Zions Bancorporation NA (ZIONP) 2025 Q3 法說會逐字稿

Greetings and welcome to Zions Bancorp's earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 Zions Bancorp 的收益電話會議。（操作員指示）請注意，本次會議正在錄音。

Now I will turn the conference over to Shannon Drage Senior Director of Investor Relations. Thank you, and you may begin.

現在，我將會議交給投資者關係高級總監 Shannon Drage。謝謝，您可以開始了。

Thank you, Von, and good evening, everyone. Welcome to our conference call to discuss the third quarter earnings for 2025. My name is Shannon Drage, Senior Director of Investor Relations.

謝謝你，馮，大家晚上好。歡迎參加我們的電話會議，討論 2025 年第三季的收益。我叫 Shannon Drage，是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. Please note that 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. 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。請注意，實際結果可能會有重大差異。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。收益報告和簡報的副本可在 zionsbancorporation.com 上取得。

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

在我們今天的議程中，董事長兼執行長哈里斯·西蒙斯將致開幕詞。根據哈里斯的評論，我們的財務長瑞安理查茲將審查我們的財務結果。今天與我們一起出席的還有總裁兼營運長 Scott McLean、首席信貸官 Derek Steward、首席風險長 Chris Kyriakakis 和公司總法律顧問 Rena Miller。

After our prepared remarks, we will hold a question-and-answer session. This 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. As you'll see on slide 3, the third quarter reflected continued momentum in our core earnings. Relative to the prior quarter, net interest margin expanded by 11 basis points to 3.2%. And customer fees, excluding the net credit valuation adjustment, grew $10 million and adjusted expenses declined $1 million.

非常感謝，香農，大家晚上好。正如您在投影片 3 中看到的，第三季反映了我們核心收益的持續成長動能。與上一季相比，淨利差擴大11個基點至3.2%。不包括淨信用估值調整的客戶費用增加了 1000 萬美元，調整後的費用減少了 100 萬美元。

The efficiency ratio improved to 59.6%. Average loans and customer deposits increased by an annualized 2.1% and 3.1%, respectively, compared to the prior quarter. These trends, which resulted in positive operating leverage are encouraging.

效率比提高至59.6%。與上一季相比，平均貸款和客戶存款分別增加了 2.1% 和 3.1%。這些趨勢帶來了積極的經營槓桿，令人鼓舞。

During the third quarter, we recorded a $49 million provision for credit loss. Net charge-offs in the quarter were $56 million or 37 basis points of loans on an annualized basis. As noted in our 8-K filed on Wednesday of last week, legal action has been initiated for the recovery of approximately $60 million and certain guarantors of two related C&I loans. We charged off $50 million of the combined balances of the loans at the end of the quarter.

第三季度，我們提列了 4,900 萬美元的信用損失準備金。本季淨沖銷金額為 5,600 萬美元，以年率計算為貸款 37 個基點。正如我們上週三提交的 8-K 文件中所述，我們已經啟動法律行動，以追回兩筆相關 C&I 貸款的約 6000 萬美元和某些擔保人。我們在本季末沖銷了 5000 萬美元的貸款餘額。

Additionally, we have established a full reserve against the remaining $10 million. We view this as an isolated situation resulting from a particular a couple of borrowers. We have no further exposure related to these borrowers or guarantors. I would note that excluding the impact of this matter, net charge-offs were minimal at 4 basis points annualized on average loans and credit quality generally improved for the quarter as well.

此外，我們也針對剩餘的 1,000 萬美元設立了全額儲備金。我們認為這是由特定幾個借款人引起的孤立情況。我們沒有與這些借款人或擔保人相關的進一步風險。我想指出的是，排除此事的影響，淨沖銷額很小，平均貸款年化率為 4 個基點，本季信貸品質也普遍改善。

Moving to slide 4. Diluted earnings per share was $1.48 compared to $1.63 in the prior period and $1.37 in the year-ago period. This quarter's results include a $0.06 per share negative impact related to the net credit valuation adjustment. Earnings per share also reflects the adverse impact of the elevated credit provision discussed previously.

移至幻燈片 4。每股攤薄收益為 1.48 美元，而上一期間為 1.63 美元，去年同期為 1.37 美元。本季的業績包括與淨信用估值調整相關的每股 0.06 美元的負面影響。每股盈餘也反映了前面討論過的提高信貸準備金的不利影響。

Slide 5 provides a five-quarter view of the pre-provision net revenue. On an adjusted basis, our third quarter results of $352 million reflect an improvement of 11% compared to the prior quarter and 18% compared to the prior year period as revenue growth continued to outpace expense growth.

投影片 5 提供了撥備前淨收入的五個季度視圖。經調整後，我們第三季的業績為 3.52 億美元，與上一季相比成長了 11%，與去年同期相比成長了 18%，因為營收成長持續超過支出成長。

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?

有了這一高層概述，我將把時間交給我們的財務長瑞安·理查茲 (Ryan Richards)，以了解有關我們業績的更多詳細資訊。瑞安？

Thank you, Harris, and good evening, everyone. Beginning on slide 6, you will see the five-quarter trend for net interest income and net interest margin. Net interest income increased by $52 million or 8% relative to the third quarter 2024. We continue to see the benefit from fixed asset repricing and favorable shifts in the composition of average interest-earning assets.

謝謝你，哈里斯，大家晚上好。從第 6 張投影片開始，您將看到淨利息收入和淨利息收益率的五個季度趨勢。淨利息收入較 2024 年第三季增加了 5,200 萬美元，增幅為 8%。我們繼續看到固定資產重新定價和平均生息資產組成的有利變化所帶來的好處。

Growth in average customer deposits in excess of loan growth also contributed to an improved mix in funding relative to the prior quarter. As a result, the net interest margin expanded for the seventh consecutive quarter to 3.28%.

平均客戶存款的成長超過貸款的成長也促使融資結構相對於上一季有所改善。受此影響，淨利差連續第七個季度擴大至3.28%。

Our outlook for net interest income for the third quarter of 2026 is moderately increasing relative to the third quarter of 2025, supported by continued earnings asset remix, growth in loans and deposits, and fixed asset repricing. Our guidance assumes 225 basis point cuts to the Fed funds rate in October and December of this year, with additional 25 basis point cuts in March and July 2026.

我們對 2026 年第三季淨利息收入的預期相對於 2025 年第三季將適度增加，這得益於持續的盈利資產組合、貸款和存款的增長以及固定資產重新定價。我們的指導假設是今年 10 月和 12 月聯邦基金利率將下調 225 個基點，2026 年 3 月和 7 月再下調 25 個基點。

Slide 7 presents additional details on changes in the net interest margin. The linked quarter waterfall chart on the left outlines changes in both rate and volume for key components of the net interest margin. The net interest margin expanded by 11 basis points sequentially from favorable earning asset remix and fixed loan repricing as well as improvement in total funding costs.

幻燈片 7 展示了淨利差變化的更多細節。左側連結的季度瀑布圖概述了淨利差主要組成部分的利率和數量的變化。由於獲利資產組合和固定貸款重新定價有利以及總融資成本改善，淨利差環比擴大了 11 個基點。

Against the year-ago quarter, the right-hand chart of this slide presents the 30 basis point improvement in the net interest margin, which benefited from the improved cost of deposits.

與去年同期相比，本投影片右側的圖表顯示淨利差提高了 30 個基點，這得益於存款成本的改善。

Moving to noninterest income and revenue on slide 8. We Presented on the left, in the darker blue bars, customer-related noninterest income was $163 million for the quarter versus $164 million in the prior period and $158 million one year ago. This quarter's results include an $11 million impact from net CBA loss, primarily driven by an update in our valuation methodology in addition to changes in other market factors.

轉到第 8 張投影片上的非利息收入和收益。我們在左側深藍色長條圖中顯示，本季客戶相關非利息收入為 1.63 億美元，而上一季為 1.64 億美元，去年同期為 1.58 億美元。本季的業績包括 1,100 萬美元的淨 CBA 損失影響，這主要由於我們的估值方法更新以及其他市場因素的變化。

Adjusted customer-related noninterest income, which excludes net CVA was $174 million for the quarter, representing a 6% increase versus the second quarter and an 8% increase versus the year ago quarter. Notably, capital market fees, excluding net CVA increased 25% compared to the prior year period, driven by higher loan syndications and customer swap fee revenue.

本季調整後的客戶相關非利息收入（不包括淨 CVA）為 1.74 億美元，較第二季成長 6%，較去年同期成長 8%。值得注意的是，受貸款銀團和客戶掉期費收入增加的推動，不包括淨 CVA 的資本市場費用較去年同期增加了 25%。

We continue to see solid contributions and growth from our newer capital markets offerings, including real estate capital markets, securities underwriting and investment banking advisory fees. The chart on the right side of this page presents both total revenue and adjusted revenue for the most recent five quarters, which were impacted by the factors previously noted for net interest income and customer-related fee income.

我們繼續看到來自新資本市場產品的穩健貢獻和成長，包括房地產資本市場、證券承銷和投資銀行諮詢費。本頁右側的圖表顯示了最近五個季度的總收入和調整後收入，這些收入受到先前提到的淨利息收入和客戶相關費用收入因素的影響。

Our outlook for customer-related fee income in the third quarter of 2026 is moderately increasing relative to the third quarter of 2025. The growth is expected to be broad-based and driven by increased customer activity and new client acquisition. Capital markets continue to contribute in an outsized way.

我們對 2026 年第三季客戶相關費用收入的預期相對於 2025 年第三季將適度增加。預計成長將是廣泛的，並由客戶活動增加和新客戶獲取推動。資本市場繼續發揮巨大作用。

Slide 9 presents adjusted noninterest income in the lighter blue bars. Adjusted expenses of $520 million decreased by $1 million versus the prior quarter and increased 4% versus the year ago period. with the latter increase driven largely by technology and salary-related costs.

投影片 9 以淺藍色長條顯示調整後的非利息收入。調整後的費用為 5.2 億美元，比上一季減少了 100 萬美元，比去年同期增加了 4%，其中去年同期的成長主要受到技術和工資相關成本的推動。

Our outlook for adjusted noninterest expense for the third quarter of 2026 is moderately increasing relative to the third quarter of 2025. The expense outlook considers increased marketing-related costs, continued investments in revenue-generating businesses and increased technology costs. We continue to expect future positive operating leverage.

