PNC Financial Services (PNC)

Bryan Gill SVP, Director-IR
Bill Demchak President, CEO
Rob Reilly EVP, CFO
Bill Carcache Wolfe Research
Gerard Cassidy RBC
John Pancari Evercore ISI
Mike Mayo Wells Fargo Securities
Scott Siefers Piper Sandler
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Bryan Gill

Welcome to today's conference of The PNC Financial Services Group. Participating on this call are PNC's Chairman, President and CEO, Bill Demchak; and Rob Reilly, Executive Vice President and CFO. Today's presentation contains forward-looking information. Cautionary statements about this information as well as reconciliations of non-GAAP measures are included in today's earnings release materials as well as our SEC filings and other investor materials. These materials are all available on our corporate website, pnc.com, under Investor Relations. as to XX, update only undertakes and speak obligation no them. statements of XXXX, April PNC These

Now I'd like Bill. to turn the call over to

Bill Demchak

Bryan, everybody. morning, and Thanks, good

As strong. and our to quality reserves solid grew had levels and credit you've remain capital as very loans expenses year we start controlled securities, and seen, we the a

actually down quarter. we had decline expected As we was normal income seasonality, while noninterest exceeded typical below our quarter to our other volatility And the be sequentially, markets rate previously disclosed, expectations reflecting first areas. for impacted businesses among and the conflict Russian-Ukraine interest fees capital certain the probably, of adversely

it last the And now, and last are be sales proud over put staffing terms which the of a increased more geographic forward, also importantly, to months that a a on a that increased loan easy I credit fourth businesses, And as a particularly work benefit quarters. do, of is our BBVA. been uncertainty we're look it and I robust. our substantially but business And couldn't I substantially, a an in versus to on effort, demand, in is perspective, here. really And which XX we benefit of to hit relates has still accomplish but mix the in want fee-based progress And in environment PNC's in has or with We're just pipelines solid environment its its business to have our banks. case, our expanded quarter, that very bank a has of over in changed credit rates, banks you, that calling got and of lot As an what box second or in bank couple with clearly interest -- we largely complete. to I never would that presence. particular, bank just tell about -- able on very a rising total we've

Just to as increased commercial doubled banking you this, behind XX%. quarter, expected in have sales USA of were have idea sales CNIB, actually of And activity to related obviously since USA building switch half an the give customer nearly retail the BBVA the and relationships. We across we geographies, almost side. geographies. these focused BBVA and legacy fourth non-credit corporate costs the the on We're

improvements per we excess in the balance and securities Spot perspective, roles, the adviser in From pipelines are continue approximately strategic by in $X client our to and higher Just liquidity were commercial give billion sales importantly, and In an a a utilization. seen really cards making we're saw purchases. you've solid loans side, what and quarter, to development our referrals PNC in to they and our December business idea, across with XX% branch key hire progress were with people Management in sheet deploy as our compared great driven mortgages, strong. to you opportunity March nice which increase to group, Asset investments investments. loan growth grew

the that seen we if And the exclude pandemic. into by loans that fact, the fastest start growth we've growth quarterly The of of spot way, forgiveness, PPP April. part carry defensive early $X seen grew In commercial billion. the of commercial impact organic draws the the saw we've loan since at we

discuss limit perspective, sale is a earnings, our future balance to regulatory going with also the sheet valuation securities approximately quarter. the We the moved side billion losses $XX remain maturity of offset due which security we on purchases by our minutes. $X doesn't unrealized but rates, in were This during securities rising for Rob From almost billion to interest due interest to active rate during to of net quarter, movements. impact a changes capital available few or help to the the

their for a to we throughout increase dividend net for And and communities. the and interest thanking our $X.XX, or saw to $X.XX positioned believe dedication performance through to we rate levels per recently we share year. of rising and solid the just the to Importantly, strategic work rebound our close share of employees $X.X a I to in growth of the deliver finally, securities. billion strong Overall, interest our capital by yield our our income in our to environment during capital repurchase quarter, XX%. NIM well execution our on announced priorities, confidence returned quarterly are the hard about shareholders we on Board's expansion to dividends. and And based we importantly, substantial want customers

forward, that, and PNC with your Moving positioned franchise. and move normalizes it questions. USA economy results, over closer stats we value BBVA we'll combined of said, our to well a are we we grow And take I continue the I'll realized to Rob at as then potential full for believe the as the to shareholder turn than look higher

