Wells Fargo & Company (WFC) 12 Jan 182017 Q4 Earnings call transcript

Good morning. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Wells Fargo Fourth Quarter 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a Question-and-Answer Session. Instructions]. [Operator like Investor call Relations. now Campbell, to turn of Director to would over the John I Sir, may you begin the conference.

Thank for joining questions. This CEO morning. fourth quarter Thank today will is answer John Good Sloan; our your and CFO, Tim and you, where President, being discuss our Shrewsberry, call results our Regina. call and you recorded.

our we Form during measures, I'd and in SEC filed that earnings like our fourth and measures referenced, our in our Before our like earnings turn uncertainties. that quarterly the are today’s over that you we Information any found those you including supplement get wellsfargo.com. to started, of can be are remind GAAP President, from website available actual may may results I to materially reconciliation will containing in that X-K to detailed CEO and our caution on Tim measures our risks and call non-GAAP release expectations about I also make earnings forward-looking are differ release at to statements would subject Factors SEC supplement cause today now to call to also and in including the available financial supplement. on website. Sloan. release the quarterly filings filings, a quarterly quarter

you Fargo build us today. joining to transformational Wells bank. and XXXX for our for made as we Thank thank you, significant everyone, better Good John. a year progress a morning efforts was on

efficiently investments centralizing innovation, evolved. new which but vision satisfying better and needs unchanged, we how organization execute ways serve This processes in customers' includes create customers includes has experience, financial a evolution of and vision our customer for at we our manage of better taken develop streamlining we in our a actions the structures, to more members, Our this team our technology Pages we and customers, our infrastructure. data and shareholder communities. way building the foundations of Wells highlight robust supplement the more and the modern risk Fargo and remains strengthening our few

to hurricanes a impacted to our changes and by our with their of customers. year all made accounts. to also customer proactively manage customers provide in order help payment Some friendly customers to we help relief We've way number -- approximately a those XXX,XXX last better of

launched will customers long-term our their more through X access, zero added card-free $XX Overdraft and payments. For Zelle to than example, already have introduced a the us PXP March. ATM In that pace time in don't helped to more alerts help value accelerated avoid In million to of and build a better has innovation million now over we grow have including times they so and for relationships. June, technologies, customers billion enabling We our our account. customers March or XX Rewind, our we send data which alerts charges. Automatic using over technology overdraw we balance sent a their we which XXXX, than customers XXX,XXX introduced enable month, more customers deposit manage transfer And since finances November, believe make real overdraft and used since

digitally. As mobile it to increased and made easier customers online their for with we've of our channels, interact have them us use

view hub control this digital cards Wells with the application, customers information account Fargo Wells tower, fully we stored. rollout a for mortgage digital experience. a innovations customer their example, and Me wallets November, to Know and we of For issuance digital instant account Intuitive later In ago. expect customers including in a launched credit offering, XX% Data combines the quarter In brokerage card advisory Fargo will year we were mobile our is You power up additional openings debit places to and central from manage XXXX, cards where and which Investor, of our

plans exceptional minimum grant based experience we were XXXX we to an rights announced We including members. members, In help XXXX and an hourly team increased to starting ensure innovations, of adding drive impacted restricted approximately stock changes. tax to above in that $XX passage for to appropriately the an team addition $XX and rely role. are in these member enhance $XX.XX holidays, members. will paid Job pay U.S. increasing our related members four and base or receive the we team After to XXX,XXX and making on additional a team rate, XX,XXX We steps took to approximately benefits, announcing the to XX,XXX we also increase these paid team hour based members, they in members their customer another which minimum team who team are all cuts hour on the to XXXX March to already a slightly of pay increase that number estimate Act, reviewing

generated more long-term priority. value $XX.X our through balanced top execution business return This our common capital share discipline, shareholders net returned net strong that, team. we deliver world-class dividends stock to is From for billion to remains of up from billion our on repurchases. XX% through a to In XXXX. with goal income, is and Our shareholders shareholders $XX.X equity. XX.XX% we've Returning a XXXX, model, efficient risk a and an

than positive we contributions Another to areas impacted XXXX, is were $XXX disasters. Hurricanes, to other by wildfires more California including make that donated the to natural communities we serve. $X in million and million goal And

an And X% profits targeting approximately organizations for philanthropy. corporate We also are million in XXXX, are beginning our of last non-profits $XXX that in community year. announced XXXX, we of targeting from XX% we donations to after-tax net increase and in

quarter were and the Job strong from Our a included cuts the in fourth benefit Act. results net they and tax

that determine of customers and Wells items on Insurance impacted reform Other in While tax the help our confidence appears benefit the full higher results business fourth has the the Services, sale our accruals. it surveys included, impact, Fargo grow and early U.S. it's gain to litigation increased. the too will and that economy indicate quarter

