Bank Of America (BAC) 16 Apr 192019 Q1 Earnings call transcript

Good day, everyone and welcome to the today's Bank of America Earnings Announcement. At this time, all participants are in a listen-only mode. Later, you’ll have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call is being recorded. It is now my pleasure to turn the conference over to Mr. McEntire. Lee ahead. go Please

documents for results. morning's that By chance bankofamerica.com earnings had Thanks Investor on our section Relations everyone to XQ a of release the review XXXX now to are joining morning. available call the this website. review has which Good I trust

the After to Donofrio, Before we statements forward-looking may over Brian of Brian's our let Paul the details call. CFO, comments, turn review results. for I we'll call me XQ Moynihan, will make it during CEO, open questions. the all After remind that the the you your of that up

on information our further earnings filings. release refer our forward-looking For to SEC either it our comments, please take With or website, that, documents, Brian. away,

good this history. everyone. joining after-tax, net quarter morning, for the quarter, the first our of quarter and morning company's review XXXX reported in you us results. of In income best we’ve first Thank you, Thank billion to $X.X Lee the

we you both points, right. operating This X%, basis of And slide in $X.X capital leverage the you in of shows and how So It model. commitment the XXX operating which growth responsible reflects begin billion, see of than grew another of which the could to mix EPS also drives quarter shows generated XX% This a returns. the nice our quarter. diluted of achieving right. in on first upper We it grew shareholder record let's XXXX. $X.XX, and blocks more our improvements building Pre-tax income can two. see lower reported that from slide

level to charge-offs quarters. for we net net more match Provision a closely. build remains same expenses strong Asset remained to been our count around we year-over-year net reserve support as several reserve lower. to small $Xbillion, had Through drive charge-offs our And those up loans have all after deployment quality it meeting the disciplined share the continue this and their year. last businesses, capital make release requirements to against quarter the customers

You can see left. that in the lower

with shares goal bring share underway X% the billion down of years. the well shares in crisis. to first are increased the shares dilution diluted the in out and to our quarter by down We are buybacks, our X.X the past XXXX compared capital build Through after caused four

slide to produce to is of is part results drive that we part Turning operational did and excellence, three, this responsible again to growth of it sustainable quarter. and

we leverage As you consecutive quarters. can slide to operating streak three, extended see XX positive on our

but one susceptible it We think diverse company, of drive and characteristics, to achieved had different like As quarter. which shown our operating and annuity things of many those the But behind here, in revenue, conditions. to business many you think achieved across leverage. years is global in ability the there, our buckets market consistently. two many what in the broad has it is we a constant as different changes our different affect markets different economy interest out last rate that the All so, we've environments, been economy. perceptions quarters, or four and differently prevailing When more has U.S. you given three and

business like The that. like or first fees, fees our recurring cash loans revenue bucket second fees and our is in and things bucket deposits, interchange and to the spread commercial management consumer from or account

the market related moment given The dependent be at on and fees would are trading third sales banking revenue, which which and given asset bucket revenue, market market investment a to those activity management revenue, rise the of and levels. both levels brokerage are more

types revenue XX%. of So our if you last versus down think quarter year, this related about was market

growth. were sources all-in with in shows that ended the company and this two related X%, revenue up you non-market that revenue other flat The up diversity

the again you table like the resulted right of expenses X%, as invest the All in move points three. laser our leverage. we in the which operating resulted and slide see driving can came to while basis the year-over-year hand continue expense you of in However, focus XXX decline the on about When of expense side to company, future. managing to how you we're think management

do leverage Our full that, States. billion that come the last more quarter, invest relationship to capacity, driving more more in getting we as to And down U.S. and expenses our we've we're years over four $XX change why the during and from markets or penetration working, also increase billion markets have continue of we but business time, franchise. management we is drive franchise marketing $XX deeper and because entry the been add And United so. do each our deeply through operating in it and across

continue train announced to for bankers. bankers Across industry in with also work benefit we more new small added higher and in in bankers we leading currently Pay and for technology had billion teammates, with be capabilities invest reskill of universities to XX% and more sales plans, industry $X clients. in our and spending our the health running and savings retirement, now, work the expected to XXX and years plus relationship to both We has reform deploy more Plan more people, And advisors, quarter, due tax next professionals as company, more going many leading wage from wealth our and to more around we the months but been from an the business discussed we XXXX. business we’re bankers, consumer investment $XX this this initiative for teammates commercial need many times, because bankers, where to is We best increase make XX to company plus hour. great our minimum that an to over recently, hour need do $XX our

out both the in clients communities of build to network our invest a as physical America delivering enhance in capital billion around products continue operate and to enhance our Bank and the to countries services All buildings, We well and facilities facilities in infrastructure. around globe. year and expenditures $X we for as

we physical laid in our centers, out point run consumer We're other we is and expense financial broad do. just The is out relates current build But We're the our build what through our ATMs business. complete to announced halfway all ago. the based haven't the out. we'll As you, importantly it for guidance. in embedded cost to in It's already in executing years our embedded work rate. plan fact several our

returns drive invest we operating So leverage and and see we we that on investment.

quarter what the our driving is digital with charts we you, discussed ways that many change of is of the you we our customer them get is as behavior. investment the on trend, One the our Each on customers’ show I capabilities. slide digital of this our that five Because through statistics. we in obvious, sometimes miss return

wise. eat This too important X% choice. the We financial remain them the and their now first XXX,XXX ACH, to our have was consumer our million have loan our to XX% if our processed payments over them slowed to customers customers billion X% we and active the time in in this those can continue officer could welcome upgrade goes quarter will grown every from wires XX modern. financial to a possible. is means. of are more ago checks part their mobile, That's they financial than can devoted of the users a now of And to XX events centers, digital sales an invest transactions a those centers users done pace and it quarter. XX of while day important $XX mortgage. make digital continue physical billion them we fulfillment transacted those digital, of have quarter quarter. over of into and financial year X you they now to payments see teammates amounted payments pace in hours manner We to through more more in still million very example first $XXX with and XX% X% can the of our XXXX means payments, in uses million client’s in day capabilities. of payments quarter online the An our centers, of and strong and Zelle And cake in of serve application be in we digitally. deposit have for XXXX. and to cash a electronic their customer their and The It to