Rob Reilly

good Bill, Thanks, and morning, everyone.

X an average Our balance is presented sheet basis. is on and on Slide

quarter, declined reflecting the funds. prior balances were well and relatively billion billion loan securities the Deposit by securities loans increased $X $X compared billion $XXX borrowed balances billion cash During and Investment as or XX%, $XX X%, X%. Federal as balances averaged and stable quarter. or Reserve higher grew lower or to

of entirely XX% common linked as adjustments mark-to-market rates. March Our portfolios decline securities XX, $XX.XX swap per and our interest share tangible in a value which of book was quarter, was driven by a result higher as

institution, As our we be XXXX, was ratio a X.X%. capital, XX, X CETX March regulatory of estimated opted and and as to AOCI recognizing out of category

be capital common $X.XX well positioned quarterly the Bill Board cash increase continue dividend as $X.XX with to our to mentioned, strong raising per a on ratios, capital And approved Given recently significant flexibility. dividend we stock, our just our share. to

average $X loans grew basis, or spot linked billion on $X.X quarter, X.X billion repurchases a million X%. more loans impacted shares. to PPP on Additionally, X by during of quarter detail. loan billion, we $X billion both completed and first Slide continued or our shows balances spot loans quarter, basis. the and approximately increased growth decline Average share an and first $X in

million loan $X or growth, impact loans spot segment, in On Commercial a as compared by our loans. PPP billion within consumer in the at higher growth basis production loans well increased offset X%, utilization linked billion, XXXX. new balances driven credit our and increased by banking estate decline as and $X XX auto card loans the commitments grew basis, billion. rate to year-end and were stable utilization real excluding C&IB corporate increased by were loans X% loans mortgage and lower billion and partially billion quarter. as $X overall of a business balances driven points loans, by consumer offset Looking businesses. average of loans, $X higher partially were Notably, credit commercial average And industrial $XXX in $X grew commercial higher

X. $XXX Moving quarter. billion stable the deposits to remained fourth to compared of Slide Average

billion, On you billion the linked right, X% period decline deposits $XXX at or quarter. can end a see $X of total were

$X liquidity rate funded the reflecting the maintained Partially on paid points, a decline at lower, continued end remained primarily offsetting XX% with as the Slide side remain the on over into high balances. deposits billion increased X and of of billion, our added tax opportunistically higher the where quarter loan-to-deposit quarter. details by U.S. first deployments. past securities. and we we securities interest-bearing refund the and at levels stable average were primarily seasonally related consumer $XX deposits agency treasuries All We've RMBS. first core trend of cash balances driven in ratio X reserve the seasonal change importantly, commercial Overall, while of purchasing year commercial our federal basis to decline, deposits This the was payments.

fourth or changes result, balances a interest-earning the the represent by quarter well of X% increased year-end compared security billion balance securities of Slide and from XX% high-quality As March assets. highlights $X now as composition of portfolio as the XXXX, average our X XX. to

quarter, with first $X our the added During billion. of we purchases net portfolio to approximately

remained quarter in and of the $X billion end. $XX portfolio we our of AOCI, approximately impact rates from of quarter higher securities during at unrealized in balances values the rising increase net and correspondingly on state. moderate available-for-sale the billion, first period-end transferred maturity relatively rates However, approximately accordingly, security our and resulted help losses To to

in AOCI did impact not fluctuations have on Importantly, our earnings. an

are we further of mindful on we'll book opportunities potential value, and However, the tangible evaluate AOC continue transit. impact to to