confident will detail. in ago. I challenges, the make dedication are on initiatives expense of transformation. discuss remain retention, am summary, will credit And wealth accruals card even we strong increased credit purchase liquidity resiliency we continue levels exceptionally volume, notwithstanding results historically Wells capabilities, were the financial In deposit And debit and XXXX, to which improved driven retail record levels the in later to our low to Fargo balances, now evident the banking year call. we track prior expense in work, both in investment is quarter our transform satisfaction are a efforts back scores, from by our on up our card a in higher and company XXXX much now John team X% more as details management, and today record committed we than $X practice year we businesses expenses in results Our more better sales in and throughout most growth our our settlements, losses, client Fargo capital with Wells levels. to household increased Fargo provide while our in visit Wells with investments had that ago, our in assets this litigation brand recent of hard demonstrated John were and the billion better reductions. including XXXX and members target in our a fourth will of and

good And Tim. Thanks, everyone. morning,

earned included are Tim fourth billion share a $X.X results will per We or as the quarter. noteworthy items mentioned in minute. I $X.XX And our in three describe

quarter adopt slide to the quickly to XX-Q It’s from highlight want mentioned early note was and our was which filing. standard election highlights, call in a impact I last third the described the our that X. in discussed slides hedge accounting First, new on quarter on

nine early XXXX As the for was share EPS reported previously prior resulting for our in adoption, of revised a in this net months of EPS increase year. $X.XX result the a in first per quarters

have this I details appendix. we standard from $X.XX share and $X.XX included after-tax accounting benefit Act. noteworthy the summarize On the Tax this We about or Jobs next information billion per will the which on be more page providing a X, in on Cuts items page. more the

Services tax billion in had Our and results timing gain servicing driven $XXX include is results Fargo sale was which and the accrual between businesses of on a $X.XX, our an a differences liability difference the mark-to-market benefited quarter for treatment $X.XX by we of to was Insurance which Wells also a provide the litigation Act. more impacts The million in $X.XX income unique the the that EPS variety reduced taxes Tax somewhat EPS estimated it investigations, temporary The the details net practices by matters. on sales effective, of the related other deductible we regulatory page in $X.XX. related differences. our book from leasing tax including majority of consumer and of mortgage On and billion, and deferred not net by X, mortgage tax this benefit tax deferred tax matters expense was and reduction primarily

subject to housing In benefit in was low income had deemed amounts the million to are the offset so cash historic addition, valuable we leverage which partially our after-tax foreign Act of repatriation. losses we’ve under leases, investments. US, adjustments net have by This and valuation now of Tax not energy less substantially advantage we income renewable related tax from operating earn loss lower a all $XXX big and

year foreign on expense repatriation from income effective what’s XXXX later there undistributed tax we’ll currently to approximately addition, deemed call. the full million In X $XXX earnings. be tax was XX%. page a of our much We highlight the And on expect estimated rate of

just fourth purchased were by which asset the So, point securities largely one-off me quarter billion out we side, the sales. of and let in on $XX.X offset

lower drivers long-term call. liability on primarily the page X be billion home our by $XX.X declined loan highlighting balances income I'll our the bank federal later statement On debt. debt side, on driven

million turning loans with pageX. $XXX $XXX loans offset declined consumer down partially a third million Average average higher by from So, of the million commercial loans. to quarter $XXX

period in positive some loans the end the third growth with $X.X have did we from our during billion up quarter quarter. loan momentum However,

$X.X junior the billion XX. $X.X loans in drivers estate billion as reflecting C&I quarter, real based from as growth revolving credit banking. auto from the declines very continued financial declined in our and Let third the quarter, broad $X.X well Commercial in we've balances finance from had in the institutions Commercial distribution installment third starting and loans a year. commercial billion. and and loans growth up the similar C&I and and with We Consumer $X.X grew and corporate seasonal credit page highlight the highlighted mortgages first trends me loans. competitive third card was lean increased throughout backed billion in growth loans market. finance discipline included mortgage on asset loans growth quarter, other

volumes flat relatively the growth of quarter were in credit year down origination and grew will linked a reduced card impacted strengthening quarter, and above this origination mortgage of be up reminder, volume were lower quarter from to the FICO while We've the originations Auto a balances. total ago. XX% profile XXX seasonally year XX% from As a and fourth with first the XX% by credit originations ago. in score our portfolio

continue expect the making XXXX to given We transformational balances will decline business. we're the in changes throughout

deposits and ago. year Our deposits our fourth reached the average quarter the increased record high a in X% from

increased paid banking the basis the small on cost changes deposit quarter The we. business have market rates a third year from average points was Our XX and and and hasn't from up points made neither ago. consumer basis deposits X to

act management LIBOR this deposit customers. somewhat deposits As market and we've deposit had impacted could stronger, Fed have this industry increases drives repricing increased growth. funds loan tax growth betas year, wealth to be as fund incremental for commercial demand for If the and and