我們對 2026 年第三季調整後非利息支出的預期相對於 2025 年第三季將適度增加。費用前景考慮了增加的營銷相關成本、對創收業務的持續投資以及增加的技術成本。我們持續預期未來將出現正的經營槓桿。

Slide 10 presents five-quarter trend in average loans and deposits. Average loans decreased 2.1% annualized over the previous quarter and 3.6% over the year ago period. Total loan yields increased by 5 basis points sequentially. Our outlook for period-end loan balances for the third quarter of 2026 is slightly to moderately increasing relative to the third quarter 20 and assumes growth will be led by commercial loans.

幻燈片 10 展示了平均貸款和存款的五個季度趨勢。平均貸款金額比上一季下降 2.1%，比去年同期下降 3.6%。總貸款收益率較上季上升5個基點。我們對 2026 年第三季期末貸款餘額的預測是，相對於 20 年第三季度，貸款餘額將略有增加，並假設成長將由商業貸款主導。

Average deposit balances are presented on the right side of the slide. Relative to the prior quarter, total average deposits were relatively flat including 11.5% reduction in average broker deposits. Average noninterest-bearing deposits grew approximately $192 million or 0.8% compared to the prior quarter. partially as a result of the migration of a consumer interest-bearing product into a new noninterest-bearing product in mid-May at our Nevada affiliate, which is now being fully reflected in average balances.

平均存款餘額顯示在投影片的右側。與上一季相比，平均存款總額相對持平，其中經紀人平均存款減少 11.5%。與上一季相比，平均無息存款增加了約 1.92 億美元，增幅為 0.8%。部分原因是，我們內華達州的附屬公司在 5 月中旬將消費者計息產品轉變為新的無息產品，這項變更現已完全反映在平均餘額中。

Near the end of September, our remaining affiliates completed the same migration of legacy interest-bearing deposits into the new noninterest-bearing accounts. The approximately $1 billion of migrated deposits from the remaining affiliates are reflected in period end balances in the third quarter and will be fully represented in average balances in our fourth quarter results.

九月底，我們剩餘的附屬公司也完成了將遺留的計息存款遷移到新的無息帳戶的工作。來自其餘附屬公司的約 10 億美元轉移存款反映在第三季的期末餘額中，並將在我們第四季業績的平均餘額中全部體現。

The cost of total deposits declined sequentially by 1 basis point to 1.67%. Further opportunities to reduce deposit costs will depend on the timing and speed of short-term benchmark rate changes, growth in customer deposits and market competition and deposit behavior.

總存款成本較上季下降1個基點至1.67%。進一步降低存款成本的機會將取決於短期基準利率變化的時機和速度、客戶存款的成長以及市場競爭和存款行為。

Slide 11 provides additional details on funding sources and total funding cost trends. Presented on the left are period-end deposit balances, which grew by $1.1 billion versus the prior quarter. Total borrowings declined $1.8 billion during the quarter. Short-term FHLB advances decreased $2.3 billion, partially due to the issuance of a $500 million senior note in addition to customer deposit growth.

投影片 11 提供了有關資金來源和總融資成本趨勢的更多詳細資訊。左側顯示的是期末存款餘額，與上一季相比增加了 11 億美元。本季總借款減少了 18 億美元。短期 FHLB 貸款減少了 23 億美元，部分原因是因為發行了 5 億美元的優先票據以及客戶存款成長。

On the right side, average balances for our key funding categories are shown with the total funding costs. As seen on this chart, our total funding costs declined by 5 basis points during the quarter to 1.92%.

右側顯示了我們主要融資類別的平均餘額以及總融資成本。從該圖可以看出，本季我們的總融資成本下降了 5 個基點，至 1.92%。

Moving to slide 12. Our investment portfolio exists primarily to be a storehouse of fund to absorb customer-driven balance sheet changes, allowing for deep liquidity through the repo market. Presented here are securities and money market investment portfolios over the last five years. maturities, principal amortizations and prepayment-related cash flows from our securities portfolio were $596 million in the quarter or $291 million when considered net of reinvestment.

移至投影片 12。我們的投資組合主要作為資金倉庫，吸收客戶驅動的資產負債表變化，進而透過回購市場實現深度流動性。這裡展示的是過去五年的證券和貨幣市場投資組合。本季度，我們證券投資組合的到期、本金攤銷和預付款相關現金流為 5.96 億美元，扣除再投資後為 2.91 億美元。

The paydown and reinvestment of lower-yielding securities continues to contribute to the favorable mix of our earning assets. The duration of our investment securities portfolio is estimated at 3.7 years.

低收益證券的償還和再投資繼續為我們的獲利資產的良好組合做出貢獻。我們的投資證券組合的期限估計為3.7年。

We begin our discussion of credit quality on slide 13. Realized net charge-offs in the portfolio were $56 million this quarter or 37 basis points annualized, driven principally by the $50 million charge-offs that Harris described previously. Nonperforming assets remained relatively low at 0.54% of loans and other real estate owned compared to 0.51% in the prior quarter.

我們從第 13 張投影片開始討論信用品質。本季投資組合實現的淨沖銷額為 5,600 萬美元，年化率為 37 個基點，主要由哈里斯先前描述的 5,000 萬美元沖銷額推動。不良資產佔貸款和其他房地產的比例仍相對較低，為 0.54%，而上一季為 0.51%。

Classified loan balances declined sequentially by $282 million driven by $143 million reduction in CRE and a $141 million reduction in C&I classified levels. We expect the CRE classified balances will continue to decline going forward through payoffs and upgrades. During the third quarter, we recorded a $49 million provision for credit losses, which, when combined with net charge-offs, reduced the allowance for credit losses by $7 million relative to the prior quarter.

分類貸款餘額季減 2.82 億美元，其中 CRE 減少 1.43 億美元，C&I 分類貸款餘額減少 1.41 億美元。我們預計，透過還款和升級，CRE 分類餘額未來將繼續下降。第三季度，我們提列了 4,900 萬美元的信用損失準備金，與淨沖銷額相結合，信用損失準備金較上一季減少了 700 萬美元。

The reduction reflects lower reserves associated with CRE portfolio specific risks. The allowance for credit losses as a percentage of loans remained stable at 1.2% and the loan loss allowance coverage with respect to nonaccruals was 213%.

這一減少反映了與 CRE 投資組合特定風險相關的儲備金減少。信貸損失準備金佔貸款的比例維持穩定在1.2%，未提列的貸款損失準備覆蓋率為213%。

Slide 14 provides an overview of the $13.5 billion CRE portfolio, which represents 22% of total loan balances. Notably, this portfolio continues to maintain low levels of nonaccrual on delinquencies. The portfolio is granular and well diversified by property type and location with this growth carefully managed for over a decade through disciplined concentration limits.

投影片 14 概述了 135 億美元的 CRE 投資組合，佔總貸款餘額的 22%。值得注意的是，該投資組合持續保持較低的拖欠率。該投資組合按資產類型和位置細分且多樣化，十多年來透過嚴格的集中限制精心管理其成長。

As it continues to be of interest, we have included additional details on certain CRE portfolios in the appendix of this presentation. Our loss-absorbing capital is shown on slide 15. The Common Equity Tier 1 ratio this quarter was 11.3%. This, when combined with the allowance for credit losses compares well to our risk profile. We expect our common equity from both a regulatory and GAAP perspective and that AOCI improvement will continue through unrealized loss accretion in the securities portfolio as individual securities pay down to mature.

由於人們對此持續感興趣，我們在本簡報的附錄中加入了有關某些 CRE 投資組合的更多詳細資訊。我們的損失吸收資本如投影片 15 所示。本季普通股一級資本適足率為11.3%。這與信用損失準備金相結合，與我們的風險狀況相符。我們從監管和 GAAP 的角度預計我們的普通股和 AOCI 改善將透過證券投資組合中未實現損失的累積而繼續，因為單一證券的償還到期。

Importantly, our organic earnings growth when coupled with ALCI unrealized loss accretion has enabled us to grow tangible book value per share by 17% versus the prior year period.

重要的是，我們的有機獲利成長加上 ALCI 未實現損失的增加，使我們每股有形帳面價值較去年同期成長了 17%。

Slide 16 summarizes the financial outlook provided over the course of our prepared remarks for the third quarter of 2026 as compared to the third quarter of 2025. Our outlook represents our best estimate of financial performance based on current information, and we expect to continue to produce positive operating leverage as revenue growth outpaces noninterest expense growth.

投影片 16 總結了我們在準備好的評論中提供的 2026 年第三季與 2025 年第三季相比的財務前景。我們的展望代表了我們根據當前資訊對財務表現的最佳估計，並且我們預計隨著收入增長超過非利息支出增長，將繼續產生正的經營槓桿。

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。當我們進入電話會議的問答環節時，我們要求您將問題限制為一個主要問題和一個後續問題，以便其他參與者可以提問。

Additionally, if you are considering questions surrounding the events described in our 8-K and public complaints filed on Wednesday of last week, please note that while litigation is active, our comments on these matters will be limited to what we can to what can already be found in those filings.

此外，如果您正在考慮有關我們上週三提交的 8-K 和公開投訴中描述的事件的問題，請注意，雖然訴訟仍在進行中，但我們對這些事項的評論將僅限於我們能夠在這些文件中找到的內容。

Von, could you please open the line for questions?

馮，您能開通熱線回答問題嗎？

(Operator Instructions) Manan Gosalia, Morgan Stanley Investments.

（操作員指示）摩根士丹利投資公司的 Manan Gosalia。

I wanted to start on the announcement in the 8-K. I guess you noted that the charge this quarter is an isolated incident. Can you talk about what gives you conviction that this is isolated, maybe walk us through your internal review process since this came to light how many loans have you reviewed? Are there any lumpy exposures to real estate funds within your NDF book that you've come across? Any color there would be helpful.