X. Turning income on statement to the Slide

pre-tax reported XXXX As was you included costs million. first EPS quarter of which $XX integration see, $X.XX, can

costs, EPS integration Excluding was adjusted $X.XX.

costs integration $XX quarter, revenue by first expenses reduced million. the $XX increased and million by During

integration million quarter. expenses, or $XXX First or million quarter the declined the impact expense excluding revenue of quarter, X% X%. down Expenses declined linked and XX% $XXX fourth compared noninterest was with

XX%. of The improved reflecting recapture $XXX and effective million, was rate primarily impact COVID-XX-related conditions, economic first was our provision quarter the tax

was net the So in income in $X.X total, first billion quarter.

Now discuss Total down a yields key million Higher in $XXX billion point. the X $XX quarter. more net X.XX% security the margin revenue impact up basis first of interest well activity revenue the performance by in $XX forgiveness for X drivers And of million, or income of X in fewer trends. detail. than due billion were and to as quarter. revenue defined loan this our as of Slide $X.X quarter linked days details $X.X offset securities million balances let's the X%. loan of Net decline more increased and interest PPP was was

the announced linked As decline income guidance. billion, XX% provided million quarter, was an noninterest the income the quarter those effective or update recategorized and first presentation fee first to revisions, for we related and our of Consistent $XXX with we recently of quarter. $X.X a

detail the revenue at of Looking category. each

Capital fees some $XX and $X lower was levels, and XX%, the seasonally due compared declined activity. but transaction M&A again million lower, fourth equity only million, in and activity. elevated essentially due Cash $XX driven lower decreased million. decreased fourth $XX levels. services income due linked And once fees noninterest and management commercial finally, other or or declining first X%, $XXX to to quarter Residential quarter. mostly mortgage equity-related average noninterest Lending revenue $X driven markets. primarily brokerage by stable transaction or and Management also income reflecting lower advisory million mortgage million was fees lower quarter, consumer Card declined spending private million to by deposit to X%, revenue quarter Asset decreased commercial activity elevated delayed markets-related primarily

Turning XX. Slide to

down million XX%. first or quarter Our were expenses $XXX by

The our our we impact noninterest through million. run objective our was lower remain compensation. a reduce X%. decline and We $XXX million XXXX primarily expense, BBVA costs we expense of as reduce deliberate around we'll declined year of the $XXX year-end XXXX, continuous management. we goal personnel the expenses, our achieved $XXX we're program, a expense rate reflecting At incentive the full Excluding to or previously improvement to And integration majority USA's achieve confident operating stated, by million by annual expense target. have in lower

know, you our funds significant portion business of ongoing program on this technology a investments. As

majority from Net $XXX The quarter. Our loans resolving less these leases and continue $XX delinquencies. to of a $XXX million and of compared million total year-end, credit metrics XX. reflecting $X.X increase million, delays. linked decline Total administrative progress million XX, charge-offs lower operational on Nonperforming in our on loans are presented resulted USA X% were were to consumer or $X.X billion decreases X% delinquencies BBVA March decreased XX, from and an $XXX loan conversion-related, December loans. commercial Slide represent for than and of billion of

charge-offs at now well the first continue of of total quarter, a and X.X% our to $XXX strong quarter, our coast-to-coast average our positioned In overall we the to points. remainder be reserves franchise. as loans during and losses GDP the total first XXXX the XXXX, in In $X.X potential of for net allowance expect economy, the solid resulting And to loans. realize annualized credit growth million, we're over regard reduced our continues Our for of or X.X% billion we approximately of course view summary, basis growth. we reported low average historically PNC XX by to

update by basis range year X% rates recent points raise in to and We cumulative filing. of our through additional the the consistent is a also expect all this this to X-K X.XX% by remainder of XXX the an Fed with year-end, to of

of loan to second X%, expect includes XXXX which first we up Looking in to quarter be at billion the decline PPP compared $X.X the a quarter average of balances X% loans. to XXXX,

to XX% interest net be expect We income up to XX%.