income by related Similarly, all growth lower yields to in negative at income interest from consisting from Investor increased was and quarter, leverage other Our net our $XXX and X% points quarter deposits reduction related due we to impacts was ask leases the third by growth repricing leverage full down Investors reduced the fourth our driven Day. loan as $XXX XXX million often adjustments and average in leases interest declined net about in modest benefit partially us income long-term to tax the NIM terms. a adjustment debt interest which provided to the average the the to swaps. with loan Net quarter. from variable the XXXX year offset act, X primarily to basis the expectation million from

additional details provide position. So, some me on let our

we've near in swaps sensitivity year our with in us this the and from early of to notional when reduction it's worth yielding hedge previously we will million. of loans entered interest rate had loans more for from that value was starting loans. XXXX, be had outstanding, income $XX but we converted loans XXXX rate our peak, end, disclosed between the LIBOR The asset fixed point closer based interest for swaps these these lower the to of leaving yielding At some third received of low rate higher XXXX, we of interest we we as and unwound range to of current notional increased $XX reduce modestly $XX into back point the in cycle beneficial. expectation in of should rates points a As this X rate to swaps. yield unwind at quarter, We At sensitive them. midpoint loan fixed floating longer. commercial million some XX rate the positions We XXX the began Being the million our shift to be basis manage into year-end, curve. to parallel more basis the actively in lower

to since these Wells of approximately interest $X unwinding remaining of we're into original cost the Fargo. averages that be revenue $XXX million However, The is X life generated it's approximately extended the rates entered swaps will incremental important which amortized loan years. which derivative approximately the billion during over of swaps they note, period of for the

deferrals quarter. in the origination the $XX flat held-for-sale in gain and on quarter mortgage results lower primarily third from the million curve $XXX $XX industry income full margin changes of highlighted to for and of including on deposit residential current in MSR XXXX million million the quarter, Tim carry hedge of higher the payment Wells in from impact XX% million non-interest quarter, offset the in which the impact basis decline customer volumes slope by driven investments due declined increasingly trends. lower energy Non-interest curve tax pricing and million impacted and reduction and trading increase MSR declined income service third Rewind to be million spreads. in related decline income from from dependent start interest and level volatility Services, sale on a $XXX on in lower driven $XX trends third areas grew our which a largely in of the due in investment declines $XX factors impairments on pricing, million, of call. revenue, quarter, launch XXX valuation based benefit renewable Overdraft transaction the from quarter, customer of from by market. was including friendly base channel from revenue, betas gain a mix third recent our competitive the and flatter housing Insurance reduction activity assumptions, as income hedge declined the pipeline details income growth yield hurricanes. of origination from from resulting act. driven Trust purchase first yield compressed Deposit in changes and well trading margin primarily net from to million the as we the This we asset on customer and fourth of provide by was page will increased declined charges partially year quarter. the the brokerage included sale Our by by the million a asset earning at November relatively which in The fees the environment third low XX, fees variety on of primarily retail increased seasonality the on Servicing On Fargo points our $XXX the net banking Mortgage activity. including $XX expect $XXX the the

driven of highlight quarter losses. XX, higher third increase. costs reflected on business the infrastructure members page our paid drivers by were we quarter. expenses largely typically the in and year-over-year holidays higher primarily higher page Increases third the the increase equipment granted additional billion primarily from period higher driven annual operating million on $XXX in $XXX by price expense $X.X from spending performance award page drivers to XX, the expense On On was cost quarter from driven we increased operating compensation of and adjustments by Higher other expense XXXX. largely Expenses advertising XX. expenses, increase running in I'll higher discretionary in and impacts and losses. billion the due the the was million, and in benefits and $X.X team expense, which from also were by lower Turning salary Compensation benefits higher driven the primarily The prior costs awards. which the by stock to increased offset benefit FTE. partially stock showed salaries

Our ago compensation neutral. functions the reflected in On our of on Higher business in through benefits XXXX sale highlight previously million our expense insurance our which down was expense consumer year that the we’ve optimization. were deferred enterprise higher progress declines centralized well banking. made P&L of and services community as is the expense FTE as centralization We and were X% also $XXX the by comp from reflecting initiatives which page lending across efforts distributed driven XX, primarily we and we organization. made

In for to redundancy businesses including synergies eliminate transformational in-contact leverage and to we’ve technology and and our centers, continued operating we operations. addition, changes make models customer realigned

saved pricing. We leverage in continued improvement vendor in money through also contract

enhancing contract leveraging of reduced the team have this aggregated to technology. our by entire policy travel and We our expense the done and entertainment by by based We negotiate company. on travel standards using centralized rates volume X%

close they in XXX on serving date, can regarding our and and Based closures on branch XXX them. as impact XXXX. long customers as retention an current the branches expect other we own our branches also end total for as channel and customers in as minimal to Based X,XXX we our or growth. XXXX. many as behavior have and our our to by network advances our as more declining target XXXX important Branches of branch we on of part customer had household want play well want We exceeded closures the currently in channel to consumer have will see factors, assumptions technology approximately usage,

also and [ph] We mortgage businesses reducing in including by XXXX. which XX% other locations are over standalone properties stand

into are our business in We sites. centers regional auto activities banking also operational XX from three larger regional transitioning

the consolidation us to expect process in half complete business. helping further the We the of standardize in first XXXX

will continue we helping we we needs the the members these As reductions, positions find consider we banking also support of pursue other while to them by team communities serve.