我想從 8-K 中的公告開始。我想您已經注意到本季的指控是一起孤立事件。您能否談談是什麼讓您確信這是一起孤立的事件？能否向我們介紹一下您的內部審查流程？自從這件事曝光以來，您審查了多少筆貸款？在您的 NDF 帳簿中，您是否遇到過房地產基金的大量曝險？任何顏色都會有幫助。

This is Derek. Just as far as what we've reviewed, we've reviewed -- gone through the portfolio, and we think it's an isolated in Yes. As we've gone through it, we haven't found similar loans or other issues. So we're very confident that this is an isolated [it].

這是德里克。就我們所審查的內容而言，我們已經審查過——審查了投資組合，我們認為它是孤立的。經過我們的調查，我們沒有發現類似的貸款或其他問題。所以我們非常有信心，這是一個孤立的[它]。

I think I'd just add, I think the most observers our credit history over a number of years is -- speaks for itself in terms of -- I think we do credit well. This was a case where -- we had some unusual things going on that really are not kind of a commonplace.

我想我只想補充一點，我認為大多數觀察者多年來對我們信用歷史的觀察——不言而喻——我認為我們的信用做得很好。在這種情況下——我們遇到了一些不尋常的事情，這些事情實際上並不常見。

And so and this we've noted we're going to continue reviewing with an external party to make sure that we're learning from the experience and seeing what we can continue to improve upon. But I think that our care and extending credit and on the collateral, et cetera, speaks for itself.

因此，我們注意到，我們將繼續與外部機構進行審查，以確保我們從經驗中學習，並了解我們可以繼續改進的地方。但我認為，我們對信貸發放和抵押品等方面的關心是不言而喻的。

Got it. Maybe if you can expand on that and take us through your NDFI exposure. As we look to the call report disclosure, I think that's about 4% of loans. It seems to be pretty spread out among subcategories. Are there any lumpier exposures or any high-risk categories there that you'd point out?

知道了。也許您可以進一步闡述這一點並向我們介紹您的 NDFI 風險敞口。當我們查看通話報告披露時，我認為這大約佔貸款的 4%。它似乎在子類別中分佈得相當廣泛。您是否能指出其中存在任何較大的風險敞口或高風險類別？

Sure. Thanks for the question. We actually, for transparency purposes -- this is Derek again. We added in the appendix slide 36 that details the NBFI exposure. It's actually about 3% of our total loans. And if you -- as you can see on the slide, the growth actually has been fairly minimal over the last several years. As far as the breakout of what's in there, it's a very, very broad regulatory definition. It covers a lot of different segments.

當然。謝謝你的提問。實際上，為了透明起見——我又是德瑞克。我們在附錄中新增了第 36 張投影片，詳細介紹了 NBFI 風險敞口。這實際上約占我們貸款總額的3%。正如您在幻燈片上看到的，過去幾年的增長實際上相當小。就其中的具體內容而言，這是一個非常非常廣泛的監管定義。它涵蓋了很多不同的領域。

What I would say the majority of it would be equipment leasing type transactions you can think about yellow iron trucks, things like that. there's capital call lines, subscription lines. There's just a number of different areas within that. It's very well diversified actually within the portfolio. across a lot of the various lending segments.

我想說的是，其中大部分是設備租賃類型的交易，你可以想想黃色鐵卡車之類的東西。還有資本調用額度、認購額度。其中有很多不同的領域。實際上，它的投資組合非常多樣化，涉及許多不同的貸款領域。

And this is -- it's a business that we've actually been in for a long time. I don't think we're intending to grow it significantly, but it's an area that we've been in for a very long time and had good experience with.

事實上，我們已經從事這個行業很長一段時間了。我認為我們並不打算大幅擴大該領域，但我們已經在該領域深耕很長時間，並且擁有豐富的經驗。

Dave Rochester, Cantor.

戴夫·羅徹斯特，領唱者。

Wanted to start on your NII guide, how much fixed rate asset repricing are you factoring into that NII guide outlook? Can you possibly go through the balances that you're expecting to roll for loans and securities and what that yield pickup is? And then what your expectations for longer-term interest rates are as part of that. That would be great.

想要開始您的 NII 指南，您在 NII 指南前景中考慮了多少固定利率資產重新定價因素？您能否了解一下您預期的貸款和證券的餘額以及收益率是多少？那麼您對長期利率的預期是什麼呢？那太好了。

Thanks, Dave. I appreciate the question and happy to provide some texture there. I would point you to our -- to the slight to moderately increasing guide on our loan growth I think you've seen the pattern trajectory that we've put out for the going on years to quarters now on the security side. And certainly, we see the opportunity for the securities remix to continue into loans.

謝謝，戴夫。我很感謝這個問題，並且很高興能提供一些資訊。我想向你指出我們的——關於我們貸款增長的小幅到中度增長的指南，我想你已經看到了我們在證券方面為過去幾年到幾個季度製定的模式軌跡。當然，我們看到了證券混合繼續進入貸款領域的機會。

But what that translates to on the fixed asset side if things are still fully play through, both as it relates to loans and then for some of our fixed rate securities, we see the potential for 2 to 3 basis points on earning asset yields to play through that's sort of embedded in our guidance.

但如果事情仍在全面展開，那麼這對固定資產方面意味著什麼？無論是與貸款相關的，還是對於我們的一些固定利率證券而言，我們都看到了 2 到 3 個基點的獲利資產收益率潛力，這在某種程度上已經融入我們的指導中。

Got you. So in terms of the amount of loans, fixed rate loans and fixed rate securities that you're expecting over the next year, do you haven't have a rough dollar amount to those?

明白了。那麼，就您預計明年的貸款金額、固定利率貸款和固定利率證券而言，您是否還沒有一個大概的金額呢？

It breaks across because it's not just those things that were born to fixed rate things here things that are behaviorally like fixed rates. So 10-year arms are embedded in there. So it's sort of a mix of things across CRE, C&I and then mortgages that sort of behave more like fixed rate loans that's embedded. And that what we call fixed rate asset repricing.

它之所以具有突破性，是因為它不僅僅是那些天生固定利率的東西，這裡還有那些行為上類似於固定利率的東西。因此，10 年期的武器已嵌入其中。因此，它是 CRE、C&I 和抵押貸款的混合體，其行為更像是嵌入式固定利率貸款。這就是我們所說的固定利率資產重新定價。

Okay. And then just as a follow-up on capital. Last quarter, you mentioned you weren't that comfortable with the buyback yet. Can you give us your updated thoughts now that capital ratios are a little bit higher and maybe you have some more clarity on portfolio and growth.

好的。然後只是作為資本的後續行動。上個季度，您提到您對回購還不太放心。現在資本比率略有提高，並且您對投資組合和成長有了更清晰的認識，您能否告訴我們您的最新想法？

Yes. Thanks, David. Listen, hopefully, we're staying on the same key here. So we do -- and we've been talking about this, including AOCI when we think about our total capital levels kind of keeping that in the real mode where our peers are. thing in the mix. So as we sort of stare even this quarter, kind of where the peers are, including things like AOCI, there seems to be a central tenant around 10%.

是的。謝謝，大衛。聽著，希望我們能保持相同的基調。所以我們這樣做了——我們一直在談論這個問題，包括 AOCI，當我們考慮我們的總資本水平時，我們會將其保持在同行所處的真實模式中。混合的東西。因此，當我們關注本季的情況時，包括 AOCI 在內的同業似乎都佔據了 10% 左右的中心份額。

At 12 months or so away from when we would start looking at those levels, approaching those levels, including AOCI, based upon current projections. So that's when we would probably be more in the thick of things with peers.

大約還有 12 個月的時間，我們才會開始關注這些水平，並根據目前的預測接近這些水平，包括 AOCI。所以那時我們可能就會與同齡人有更多的接觸。

Ken Usdin, Autonomous Research.

肯‧烏斯丁，自主研究。

Just wanted to ask about on the guidance, you have kind of more moderate. I heard your premier comments, you're still talking about operating leverage looking out a year what's the gap that you think you're aiming for in terms of the magnitude of operating leverage that you can see being able to do as you look ahead?

只是想問關於指導的問題，你的指導比較溫和。我聽到了您最初的評論，您仍然在談論一年後的經營槓桿，就您認為未來能夠實現的經營槓桿幅度而言，您認為您所瞄準的差距是多少？

That's again, very fair question. Listen, I first want to just reiterate what Harris said. He emphasize in has spoken comments and also in its quote about the strength of our core earnings this quarter. I think showing up with 5 points of operating leverage was an indication of some of the good things that have been happening at the bank. We're still really refining how we think about how the numbers are coming together for next year.

這又是一個非常公平的問題。聽著，我首先想重申哈里斯所說的話。他在口頭評論和引言中強調了本季我們核心獲利的強勁表現。我認為 5 個點的經營槓桿表明了銀行正在發生的一些好事。我們仍在認真思考如何匯總明年的數據。

We see enough to know that there's going to be a positive operating leverage. Where exactly that land is not perfectly clear yet, but we know it's there. So I'll probably stop short of give you a hard number or a hard end range at this point, but we're happy to return to it once we landed our full year process for 2026. But I understand you got to struggle with the (inaudible).

我們看到的足夠多的信息表明，將會出現積極的經營槓桿。這片土地的具體位置目前尚不完全清楚，但我們知道它就在那裡。因此，我現在可能不會給你一個確切的數字或確切的最終範圍，但一旦我們完成了 2026 年的全年流程，我們很樂意再次討論這個問題。但我明白你必須努力（聽不清楚）。

My second question just from last quarter, you were talking about a 350 NIM over time, 328 this quarter. And then kind of commentary might have changed a little bit after you had said that. I just wanted to kind of ask you to come back on that commentary that you gave and helped us think about what the right zone is for your kind of long-term NIM thinking?

我的第二個問題是關於上個季度的，您說的是一段時間內的 NIM 為 350，而本季為 328。在您說完這些話之後，評論可能會發生一些變化。我只是想請您回顧一下您給出的評論，並幫助我們思考一下什麼區域最適合您的長期 NIM 思維？

I think it was -- this is Harris. I think I'm the one who put that concept out there. I think that over in economy is given a number or a date but never both I think it's kind of where we ultimately would expect to land. I think I didn't intend to convey that that's going to be (inaudible) this quarter, next year type of thing. I think we -- I would expect that we'll continue to see improvement in NIM.