let's choosing growth deposit X% banking checking the Global more on X%, these households grew the activity X% you from basis. their the organic This straight $XX of slide if versus at look banking us grew or management. client of couple grew billion Consumer be bank. billion year-over-year as growth did of deposits Average deposit drivers grew income, showing consumer core core to six. are go wealth by total year. We'll pace to prior our So year, deposits last matters. on $XX spend is XXth minutes quarter a on our a more in

has pace customers of and continue XX% the capabilities plus Our attrition to primary consistently and lower growth of value rates, the status. growth bank exceeded rewards their industry's see relationship

wealth new management addition, strong a also of In growth deposits relationships. saw in

we bearing give bankers interest Within [indiscernible] to from our with credit will rises, rate as to their customers services non-interest bearing franchise. officers Our benefit treasury team treasury pay a note for strong to continues their bearing balances. as them non-interest from demand commercial to continue Banking customer and Global we that deploy you Global across Banking, us, for balances move they balances

stabilizes curve has. stabilizes change when this as However, rate it the

about in promising average other late good quarter. purchases, complemented where loan during go from raw Particularly This companies they the base, you middle loans. last increasing we customer top impacted we usage means and slide strong average was quarter level, and grew our the material call As middle line we further loans talk lines of news their corporate about as The Overall, we fourth house rebound seven, finance draw payrolls to market let's the X%. growth are market saw good a spoke growth growth to activity a to first was is by investments. increase.

grew left last been across However, And growth growth years or growth, our hand growth chart core for across the billion improved segments, loans responsible at consistent responsible model. several business this or lower rate shows our The the consistent year-over-year with quarter. growth X% basis. the the five more; looking a $XX consistent on years. That's business has consistent with core

in this balances the ending banking in quarter six growth last rate the years. linked commercial fact, shows quarter our In highest

see bit for a covered modest sequential the basis. you basis a slide the and both on ago to of but here, assets highlights XXX points move average in focus can return a the returns. we year company our points want lot on to I've quarter. the increase was I improve the sheet in eight, and quarter core Despite on balance As little

Our tangible return on common was XX%. equity

details more from down quarter continued over through it year. XX% ratio move of that, to results. first With XX.X% to our walk to Paul Paul? efficiency to turn me last let Our you

QX, thereby morning, billion, dividends securities rates, interest to returned $X.X Liquidity or by $XX the Overall, Long-term common of of equity Partially and above earned net billion combination the benefited since equity liquidity of I'm of Brian increase starting sheet increased all $X.X from XX on everyone. and remained share $XXX available the from the billion, already debt Good QX; income decline the We a increased remained as requirements. metrics common the the we of AFS financing the the quarter. more our driven capital offsetting business. value increasing covered return end slide and of than AOCI. liquidity through the to grew was $X P&L. XXX% with in sources well this repurchases. billion loan shareholders’ debt strong average global compared billion, balance

regulatory exceeded end the comfortably at March our January, to metrics, our of ratio became requirements. Turning in total rules capacity absorbing effective and minimum loss TLAC

by primarily was ratio AOCI ratio remained regulatory our was standardized flat in markets. offset well The earlier was from flat, the RWA and CETX mentioned increase global Our QX requirement. above because XX.X% at X.X% in higher

was spreads. rates deposit Turning driven loan the billion basis spend the and down an as of $XX.X to was and rose, rates I want on yields basis, were NII QX or also interest moments XX, $XXX on benefited our by NII environment. the with interest non-FTE billion; a NII rate million. deposits GAAP particularly GAAP loan from was as to rising pricing, and compared to short-term QX, by rate was growth, linked-quarter few changes as The loan growth. We improvement benefited deposit on basis, XXXX assets from we floating lower well deposit respect rose. disciplined FTE slide growth, commercial X%. partially a million $XX.X offset up Net GAAP, our given in a to $XXX In on we as On income loan value

also global market our costs. However, debt higher the other of and funding increased short-term rates cost long-term

things benefits of the a muted all rates short-term the net benefit rates. quarter. The still mortgage these in from increased lower Additionally, was

is in our average on year-over-year. points minimal interest average to seasonal from Overall, we Banking funds increase yield points -- basis point However, Wealth movement million. X.XX% rose versus points paid Global roughly this year-over-year, but the however, XX benefit of mitigated was basis XX in That consumer us saw business. Deposit of basis and businesses of points XXXX. net costs days QX basis up in only which impact of partially two Net increased Management interest, from in improved bearing the $XXX deposits X XX basis less rates rate an interest QX and of down XXX quarter. points linked QX basis our Fed compares X X

sensitivity long-end compared to assets asset banking our to in drop increased book, sensitivity, Turning the the our year-end. of rates

we modestly addition, rates given modeling now experience are rate deposit pass-through this lower in In our cycle.

XXXX, been of with would moves I European environment The seasonal a slightly and specifically some better deposit QX to activity typically in more of interest recent the the I global X% growth to aids funding year grow approximately have next client markets which NII in economy. grew over a general would to rate economy NII growth expected the full lowered. But that in in provide additional or higher revenue trading picking in through moderately couple grew rising And QX. season, quarters. rate in in of days some be basis, More perspective in related reduces sees is economy have and rates, thought, consistent XXXX. On and NII We the the of loan dividend NII. than headwinds of Plus, Given X%. the two rest up year. growth, for we on but expect an expectations

growth, typically also benefit on credit less year-end loan see card paydowns QX. from balances in We driven by

for Finally, the long-end securities, of year, additional will day mortgage These second growth this economic of be remain expect accruals. in year higher of XXXX. in lower, write-off. year of assumes QX. growth and by of be partially Ultimately, consistent which rates -- premium mitigated loan and interest as prepayment well benefit the pace have the deposits half fallen the as we with we expect bond QX from day NII This half for an additional across Across drive roughly full curve should today's interest will perspective to the cause NII headwinds and up the to one backed of environment. deposit current XXXX forward loan and

costs. efficiencies QX FDI across were continued improve full we on reflected as efficiency and to simplify improve X% we to lower expenses This well XXXX. down slide $XX.X million $XXX our enterprise as Turning XX, to billion, compared to at work insurance of processes, from or year a the

management are layers complexity. many and in with way, the sales replacing terms we By the these bureaucracy of reduced professionals. and over cutting managers We headcount, managers also of last year,

some also merger Merrill marketing years our by expense, saw We tech Compared intangible end an amortization $XXX the are initiative XX business QX million, due seasonally to up ago. to of mitigated timing plans. related to expenses and elevated XXXX, payroll partially tax in to