track billion our $X have responsibility are on to assigned We the for who achieving have targeted to achieve identified which them. been expense of specific reductions business and leaders

our first billion reminder our supports by ongoing key As targeted in number the better areas expense and compliance core infrastructure. businesses saves a which a of end of $X and risk building investment strengthening capability, as the XXXX a year such management bank enhancing our includes

billion this XXXX. We amortization line the to expect which of expense include do the XXXX. additional expense intangible These expected we will also of XXXX end to at assessment targeted and end year in the amount the go the special $X reductions by year completion deposit savings of happen and the of to in doesn’t fully core the of by not be expect $XXX recognized end annual completion bottom include should FDIC the XXXX it which million full

page highlight to due XX. include doesn’t on we divestitures savings business which it expense Finally,

providing to our billion. on any expectation or excludes more XX. typical investor As billion part million in for this accruals litigation of the currently to year $XXX and remediation expense of XXXX This losses response be expenses expect more and total outside approximately are expectations full of $XX.X includes operating in XXXX penalties. request, on transparent we be $XX.X page detail to range efforts We that our to year

we the call for achieve equity credit from which on point reference, any our influenced the litigation XX be be spreads, rates, curve, basis the of by absolute mentioned or markets. including revenue quarter loan cash a efficiency the of the of efficiency growth, the or will I of of betas, absolute XXXX level decrease ratio As and we X% last a And level by a in to deposit in expect XX the efficiency accruals. as $XX.X with ratio of quarterly the will including factors end increase revenue points redeployment just to ratio a earned minus every XXXX. billion number not estimate we sensitivity XXXX, impact shape the handle outside yield plus

We will provide for in XXXX our expenses Investor guidance the May. on Day in

been will the of sold we’ve on the it years, be look as of taking and expense helpful past the we couple revenue and businesses multiple a two businesses we’ve share our past contributions result divestitures, at to we the over their had which with thought we hard a For and page provide direct associated XX. all years,

a there see but for revenue sold returns they and reasons was impact shareholders. can from you generated sound economic selling our businesses were for As these nice

Insurance the was end As at a in to the Services sold reminder, expected share owner Fargo close later Wells the of is first services and November quarter.

the ago and digital we tax in use growth in growth our included have to debit X% impacts and a by in the included of XX, on and year ATM accounts, branch quarter of declines to banking and accruals On we which page from both from sessions our Turning customers. On highlight our were a card their the increased page credit activity digital secure and The highlight slide increase as continue ago. the well balance from to have reflecting litigation we X% XX, of continue actively community up XX. as strong purchase customers we starting the used channels volume act results. majority in the year interactions an segment

more will levels not the innovative to sales our our I had enable needs recent to customers customer growth. satisfaction branch transformational changes with now service, with financial bankers we’re practice improves the to scores customers providing mentioned, meet believe the prior making settlements. but also only are drive to better most Tim including As financial we tools with visit meaningful back conversations

the XX% results sale in assets included banking year client insurance trillion, referral on and Total closed average up investment from business. a and a $X.X the the management assets fourth our were Wholesale services XX. of page high wealth quarter ago. record reached gain of to Turning investment

Turning XX. to page

Our in credit loans. in XX was the the quarter among lowest history our the fourth remained points exceptionally loss basis for full our average our rate of year strong, quality rate was and loss

All consumer of declined of quarter commercial total were and loan in and Non-performing have the recovery quarter. than quarters portfolio. estate our less a real our portfolios net second seven X% in consecutive home for consecutive were equity including position assets loans for the

in Continued have this improvement the oil gas benefited trend. portfolio and

and and unless the us established years, performance. no During million behind release peak size the oil losses of cycle cycle of a billion. last We put billion credit future incurred on portfolio and XXXX $XXX first oil this of in over had issue will through quarter largely reflecting the filings. We we’ve portfolio the believe to gas longer three the XX-Q, we this we provide factors credit change, our reserve $X.X a reserve continue we’ll in $X.X quarters strong of in and quarter updates but in include the continued the gas

quality, $X.X fully stock equity dividends XX, $XX.X capital billion period billion remaining increased making end We'll from XX% shares page now track had billion common X% drive and we returning XX% our to we're net shares. internal we success. goals in your outstanding common of focused record and from in XX.X% We're asset and through take with repurchases to began to achieve our above XXXX, Turning help up in repurchases net turn XXXX, will on our more to In liquidity XXXX strong XXXX, in Wells changes common of to up and us and XXXX. an long-term target achieve XX%. share transformational share shareholders exceptionally summary, the quarter and We targets capital. well to our declined the X remain We Fargo estimated Tier on expense throughout fourth our ratio level phased questions. X.X six

