现场笔记——运营账户在2026年第三季度财报中占据中心地位：中型银行：北美

Mentions of "treasury management" on 3Q26 Midcap Bank earnings calls surged 105% versus the prior four quarters, while "relationships" rose 47%, as higher rates and solid loan growth put a giant spotlight on operating accounts. The report presents a Debate Board of the most discussed names: CFR is the most hotly debated (will its interest-bearing deposit beta rise to 80% this cycle?), with investors most bullish on ZION and most bearish on FLG. The analysts argue CFR's commentary referred to 4Q26 rather than through-the-cycle and conservatively model a ~70% IB deposit beta through 2027;