deferred certain the market benefit the overall for went elevated QX, QX, XQ rebound. the accounting hedges in in accounting as related the other market’s addition, programs was the between way with for by this mismatch In and declined

year expense. XXXX you we would for Our levels reduction filed in in revenue expense reclassified also XXXX we in will expansion to XXXX. respect some planned an initiative year, the we like as full believe this approximately spending, of minimum our reclassified our years resulting XX%. next approximate note digital people both of target XXXX, earlier level these to we our expense I With our meet further XXXX $XXX full efficiency and for still ratio million of increased an two year we improved X-K that increase, know, announcements which investments to increases, supporting for reporting and that physical expense our in wage made we and despite

expenses However, little a progression be of and the planned as of please it the years, will may the timing impacted that XXXX past in marketing spend. note, quarterly technology than look by different

related perform saw to QX Turning XXXX by U.S. loss quality losses charge-off on to single The driven adherence charge-offs growth quality than a comparisons by asset $XX million, The asset periods. one was continue responsible to solid basis higher charge-off increased continued $XXX now XX to a QX. $XX XX well, in against points. but three modest slide card quarters which million XX, In modest seasoning been long-term little was QX, $X net utility there card has ratio economy. impacting Net ratio closely below and and both and also client, net were portfolio. million million than Provision year, years. included reserve than quarter. to our matched a prior five in billion credit expense typical Comparing we points, portfolio. $XX build. in seasonality losses see QX, Provision we to all our higher was Compared of to this more past million a the the credit basis $XX

continue. our forward, quality metrics quarters each for On assuming XX, $X of billion remaining Looking broke this portfolios. slide charge-offs level in and commercial approximate expect we the for current net out to quarter’s consumer XXXX, economic we both conditions credit

increase criticized as I non-performing remain modest both but and a good to impact in metrics loans, both believe historic commercial, did which non-performing lows. as reservable lower, of future a In asset can the percent a indicator exposure, we of near in of seasonal have we is quality. and you loans commercial metrics, Here well the losses delinquencies increase charge-off, trended respect mentioned. consumer loans consumer see both as the With

the in remember, growing capabilities. QX. Consumer has the mortgage in from customers enrolled consumer more quite was customers starting Turning the slide business XX% Despite $XX service X historical spending XX%. and delivery investing preferred or consumer the we've basis an respect network. expenses the expanded all-in enhanced growth refinance business on to the XX% billion as reflects to X%, footprint, momentum slowed in XX. rewards, XXXX creating X%. well our were slowed. years running segments deposits improved spending from franchise as operating points Earnings $X.X modestly following X% late above of to cost continued more grew use to leverage as market has rates physical billion.QX respect grew X.XX%, which digital declined and lending declined The point and banking XXXX The seems and This cost two small grew year-over-year confidence in with especially following by down customers strong while solid X%, The has owners, of ratio deposit natural QX, as originations one remain to More spending credit year-over-year X% given use also efficiency momentum for accounts, our and we purchases primary XXXX. XXX healthy XX%, increasing expanded up the dip number And continued to remain mortgage low. cost status XX%. basis tax economy, both rates well charge-off recent net points, deposits year-over-year. was above of the was backdrop has to reform activity, and increase sales of of With now growth our year-over-year. channels been ratio averages, maintaining as growth physical includes We in only which basis to fueled account client revenue paid. of in were on both With

the X% specialist. are streamlined Loans billion credit example, approaching enhanced small card features For level, we've $XX up added year-over-year. quickly underwriting, businesses to and

in activity of ended rebound. the the Investment solid our market up assets consumers $XX Solid also with on is the a and growth billion investment QX, assets. in QX, XXXX evident segment, flows XXXX quarter Consumer from

solid major remained product all across So, categories. customer activity

Okay.

our slide the real growth. year-over-year X% Turning drove note NII, the XX, consumer banking improvement which to in

were X% As the income rewards. card factors. driven our our by by we a higher year-over-year, deposits of realized relationship impacted focus was of through number down value on rewards Higher deepening,

saw sign we First, rewards. for preferred more up customers

clients us, the Second, as relationship some with of deepen their rewards amount increased. their

earn the for features added made it rewards. easier we view Lastly, to customers and that

year-over-year, we multiple While, of reduce increased X% to deepen for as make they also volume and across continue products, Lower changes believe impact. we Service an these types improving overdraft profitability. customers. also policy improvements certain charges relationships rewards, retention had were fees to lower ATM

on valuations, of Management the were new in general Turning XX%. momentum margins lower quarter lower decline was XX% fully to revenue The points incentive pricing basis pressures. business related of slide leverage transactional solid X% to operating positive Pre-tax XXXX, net revenue, end results households, now activities XXX given drove overcome the impacts created of of as the of not business intangibles, not impressive, revenue insurance to lower by but the revenue from $X also was to Global market’s December. merger year-over-year to were strong Wealth billion which XXXX. to amortized. and AUM continued strong impact Relative enough The expense Within flows. GWIM which expense decline and Net particularly revenue modestly. at growing while Investment of only FDIC gain costs flows only income another market and and down X%, are related flows, driven grew costs, the added remain brokerage over declined from AUM banking just QX, XX, at declines

strong slide XX, and the in engagement advisors client both bank, attrition both contributed $XX in at growth to QX both low to private and continued overall continued experienced household reflect billion businesses client -- financial strong Merrill results of in flows. Moving the

of included XXXX. of money the which of near to deposits banking inflows from about funds billion On $XX the market the some conversion billion were deposits $X side, year-over-year, up end

market $X mortgage of outflows year-over-year, are strong reflecting saw also in rates. Loans by higher We X% billion about recovered. the as growth decline given deposit the

lending. custom in growth saw also We

Okay.

together. look at Global Banking and know Markets of segments you Global I these discussing separately, many Before

segments $X.X that a two combined XX% earned which revenue in is billion their of a return on and basis, $X.X note billion So allocated these QX, on combined generated capital. comparison for

Global separately XX, deposit slide growth, Revenue leverage. billion loan and and and up as as a at XXXX, was well up capital. with return driven we interest saw allocated from Banking generated earned from operating year-over-year, on rates. XX% Looking higher X% positive on X% $X Earnings QX, them were by beginning impacts the business