of with line first of the comes from Our Instructions] Bank ahead. question America. Najarian Erika go Please [Operator

the So, acknowledging and to sure investors expenses me to in if I your XXXX your try more outlook going I'm refine Day, new fully expect you differ you about going for Investor but your dollar you And following I'm color to results. will rate, normal years in included? fair billion May, assuming million $XXX isn't is billion million and this growth $XX.X is savings, growth in assume to the the expense cost that and and $XX.X XXXX your rate two business billion CDI sold out get guidance expense, anyway. $X over XXXX, take $XXX the to XXXX that and it a then in are for that again company for range, next to in take think the

I Erika, could think of that's a happen. fair what description Yeah.

that one but in what look of think revenues to XXXX, I the big like that's I impacts be think fair. could

the or arc more thing programs at you transform to have one is the ongoing reinvestment The investment of that Wells I'd we've about Investor talk we the Day as be, add that mentioned, will we'll Fargo. been various talking in about,

of the in they XXXX there come link variety and place XXXX going how is happens some are in in total They're of so arc. them nature, off them them. own are in each to what missing be of maybe nature, are the regulatory of today of Some [probation] and but them their even has in for for them, some

standards Got And for to is quarter you relative $X.X is, relatively loan loan linked reform. could consumer mortgage? question is of what think bottomed the we you down book gap in go to on underwriting it follow of better growth side had on and consumer Two you on consumer upbeat guidance between more what XXXX guidance has reformed terms XXXX? your are or agencies originations, loan about there up outlook And on especially attrition the a peers the And the for billion my the in still non-conforming tax in today mortgage basis. the they and from as a the think up was side, it. if are question your

So, question. Erika good

a let me respond couple of think ways. I in

on gotten and be that’s reform all from employed for and folks consumers. optimistic pay First, impact we've of absolutely fair tax cautiously economic been is the feedback of have customers that the that getting it's should I country we been act net have our the the think on positive I and growth. a bonuses races across There think and like, millions the that

of likewise consumer consumers. will -- quarter the may this will think XXXX, of quarter fourth estimates look to and XXXX. impact year. in -- relates and to grow loans that we will we we all in to equity home We pre-crisis to the home just the John the in on we believe originations, equity the grow. think going the been the to the would out. grow at years. But see then offset credit it’s loan year at this it if new likely portfolio it decline that growth, book, home don’t act about we mortgage maybe, our that changes find book be book consumer not crisis post But that growth But relates are underlying book about a as that continued and will current notwithstanding and that the cyclically the this believe for the cards portfolio, crisis book improvement this cross to post decline And tax we As you decline throughout I you continue about that auto auto, pre-crisis it’s will we’ve believe credit continues mentioned with we decline, -- our first about to will believe as divide equity that we for I start in our we are the the But the kind it lines on expect that year. XXXX optimistic book talking again will in portfolio,

Follow-up on the side. underwriting

Yes, to changes we making anticipate our any don’t underwriting.

that and day it every those as look going market relates are standpoint. we to competitive underwriting, mortgage, to Our from be at a we

We are any take also point view one not going and long-term too to get aggressive the in time. at

comes Bank. of O'Connor Our question next ahead. line Please from go with Deutsche Matt the

Matt. Congratulations

you expense provide We calendar? mark to were We listened to that down guidance. You right. Can needed $X your in you.

Speakers] I it’s I [Multiple first XXXX importance. given and think XXXX a think do great step good of trajectory,

been for roles disclosed. and really just being only have are point a a reach this issues the and focused through and in point many now obviously like CEO settlements obviously on senior the been you’re over at and to where where do year just The year you And taking So, a thing few of as before, years Tim, legacy ‘m all minds. issues the working you after appreciate all very and that’s hoping market internally feel applicable? I in legacy at well the coming quarter they this them out and identified you’ve is finishing

the consistent looking with we think in particularly that Well terms a quarter. continues answer of lot that very of can’t a we’ve at this Matt And we question, to took be we’ve and fair the assurance be making my to very we accrual operations that progress it’s is I in But lot made of or company. that a anything with won’t guarantee But I the additional again, absolute changes of you made provide might a future progress. find. the

you big why been any can a -- have and wonder can’t. company time. issues company it’s there that Because has appreciate I I a there you’ve time, I long I feel And guess been long a John like arise.