我認為是——這是哈里斯。我認為我就是提出這個概念的人。我認為，在經濟方面，我們會給出一個數字或日期，但絕對不會同時給出兩者，我認為這就是我們最終期望著陸的地方。我想我並不是想表達這會是（聽不清楚）本季、明年之類的事情。我認為我們——我預計我們將繼續看到 NIM 的改善。

We're working very hard at making sure that the pricing well on the asset side of the balance sheet. We'll see some of this improvement coming out of the securities portfolio, just repricing, et cetera. But it's -- the number I conveyed is I think in kind of the strike zone of where we probably ultimately would expect to be ought to be and consistent with our history.

我們正在努力確保資產負債表資產方的定價良好。我們將看到證券投資組合的一些改進，包括重新定價等等。但是 - 我傳達的數字是我認為我們最終可能期望達到的打擊區，並且與我們的歷史一致。

So that's -- I hope that's helpful. But I'm not wanting to suggest that's going to happen in 12 months.

這就是——我希望這會有所幫助。但我並不是說這會在 12 個月內發生。

And I think the pacing of that is a little bit harder in a lower rate environment. But listen, I think just...

我認為，在低利率環境下，要實現這一目標會更加困難一些。但聽著，我認為只是…

All right. So if not doable, but we'll see what the timing is.

好的。因此，如果不可行，我們會看看時機。

Yes. So I think to Harris' point, I think it's really pulling through on some of the core initiatives that we have at play to drive through deposit growth, but have yet to play out fully.

是的。因此，我認為對於哈里斯的觀點，我認為這確實在推動我們正在採取的一些核心舉措，以推動存款成長，但尚未充分發揮作用。

Ben Gerlinger, Citigroup.

花旗集團的本‧格林格 (Ben Gerlinger)。

So just kind of sticking with everyone's favorite slide of 26 of the latent merger and like the implication has come down little bit quarter. Obviously, some of that is your margin went up so you recognize it, which is good. The Fed fund is lower by 50 bps on the outlook. I think there's two measurements kind of point-to-point a little apples and orders comparison.

因此，只是堅持大家最喜歡的 26 張潛在合併的幻燈片，其含義已經下降了一點。顯然，部分原因是您的利潤增加了，所以您認識到了這一點，這是一件好事。聯準會基金利率前景下調50個基點。我認為有兩種測量方法，一種是點對點的蘋果和訂單比較。

The implied seems to suggest like minimal improvement, but is it maybe a fact of you kind of casting over -- you might see margin compression as you kind of recognize the full 100 basis points or is it more just -- just kind of giving you a view, I guess there's a lot of scenario analysis of deposit betas everything within that, too.

隱含的意思似乎表明了微小的改善，但這也許是您所考慮的事實——當您認識到全部 100 個基點時，您可能會看到利潤率壓縮，或者這更只是——只是給您一個觀點，我想其中也有很多關於存款貝塔係數的情景​​分析。

So just kind of curious, considering the implied is roughly 1/3 of where it was.

所以只是有點好奇，考慮到隱含的值大約是原來的 1/3。

Yes, thank you for the question. And I think I caught most of that was coming through just a little bit faint, but I think that the rest of it is talk us through kind of where things are landing at the 1.4% based on the implied forward based upon maybe the change period-over-period. I would just try to reinforce, as I tried to every chance illustrative to show the various interest rate dynamics that we've highlighted in times gone by.

是的，謝謝你的提問。我認為我所聽到的大部分內容都有些模糊，但我認為其餘部分可以告訴我們，基於隱含的未來預測，基於逐期變化，1.4% 的成長率將如何下降。我只是想盡力強化，因為我試著利用每一個機會來說明我們過去強調過的各種利率動態。

And certainly, in a down rate environment or included in my prior response, building upon Harris' is it does make it a little tougher from a net interest income basis. But even with the backdrop of this sensitivity, we layered on top of that was a slightly to more increasing loan growth prospects and the fact that there's some assumptions underlying this sensitivity that can be seen as being relatively conservative.

當然，在利率下降的環境下，或者在我之前的回應中，基於哈里斯的說法，從淨利息收入的角度來看，這確實使情況變得更加困難。但即使在這種敏感性的背景下，我們在此基礎上也增加了略微更高的貸款成長前景，而這種敏感性背後的一些假設可以被視為相對保守。

I'll let you judge whether it is or it's not, including things like migration from noninterest-bearing deposits elsewhere, including assumption that securities are 100% reinvested in securities when, in fact, we've shown that we've actually had opportunities to reinvest at least half of those gross cash flows in other [Gainesville] places.

我讓你判斷它是否成立，包括從其他地方的無息存款轉移等情況，包括假設證券 100% 再投資於證券，而事實上，我們已經表明我們實際上有機會將至少一半的總現金流再投資於其他 [蓋恩斯維爾] 地方。

It wouldn't allow for dynamic aspects of where we might reinvest in higher-yielding loans as we look to remix our loan book, we've kind of pointed two commercial loans being a primary driver moving forward in 2026 for growth. Those tend to be a bit more yields than some of the other places that we could invest our loan dollars.

當我們尋求重新組合貸款帳簿時，它不允許我們動態地重新投資於高收益貸款，我們已經指出兩筆商業貸款是推動 2026 年成長的主要動力。與我們可以投資貸款資金的其他一些地方相比，這些地方的收益往往要高一些。

So yes, there is an impact from the forward curve. We try to put some bookends around that from a down 100 up 100. What we're trying to show is even in a place where the Fed to be lowering rates we still stand to have some upside on our NII from our forecast view when you layer on all the other more dynamic aspects, including loan growth and other assumptions that one could assume moving forward.

所以是的，遠期曲線確實會產生影響。我們嘗試從下到上 100 的順序放置一些書擋。我們試圖表明的是，即使聯準會降低利率，從我們的預測來看，當我們考慮所有其他更具動態的方面，包括貸款成長和其他可以假設的未來發展時，我們的 NII 仍然具有一定的上行空間。

Got you. That's helpful. And then in terms of capital. There's been some M&A in kind of your footprint or footprint adjacent, you could say, when you look at the opportunity set in front of you and you now have a better capital footholds, if you were to do M&A, could you kind of target the potential size you might look at and maybe dilution impact that you might be willing to stretch to? If M&A is on the table at all at this point?

明白了。這很有幫助。然後是資本方面。您的足跡或相鄰足跡中已經發生過一些併購，您可以說，當您看到擺在您面前的機會並且您現在擁有更好的資本立足點時，如果您要進行併購，您是否可以瞄準您可能看到的潛在規模以及您可能願意延伸的稀釋影響？目前是否考慮進行併購？

Well, I think I mean, the variety of factors that would play into decisions about doing anything. I think most typically kind of smaller deals that increase our density in markets where -- but we already have a presence would be kind of top of the list. I'm not going to -- this isn't a place where I'm going to talk about any metrics that would drive a deal. I think every deal has got its own kind of story.

嗯，我的意思是，做任何事情的決定都會受到多種因素的影響。我認為最常見的是規模較小的交易，這些交易可以增加我們在市場上的密度——但我們已經在市場上佔有一席之地，這將是最重要的。我不會——這裡不是我要談論任何能夠推動交易的指標的地方。我認為每筆交易都有自己的故事。

But I I'd say that at least I am quite sensitive to the concept of pollution. And we want to make sure that it was a really sound strategic fit for a deal. And so I don't know, we -- we're open to looking at opportunities, but it's not anything that is driving us feel no compulsion to get anything done that way.

但我想說，至少我對污染的概念相當敏感。我們希望確保這筆交易具有真正合理的策略契合性。所以我不知道，我們——我們願意尋找機會，但這並不是驅使我們感到有義務以那種方式完成任何事情的因素。

Matthew Clark, Piper Sandler.

馬修克拉克、派珀桑德勒。

Just back to the 8-K. Can you just maybe step back and give us some more color on how things unfolded when maybe you first discovered that there was a problem and whether or not those two credits were adversely rated previously or not? And then just how you monitor collateral just in general, just with the collateral kind of moving around in this case?

回到 8-K。您能否退一步，向我們詳細介紹一下當您第一次發現問題時事情是如何發展的，以及這兩個學分之前是否被評為負面？那麼，在這種情況下，您如何監控抵押品的整體情況，以及抵押品的流動情況？

Okay. This is Derek again. On learning the fact during the quarter, we commenced to review and as we described in our 8-K with the connection -- in connection with the Vanadis type took a little while for our analysis and review. And once we discovered where we thought we were. We felt it was appropriate for transparency purposes just to put it out there that we -- what we have found.

好的。我又是德瑞克。在本季度了解到這一事實後，我們開始進行審查，正如我們在 8-K 中所描述的那樣，與 Vanadis 類型的聯繫需要花一點時間進行分析和審查。一旦我們發現了我們認為我們所在的位置。我們認為，為了透明起見，將我們的發現公諸於世是合適的。

I think it's the processes. I mean we have a lot of people around here that are looking at collateral and loan documentation, et cetera, et cetera, I think historically, they do a great job. This is obviously one that was not something that came across the radar screen as early as we would have wished. And so one of the reasons that we're doing an outside review. But again, I think historically, we've got a pretty good track record monitoring and...

我認為是流程問題。我的意思是，我們有很多人在審查抵押品和貸款文件等等，我認為從歷史上看，他們做得很好。顯然，這並不是我們所希望的那麼早就出現在雷達螢幕上的事情。這是我們進行外部審查的原因之一。但我認為，從歷史上看，我們有著相當良好的監控記錄…

Understood. Okay. And then just the other question for me just on the loan growth outlook. It looks like you slightly raised the loan growth guide. It looks like it's going to be predominantly driven by commercial, but there was some runoff in C&I. Can you maybe just speak to the runoff in C&I and maybe the related pipeline and how you expect you to kind of restore that growth?

明白了。好的。然後我還有一個問題是關於貸款成長前景。看起來你稍微提高了貸款成長指南。看起來它將主要由商業驅動，但商業和工業領域也出現了一些流失。您能否談談 C&I 的流失以及相關管道的情況，以及您希望如何恢復這種成長？

Yes, this is Scott McLean. And our loan growth has been sort of in a 3% kind of growth mode, plus or minus for the last seven quarters, if you go back to the first quarter of 24%. If you just think back over that time period, there's a lot of concerns about the commercial real estate kind of industry issues, concerns about the economy related to that.