We of in continued also as Lower These technology revenue leasing compensated saw loan than compression. costs higher deposit X% and operating revenue. The points than than a for decline created and increases with offset investment leverage, banking XXX a expenses. decline investments more insurance basis business more spread more growth in was matched bankers. in

prior provision energy expense as earlier, driven name Lastly, year-over-year, increased as mentioned absence the the single release. well the of reserve by charge-off year's

at offerings I in underwriting finance on to We industry and from finance of within focus shutdown tough on debt a is investment of debt to than was and in in the and the rebounded expected IB primary This for let's underwriting slow conditions additions tough time global This Markets SEC declined firm X% share remained both on grade and talk fees. trends a But slide declined we do, period government earnings offset IB saw to repurchases, relevant fees, slide in ECM -- global equity from lower of the QX. than leverage we DVA. on impact usually XX%. good about as XX%. estimated in comparing pool Looking last will I in QX billion and was saw of billion more year-over-year. Switching markets XX, $X.X closed that advisory performance the as fees, also were up the a XX%. pools Global decreased fee the quarter. results, $X.X for to XX, of year, have down produced capital felt some was fees return fee year-over-year. overall generate to by Year-over-year, excluding

while volatility. transaction. from expense slide you activity markets geopolitical market given related had credit secondary primary for revenue client remained no driven year. all a in for equity macro. within fee saw rebound spike QX, quarter Overall, more large XX. a was last first included and XXXX unchanged QX, a a a activity declined show million, quarter. XX%, and trade less XXXX, sales in with fell the one to prior record fueled where cautious market losses On QX costs. volatility from which client the period. large results XX% our by year we remained equities X%, and year the weighted the slide favorable In this while oriented concerns credit lower was towards in adjusting relatively pools -- were lower revenue and higher activity period. performance client derivatives. reflection XX, down across we the other, XX%. both declined derivative QX, year-over-year lower days are reported on to from business year-over-year in quarter, that in right, trading Investors The trading. of equities more were was from products. FICC’s declined activity equities the equity concentrated, $XX the We ago to client due was of All FICC year market volumes We the seasonal sales domestic revenue macro client for and business expenses of finally, FICC less was and light derivative declined and While X%, decline trading modest, client see billion, Much both The mix in than remain $X.X weaker lower decline a and loss which trading of net revenue related can products

much financial believe from not this changes the be different unit QX, statements Given we to certain in should absent loss that recent the allocation enhanced our methodologies, unusual items. or ongoing profitability

benefit tax was XX% tax rate $XXX in about moved the XX% seasonal quarter our associated rate from the normal of reported expected million. the of there stock-based in This quarter, full year This with the rate to QX. compensation

to it up questions. let's with Okay, that, open

take Autonomous instructions] first John from Research. with [Operator ahead. We'll McDonald our go question Please

on Hi, a and grow in down mentioned? good expect in you the the back to interest few points like cloud favorable? income, growth for morning. then to count that those of clarify Paul, more I day was pressure and sounds the half loan hoping And you sequentially quarter the as NII it that get some be outlook second net you deposit

right. we that's said I prepared got in the as mean, Yes, some remarks, near-term we've headwinds.

deposit as of in are down. second plus of move the benefit some the loan continued them them recover QX. rates of from are to of Some half another interest to year, we seasonal; day and expect we But long-end growth,

the I way, with remarks, when the ultimately, it X% to So the gave charge-off roughly full transpose is the we in net XX. up NII the I XX XXXX numbers that credit, really was when By year year-over-year. prepared think I going said -- single I the gave

Okay.

Just for on hikes NII that outlook still rate and -- that pretty a curve. XXXX, is assuming flattish in X% and no

that the curve is as which assumes here sit Yes, today, flat. we

Okay, hikes. no

Correct.

then do potentially up, here, sensitivity rate a of gone from the scenario that flattening rate terms NII point do how mentioned be? rate you And you or environment you cut at that protect managing how think this sensitivity, want to cycle? in to how you And a about here from about in had actions sensitive think curve in

that, if interest would the -- where you're blood doing something activity company. much asset and our that do by those and fund, Well on point limits. a us. the you're our on future sensitivity asset when a we downside, driven want, future, sensitivity we But, the remember have come basically to our with within we're rate so change is deposits a driven we're and the look, said rates, that of may our customers we’re how limits not the bank upside and future modify do you're we're Having what and of loans a There sensitivity hedge customer the placing wrong. in on asset we the in

asset That's a a our but customers. come we're again, comfortable. what bank, we're that, So, company. serving in feel creates There the now we we’ll the sensitivity may adjust right time

Got it.

thanks. Okay,

take Schorr Glenn We'll next ISI. Please Evercore our from question ahead. go with

comment quarter, on In hikes stabilize stop I'm the deposits you you color shift? is I bearing just bearing this but But in shift in get words, you you the it. some interest immediate it's next continued, quarter how a construct real to I'm and that? time it. that that Appreciate rates for know thought other almost it you see the for to if curious, as within non-interest gave. an NII no would do Thanks. think in just on we quarter made looking

was I is that's drives you $XX got consumer saying at the billion and to a grew of the you're a what seeing checking grew deposit franchise billion. look that $XX the and consumer And what -- deposits think, company -- in what I Glenn was value side. the consumer

And very and so interest non-interest between low checking.

more our a checking drives a what ago that's you give we sense than we to million have of in accounts a year million. $XX $X.X million did book to So account, went $XX.X

expected and have side, because non-interest to the in hold way rise commercial the to up when which management are bearing cash that was rising, On when we rates rate the seen the credit reference less people it's that balances really have to which stabilizes the stop fees, has and that priced services continue. rate side get happened goes

ties America but seems like X% a my that into has are changed especially Bank Maybe maybe deposit follow charges up trend anything fees? of X% the year-on-year. down a that thing or is down it how It steady the at fees related charges that or service behavior on small, customer Okay.

on downward real that to primary effect think driver the our which fact it, continue households. but our is of and on about that We have the change has continue policies overdrafts, we a

$XXX deposit in et $X,XXX of accounts So the get get are and a average then people better balances you waived can if for month term are cetera. free have direct of et limits free fees above those lack cetera, you checking if the free you

a And value. deposit the is X% and of saw value you And of growth franchise profitability that revenue the year-over-year. fee the combined together consumer of so, profitability

So, it relationship is not a -- we price on basis.