I the would you’ve are it’s seem investors, on in [ph] get re-reviewed well. employees, of able to turn and just I that am that there’s so assume to page triple this like But whether and it I not forever. doing banks reviewed for everything to a to identified think importance nature push it’s probably as do that’s still trying think continued relevant it’s would the So, be and why or too, issues in now the of great for that legacy are shake you’ve does on all number clear kind the I

I and give reasonable and across in. is a in Look very live an working very live love we to at operations been guarantee world and can mean I but world where looking we’ve you the company. it’s I question just not this absolute the certainty, hard

I guarantee opposed a this will something to we been But at time, of week issues and it’s of that’s that over or We when as inflection on the mirror for point you we that that have period them. but with made made customer but going promise maybe the that, that the the look disappointing, I moment know we all you. I transparent and we be just a after we can’t was have we’ve remediate any end amount think absolute invested mistakes if harmed, rare that fix provide in is them been time that. of other significant there a we’ve will, find I at some we in of view someday longer or doing it’s having to sort sometimes today when money very tomorrow

like trickier certain on reviewing, just still customer you sure that little you XXX% are reviewing as this, that still is that customers just not regions a thing close or you that third-party there are last like not there And you’re a can issues to businesses are or? they’re not segments segments maybe are or relationships be those

role, company fair say of Yeah. to I first I that look the have and at to a a of on was again, made enough area. a basis. progress, reflect year one this made mistakes think in the specific as an quarter businesses say we’ve in my that we’re question. it’s would the of we a on that I it’s fair across opposed to Again, lot review didn’t any as company this continuing ongoing thorough entire we’ve that but

risk and So, we’ve to balances will going more going in way. a even right collecting standpoint we’re and and never from the making be different data always infrastructure review audit got corporate that to and our we’re in declare the victory, standpoint investments we’re make sure an continuing, a checks

make want we So, improvements. to continue to

that very a progress I provide matters certainty. we’ve punch been made lot absolute we’ve you again disclosive, can’t So, of and with the line but

from Usdin line comes question go Jefferies. next Please of Your Ken ahead. with the

improvement good Hi, the what’s side guys it the the outlook see are basic higher side the doing. how business. your much I’m ahead? start How and side. fee of any how is much on wondering nice to actually Questions just way. right of that in are Tim. with, for of just going transaction How morning markets to moving is that that trust business you do can Maybe

we’re had a from the Speakers] transition a Wise. a nice David in [Multiple nice John, Well leadership a John and years, the business did last we’ve that’s to point had senior seen terrific we’ve job Carol in that we’ve few who transition optimistic for good growth

John thought year. think fourth see mentioned we'd I quarter in that he revenue X% growth the to this X% type

the to wealth that But continue that to underlying community A the values, tends banking And referrals related large John's too. but of to fourth point investment to revenues continue future was in we from to quarter again about to be and drive management. be so, point increase the part we higher business about to in your in optimistic. optimistic reinforce and improvement

Okay. much. and And markets up are lot wondering are but guess the are referrals lot, revenues I'm the obviously I not up just your a a up but as

is underlying decompression, and an seize stabilize you that to with start ongoing just volume? to So have whole burden is on just always shift that to or overcome it

I that the a year. top-line. rule Because have John competitive Jon changes thought implementation last Well, that attracted he and entire not your that X% would X%, say business growth Weiss business, he, see even again, he that because in it's point on is think market X% but DOL fair. And there some was the clear the the clear of John been

with we're that. So, comfortable

outcome volatility solution because stable I on describing also of but asset around over people stocks management you're think more is more revenue. this form this the to transactional shift you've with managed the recurring you're and it a which trading Means emphasize relationships got revenue. intentional secular aligned less that shift reliant less means, the

area, it, then in on another okay. to Got big And just keep fees.

your got obviously rolling housing and is it's and potential out Just with on major business, transition the tax mortgage just and rates, you platform there happening markets.

of you've big, what that change size start can as retail and platform you big So, what's got a market sale your be? think expectation within that, mix? of do new mortgage correspondent a can for just percentage. And versus And mix the share your your to

Yeah.

So, to act. of bit. a a factor I the for unchanged call as be probably down of of think more more direction, market the to a expansion it's the be NBA market in competitive mortgage or market more market in from can't the that But little bit is the down, economic a what us for more to operate might in. which result a size happen purchase little to overall with continue tax is calling They a market reify going to trending size

in the an As market. have advantage a big reify servicer, we

but do correspondent may being and we a As our a result, lot bit lower, share retail up end a of lending servicing. little

we aggregate and what represent the what of and our service we correspondents. volumes fund for originate so, And directly

down is our margin costs that correspondent less our mix why retail means from but less of is part that's So are opportunities to too. because revenue

be our bit. tax it's to So, is think flat little expectation market great. reform down I which does a the Again, something unless that remarkable will

in I a quarter expectations we gets, what fourth margin is the mentioned it be our can it's than quarter that the see. comments. stays think think quarter first competitive. on based We I to my going lower

in we leading in or the we that competitiveness, of the as fourth our being part of out market that's can relates on technological our feet innovation it share. street rolling every our and to agencies, a anticipate whether Some they as competitive and behavior because our things maintaining And specific the be it's run that now, right possibly programs as quarter is of to done. get

a emphasis team, so, Michael And that DeVito for want who we big to it's that but the position. don't point and cede of folks manage