We up results to XX%. expect total increasing X% to X% be in noninterest income revenue to which X%,

average reported our $XXX We million. be be between noninterest expect to X%, million up quarter quarter Considering second charge-offs and and to expect net to total year and XXXX, expect expense growth the full for first XX% X% loan of the $XXX and results, quarter we second current spot operating XXXX X%. forecasts expectations we to loan of approximately year economic growth full compared

XX%. to total expect growth revenue We be X% to

We And with to to X% take And expect are expenses, integration XX%. expect be expense, and to at our X%. approximately your I questions. be rate ready tax effective we that, excluding now to Bill


from Pancari Evercore Instructions] Our with is ISI. line [Operator first of question John the

John Pancari

us Want to thinking down the the broader see clearly. could little good you're all Obviously, markets about that more saw markets you on bit a pretty the activity you give here? if capital given step a color revenues this quarter, how

revenue markets there about year has expect is could Just in wanted think see well? we how to view, the And increase the outlook quarters, here? capital get you to an as can your from baked think impacted remaining you your full if thoughts that on if

Rob Reilly

Yes, John, it's sure. Rob.

you'll of to or the to our for beginning because was regard be in XX% just so the expectations So levels at 'XX were capital markets the down so approximately from recall, elevated. 'XX year, levels capital markets,

slower full guide, year The I expected first have in than those even reduced quarter that levels, of for at back but there. was the most we

still to we most is didn't that in year in expected quarter first what occur the So the guidance. of full occur

why growth. XX% X% to So that's we're still

John Pancari

And Got on deposit secondly, helpful. Okay. side. All Rob, right. then, it. That's the

move clearly, that of a looking on the in given Just at flows. deposit rates focus lot here, we're

on first deposits of Is your you that what deposits about a in the as the maybe and see rise of about terms commercially decline the in further then behavior then terms decline? term? betas you For near color bit think in hikes? you positive more saw here the oriented terms there. X% talk seeing little And balances, of that you the in spot Fed you're us give near saw, you'll after can a the that rates Can in you of XXX term your

Rob Reilly


is Rob This again, Okay. John.

largely quarter, the a spot in and which refunds tax decline as commercial deposits the Consumer on some there. the all deposits basis seasonal. was actually reflecting side, on So that of we and spot were see saw seasonality on a up, we

that’s the the on story deposits. So

Fed at the regard the cycle, up such the the bit hike rate a basis as year full consistent high of fourth of on less the forecast forecast. what just increased but points third and or betas the you to our is quiet saw the in So to rate beginning in in because year, working very levels. relative Very up quarter. pointed Along – the what our off lines have betas little maybe we're expected we with last if we quiet correct, increase we showing in out, XXX the – first so, showing the

John Pancari

lastly, Are higher loan you the of are the back just coming the ask mean capital Got on commercial the it. volume then the more to could thing commercial on I the from If any And bank I plans side? market markets loan side. mentioned on loan you yet the one side. to drive CapEx back demand? you utilization line see beginning seeing

Bill Demchak

slowdown – the of think capital part to be side bonds. utilization the reflects I is Clients on of in part active. market the continue

yes, pickup some CapEx So in in build inventory.

but notional of thing not out a percentage amount change, in I the other – just saw out. similar increase percentage, utilization dollars we’re commitments The new think seeing sorry, DHE beyond new we increase

of disarray some winning a with its markets CapEx. by utilization, being its of increased some So driven bit utilization together clients, capital of