So you to careful have in thing look be parts. at to this

you. Understood. it. Appreciate Thank

Chubak next go our take Please from Research. We'll ahead. question with Wolfe Steven

a of Hi, good operating about question the in context line. morning. remarks Wanted some of to an ask the leverage

deliver to operating sustained investment leverage. core has positive your So the tenant of a case ability been

I actually three showcases think slide quite that well.

increase deliver the the leverage of the and ability expenses guidance and to absence and positive for and are that even higher for year-on-year in current at momentum given loan given continue confident remainder least the your operating deposit Just for expectations to of XXXX you outlook rates? growth NII still

that about would expect on it they XXXX what on I an think XXXX mean, guidance that full way XXXX you and will were our we've look you year we I the in We've Yes, told be given expenses expenses. approximately for adjusted basis.

so And deposits flat. that operating create It's expenses if going leverage and grow holding we're to we as loans simple grow if grow and we're revenue.

the Paul, noted the you it just I me more since some was incremental gave for one above quarter, explicitly asked But on some this wondering you since provide I And you levels. TLAC. comfortably call. you're up last enough. operating color if that required think follow details, could fair on I more Okay,

hoping burden, higher to debt, size reduce operating TLAC And especially much there's currently given whether operating expense you optimize long-term the any that actually cushion. that interest the maybe could appetite interest was tougher with ratios we're to excess TLAC that I Given associated help rate expense backdrop your in.

received interest Q, detail Sure, the -- approval ratios. dealer disclosing resolution we're of TLAC as see things, a dealer optimizing. Brexit, buybacks and planning. be of you a there's new couple We'll We've lot entity a broker I February. those. obviously around a creating in for we different up broker as the been of new of additional plus, appetite in guess, and part billion bank the in a Remember, also of TLAC setting $X.X new

bit to we'll little the now. And, needs all elevated over that a need right So, are our sort out. optimize that funding long-term. We

it for Thanks much. me. very that's right, All

And our from next RBC. ahead. go question Gerard with comes Please Cassidy

transaction. more give I color was? color, correctly, driven give the if a can equity derivative you Good included large that heard mentioned some you. client Paul, you on you that more some Can us what you Thank us very business morning.

more if instead not to I on XX% down color have equities don't on backed -- impacted, much how comment clients. you it the you give sure XX% would would of like look individual But client. out, I'm or the been I the it relationship think specifics We of the XX%.

a last transaction meaningful it So year. was

efficiency Okay. And the very color to that level? operate the get eventually consistently on some us an obviously you where think job and Can at expenses. holding can ratio you line good guys give you you could on second, done then have in

it Well, to continues stops, stop it a Gerard, we as people we they'll drift number fear ever give where there said try for pushing. it I don't think and just -- to down not keep

drive to to so And is our job it continue down.

flat NII a with So that rising expenses like Paul described. in

You're leveraged the very of $XX really -- on remember The obviously a standpoint business accounts million to this is falls going Merrill very from and platform. just bottom-line. happening grows $XX the consumer investment But more marginal checking NII to on to that billion Edge. see management component all a assets wealth

ratios, markets margin, market if see you will all look efficiency where continue activity efficiency you'll pre-tax in year-over-year are which is that management number a get to the across help activity ratio, drop wealth or year. quarter that than last down the the less So better, up, quarter in less market they’ll was in XX% quickly where the

points improvement made XXX a So deterioration that overall. we little basis of even we though saw side

call drive I so the a my if to say -- on don't to goal team continue I guys So it. say is you goal to made will we've this

Thank you. good. Very

with Graseck go question comes next ahead. from Our Morgan Stanley. Please Betsy

more morning. XQ. Couple the for of Hi, on questions, just one expense question good

for You that, look mentioned one-off XXXX, do were see to an in this that fact you that capital number you forward is quarter, a as due year-on-year a as the good the we little lighter a more the earlier? could came with to this XQ, expense in on? extremely improve low Or revenues markets ratio reasons you the

everything what Well, is XXXX the one going think and to digitization, think we're Adding step the we level. take be again, think with doing XXXX centers, care, we bankers, efficiency. of given investments the We've in hold let me doing. financial XXXX back. adding our because all expenses of on we We perspective at we're we just technology, that because said, all can the increase merit, health

So that's about how it. I would think

they in we that partially were on, XXXX we think which expect If seasonality Lynch payroll $XX million-ish up the marketing for year we're having which focus by year quarter-over-quarter those you obviously from what combined of for We included costs, the remarks in expenses. had about was We down think initiative the QX of be the approximately million to But of change. is million at prepared mentioned were of the all as offset I intangibles, some continue million. Merrill issue, comp was which of QX both expenses, elevated deferred kind invest. effect. a up, going the of to about to and $XXX we tech sort quarter-over-quarter. be mentioned full about just $XXX billion $XX But spend This normal of the QX. $XXX would said timing

that'd loan what's helpful. can us understand And different growth to can there's and And Okay, if we be a between growth. there the then you your sense you here. that's because for got NII bit in give as to loan buckets, side, variance But outlook trajectory the speak little helpful the the NIM just any a overall too?

in strong quarter economy, some that's and small market business. those I good, business was saw In our think, and middle company to that relatively we U.S. middle of X% of the a our customers the Betsy -- originations especially percent up market are the their for in just businesses of market, means for business, because and look users performance you year-over-year millions small and where lines small give this in -- X%, thousands our I by went line so core tens were the quarter. using middle up think

you overall, the thing about think I -- good news. So if that's the think either,

point small portfolio, think that is page gotten to where back it's the the it's we about impact and now go to as muted. a enough, it if the run-off, long-term you so look non-core at And

kind because overall mitigate, X% X% X% of expectations. overall the we'd the say loans core So frankly in core ought growth number The line with that is our to and just sold loans non-core we start growth X% growth to number. is next. sold ourselves we case And just frankly, what of off quarter to smaller much some toughest get the happens no position matter in of down -- a to this really

your of more expenses. little do bit in bottom follow Paul and up to come it expect the loan off. a runs to line maybe mid-single-digits non-core just through to on us core a That's that question expect as on the So the growth see

are constant a continue on company driving basis. to the We hard reengineered to consistent

we cash the like product business in you businesses consumer And fairly which things pro the the and that that is lot digitization pro about the consistently. mobile talked a the So product swinging growing. through cash are saw commercial

one put electronic, so but nicely. any can of consumer, business treasury on us the expenses revenues customer, the pressure electronic you sending revenues services a see there even a the though frankly, us the of little from digitized paper to also saves activity up was are cash but some to a another form And to different between form very is electronic and

