great. And Harris, any comments about inorganic growth? Obviously, regulatory world is shifting in real time, but any thoughts about -- you have the branch deal that's going to close. Any other thoughts about potential M&A?

好的。偉大的。哈里斯，關於無機成長有什麼評論嗎？顯然，監管世界正在即時變化，但任何關於即將完成的分支交易的想法。對於潛在的併購還有其他想法嗎？

Well, I think that as -- first, I take it just to step back and say, if you look at our pre-provision net revenue over the last several quarters, I mean it was ramping up really nicely until Silicon Valley and Signature Bank, of it all. And that did a lot of damage. We've been kind of cloning our way back as the way I think about making steady progress. And getting back into a position where we have the currencies, the profitability to do something more is certainly top of mind.

嗯，我認為——首先，我只是回顧一下，如果你看看我們過去幾季的撥備前淨收入，你會發現，在矽谷和 Signature Bank 出現之前，我們的收入一直在穩步增長。這造成了很大的損害。我們一直在以某種方式克隆自己，以此作為我所認為的穩步進展的方式。回到我們擁有貨幣的地位，做更多事情的獲利能力無疑是首要考慮的問題。

We're not out looking for opportunities per se, but we're positioned -- we're increasingly -- I think we're in a position could be doing deals that strategically made sense to us. We have, for a long time, systems conversions front and center for us getting through a lot of kind of internal renovation. And that is now really behind us, and so in that respect, I think we're in pretty good shape.

我們不是在尋找機會，而是我們已經做好準備——我們越來越做好準備——我認為，我們能夠做一些對我們來說具有戰略意義的交易。長期以來，我們一直將系統轉換放在首位，幫助我們完成多種內部革新。現在這已經是過去式了，因此從這個方面來看，我認為我們的情況相當不錯。

I think in terms of being prepared for anything that would come with sort of crossing $100 billion threshold, if that still a thing in the new regulatory environment, that is done upon us this week. I think in a good shape that way. So I'd see it as possible with anything that otherwise pencils out well, makes strategic sense, but it's not something that's kind of front and center for us.

我認為，要為跨越 1000 億美元門檻所帶來的任何影響做好準備，如果這在新的監管環境下仍然存在，那麼這週我們就會看到結果。我認為這樣狀態很好。因此，我認為任何可行的事情都是可行的，具有戰略意義，但這並不是我們最關心的問題。

Thank you very much.

非常感謝。

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Hey. Good afternoon, everyone. Just first on the C&I credit where you realized some charge-offs. Can you just give us a sense for the type of business that is or was? And kind of what exactly happened there?

嘿。大家下午好。首先，在 C&I 信貸方面，您意識到了一些沖銷。您能否簡單介紹一下現在或以前的業務類型？那裡究竟發生了什麼事？

Sure. This is Derek. Thanks for the question. It actually was a longtime client of the bank, a 10- or 15-year client of the bank in the retail space. It was a very unique customer, actually. And we had banked the company for a long time. It was purchased by a private equity company.

當然。這是德里克。謝謝你的提問。它實際上是該銀行的長期客戶，是該銀行在零售領域的 10 年或 15 年的客戶。事實上，這是一位非常獨特的顧客。我們為該公司提供資金支持已久。它被一家私募股權公司收購。

That, I think, between pushing to grow a little faster, along with some management challenges just created challenges for the company that led to the loss. It's pretty unique business, and really nothing else like it in our portfolio, but that was what the situation was.

我認為，在推動更快成長的同時，也面臨一些管理挑戰，這給公司帶來了挑戰，導致了虧損。這是一項非常獨特的業務，在我們的投資組合中確實沒有其他類似的業務，但情況就是這樣。

Okay. Thank you. And then shifting gears to customer fees, capital markets nicely. Can you give us a sense for the pipeline there? And do you think you can kind of build off that fourth quarter number given the change in environment? Or do you feel like we'll step seasonally?

好的。謝謝。然後將焦點轉移到客戶費用和資本市場。可以為我們介紹一下那裡的管道嗎？考慮到環境的變化，您是否認為可以繼續保持第四季的數字？或者您覺得我們會按季節採取相應措施？

Yeah, thank you. This is Scott McLean, and I appreciate the question. We've been talking about building this business over the last couple of years and our enthusiasm for -- we've really been adding the product capabilities risk structure, the technology structure. And in the fourth quarter, we just saw a really nice increase in just some of the basic products, loan syndications interest rate products, and our real estate capital markets business, which we've been saying for the last 1.5 years.