Rob Reilly

inventory higher course, yes. of And levels,

Bill Demchak



with line is of Our next Sandler. Siefers the from question Piper Scott

Scott Siefers

change you comes from back of was markets addressed previously, response fees? remember question guys maybe you year great and just in sort comes cetera. what the of I hoping for sort but kind if was parse thinking XX ago, mid-single NII to been see of could And from days all-in guide this given think digit and revenue but broadly, you reporting capital full to I in correctly, what growth you the So just it have others, the I or so ‘XX Rob, think et the ‘XX, reiterate I outlook. between

to thoughts. curious your Just

Rob Reilly

Sure. Sure.

year. rate total the a XX increases that balances. higher to interest for the because of component bigger of is net and X to the income the the year, beginning So full Compared of

looking core the the to we’re high X So that the the of low that the the and and inside more on then year. fee digits, mortgage single beginning of from piece, teens. flattish XX, be outlook being towards the change to at on NII there And of looking down maybe to most

full markets, just what at the capital So were the our from because but of mortgage of we categories rates. expected most the of I year tracking to we fee beginning off as are what including mentioned, year, thought for

and down low single we expect commercial digits. residential it mortgage, So to be

at or We’re now year-over-year. maybe looking down XX% XX%

that’s change the resident. largely is So fee where


is next Our Instructions] Mayo the with question Fargo Mike Wells [Operator line from of Securities.

Mike Mayo

to X% to So X% you’re guiding X% XX% at for revenue expense growth growth.

XXX I’m just first gain Bill, tie points share invest a of leverage. tempted – I those, I guiding you’re to curious, second And goal you basis And or spend operating in was I’m this to do, of So your was to there’s of CEO customers. to to always do letter, I’m telling back – and just especially you your want your with to more aren’t now markets. where that not improve new our some not share this goal relate But that spread? trade-off. positive your for

growth by do corporate share any customer? tempted expense over say, you you guess, of to some is, to I to consumer So what like revenue to excess spend And give of improve are by market of metrics that, and the concrete kind question the growth? that and

Bill Demchak

in We’ve Mike. for don’t we In have the our always franchise. question, investing to. short, been Thanks

as staffed think largely in are new we said my you talk comments, about markets, at about – if they this our point. I So

so If a our And we hard can that and actually think more get sequence we’re kind people I at for we spend in be. where spend, money. the we’re of been technology we’ve place to I of what timeline, think need if hey, done of spend, going about years, are number our about more we in a and about,

So that expected to see space. against going what in increases we you’re not

answer no we’re short and the in I money the So anyway, for is, of. no, question to think don't money, we spend to not growth the spending detracts need capable way that –from the

Rob Reilly

you’re way, of not money another the Or part spending that’s investments on and guide. the

Bill Demchak


put to it, yes. way Another

Mike Mayo

where in. it’s nice gained you X letter? numbers some your CEO around And Where I is X shared And put given your to and goals – is it’s what? bigger can be hope markets, by customers So before, bread baked being first it least Like by [indiscernible] for technology, a goals. You or to today? but to? at your share than said, get your it’d have it not you it that know, share

Bill Demchak

know share No, it’s define question. fair C&I were of market. by a loans that I to share the don’t going you in

think on, mature our markets is execute I have in Mike, we working we in and of just of we’re underpenetrated tracking presentation markets to one to what compared you. that for and progress what do, then

I think metric. that’s the best

we fees new calling look look at clients, We things do look to the you revenues. metrics figure We balances. that so percent put we commit So you’d at of you look through a us at of percentage – and it to, at time. loan as internally. total we need I’ll will out look need it We can expect at to all we volume. out We fees. track and We to

Mike Mayo

regulatory when the to as you about it which out dichotomy lastly, think relates value, wins then had And you capital book here, buybacks, buybacks?

Bill Demchak

question. follow not I the I’m sure

Mike Mayo

X.X% CETX ratio.

back stock? you down. fine, That’s that’s same Do you Do but still as you impact. that’s not book amount buy the of your [indiscernible] Do buyback? good, good. went slow So value

Bill Demchak

Yes. Yes. Yes.

simply you’re on do if is, asking capital X So answer available that our question, to the XX, the we view based the yes.