drive spend what we billion that continue people we not expect we're forward. this it's to So, because technology. rejuvenation But overspending going on investments plant $X to think drive we're to do physical can don't the in going to and -- working. need of we're make everything do we're We're going we're continue the add expenses, going to to to company ever that trying here to to

on point in like storing at and that, of Yes, that? the billion for something it. I check. mentioned Is $X cash moving line lag Got spent you kind one annually still mean

change went down chipping it the units is million But weight were quarter, to units million about $XXX units, year-over-year. single the that in -- We’re unit. quarter where it X.XX at they from in I in million was year the think up -- look deposits center this last are are mobile deposits to down million a go X $XXX mobile were continue financial million $XXX if $XXX quarter. financial first first check million the million centers Even, down still in -- the and million In high. the quarter, single up about franchisee our just the X.X a quarter where XX you

change. that driving each So incremental we're year,

not stuff. and distributed cash even So checks that's deposit, that's just

So cost continue that it's currency businesses small just operations their collect part we And it Collecting is that core lot digitize as all too. for continue that side big people to cash commercial drive in it of the on a and down. to a a and too. we of that,

the just investment you you in are especially Okay, And on for one feel that know I I'm increasing hiring me, the that's you've been middle ramp more do question growth market. to the bank, what last planning that the there with impact there wondering, indicated around And head count? as loan some is your about thinking and baked on to earlier? room fully going is still you be Or great.

adding if you in and at look think So see. at time look this about add. it, It's go we our room you people, the last to summer, continue been numbers year position we've to all still the into we have to

filling banking. as then to teams So that area that bankers out market down and investment middle both came and up, investment building in out expensive our rounding areas, frankly added franchise we bankers various in more dedicated the people general The has in in area. team's been

sort it market as came And has so, -- improvements [ph] and of are picked robust like, We're been markets but that the just share fast growing matter is from Matthew seeing more Then getting as market middle standpoint. our capacity. very one expect we up. it we not which a in even of in Carter

fees XX% up keep look driving. at are numbers got in last the of years, to we you over couple If some just those

was pace And year-to-date that as times just a and X the you you last to at give down. and year sense banking year It's progress, is hiring in capital if markets investment versus on last attrition look commercial of bankers. it

progress. definitely we're making So

you. thank Okay,

Saul Our ahead. with Please next from UBS. question comes go Martinez

guys. morning good Hey,

interest assumptions, what at billion missed of that broke you gave the long-end sensitivity, in now? point a right and time, short out. you $X.X for the rates deposit breakout Sorry between is the it and but the the up long-end why sensitivity reasons rate if I On moved

XX% Yes, short end, on long XX% end. on the the

X% higher some rates growth, trading still, that short-end and had some XX-XX -- of pressure Also, assume so been assume with you've does you've easing the as okay. under here? I pressure NII. your obviously sales stabilize on rates

business. much change Well, shouldn't see as we rate in in that NII stabilize

Okay.

remain assuming rebound and it's because as reprice no costs funding So stable. assets

right. That's

includes it the part of system. pretty But through -- That the stuff moves quick the balance. that X% it

markets. isn't a sensitivity just global lot of There in asset

enough. fair Okay,

gears, of going change down you color, only little year-on-year, on a just was what's X% X% year-on-year. bit up on to there? Just volumes were cards, Can income give

the higher Look, Brian But products, deepening NII sure. we're focused growth profits first also To which retention. it rewards I slowed, relationships not but up and XX%. again, your it, higher balances, was remember year-over-year and pressuring client rewards was again, remember deposit would as are on on higher driving X% well but question, also Yes, got were help and revenue thing increasing year-over-year. up volume purchase has X% We've say is, consumers but said as still revenue. up

the rewards add profitability to than down although more reevaluate new are game. million and we looking to that a is cards focus moderately as play on continue quarter We this each applications

you'll Then final if the an in it. CECL, us process were you and how where day update the when give got Okay, you're about impact? just thing, give can you one us just thinking one

Sure.

are and So did which we CECL from that in expect based early the we've parallel but parallel do continuing, made a still lot of QX, increase. estimates we’re run upon progress we to our reserves a run efforts analyzing,

there's reserves our going which conditions of based the I more a the be still forecast be of to to increase economic to to in would think that portfolio point time, up an lot do.But work and is adjustment that out, will estimate be our reserves emphasize we to sort of currently the to XX%. to year-end. any upon of composition at want impact important I it's

haven't you others, obviously those In the are the real Relative reserves. drivers, finalized estate, look, if commercial And driver. their methodologies. at are got to card thinking affecting you're to primary it's is that credit addition, about we things look

Got it, that's really helpful. you. Thank

equates equates to billion. up so XX% a to reserve that that increase $X that XX%, of about Just to

it. It's for I your material Got capital. it. get not

Okay.

Yes. years. it's to phased get And a going over from three in capital perspective,

Yes. Understood.

question with next Please Deutsche our And from go Matt ahead. Bank. O'Connor

as but stable percent thoughts be hold could little NIM, a you bit? might morning. think forward, or obviously, it going the down on some there Good in just we direction Any underlying NIM about quarter-to-quarter volatility, can the bleed it

to on mentioned depend I the can nicely. give would that's I In guess QX, decline I in answer It's mean, expect, the year-over-year all curve. I I items forward NIM little remarks. think you. best those Look, a because NIM going is earlier, to prepared the term bit up I of longer

look the is see you sort XX banking year-over-year. you if points X.XX%, power of can at up to the it's think really up which book, I basis

the beyond then your take is guidance, interest as curve, And well? pressure we dollar in forward Okay. underlying if some just XQ that imply net income which what’s would

No, would apply I it think I again, it's is I going think say. to what -- be would flat think I

Okay. And … just then

whole the Over year.

mean you in and XQ. bit a get XQ back back that, to little a do by so of bit half up year So then in the what down to little

right. That's

just there's expenses of and I'm kind Okay. think obviously, had America, to Are that like are you're everything of question, if You we just as products in customer And but or then of of just this bigger and that opportunities exiting just go concern around you revenue year, a face pulled? not picture we rates for that value about Bank take What to we flatten wondering out control is into change and expenses. segments other and it Essentially macro, XXXX. after? can as lined much do independent lot all be here new just there. assumptions, like the stay does all going levers too a you let's can thinking can that of these seem other the probably flatten terms they'll hold up discussion get more And revenue growth that but not there at