Your next KBW. Kleinhanzl question Brian of Please go line comes from the with ahead.

on good did discipline. focusing that morning. looks thanks. the can like have again down kind Hey, are Great, can Quick loan market was saw that quarter credit loan you it and mean mention you CRE continued But growth go? growth, this question wind of you on how seeing of lower much how currently, I it farther you breakdown what much kind this to book, in maybe do you

far mean only the the diverse by this are don’t product total almost broadest not I estate platform but in and and to we real estate type most lender book. commercial we the wind in in down have real market. every commercial want We largest in

in a period where, and you that see decisions. committed you are good out through be stay long-term that you make you We cycle But are things you business decisions cycles a last get this period to the to a -- to at be real standard underwriting the to balance. committed a bit of also business That’s cycle business pricing how that important to because this made long-term. but doesn’t disciplined in or forever might in when estate little that need

in we to So, to this it want we our a book want grow for shareholders. the grow that right makes decisions but way

bit in So, aggressive have pricing standards in a has our that what book slightly has spread capital a declined markets more little we that and this in competition, increase meant excuse the credit other our is But me, and fire an and year seen can we’ve estate you been lower -- so again, that's a here see parts of absolutely got revenue business on little real business and bit. balanced company.

year wouldn’t look don’t because that the I We rolling down business, we and this book we next we’re next are grow at we cycle. so business. love ready So, want for like as this the it purposely the to

was fourth question it X% consumer separate like down are quarter? account regards look attrition? primary it year-on-year. December, you to could Because versus May thought bank the just a retail the year-over-year, you’re on up metrics, attrition positive at if in And Thanks. what checking said then you you where new the I last customer the maybe slowed, the the if the had other growth, break did see seeing acquisition you be with you acceleration

we acceleration. saw think don’t I

also in that and so the of team hard. that. improved also terms who team in time that of address and Day that terms tens needs continuing and But account with going account made make are I see a also we’ve would thousands see business but -- call platform. in year. I primary made quickly, opportunities job those folks to in think centers in improvement checking customer am Mary of in branches that increased, Mack and plan. would changes time. members the we for fourth accounts and value what X,XXX the to say that at takes progress of Investor growth, an doing I that last incentive very we can I training And and are expectation streamline trend. over changes management changing growth, team pleased responsibility say quarter delegated that more you takes to are has our We’ve of as terrific fundamentally talked would also checking a XXXX has say I branches changes terms to are and It we’ve our working about saw of We that We underlying

benefited One thing by customers but ‘XX of Wells into checking were who primary customers. They primary a I would also convert account growth the were that add attempt is Fargo primary numbers they were were XXXX, major people at primary. to point that

a of we worked primary through making it’s backlog so, basically customers I’d had bank and relationships to primary we’ve, And that and customers. about to new say the convert them to we now really net

to just comp so owner. And

the Pancari ISI. Evercore ahead. line John Your with from comes next Please go question of

front. know growth home some interest the the Thanks for commented still and you’re the you’re being equity of I in you’ve loan declines the and in and auto already. Back in seeing CRE. on color to on selective areas

a can as at growth the you commercial headwinds? as that look XXXX? given loans drive see year And can really full XXXX average versus So, that despite in XXXX, in growth we that

Yeah. our John. plan Hope that, so, is to do

the hard effort the the this the we’re we’re largest not on the think growth. card but of of function of team dependent managers, of growth, in a and just economic it’s I relationship wild is lender and economic underlying pace also and great so only country work

So, in see economic an a net we should be positive. growth if increase that

that our you in there and and money lot a I of there. is optimism with half week would the last out customers of corporate and a lot I’ve commercial Just tell spent anecdotally a

the and and growth XXXX is C&I loans, credit our quarter. is come mortgage The card from likely to where net to in first going loan similar

if secondly everything it, terms deployment you thinking article that -- everything. Got you you’re there it, in got anything know an on to to I in the about in if deployment. just And secondly you but just ratings implication then know you haven’t we’ve say assuming And then that as on it. at about Thanks journal if camel ratings. and I want say how seen of And commented the the is John. recently about talk And have capital is true XXXX? and look could capital,

coverage. returned excess won’t. we that from said regulators XX% increase information capital amount to and because question the to given fair pleased can’t capital the to it year-over-year our to return, repeated our we so capital that relates by expectation company of We the and call we’re our fund continue is to early that have growth. capital it it return on confidential and the John at as shareholders media supervisory But our think we have will comment So, I I in increased

the our goal matter. if to submission C-CAR this And years don’t that have exactly next for to what Tier of direction. something so, But, is certainly XX%. that don’t what to number our year year I in over is X terms know you going closer comment. any other for or our few means I we’re next reduce in know that common XX.X% equity John,

capital imagine customers. also thus, generation No, that’s growth capital should of return more starting And to interpreting future loans attempting we that and is shareholders. ongoing make the to a our question high would that the our and the point right no that the on I at There high would for in be level call that this possibly be M&A mean was use can portfolio relatively capital to guess the of in deployment point. of loan lead first share I our and for

with the McDonald comes Your John go Please next of question Bernstein. line from ahead.