是的，我是史考特‧麥克萊恩。過去七個季度，我們的貸款成長率一直維持在 3% 左右，第一季的成長率為 24%。如果你回想一下那段時期，你會發現人們對商業房地產行業的問題以及與此相關的經濟有很多擔憂。

Tariffs came along as a story. And so as you think about this time period, it's not a time to be had to have Investors should expect us -- we expect ourselves to be very thoughtful about where we're lending into the economy. So you're probably going to see us sort of chop along at these levels. that's what we're kind of guiding to.

關稅成了一個話題。因此，當你思考這個時期時，你會發現這不是投資者應該期待我們的時候——我們希望自己能夠非常慎重地考慮我們向經濟提供貸款的地方。因此，您可能會看到我們在這些層面上有所進展。這就是我們的指導方針。

Having said that, we're doing a lot of things on the offensive. Our call programs have never been stronger or more active as you know, of our pursuit of the SBA lending activity and our move up league tables in that regard, moving to the 14th largest originator of SBA 7(a) loans as of September 30 the fiscal year-end.

話雖如此，我們在進攻方面做了很多事情。如您所知，我們的呼叫計劃從未如此強大或活躍，我們追求 SBA 貸款活動並在這方面不斷提升排名，截至 9 月 30 日財政年度末，我們已成為 SBA 7(a) 貸款的第 14 大發起人。

We've got new products we're bringing to market, both for consumers and small businesses, and we've totally revamped our approach to marketing to make it much more of a strategic weapon going forward. I say went been in a thoughtful carrying kind of way, but I think you understand what I'm saying.

我們向市場推出了針對消費者和小型企業的新產品，並且徹底改變了我們的行銷方式，使其成為未來的策略武器。我以一種深思熟慮的方式說“去過”，但我想你明白我的意思。

So there's a lot that we're doing to really pursue an offensive mindset. So I know that as the economy shows a little brighter, more consistent daylight. I think our portfolio, as it always has, will we'll achieve moderate single-digit loan growth, which we've done for many years.

因此，我們正在做很多事情來真正追求進攻心態。所以我知道，隨著經濟逐漸展現出更光明、更穩定的曙光。我認為，我們的投資組合將一如既往地實現適度的個位數貸款成長，多年來我們一直如此。

And I think, Matthew, on your question there as well. I think you asked a question about the C&I being down perhaps the quarter. on an average basis being up on a spot basis, loans being down sequentially. That's I guess the backdrop, it's not obvious from what we showed you, but actually some really good loan production that was just offset in places by some paydowns and payoffs.

馬修，我想這也是你提出的問題。我認為您問的是本季度 C&I 可能下降的問題。平均而言，現貨基礎上上漲，貸款則較上季下降。我想這就是背景，從我們向您展示的內容來看並不明顯，但實際上一些非常好的貸款產出只是在某些地方被一些還款和收益所抵消。

And so I think you prompted for the C&I piece of that. So we did see some actually activity there and bringing down balances for DFI for health care and pharmaceuticals, but there are also some reductions in other categories, including CRE, multifamily and office and some of the consumer.

因此我認為您提示了 C&I 部分。因此，我們確實看到了一些實際活動，降低了醫療保健和藥物的 DFI 餘額，但其他類別也有一些減少，包括 CRE、多戶住宅和辦公室以及一些消費者。

We do have a slide in our appendix that shows where the loans ran off across our affiliates and places and across various categories, I would also point you to.

我們的附錄中確實有一張幻燈片，顯示了貸款在我們的附屬機構和各個地點以及各個類別中的流向，我也想向你指出。

John Pancari, Evercore ISI.

約翰潘卡里 (John Pancari)，Evercore ISI。

On the credit front, I know you mentioned the third-party review here a couple of times. Can you elaborate there a little bit? What exactly is the third-party review looking at? How comprehensive is it -- and are your collateral assessments, are they purely done in-house? Or do you also outsource your collateral assessment and maybe how frequently is that done?

在信用方面，我知道您在這裡提到過幾次第三方審查。能詳細說明一下嗎？第三方評審到底關注什麼？它有多全面——您的抵押品評估是否純粹是在內部完成的？或者您也將抵押品評估外包出去，並且外包頻率如何？

Sure. I can speak to the review. I mean we have a long consistent history of low credit losses relative to the industry. And when these things happen, we're going to do -- but any prudent bank would do within the event of this type, which is take the steps to review our policies, procedures to see what we can learn. And so we will be doing that. It's just -- it's prudent for us to do that.

當然。我可以談談這篇評論。我的意思是，相對於整個產業而言，我們的信貸損失長期以來一直較低。當這些事情發生時，我們會這樣做——但任何一家謹慎的銀行都會在發生這種情況時採取措施審查我們的政策和程序，看看我們能學到什麼。所以我們會這麼做。只是──我們這樣做是謹慎的。

As far as the question on collateral, we have -- mostly we monitor our collateral in-house. We have a lot of people in that do a great job every day monitoring the collateral, and we have rarely seen issues like the ones that we saw with these loans. In some cases, we do use we do field exams or audits of customers. But in most cases, we will monitor it in-house.

至於抵押品的問題，我們──主要是在內部監控我們的抵押品。我們有很多人每天都在出色地監控抵押品，我們很少看到這些貸款中出現的問題。在某些情況下，我們確實會對客戶進行現場檢查或審計。但大多數情況下，我們會在內部進行監控。

Okay. All right. And then also on credit. I know a little while after the GFC and as you collapse your charters and everything, I know you had I believe you had moved some of your credit decisioning more centralized. Is your credit decisioning still centralized? Or are there still components of the underwriting and monitoring that are being conducted at the individual banks?

好的。好的。然後還可以賒帳。我知道在全球金融危機之後不久，隨著你們廢除章程和一切，我知道你們已經將一些信貸決策變得更加集中化。您的信用決策仍然是集中式的嗎？或是否仍有個別銀行正在進行的核保和監控部分？

So one of the -- this is Derek again. I mean, one of the strengths of our model is we try to have local decisioning at the affiliates. That's just core to how we operate. Now it's centrally monitored. There's second-line oversight. There's controls and things in place and depending on the size of the credit that may go up to the corporate level.

其中之一——這又是德瑞克。我的意思是，我們模型的優勢之一是我們嘗試在分支機構進行本地決策。這只是我們營運的核心。現在它受到集中監控。還有二線監督。有控制措施和其他措施，並且取決於信貸規模，這些措施可能會上升到公司層面。

But there's -- it just depends on the size of the loan and the type of loan. But again, we try to -- we try to have local decisioning where they know the customers the best

但這取決於貸款規模和貸款類型。但同樣，我們嘗試——我們嘗試在最了解客戶的地方做出決策

I would just add to that, all of our credit executives report up through Derek. And when he's describing local, it's really they all report up to Derek, but they are located in each of our affiliate geographies. And so they're working actively with the team there. They're not miles away or stay away -- and they are part of what we call the second line of defense, they report directly to our Chief Credit Officer.

我只想補充一點，我們所有的信貸主管都透過德瑞克報告。當他描述當地人時，實際上他們都向德里克匯報，但他們位於我們各自的附屬地區。因此他們正在與那裡的團隊積極合作。他們並非遠在千里之外，也不是遠離我們——他們是我們所謂的第二道防線的一部分，他們直接向我們的首席信貸官報告。

And depending on the loan size, Derek is Chief Credit Officer, is involved once loans get to a certain size.

根據貸款規模，一旦貸款達到一定規模，Derek 就會擔任首席信貸官並參與其中。

Peter Winter, D.A. Davidson.

彼得溫特、D.A.戴維森。

I wanted to follow up on the loans. And just wondering if you could talk about how loan demand has changed over the last 90 days and what you're seeing in terms of loan spreads?

我想跟進貸款情況。我只是想知道您是否可以談談過去 90 天內貸款需求發生了怎樣的變化，以及您看到的貸款利差情況？

Yes. Loan spreads have actually improved just a little bit, depending on the category. But boy, to talk about loan conditions over the last quarter. We just don't really think about it quite that way. I know you all do. But if you look back over the last year, it's very much the way I described it and the way Ryan described some of the charge-offs we had on the last -- sorry, some of the loan payoffs that we had in kind of the last portion of the quarter, muted the loan growth just a bit.

是的。貸款利差實際上略有改善，具體取決於類別。但是，我們來談談上個季度的貸款情況。我們只是沒有真正這樣想過。我知道你們都這樣。但如果你回顧去年的情況，你會發現我和瑞安描述的非常相似，我們上一季的一些沖銷——抱歉，我們在本季度最後階段償還的一些貸款，稍微抑制了貸款增長。

But production, if you actually look at production, it's been up in most months this year. compared to 2024. And we generally see pretty good loan growth in the fourth quarter of the year. We certainly did last year. And so None of that would guide towards the fourth quarter is going to be a differentiated loan growth period.

但如果你實際看一下產量，你會發現與 2024 年相比，今年大多數月份的產量都在上升。我們通常認為今年第四季的貸款成長相當不錯。去年我們確實這麼做了。因此，這些都不會導致第四季出現差異化的貸款成長期。

But we're poised. We're prepared. We're doing the right things to experience loan growth. Faster pace when it occurs.

但我們已經做好準備。我們已經準備好了。我們正在採取正確的措施來實現貸款成長。發生時速度較快。

I'd just add, as term rates have come down a little bit, we have seen some accelerated refinance the commercial real estate and even the unratified portfolio. So that's been a little bit of a headwind. So that's a factor -- but we've all -- with that said improved pipeline and construction loans, which it takes time for those balances to build this project proceeds.

我想補充一點，隨著定期利率略有下降，我們看到一些商業房地產甚至未經批准的投資組合的再融資加速。所以這有點不利。所以這是一個因素——但我們都說——改進了管道和建設貸款，這些餘額需要時間來建立這個項目的收益。

The equity goes in first. And so there's some lag effect there. But that will be spectral rebuild, but the payoffs come a little faster than the new balance, I suppose.