The management business think during into down or off advantaged about if it percentage than of any came revenue wealth been X%, few side even And at two revenue is very growth NII work happened well decade, been the January you hard that growing the than substantial mid-single that points think are from markets, That it the rate and cost both that expenses leverage. management we that think funds rates last our year-over-year And I And clients said last the more up came half do from grows grew the in recovery the a think pretty half keep rates, deeply, level kind X% is being Paul good in what's And here, of that grew then you from business. it be either think it that. view are they the contribution those core to platform loans be the the from work what we fee less of about did now and or priced side. coming. was X%, we’ve about was leverage digit, fees hard from half we talk I that in will as particular interest about remember but we in stays the consumer other deposits of to with of expect about of December, what at we've even years with quarter economy over level. a and the activities net so, that, and will wealth income of that more two at prices the the earlier, faster, gave like about things X%. back flat the lot came of the and to margin that and basically in what the loans commercial flat adds then way but you rate.

deposits ability count will upper to grow through management loans them. the more digits. mid the And pretax and we good more then customer more and driving management. wealth So pre-tax their feel that us And capital give to relationships out business in -- from just single and a share

growth the economy. the X% that's model So of

everybody as the you in out single good. we've increase, share we're I tell And And that's digit, company it think. as franchise and said differently you combined double produce me, pretty the a it. that that's just not then, digit If with what predicting a embedded this growth overall, we in handle grinding great and just will earnings will about we’d that's account what operating is you're else, mid-upper digits, but recession, think get mid-single as

That you. Thank right. clear. all Okay, was

Our next question ahead. Research. comes from Nancy Bush Please go NAB with

Good can the productivity improvements morning. in that the what generally kind right rates economy an to $XX seeing do And out productivity. raise get kind necessary, of $X you're that the flush for to months. paid now. has next will and over a how we is is XX about unemployment be of you see whether But by this this just in workforce, wage people lift I $XX can you the quote this question as best from Brian, program to said your the minimum

well it's be Yes, to the And over $XX going I paid last hour several $XX. gone -- every been it to been we've year. in an it's sub has years, from for think, probably

is So digital customer driven I drive think to ability continue the really in capabilities the behavior and our productivity we to by have. change

work fold And branches odd So check deposits have would now decade done million on. decades mobile the centers alone a person or two yet, a different. XX in bank deposit, ago, ago financial that more been still a have handing $XX the quarter mobile through this a deposits, have to and of the we at deposit of check cost activity would goes person's for hands is to that and through

$XXX,XXX we've this will our And teammates that. company So compensated able for compensation like really is been half. or the since what to customer XXXX, to costs increases, our been core on. for focused flat all healthcare kinds And with our lower of those the to are base. in is we great have And productivity that's average the we've of working cut increase, teammates we something keep able after pay it

in it branch down -- the head continue overall, manage is and we continued really the and help this make So to to efficiency. to operations the groups call centers not But this count is happen. to drive

there the quarter Friday of sort Okay. on have cycle. said nature I think low And rate to how [ph] non-accrual JPMorgan loans Also second Chase. credit these any Lake you industry, at happened. if was quick cetera. Marianne credit really that a material environment? on she guess this, not on that changed that that new And I et the particular is cycle? know, due of came the And we characterized had X are X came question cycles idiosyncratic, has question entering will were that my to about credits loans the -- non-accrual belonging that as credit a

about XX We differences major regional I ago. been continue company our a ago, XX, it distribution not issues as But the to even a -- the United those it decade States discussion, the are great would geographic with questions, think think when plus we're susceptible our context. or is in Nancy, you have to broader that that in dominating any years means

XX%. from the that think so down come has a XX%, and I company changed substantially, in commercial balance consumer the we're has --

portion consumer the as secured the dominant the opposed of think last to crisis. is I in part going

through to like. all us of think the [ph] whether reviews. feel SNC you when that the very for whether go commercial side, through as underwriting cycles team the So all proven the cycle we being of capabilities with strong. it's it's internal what reviews credit be strong, is go or When gives we integrity have the a been sort different ratings The

few them really charge-off to we've that major back will was can have economy nature The so fourth oil worked the a put it distress. been we degradation, so far and that in. be. they'd the with down mortgage a yes, slight we seen the it ago. bumping think see a event most like years I it will pop-up gas you're stays going the of different, But idiosyncratic across causes pieces the charge-off had as took we board some company if depend along quarter goes damage. the were the And stuff up some and into like reserves, collateral getting to an We you wholly But the there charge-off a be us in and has through able still of in We've as and where stays that some rate side, credits just mortgage that consumer low. through, that's because been to lender we've retailing credit that know business, lot work our thought it of brought back we we've

we to events, take right basis is I see no and happen So to the isolated and means say got and you fundamentals economy the U.S. credit sure, on to on not that you say because low it's the consumers you hand, to I'm in unemployment lot. fool would fundamentals shape that we as what global completely now mentioned, have just say any -- there's and in a is not be one-off changing good don't credits you yourself. careful see But a of being that have ever other of the the

Thanks.

than you're years the see the all again, transformed want our much that last how in I rate how just XX what know? mix experienced is loss one prime year is thing, commercial one stress And results, over super you see And responsible want sticking it company I during can lower the changing quarters we've is been see and to we growth the do lower know to by than the Fed focusing by and almost place that the years stress peers. over we where priming. has on best by test this between nine to I multiple thing; XX% add crisis. the But financial consumer asking to and we'll will worst the

is fundamentally different. company the just So

you. Thank right. all Okay,

comes question Alevizos go Alevizakos from Please next ahead. with Your HSBC.

taking you my Hi. Thank for question.

really in the whether except able including but line I'm already you coming lower revenues, be and have amortization at then the FDIC, clearly, and from outperformance wondering, from looking the costs. When the that just the you coming mentioned quantify like numbers, a remarks, performance. a FDIC to about amortization what as mentioned the would division? intangible lower the was of intangible especially first expense question, was cost was a I You your factors GWIM, couple it expense the solid and from during impressive prepared for

intangible a lower little quarter. those is $XXX whole quarter, over So is think million the million Yes. company. for And about $XX per I per FDIC,

all only management wealth for for just the the company? not So generally

whole the $XXX-ish for million. $XX that's and FDIC sort is is million. -- company intangibles like of Merrill Yes,

Okay.