是的，謝謝。我是史考特·麥克萊恩，我很感謝這個問題。過去幾年，我們一直在談論建立這項業務，我們對此充滿熱情——我們確實一直在增加產品能力、風險結構和技術結構。在第四季度，我們看到一些基本產品、銀團貸款利率產品以及房地產資本市場業務實現了非常好的成長，這是我們過去 1.5 年一直在說的。

We've been building out and the markets haven't been overly friendly up until the last six months or so. But we're starting to see a more regular flow there, and it produced meaningful revenue in the fourth quarter.

我們一直在擴張，但直到最近六個月左右市場才變得十分友善。但我們開始看到那裡的流量更加規律，並且它在第四季度產生了可觀的收入。

We've said, as you know, the investment -- capital markets-type businesses are lumpy. But we spent a lot on the infrastructure here. We've got the people, we have very active calling programs with our commercial bankers, very pinpointed to capital markets opportunities, current and longer term. I think all that shoe leather should benefit us in the years to come.

如你所知，我們說過，投資－資本市場類型的業務是不穩定的。但我們在這裡的基礎設施上花了很多錢。我們擁有人才，我們與商業銀行家有非常積極的呼叫計劃，非常精準地瞄準當前和長期的資本市場機會。我認為，在未來的幾年裡，所有這些鞋子皮革都會為我們帶來好處。

And then we're also seeing -- we're seeing some certainly some continuation of just our basic products, things like treasury management, merchant services, our corporate trust business, which we don't talk about very often. It has a very large market share albeit shrinking market, but a significant position. It's just a nice business for us. So we should see continued progress, we think, because of all the hard work we've put into capital markets.

然後我們也看到——我們看到我們一些基本產品的延續，例如財務管理、商家服務、企業信託業務，這些我們很少談論。儘管市場正在萎縮，但它的市場佔有率非常大，但地位重要。對我們來說這只是一樁好生意。因此，我們認為，由於我們在資本市場付出的所有艱苦努力，我們應該會看到持續的進步。

And they start into the year with a solid pipeline. I think that's the other thing I would add. So I think everything is therefore to continue to grow nicely.

他們以穩固的管道開啟了新的一年。我想這是我要補充的另一件事。因此我認為一切都將繼續順利發展。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Christopher Spahr, Wells Fargo.

富國銀行的克里斯多福‧斯帕爾 (Christopher Spahr)。

This question is kind of related to the -- just obviously, the election and post election and just the kind of the change in beta -- and I see this as a big pop in energy, oil and gas growth, slide 24, assuming you compare to the prior quarter. Just is there -- how much do you think that is -- might be election related? Is there more momentum to that? And what other might growth -- commercial loan (technical difficulty) -- like it should be a little bit higher than moderate for the year?

這個問題有點相關——顯然，選舉和選舉後以及貝塔值的變化——我認為這是能源、石油和天然氣增長的大幅增長，幻燈片 24，假設與上一季相比。您認為這是否與選舉有關？還有更多的動力嗎？還有哪些其他的成長——商業貸款（技術難度）——今年的成長應該會比中等水平略高一些嗎？

Sure. This is Scott. I'll take that. Our energy portfolio outstandings were at about $3 billion, four, five years ago. They trended down during the 20 downturn price volatility.

當然。這是斯科特。我接受。四五年前，我們的能源投資組合未償還金額約 30 億美元。在20次經濟衰退期間價格波動期間，它們呈現下降趨勢。

We've been around $2 billion. And basically, we saw a $100 million increase in that portfolio from a little bit below $2 billion to a little bit above. And I think we have good opportunities there. Pricing and credit structure has never been better as many banks have exited the market. And we're a long-time player with a long-time reputation. So we continue to hope it will be a nice source of C&I growth going forward.