股權優先。因此存在一些滯後效應。但那將是光譜重建，但我認為回報會比新的平衡來得更快一些。

Got it. And if I could ask, If I think about this year, you ramped up investments really got more aggressive with marketing, hiring of bankers. You've rolled out some new products such as the consumer (inaudible) clearly seeing some good results. But would you expect expense growth to moderate next year? Or do you still plan to kind of heavily invest in various revenue initiatives and see expense growth somewhat elevated again next year.

知道了。我想問一下，如果我回想一下今年，你們加大了投資力度，在行銷、聘請銀行家方面也更加積極。您已經推出了一些新產品，例如消費者（聽不清楚）顯然看到了一些很好的結果。但您是否預計明年費用成長會放緩？或者您是否仍計劃大力投資各種收入計劃，並希望明年的支出成長再次有所提高。

I'd expect the -- we're going to continue to invest in hiring producers if we can find good people. We've been continuing to do that. I expect we'll see some increased marketing spend. But at the same time, we're working really hard to try and offset that with as best we can with phase and back office kind of loan revenue producing kinds of functions. So we're working above at the same time.

我希望——如果我們能找到優秀的人才，我們將繼續投資聘請製作人。我們一直在繼續這樣做。我預計我們會看到行銷支出增加。但與此同時，我們正在盡最大努力透過階段和後台貸款收入產生功能來抵消這一影響。所以我們同時在上面工作。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

(inaudible), on deregulation, big picture, what does that mean for Zions at this point?

（聽不清楚），關於放鬆管制，從總體上看，這對錫安來說意味著什麼？

Deregulation, you say?

你說的是放鬆管制嗎？

Yes.

是的。

Yes. Well, listen, I think I suspect that I speak for a lot of my counterparts around the industry. We're looking for solid regulation. We're not looking to -- and we've seen instances where regulators have really started focusing on stuff that's kind of is trivial. It's been politically motivated the old banking kind of thing, regulation around the disclosures around the climate trying getting us to trying to figure out what the impact of small business lending is on climate change.

是的。好吧，聽著，我想我代表了業內很多同行的心聲。我們正在尋求強而有力的監管。我們並不希望如此——而且我們已經看到監管機構確實開始關註一些瑣碎的事情的例子。這是一種出於政治動機的舊銀行行為，圍繞氣候資訊揭露的監管試圖讓我們弄清楚小型企業貸款對氣候變遷的影響。

I consider all of that to be not particularly productive and a distraction from doing what we ought to be doing, which is figuring how we've how we land the businesses, individuals to do productive things. And for one, I welcome the attitudes we're seeing currently out of the regulatory agencies to get back to basics and to focus on the things that are -- can create material weakness in the financial system.

我認為這一切都不是特別有成效，而且會分散我們的注意力，讓我們無法做我們應該做的事情，那就是弄清楚如何讓企業和個人去做有成效的事情。首先，我對監管機構目前採取的態度表示歡迎，即回歸基本面，關注那些可能為金融體系帶來重大弱點的事情。

But it's not going to change much about how we -- if anything, it's not even change anything really materially how we think about credit, how we think about managing risk, et cetera. I think it's going to be helpful in eliminating some of these distractions. So I think it's a good thing. But won't have any material impact on how we operate.

但它不會改變我們太多的方式——如果有的話，它甚至不會真正實質地改變我們對信貸的看法、我們對風險管理的看法等等。我認為這將有助於消除一些幹擾。所以我認為這是一件好事。但不會對我們的營運產生任何實質影響。

Okay. And then, Ryan, for you on the deposit exposures on the noninterest-bearing. Should we think of those as just reclass and then a little bit more next quarter? Or is it something beyond that, that I missed it?

好的。然後，瑞安，向您介紹無利息存款風險敞口。我們是否應該認為這些只是重新分類，然後在下個季度再多一點？還是有其他事情我沒注意到？

Yes. Thanks, Chris. Listen, we've rolled through our -- all of our affiliates at this point. And it is a reclass over something that was a pretty low-cost consumer interest-bearing into noninterest-bearing. So while maybe being slightly accretive to funding costs are beneficial, but not to a great degree. But we're really enthusiastic about the pull-through and the market receptivity that we're seeing so far.

是的。謝謝，克里斯。聽著，我們現在已經遍及了我們所有的附屬機構。這是將原本成本相當低的消費者計息產品重新歸類為不計息產品。因此，雖然稍微增加融資成本可能會帶來好處，但程度不會很大。但我們對目前所看到的拉動動作和市場接受度感到非常興奮。

And to the earlier point, there's still an opportunity to put some more marketing dollars behind that and that growth agenda that Scott talked about before. to really invigorate that program.

回到先前的觀點，我們仍然有機會投入更多的行銷資金，並實現斯科特之前談到的成長議程，以真正激發該計劃的活力。

Chris, this is Scott. I think the bigger picture with noninterest-bearing deposits is that they're stable. And we saw that stability in the earlier quarters this year, and everybody was wondering going into this year, while noninteresting deposits continue to go down. And so I think the story is they're stable.

克里斯，這是斯科特。我認為無利息存款的整體情況是穩定的。我們在今年前幾季看到了這種穩定，每個人都對今年的情況感到擔憂，而無息存款卻繼續下降。所以我認為他們的情況是穩定的。

Ours appear really stable now. It's been through three quarters is a trend. I think it is. And that kind of peer-leading mix of noninterest-bearing to total deposits, which we've had for three decades. If that's any indicator, we've gone through yet again, another rate cycle and have maintained that peer-leading mix of noninterest-bearing to total deposits.

我們的現在看起來確實很穩定。這已經是三個季度以來的趨勢了。我認為是的。這種無息存款與總存款的比率處於同業領先地位，我們已經擁有這種比率三十年了。如果這能說明什麼的話，我們又經歷了一次利率週期，並且保持了同業領先的無息存款與總存款的比例。

I think that's the second headline at least we're pleased about showing this year.

我認為這是我們今年很高興展示的至少第二個標題。

And really, the real success will be measured by the net new clients that we obtained through these programs, right? So we're happy with what we're seeing so far, but there's still more work to be done.

事實上，真正的成功將透過我們透過這些計劃獲得的新客戶數量來衡量，對嗎？我們對目前所看到的情況感到滿意，但仍有更多工作要做。

David Smith, Truist.

大衛史密斯，Truist。

Thank you. Getting back to the idea of the transition from modest loan growth shrinkage this past quarter to getting back to that low to mid-single-digit growth rate over the next year. Just talk about your current risk appetite today and whether the current situation with those two one-off borrowers has had any impact on it and how your overall risk appetite might evolve over the next few quarters as well?

謝謝。回到從上個季度的小幅貸款成長萎縮到明年恢復到低至中等個位數成長率的轉變的想法。請談談您目前的風險偏好，以及這兩位一次性借款人的現狀是否對其產生了影響，以及未來幾季您的整體風險偏好將如何變化？

Yes. Thanks for the question. This is Derek. Yes. I mean, we're going to continue doing underwrite the way we've done historically. So this will not change how we look at growth now. Can we learn? Sure. But we're going to continue doing what we've been doing, and it shouldn't impact our loan growth.

是的。謝謝你的提問。這是德里克。是的。我的意思是，我們將繼續以我們過去的方式進行承保。因此這不會改變我們現在對成長的看法。我們能學到嗎？當然。但我們將繼續做我們一直在做的事情，這不會影響我們的貸款成長。

As Harris did indicate, I mean, we have been working through some commercial real estate criticized and classified that we've seen those successfully pay off or improve over the last 6 months. So that's something that will continue. Thank you.

正如哈里斯所指出的，我的意思是，我們一直在處理一些受到批評和分類的商業房地產問題，我們看到這些問題在過去 6 個月內成功地得到了回報或改善。所以這種情況將會持續下去。謝謝。

Bernard Von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Just on the 8-K that you released, I know there's a lot of questions on this, but in there, you noted you became aware of legal actions by several banks and other lenders I know you couldn't announce the borrower, but there were a handful of issues that appeared in the market before this. And I understand the limitations of what you can disclose.

就您發布的 8-K 而言，我知道對此有很多疑問，但在其中，您指出您注意到幾家銀行和其他貸款機構採取了法律行動，我知道您無法宣布借款人，但在此之前市場上出現了一些問題。我了解您所能揭露的資訊的限制。

But today, credit seems solid outside of this. Why not put this in perspective for us at the time of the 8-K filing.

但今天，除此之外，信貸似乎很穩定。為什麼不在提交 8-K 表格時就把這個問題告訴我們呢？

Why not put credit more broadly in perspective? Well, I think we -- listen, we weren't in a position where we wanted to prerelease at the end of the quarter and kind of getting it out there a piece of the time wasn't the intent, I think, we filed a lawsuit that lawsuit as a matter of public record. We didn't want to have somebody stumble across that and have the information that the market didn't have.

為什麼不從更廣闊的視角看待信用呢？嗯，我想我們——聽著，我們不想在本季度末預先發布，而且暫時把它發佈出去也不是我們的本意，我想，我們提起了訴訟，作為公開記錄。我們不希望有人偶然發現這一點並獲取市場上沒有的資訊。

So I think that was a primary factor in our determination to file an 8-K at the same time. So everybody would have the benefit of seeing what somebody could have found in court house. It's about that simple.

所以我認為這是我們決定同時提交 8-K 表的主要因素。因此，每個人都可以看到有人在法庭上發現了什麼。就這麼簡單。

Okay. Understood. And then just separately, when we think about the outlook on fee income, it looks like it will be broad-based. I know the cap market piece is going to be outsized. But -- with regards to the other areas, like any particular areas that stand out outside the cap markets? Or any commentary or color you can add towards that?

好的。明白了。然後單獨來看，當我們考慮費用收入的前景時，它看起來將是廣泛的。我知道資本市場佔有率將會變得非常龐大。但是──關於其他領域，例如資本市場之外有哪些特別突出的領域？或者您可以對此添加任何評論或色彩嗎？

Sure. It's Scott. I'd be happy to respond to that. Yes, our capital markets business has been growing nicely with the two, three years ago said we were leaning into when it was kind of $70 million-ish a year we reflected that we would try to perhaps double it over a three-, four-year period, and we're well on our way to doing that.