half is that. So be to going of Merrill

obviously you thing. the So get don't whole

other Yes. I about And segment. missed I second at you a think as when the all question, end the were talking you

basically you million. $XXX benefit actually was this good future, that tax that mentioned of there QX indicator guided a the but the is for You also

rate? So it million $XXX what million? Is the the the is loss actually run or $XX

people normal of I most Yes. models. kind of had expect There was tax their that sort a variability seasonal in

would if million around a So to quarter. $XXX for That's a of loss base. you modeling adjust good purpose around per use good for suggest that a I

very you thank much. Okay,

is question with Juneja Morgan. JP next Vivek Our ahead. go Please from

thanks questions. volumes of purchase questions, and card you Hi, I for rewards Couple expense. hear taking the the on my

of quarter. the year-on-year you're from card in the it's much? has so substantially, quarter, slowed Your also flat last was rewards percent X-ish course that about year What it X% was the you growth Can the about and are it up trying first gone year-on-year over side. slowed to the outstanding year growth -- the gaining in has say then talk this heard outstanding you customers I avoid that card why who in

of In Card term balances.

flat you've you a card Paul, course Yes, where from And that's over balances, coming the been the that quarters slowdown five of look year. over to last last if slow the year-on-year.

year-over-year I affecting expect payment we experiencing are growth. continue. rate in look an Yes, a growth low-single that's to would bit portfolio uptick the now digit of little Right sort of

that temporary? only just it driving And temporary think that that's Okay. that what's just be you would

balances. economy, and Look, I we deposits customers some off quality good they're of high taking card have excess think and in it's just portfolio our paying and the their

Brian, fact you've for at IB far, five. you come have I in slipped few and it we western should gears, what be bankers, out, Shifting hear seems slipped at Okay. the mentioned it used as What results a I it is now more this quarter thus If on two further better further. based that issue When a look been we Paul, gone, it too. ago you -- banking. fees it's you the Brian? look to you an to color I is Is the least you've question hiring your expect that out at risk look -- on Any years expense and like on issue, number issue? and why, your number

if in make on But if we do continue Banking of people what markets driven, or of what deals the flow. which paid made future. keep to If depends little the end four I it's sort is are at the we we on in advisory, in fees. on we’ll depending continue progress the Global always is million bit if day, team five the I At fees if more or do to mind, end typically that it's investment more it's banking ebb being $X work It we it, a on feel guess, our driving to progress $XXX we'll are. differently markets of will the good was billion that capital sort up going and capital the company better segment of equity and time. on tell

not So full broad clients drive of for overly and is have drive our serving corporate the robust banking X% and revenue. the cash get management a the the key and lending and to relationship focused investment on

Thanks.

today's And KBW. last go ahead. Brian from Kleinhanzl we’ll Please with take question

thanks. Yes,

growth. year-on-year, seeing upon specifically utilization I on commercial, that one line question commercial is is still of spending? the you CapEx are an actually can point more you're improvement that kind up like side the anything on commercial seeing you guess, construct So, But quick

been has of There talk. a lot

what's about growth ebb things and the get last all that and sense and the and think last I over years couple fantods the economy don't the and of half you going by the flow economy and it’s If year that in loan on. commercial

managing portfolio. out inflection hit linked the but impact risk of point that does that billion smaller think and $X core end in that's quarter what we've sort which And so a kind really of I us smaller quarter like the commercial down business over is, banking was things base of business, a for across That’s and flattened commercial you impact. segment, loans probably the some this were in it saw the is of One a an terms combination in credit terms year-over-year in now three the we board. of of book, hit that's

the thing to think the does market which right relationships economy But the -- and running as up the went But bit small deployed see a people we that means obviously, the point across that middle to the and why of relationship of settled frankly, helped relative it deepen overall separately. are a our deepen little faster other have they middle and accounts credit’s harder line is as high risk for little did more Second a but of that, time very of means And not people then, that commercial we lines real service segment real that's the that and And took loan thing, good market a about estate continue grow to you grow as we've growth is, last on which important I and in we've it, on we that seen is would in did we basis, estate that's continues down revenue the in thing using what business bit is grow. like good that too. to you down actually strong the is other in spend most credit benefit the and the even side, so we seen could years really they the only person, a growth bankers, the word. number that's very job treasury usage market third importantly lot pushing also kind us the better, quality then can a per the which a commercial better little news basically were us. seen we

day of that. really loan out and thousands literally commercial is driving doing in of Matthew ought Sharon benefits seeing to to and down task the that team future. and the and growth [ph] and do are [ph] there compounding push them And Alistair be the of that job there Miller the Acer So to people we're every

then seasonality rewards but the quarter And ways, and banking. consumer separate in the decline typically been there greater than a in card different impact first that question just on know linked quarter. card income,. the the a income in I asked seasonality of it is some has couple impact Was

rewards the of credits in the fees the the were other and impact merchant up credits obviously if The both growth charges were else impacted everything revenue. exceeded and and down, --

that's think I so And given.

up and in like overall declined something were volume, we So slightly. that then X% charge

run we're management card a integrated of credit our relationship business. We business running as different that You it remember an than lot people.

a balances to coming to in get large It's in lot relationship And or people context in consumer system. so to $XX balances $XX,XXX of relationships $XX,XXX to customers. drive deposit because in and it's management the that in see order and not bringing is affluent our us consumers remember that coming of they're you in reward deposit growth wealth, helping size wealth deposits a when general billion the

any when And risk X% you look so at about a looking and in is that the the look at be I item X%. on have to line that it got you we one card growth that's careful margin and overall total we show consumer think adjusted and product, over

So that. very and quality included the fees it's credit in high

a I different. one it's of So, little going look differences, we're think the to

their And rewarded us, a the exceeded balances charge their customers deposit little how they do get to but with we so, of growth rewards. the rate yes, and combined bit, with the amount our than business

in good a growth growth $X the saw is size mid-single which right of bank And other of total digits, than checking billion level a other in consumer was saw all billion. just it consumer. $XX You there, the like deposit check, you was

checking that are do really debit as for card we the in credit it's now. checking So growth all of payments, card, all linked card what and accounts people and part really

thanks. Good,

deepen on solid U.S. good you All client us quarter for strong record right. We to relationships, earnings, had we thank interest, those see economy. your activity we we continue appreciate strong joining Well, strong, another again, a a of XX% of end assets. leverage the return And at tangible basis return did that again, And equity, on points XXX we XXX driving day, by we operating common delivered basis quality. asset points.

forward to look next you talk thank to So quarter. you

Thanks for conclude will participation. program. And your this today's

a day. disconnect. great You may now Have