Mike Mayo

do does then think And you how to the buybacks? pace you about continue mean that? that Okay. Or

Bill Demchak

market. buy to end attractive the be the today towards to year. obviously shares it’s think It’s in of it than – going We’re was back I more the

and market, the in we be I what to going know probably we’re said. don’t So

Rob Reilly

– answer little The on, current No, no, average that we that pace, That is, at, that’s we is quarter. we the regulatory average past the capital were continue. Mike. look quarterly bit a quarter And it been more the expect we’ve pace this right. to


Our is Carcache next Bill Wolfe question of the line with from Research.

Bill Carcache

expectations bit the in all system. on in being the cycle, given up lower a Following beta your deposit liquidity this

And square but risk? offset that communicated said an you'd could would the pace could X discuss its guess on to maybe if that. that lead growth that Fed the You deposit dramatically, you last us? Maybe call risk higher help the just see betas the expect the shrinks higher for those I balance the to Fed loan sheet flight points has to be

Bill Demchak

X us, into from think that's will the deposit be builds the so $XX the in system. -- So is capital. to same But shrinks deposit a it balance puts into deposits Fed right? whatever the for I leverage going loan again, you the XX% growth collectively is at going demand, reason they're the sheet demand pace would but loan even at Fed And we loan it, they let run think for will we're the to -- cause generate just deposit I will off, don't on holds see have back see borrow us, growth about remember. number that, that think it expect deposits. the balance to from shrinks, seen they to system. actually They the for but we sheet, growth, on pull demand, are million mean going its And if when deposits At loan positive everybody time, there which else. we It the is somewhere saying Collectively, loan. to slow, we cause a system. is still opposing same system. I when it that -- deposits time, assume forces, it there quarter, ever So or month

So worried we're particularly not that. about

all are the higher, Interest going a people big where have move matter. betas sudden, do because Fed going catch-up attention to a happen, rates will of place going of as to course, to again. what get to rates paying gets back are to substantially it's a Now is start

know level to catch time play reversed don't The don't course that up. quickly. off of come the X a is. Now Fed what thought I of about I and we've base pretty trying that we last know ever that,

see going years. We to deposits have we're to I be the how growth plays we couple over see in but that will the So have out, of think system just won't there. last still same the

Bill Carcache

it. makes possibility thought necessary, Got does it process that today some that -- sense. the taking That that to And sitting keep of and the going if outflow, loan inside than liquidity growth? contemplate fund simply to you're your letting maybe outlook, paying on rather of up

Bill Demchak

model. that very forecast. -- to will up. though that, on and points. And clients, had don't haven't and in That's fine. given of makes of those stays funds embedded necessarily that one, forecast, will never our from average if direct There's in or we the corporate core basis as see, funding they're deposits, cost not consider that looks -- our Well, fund mean, that's of we high, we some have our day. And market core part on to assume substitutes side, we think a I even It's competitors our in we if you particular, pay money of percentage you. assume that betas I that be for sense

Bill Carcache

-- ask can I If And Yes. Yes.

Rob Reilly

points basis core on yes. deposits, X that's And

Bill Demchak

a higher. is borrowing little Or

Bill Carcache

you buy space? may risk That's CRE. their and lease remain Okay. tenants about could by ask that not the lease on good they Can need just don't the If of terms, talk through obligations continue but end much their as I to ultimately, helpful. renew because credits