當然。我是史考特。我很樂意對此作出回應。是的，我們的資本市場業務一直成長良好，兩三年前我們曾表示，當它的年收入大約為 7000 萬美元時，我們就想過在三到四年內將其翻一番，而我們現在正在順利實現這一目標。

But we have seen this year broader growth, treasury management kind of account analysis revenue is up about 4%. Our business and retail service charges, which had been decreasing for some years or flat to decreasing, actually have shown to nice growth this year. And our mortgage kind of a change in how we are pursuing our mortgage business to more of a held-for-sale approach as opposed to held for investment is generating more fee income, and we saw that pull through in the third quarter.

但我們今年看到了更廣泛的成長，財務管理類帳戶分析收入成長了約 4%。我們的商業和零售服務費用多年來一直在下降或持平或下降，但今年實際上卻顯示出良好的成長。我們的抵押貸款業務發生了某種變化，從持有待售的方式轉變為持有待售的方式，而不是持有待投資的方式，從而產生了更多的費用收入，我們在第三季度看到了這一變化。

So anyway, and our wealth business, which is an important business for us is a little bit flat right now. But we believe as we look out a year, it will grow very nicely. Also, so we're seeing a much broader mix of growing businesses than, say, this time last year.

無論如何，我們的財富業務（對我們來說是一項重要的業務）目前有點平淡。但我們相信，展望未來一年，它將會發展得非常好。此外，與去年同期相比，我們看到成長業務的組合更加廣泛。

Anthony Elian, JPMorgan.

摩根大通的安東尼·埃利安。

A follow-up on MDFIs more broadly. Harris, you've been in the industry for many years now, which I think gives you a unique perspective relative to other CEOs in the industry. Given the scrutiny by investors on banks' DFI portfolios, I'm wondering if, in your view, the concerns that investors have on this loan category are overblown or if their concerns are reasonable?

對多邊金融機構進行更廣泛的追蹤。哈里斯，您已經在這個行業工作多年了，我認為這讓您相對於行業內的其他執行長擁有獨特的視角。鑑於投資者對銀行 DFI 投資組合的嚴格審查，我想知道，在您看來，投資者對此類貸款的擔憂是否被誇大了，或者他們的擔憂是否合理？

Well, I'd start by saying, I mean, the MBFI spectrum is pretty broad. It includes some categories that I think are proving to be quite safe capital call lines would be a good example of that. It's -- and personally, if I have -- if I think there's risk out there, I think it's probably in private credit. And I say it because given the rate of growth and the lack of regulation, the dearth of covenants and sometimes more liberal structures that I think we see in that kind of credit.

嗯，首先我想說的是，MBFI 的範圍相當廣泛。它包括一些我認為被證明是相當安全的類別，資本調用線就是一個很好的例子。就我個人而言，如果我認為存在風險，那麼我認為它可能存在於私人信貸中。我之所以這麼說，是因為考慮到成長率和監管的缺乏，我認為我們在這種信貸中看到了契約的缺乏，有時也看到了更為自由的結構。

I think FSOC, Financial Stability Oversight Council, and others have been expressing greater concerns that growth in private credit because it's -- when you get something growing as quickly as that's been growing and with magnitude of size of that sector. It's at least kind of a yellow flag. I don't think that direct exposure that most banks have in private credit are particularly worrisome.

我認為金融穩定監督委員會 (FSOC) 和其他機構一直對私人信貸的成長表示更大的擔憂，因為當某個行業成長速度如此之快並且規模如此之大時。這至少是一種黃旗。我認為大多數銀行在私人信貸方面的直接風險敞口並不特別令人擔憂。

The greater risk, I think, is going to be the kind of spillover risk if or when that private credit sector finds itself in a create of stress. They don't have the structural backstop of liquidity that the banking sector does with the Fed, et cetera. And so again, given the high rate of growth in the sector, I think it's not unreasonable to think that it could pose some increased risk in credit markets.

我認為，更大的風險是當私人信貸部門發現自己陷入壓力時產生的溢出風險。它們沒有銀行業與聯準會等機構那樣的結構性流動性支持。因此，考慮到該行業的高成長率，我認為認為它可能為信貸市場帶來一定的風險並非不合理。

But I think I do think that -- look, we've had the tricolor and then the first brands issues. And I think that kind of had the market a little on edge. And when we had our announcement last week, everybody was connecting dots, maybe more than just wanted, I don't think there's necessary a relationship between these three credits.

但我認為我確實認為——看，我們已經有了三色旗，然後是第一個品牌的問題。我認為這讓市場有點緊張。當我們上週宣布這一消息時，每個人都在思考一些問題，也許不僅僅是想要這些問題，我認為這三個學分之間沒有必要的關係。

Other than I do think -- again, this is me speaking, but we've been through a prolonged period without a lot of stress in the markets. we're now sort of 15 years out from the financial crisis, pandemic looks like it could have been one of those moments, but there was enough government assistance flooding the markets to save that off.

除此之外，我確實認為——再說一次，這是我在說話，但我們已經經歷了一段很長的時期，市場沒有太大的壓力。現在距離金融危機已經過了 15 年，疫情看起來可能是其中一次危機，但政府向市場提供了足夠的援助，挽救了危機。

And so I'm not wishing for a recession, but there's something that's kind of inherently healthy about cycles too. And so I worry about what we haven't seen that will hit when we go through a cycle. And again, given the growth sort of a lack of oversight.

因此，我並不希望出現經濟衰退，但週期本身也有一些健康的東西。因此，我擔心當我們經歷一個週期時，我們還沒有看到的事情會發生。而且，鑑於成長情況，我們再次缺乏監督。

And I think there's some very responsible lenders in private credit, you don't get me wrong. But I also think there's a lot of pressure to keep growing once you get on that treadmill. It's hard to get off the growth trend. So anyway, those are a few thoughts. But I think about (inaudible).

我認為私人信貸領域有一些非常負責任的貸款人，你不要誤會我的意思。但我也認為，一旦你踏上跑步機，就會面臨很大的不斷成長的壓力。很難擺脫成長趨勢。無論如何，這些都是一些想法。但我考慮（聽不清楚）。

Appreciate that. And then my follow-up, if I look at the new slide 36 you added on NDFI, where are you paying the most attention to within these allocations? And which of these buckets, if any, would you say are of highest and lowest concern from a credit quality perspective. I know you mentioned capital call lines will be on the safer side, but where are you paying the most focus on?

非常感謝。然後我的後續問題是，如果我看一下您在 NDFI 上新增的投影片 36，在這些分配中您最關注的是哪裡？從信用品質角度來看，您認為這些類別中哪些最值得關注，哪些最不值得關注？我知道您提到資本調用額度會更加安全，但您最關注的是什麼？

Well, this is Derek again. I'd say we pay attention to all of them for all of the segments. I think within -- again, this is a very -- it's a very broad regulatory definition. So you really have to go credit by credit. Just within there, I think we pay attention to leverage lending. There's a number of other just areas to focus on, but it's hard to just focus on.

嗯，我又是德瑞克。我想說的是，我們會關注所有部分。我認為——再說一次，這是一個非常——非常廣泛的監管定義。所以你確實必須逐一查對信用。就在那裡，我認為我們關注槓桿貸款。還有許多其他領域需要關注，但很難只關注這些領域。

Say there's one segment here that I would call out. I think it's important that we focus on all of really, the capital call lines, certainly, the capital call line subscription line to have proven over time to -- even though they are lower return opportunity, typically, they've proven to be a little more stable.

假設這裡有一個片段值得我指出。我認為，重要的是我們要真正關注所有資本調用額度，當然，資本調用額度認購額度已經隨著時間的推移被證明——儘管它們的回報機會較低，但通常它們已被證明更加穩定。

Janet Lee, TD Cowen.

珍妮特李 (Janet Lee)，TD Cowen。

In terms of your NII guide, am I correct to assume that there will be a 2 to 3 basis points lift to earning asset yields per quarter based on the forward curve, it feels like that 2 to 3 basis points earning asset yield increase has been the color we've pretty much consistently heard for a while now.

就您的 NII 指南而言，我是否可以正確地假設，根據遠期曲線，每季度的盈利資產收益率將提高 2 到 3 個基點，感覺 2 到 3 個基點的盈利資產收益率增長是我們一段時間以來一直聽到的趨勢。

And also, can we assume that the half of the runoff jump the securities is going to get reinvested in the coming quarters. I would appreciate any details on the underlying assumptions for your NII guide?

而且，我們是否可以假設，一半的流失證券將在未來幾季再投資。我很感激您提供有關 NII 指南的基本假設的任何詳細資訊？

Yes. Thank you for that, Janet. Listen, on the earning asset yields, whether on a latent or an emerging perspective, we still see the same kind of range there of the pickup of earning assets, you might be on one end of the range versus the other but still within the range that I alluded to before. Maybe on late, maybe be on the high end on the merchant, maybe on the low end when you combine the repricing for loans and securities.

是的。謝謝你，珍妮特。聽著，關於生息資產收益率，無論是從潛在角度還是新興角度來看，我們仍然看到生息資產的回升處於相同範圍，你可能處於範圍的一端而不是另一端，但仍然在我之前提到的範圍內。可能較晚，可能在商家的高端，可能在結合貸款和證券的重新定價時處於低端。

In terms of what's to come, you can see where we've been in more recent quarters. And reasonably consistently, we've been reinvesting about half of the gross cash flows that come out of the portfolio. I think we sort of signaled that, that will probably need to taper at some point. We've had -- we've spoken broadly about kind of rules of thumb.

就未來而言，您可以看到我們最近幾季的情況。並且相當一致地，我們一直在重新投資投資組合中大約一半的總現金流。我認為我們已經暗示，在某個時候可能需要逐漸減少。我們已經——我們已經廣泛地談論過一些經驗法則。

But what it really comes down to is you go run your liquidity stress test, have the things hold up on that basis. So is there more room to run on the securities portfolio? Yes, there is, but it's probably not the same extent as what we would have said a year or two ago.

但實際上，你需要進行流動性壓力測試，並在此基礎上確保一切順利。那麼證券投資組合是否還有更大的運作空間呢？是的，有，但可能與我們一兩年前所說的程度不一樣。

So I guess, we're going on quarter upon quarter, probably closer to a year or more where we've done reinvesting half. I would expect us to continue to reinvest in some to what extent will depend on other factors as we go. Including the opportunity for reinvesting in loan growth and/or paying down wholesale funding resources.