我們的資金總額已達到約 20 億美元。基本上，我們看到該投資組合的金額從略低於 20 億美元增加了 1 億美元至略高於 20 億美元。我認為我們在那裡有很好的機會。由於許多銀行退出市場，定價和信貸結構從未如此好過。我們是一家擁有長期聲譽的長期參與者。因此，我們繼續希望它將成為未來工商業成長的良好來源。

In terms of loan growth in general, we were up about $2.1 billion average loans year over year, about a 3.5% increase. And our general sense is, to your political comment, that small business, medium-sized business owners, they're just a little more optimistic. I think there's a sense that regulatory issues that confront small- and medium-sized business could have been, maybe not much, but some.

就整體貸款成長而言，我們的平均貸款額年增了約 21 億美元，增幅約為 3.5%。針對您的政治評論，我們總體上認為，小企業主和中型企業主更加樂觀一些。我認為，中小企業面臨的監管問題可能不多，但還是有一些的。

And so I think we're a little more optimistic about C&I lending. We don't think our one to four family originations that go on the balance sheet will be strong in the coming year. So that will be a little of a drag, but we think C&I for the reasons you said and others has an opportunity to grow.

因此我認為我們對 C&I 貸款更加樂觀。我們認為，我們資產負債表上的一到四個家族起源在未來一年不會表現強勁。所以這會有點拖累，但我們認為 C&I 出於您所說的原因以及其他原因而有機會成長。

And then for my follow-up, this is for Harris. So Harris, you spent some time talking about regulation in the 2023 inept -- import calling out Basel III in that long-term debt proposal, I mean, obviously, you kind of talked about just now, but what other areas of we'll call it, just come to come approach do you might benefit banks your size? Thank you.

接下來是我要問的關於哈里斯的問題。所以哈里斯，你花了一些時間談論 2023 年無能的監管——在長期債務提案中引入巴塞爾協議 III，我的意思是，顯然，你剛才談到了，但我們稱之為的其他領域有哪些，只是談到了這種方法，你可能會對你規模的銀行有益嗎？謝謝。

Well, I think sometimes the death from a thousand cuts is effective as having your decking off -- and the number and diversity of things coming out of the CFPB, some of which, I think of and just beyond the mark. You're seeing that in the legal challenges, et cetera, that have been made with respect to a lot of these things.

嗯，我認為有時候千刀萬剮的後果就和把你的甲板掀掉一樣嚴重——而消費者金融保護局爆出的事情數量之多、形式之多樣化，我認為其中一些已經超出了標準。您會看到，針對許多此類事情已經提出了法律挑戰等等。

The amount of time and energy that goes into things like just internally, trying to prepare for the kind of climate disclosure regime that was coming at the industry. And I think a lot of things like that probably we'll get -- we just fade into the background for a while at least, maybe not permanently.

我們投入了大量的時間和精力，只是為了在內部為產業即將出台的氣候資訊揭露制度做好準備。我認為很多類似的事我們可能會得到──至少我們只是暫時淡出人們的視線，但也許不是永遠。

And I see what Travis Hill, the agenda he laid out I think yesterday, it's just very sensible. It's meat and potatoes. It's sort of back-to-basics and I think for many banks, our own included, we've done a lot in the back-to-basics kind of categories of just building risk infrastructure commensurate with our ability to grow larger.

我看到特拉維斯·希爾昨天提出的議程，認為非常合理。這是肉和馬鈴薯。這是一種回歸本源的做法，我認為對於許多銀行來說，包括我們自己的銀行，我們已經做了很多回歸本源的工作，即建立與我們的增長能力相稱的風險基礎設施。

And so just being able to focus outwardly, the message that I have to our own people, as I'm making kind of the circuit recently is that we've been very inwardly focused. I think we have -- I think the industry has, in a lot of respects, over the last decade.

因此，只要能夠把注意力轉向外部，我要向我們的人民傳達的訊息就是，正如我最近所做的那樣，我們一直非常注重內部。我認為我們已經——我認為過去十年來，該行業在許多方面都已經取得了進步。

And I think the message coming out of the new administration and the people coming into the agencies is that we want a safe in a sound industry but one that facilitates growth. And that's why I find a self-optimistic that we're going to see more growth I think it's going to be a really conducive environment for it. And I think in there are worries of tariffs, things like that, that certainly could derail growth in the economy. But clearly, the crowd and control wants to see growth. It's a very growth-oriented message that we're seeing coming from these people. So I'm very hopeful.