Bill Demchak

one our that's fears. Look, I think of

through that I I going properties the and weakness way, longer -- market-specific. flow think, time. over very think a period see to in office But we're of by that's

here, tell struggle I Pittsburgh I with think So to example, you, for that. we're going would in

have and impact I going Interestingly, I in way we that, lot here, most, at lease over the have the this going be if areas our cause pick around of time, think to wherewithal all, metro and that. have that's be but have we that's to I make think the think practically, but that. reserved that's been Now rates a the We I in going and clients we're Pittsburgh, And buildings there'll for not don't to country. to less their drop properties, exposure point, people through yes, exposure. case to yes, office think of in carefully, many don't think them watching we

Bill Carcache

That's I retail one. you one for you'd debit the credit point update something you that you And in helpful. vision that, us at sale of Can last Or If the could a squeeze risk that's payments. Zelle past consumers in use giving shared to of ability the on whether that cannibalizing? still volumes? support? could your of about how the do think cannibalize and Bill,

Bill Demchak

ownership group company simply a collective the not EWS. of decision I'm Look, of of because a going to speak from EWS, that's on behalf

current payments is everybody's things adapt it. changes, think some able through landscape be fraud-resistant with return the those look rails interest make make to to all on and be payment easier, to payments. we'll We I look, collectively as payments the and make more to against

using start to to a we going small business. Zelle of the other purchase few allow services are ownership banks for and and We -- for

So it there out will space. merchant the get into peak

this at of Just not but point, a reasons, a variety to competitor the not yet. rails for direct card


Cassidy RBC. [Operator line next from of Our the question from Instructions] Gerard is

Gerard Cassidy

would are Can the a utilization -- consider can what where us rate share And you now? to going but utilization at up, I you capital capital of rates know you capital be guys normal with expenditure, possibly with customers you they talked organization? about your

Rob Reilly

year. the the now, low through this XXs XXs, and up normal we're somewhere before, expect bulk the in we that just Gerard. saw might whatever the Yes, from -- Right we normal talked And mid-XXs. is, we've in about of high last

towards moving yet. that, we're there So not

Gerard Cassidy

discovered And a with legacy PNC versus Rob, difference BBVA customer? is the yet customer C&I that you there have any customer

Rob Reilly

it's No, interesting.

the side, morning. talking terms we in borrowing were commercial this On similar the of about trades. very that It's very,

is in all the similar utilization the So really lines. no amounts. terms in They're up sort of of there difference of

Gerard Cassidy

mentioned you know over for some your in I then And about the sale of securities. good. available Very transferring remarks

they think discount maturity. over into billion it was held a the transfer at will $XX capital to Would over I into then your accrete time? that it And discount?

Rob Reilly

exactly. Yes. Yes,

Gerard Cassidy

how many And discount…

Rob Reilly

doesn't a the it pull. maturity. for the again, benefit benefit affect flexibility between And earnings. sale of AOCI -- going of It's or all We held of to to versus available component balance

So will look but at affect that, course. continue it its again, it earnings. to -- we'll And doesn't it's run

Gerard Cassidy


between, was Okay. U.S. expand you believe, it to is about as on expected? lastly, you you color guys excited maybe transaction, Is going? that the you And us the Mexico know BBVA and just the any going -- Can share quite it? as when how were I well business the able transfer you it is I you been Have with did money

Bill Demchak

functionality mainstream excited of your the by it And we're consumer we're white actually others, corporate apps. that for No, countries at But countries happy it's tied a relationships the it's It about we're it's looking correspondent we're side. on banking on we're dependent actually into to for really are looking expanding -- it. that And through that no, and and We've receiving that, with some that actually be into certain been of we've doing although things it's label several looking actually it's there. expanded, and currently at -- America in customer. some in now it. -- has responsible importantly, think not I'm been other on We big the through relationships Latin our today, Europe, I into countries business.


further the no presentation I'll the are speakers. turn back questions. There to

Bryan Gill

to very And you thank you feel Well, questions, reach please free have much. out team. the to follow-up any if IR Okay.

Bill Demchak

everybody. Thanks,

Rob Reilly

folks. Thanks,


And you. conclude conference. that does Thank today's

disconnect. may You now