所以我想，我們會逐季進行，可能接近一年或更長時間，我們已經完成了一半的再投資。我希望我們能夠繼續在某些方面再投資，但投資程度將取決於其他因素。包括再投資貸款成長和/或償還批發融資資源的機會。

And just to clarify, on your guidance side, so you are expecting C&I to be a bigger driver for commercial loan growth than CRE over the next 12 months. And also -- and if you coul

需要澄清的是，從您的指導角度來看，您預計未來 12 個月內，C&I 將比 CRE 更能推動商業貸款成長。如果你能

d confirm that, that would be great. And also, looking into 2026, do you see that the commercial borrowers are getting more excited or getting more optimistic with the rate cuts coming? And also how much of a bonus depreciation being likely to return in 2026 with the bill? Like is that also a positive reinforcement for improved C&I loan growth heading into 2026?

d 確認這一點，那就太好了。此外，展望 2026 年，您是否發現商業借款人對即將到來的降息變得更加興奮或更樂觀？此外，隨著法案的出台，2026 年獎金貶值可能還會有多少？這是否也對 2026 年 C&I 貸款成長的改善起到了積極的促進作用？

Yes. This is Scott. And the answer to your first question is yes. A greater portion of growth will come from C&I loans in '26. That's what we believe. In terms of borrowers having an uncontrolled enthusiasm about lower rates, I don't think they thought rates where they were, were regarding loan growth.

是的。這是斯科特。第一個問題的答案是肯定的。26 年，更大一部分成長將來自商業和工業貸款。這就是我們所相信的。就借款人對較低利率的無限熱情而言，我認為他們並不認為目前的利率與貸款成長有關。

I think what you're seeing is not really a rate-driven thing as much as just a concern about the macro economy, whether it was commercial real estate issues or the economy in general or tariffs, possibly the thought of a looming recession.

我認為你所看到的並不是利率驅動的問題，而只是對宏觀經濟的擔憂，無論是商業房地產問題還是整體經濟或關稅，可能是對迫在眉睫的經濟衰退的擔憂。

I think that's more on people's mind. And certainly, yes, with lower rates borrowers will be happy about that. But I don't think they were terribly unhappy about where rates were in terms of making economics really work on projects or investments, et cetera.

我認為這是人們更關心的問題。確實，利率降低會讓借款人感到高興。但我並不認為他們對利率水準在專案或投資等方面的經濟效益感到十分不滿。

And I think on your -- maybe your point on the depreciation for the one big beautiful bill, the upfront I've not seen any modeling on that basis. You can imagine that net-net, that you would think that that would be supportive of capital investments, all else being equal. But in terms of narrative, I don't know that there's much to offer on that yet.

我認為，也許您所說的關於一張大額美麗鈔票的貶值的觀點，我還沒有看到任何基於此的模型。你可以想像一下，在其他條件相同的情況下，你會認為這將支持資本投資。但就敘事而言，我不知道還有什麼可以提供的。

Tim Coffey, Janney Montgomery Scott.

提姆·科菲、珍妮·蒙哥馬利·史考特。

Evening, everybody, thank you for the chance to ask a question. My question had to do with the commercial real estate portfolio and that segment of the portfolio where your construction on an existing building for property improvements, rehabilitation, et cetera.

大家晚上好，感謝你們給我這個提問的機會。我的問題與商業房地產投資組合有關，其中包括在現有建築物上進行物業改善、修復等建設的投資組合部分。

And so my question is, have you seen any improvement in the time to lease up once those projects are complete. Because if I remember correctly, a couple of quarters ago, some of those loans had met it to nonaccrual. And I'm just wondering if there's been an improvement in the lease-up time.

所以我的問題是，這些項目完成後，租賃時間是否有改善？因為如果我沒記錯的話，幾個季度前，其中一些貸款已經達到了不計息的水平。我只是想知道租賃時間是否有改善。

Thanks for the question. This is Derek again. Well, not very many have made it to nonaccrual. But it's -- what I would say is there was -- in '21 and '22, there was a lot of supply (inaudible) that I point to, at least from our portfolio, which primarily would be multifamily and industrial. And what's just happened, as I've said before, is it's taking longer for those to lease up. But we are seeing them lease up, especially in the multifamily.

謝謝你的提問。我又是德瑞克。嗯，沒有多少人能夠達到不計息的程度。但我想說的是，在 21 年和 22 年，有很多供應（聽不清楚），至少從我們的投資組合來看，主要是多戶住宅和工業用房。正如我之前所說，剛剛發生的事情是，這些房屋的租賃時間變得更長了。但我們看到租賃市場正在上漲，尤其是多戶住宅。

We see some concessions. So maybe one month, two months of free rent, but the buildings are filling up. So they're -- it's taken certainly longer than I think sponsors or we would have hoped, but they're still leasing up. And I think over the next year, as we said, I think we're going to continue to see our credit size and classified just hopefully improve.

我們看到了一些讓步。因此，也許可以免除一個月或兩個月的租金，但建築物已經住滿了。所以他們——這肯定比我認為贊助商或我們所希望的時間要長，但他們仍在租賃。我認為，正如我們所說，明年我們的信貸規模和分類將持續改善。

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

Thanks for letting me late here. Derek, just a question for you. How do you want us to think about the reserve level from here? I think you're saying despite the drama of the past week, I'm sure the antenna is up, but just confirming you're saying you're not seeing anything else abnormal at this point on credit and confirming that.

謝謝你讓我遲到。德瑞克，我只想問你一個問題。您希望我們如何看待目前的儲備水準？我想你是說，儘管過去一周發生了一些戲劇性的事情，但我確信天線已經升起，但只是確認一下你所說的，你目前沒有看到任何其他異常情況，並確認這一點。

And then how are you thinking about the reserve level?

那麼您對於儲備水準有何看法？

Well, I mean, we reserve for what we expect. So based on -- primarily based on the economic scenarios that we use and what we've modeled and then applies in judgment to it as well. And so our reserve has stayed fairly stable actually for a number of quarters. So less -- but it would depend upon the economy and where we think that's moving or to ship

嗯，我的意思是，我們為我們所期望的事情保留。因此，主要基於我們使用的經濟情景以及我們建模的內容，然後對其進行判斷。因此，我們的儲備實際上在多個季度內保持相當穩定。所以更少——但這取決於經濟狀況以及我們認為的運輸方式

Yes. Okay. Okay. I understand what you're saying. Harris, anything else onset on credit? I mean, obviously, your stock has been really volatile on it. You've talked a lot about it. But anything else on underwriting and credit that you haven't touched on that you'd like to touch on?

是的。好的。好的。我明白你的意思。哈里斯，還有其他關於信用的事情嗎？我的意思是，顯然，你的股票一直非常不穩定。您已經談論了很多。但是，關於承保和信貸，您還有什麼未涉及但想涉及的嗎？

Well, I was earlier this afternoon. I have a going through, I was looking at kind of risk-adjusted net interest margins for a lot of the banks that have reported so far this quarter. And even with -- I take the NIM, I subtract actual charge-offs. And we had a risk-adjusted NIM about 301.

嗯，我今天下午早些時候去過。我正在研究本季迄今已報告的許多銀行的風險調整後淨利差。即使我採用了 NIM，我也減去了實際沖銷額。我們的風險調整後的淨利差約為 301。

Now without the $50 million charge-off, it would have been about $325 million. But the 301, we'd be kind of in the top three of kind of the banks even with us a band. As I noted, I mean, this quarter, we had 4 basis points of other charge-off loss. So it's not like I expect to have an event like this one every quarter.

現在，如果沒有這 5,000 萬美元的沖銷，這個數字將會達到 3.25 億美元左右。但對於 301 來說，即使我們是一個樂隊，我們也能躋身銀行前三名。正如我所指出的，本季我們有 4 個基點的其他沖銷損失。所以我並不期望每季都會舉辦這樣的活動。

I think that we actually do credit really well. I think it's one of the strengths in this place. I think it may have been one of the reasons that it traded got everybody's attention because it was not the kind of thing you'd expect from us. And I hope that we'll always have that kind of reputation. And it's something we take really seriously.

我認為我們的信貸業務確實做得非常好。我認為這是這個地方的優點之一。我認為這可能是它的交易引起所有人關注的原因之一，因為這不是我們所期望的那種事情。我希望我們能永遠擁有這樣的聲譽。我們對此非常重視。

A few quarters ago, somebody asked what what's the loss you expect to take in to make a long I said is 0. We expect to get it all back. And so we take it seriously when we don't. But anyway, I think we're one of the better ones in the industry. Actually, what's the track record. I think that's true. If you take out this isolated case.

幾個季度前，有人問你預計做多要承受多少損失，我說是 0。我們期望能夠收回一切。因此，當我們不這樣做時，我們會認真對待。但無論如何，我認為我們是業內較優秀的公司之一。事實上，記錄如何。我認為這是真的。如果你把這個孤立的案例拿出來。

I'm not arguing you should because it didn't happen. But even with it there, 37 basis points isn't out of the realm of kind of what the industry funds at routinely. So I don't want people to understand that about us. Part of the strength of the place.

我並不是說你應該這麼做，因為這件事根本就沒有發生。但即使如此，37 個基點也並未超出產業常規融資範圍。所以我不想讓人們了解我們這一點。地方實力的一部分。

I mean, you have strength of capital and everything else, but it's also a culture and it's credit and -- so I call that to people's attention.

我的意思是，你擁有資本實力和其他一切，但這也是一種文化和信譽——所以我提請人們注意這一點。

This now concludes our question-and-answer session. I would like to turn the floor back over to Shannon Drage for closing comments.

我們的問答環節到此結束。我想將發言權交還給 Shannon Drage 來做最後評論。

All right. Thank you, Von, and thank you all for joining us today. We appreciate your interest in Zions Bank Corporation. If you do have additional questions, please contact us at the e-mail or phone number listed on our website.

好的。謝謝你，馮，也謝謝大家今天加入我們。感謝您對 Zions Bank Corporation 的關注。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。

We look forward to connecting with you throughout the coming months, and this concludes our call.

我們期待在接下來的幾個月與您保持聯繫，我們的通話到此結束。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。請斷開您的線路，祝您有美好的一天。