我認為新政府和新機構人員傳達的訊息是，我們希望產業安全穩健，但又能促進成長。這就是為什麼我對我們將看到更多成長充滿樂觀，我認為這將是一個真正有利的環境。我認為人們對關稅等問題的擔憂肯定會阻礙經濟成長。但顯然，觀眾和管理層希望看到成長。我們從這些人身上看到了非常有利於成長的訊息。所以我非常有希望。

Thank you.

謝謝。

Anthony Elian, JPMorgan.

摩根大通的安東尼·埃利安 (Anthony Elian)。

Hi, everyone. For your loan growth guide of slightly increasing, is that more half-weighted in 2025? Or do you expect the level of loan growth you've seen in the past couple of quarters to continue in the first half of this year?

大家好。對於您略微增加的貸款成長指南，到 2025 年是否會增加一半權重？或者您預計過去幾季的貸款成長水準將在今年上半年持續下去？

I know it's through the year. It's not so strong that it's going to matter a lot whether it's back half weighted or not. I expect to see pretty steady growth through the year personally.

我知道它已經過去一年了。它並不是那麼強大​​，所以無論它是否有半重都沒有什麼大不了的。我個人預計今年將看到相當穩定的成長。

Thank you. And then for my follow-up, can you just provide more color on the increase in classified loans? I know you called out multifamily, industrial and office. But was that broad-based across your footprint? And any large credits that drove the increase this quarter? Thank you.

謝謝。然後，作為我的後續問題，您能否提供有關分類貸款增加的更多資訊？我知道你提到了多戶住宅、工業和辦公室。但這是否廣泛地影響了你的足跡？有哪些大型信貸推動了本季的成長？謝謝。

Well, Anthony, this is Derek. To answer the second question, what it was pretty granular in with the downgrades and the increase in classified or what was not a large -- just one large credit that increased. It also was distributed across our footprint in the geographies.

嗯，安東尼，這是德瑞克。回答第二個問題，降級和機密增加的具體細節是什麼，或者說不是一個大數目 — — 只是一筆大額信貸增加了。它也遍佈於我們各個地區的業務範圍。

As stated in the slide, $609 million were from -- was from CRE and $254 million was from multifamily with $242 million from industrial. So that really drove it. And the story for industrial and multifamily is exactly what we said last quarter. It's construction delays that are occurring, are slower lease-up performance to plan issues, increased costs, and just increases in expenses as well.

如幻燈片所述，6.09 億美元來自 CRE，2.54 億美元來自多戶住宅，2.42 億美元來自工業。所以這確實推動了它的發展。工業和多戶型住宅的故事正如我們上個季度所說的那樣。正在發生的施工延誤、租賃履行速度減慢、計劃問題、成本增加以及費用也增加。

Combine that with the interest rate increase, and we're seeing it moves to classified. At the same time, it does seem like it's a matter of timing and most of these credits will work their way through. It's just a little longer to reach stabilization and performance. And given our loan to values, we expect that they'll just perform, and either be able to be upgraded through progress or refinanced out over time.

再加上利率上升，我們看到它正在轉向機密。同時，這似乎只是一個時間問題，大部分學分都會順利完成。只需稍長一點的時間就能達到穩定性和性能。考慮到我們的貸款價值，我們預計它們將會表現良好，並且要么能夠通過進展進行升級，要么能夠隨著時間的推移進行再融資。

Thank you.

謝謝。

This concludes the question-and-answer session. I'd like to turn the floor back to management for any closing comments.

問答環節到此結束。我想將發言權交還給管理階層，請他們發表最後評論。

Thank you, Matt, and thank you to all for joining us today. If you have additional questions, please contact us at the e-mail or phone number listed on our website. We look forward to connecting with you throughout the coming months and appreciate your interest in Zions Bancorporation. This concludes our call.

謝謝你，馬特，也謝謝大家今天加入我們。如果您還有其他問題，請透過我們網站上列出的電子郵件或電話號碼與我們聯絡。我們期待在接下來的幾個月與您保持聯繫，並感謝您對 Zions Bancorporation 的關注。我們的通話到此結束。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。現在您可以斷開您的線路。再次感謝您的參與。