morning. Hi. Hey, good

to clarify $XXX page that there? the million community for on the outlook want on the and list range XXXX, expenses the X, on contribution stuff the include Just that things would other you donations

$XX,XXX And Yes, the for higher base the pay fee numbers. it roughly does.

take kind also sense the hoping to you late ratio us of kind and give to Okay. XXXX? John, there. of some And the to handles it had rate get get what there? make economy XX to you of by of I you guess Could kind on mentioned then, hikes efficiency just would assumptions about some

mean. Yeah, I

hikes our scenario. goals built baseline a for tax desired see from some our We into upside there. reform rate to its economic that X imagining are impact into we think achieves lot don't of current XXXX I have the to forecast built extent it

have key make estimations I be pricing going the big the the of as what's throughout think those deposit the we course would to one of And happen to with year. drivers.

I year the range. over of think that into that betas anticipating feeds normalizing the we're course

Okay. the you calculus the through? And evaluate And reduction do you in got. what's that further go how kind has of fairly remain swaps, you've that way

is the next the calculus cost math of do the what what of forward to curve And amortization we're Sure. is the years our we into for that sense pricing us implies increased of chance And reduce out is. floating out made figure The and earning we've then make from. doing is what if couple sense Then mark is get more versus the might comes and today's that to a think to to over is get rate it's back and fixed where rate that scenario. benefit if going there because we rates to couple that next that's years, a asset the to it swap outlook be position. swap sensitivity been over the what of

a address Tim, getting to is business that in holding that then of further you into maybe broader team then wouldn't wouldn't range outlook have, pickup before, is XXXX going any the but And you is, holding reason a in a to John, I all maybe this I there 'XX any XX be just hold the think And folks range, too? but not in And XXXX with 'XX thoughts. absent that middle and if reason you to efficiency up you're you the that know that it get came you might tailwinds into be Okay. just goal can have there down to directionally ratio or sure are the operations. that want and XXXX I'm don't Is back expenses XXXX. the XXXX, that. XX material broadly on by efficiencies. expense too and Tim, much, deeper

I'll well hold That's pick the goal too team. I as that. as senior management that a myself

on spot you're there So, John.

where would for reasons we've the reason, 'XX and lower. expectation in if the and trend guidance advantage through there we that some -- of expenses would revenue opportunity was out, ago The several used caveat give mortgage went be we guess to wild reflect off a a direct coming here incremental this no those and period is specific years a there would gave I continue there cost expenses that And it. I is grew reify like was to expense 'XX then laid take was to is expenses, and with

So, which like something that, expenses will that say, based there all then absence you believe we'd structural that fall on as items coming if shouldn't no occurred, about these talking down is to about the keep we're happy reason off. be

the to just next Tim. again, How efficiency X clarify And over goal X Okay. to years? you the ratio phrase would

to handle end after by is XX%, within to progress. range, to we get We to got progress there. we said, are XX XX% to company. year in in the that’s continue the of down once As year. efficiency make to to year We’ve and get after should -- are year then improve to we of that be a goal continue this get make expectation our going this to the then And

from Betsy Graseck of Please line go question Your next with Stanley. comes Morgan the ahead.

to the XXXX XX.X for One, here. follow-ups. XX.X I on just we put like-for-like you’ve couple A XXXX? there’s target is? is know morning. the one-timers what to your that against are that that wanted get of next this out good And in a lot Hi, number assessing view what relative of I expense year,

that we -- wouldn’t our But of look I because many losses I we much you really not obviously XXXX people and think slope. a out it’s their for slippery normalization take beyond We’re don’t view normalize would just operating that experienced. larger expenses a to

a Okay. second on that. today. I just there what question couple of I questions correctly, think if is beyond accelerates I And you on then generating heard already it was we’re But noticed liquidity.

to need right did rates, you that reset is that? expectation deposit Your on you might I hear

a heats it. people if reform retail industry fact to be deposit lackluster is to deposits order because And the going begin to the growth, in fund may Actually, been more market. somebody it, my appreciate fund It tax loan in as the defend small the to that reference or has there line and think demand. of holding franchise then very economy prices. -- and there’s might the of order got up don’t a is higher how to much business of on result well their everybody attract deposit is to I

So that’s specifically. more of comment an Fargo a than industry comment Wells

Okay.

because there giving just mind XX it’s around situation grace or you us LDR XX view If on looks question … your your your so, like like the seems

people a it don’t we’ve if hasn’t cyclical causes again a there’s that an change been or looking cycles might have in to were for would at looking I we things that response to my say you loan then big we’re of of is without the we point. much, they betas do previously could catch should imagined that too demand, to change that it think cause to could that, have And if demand, be, add that’s where that a up big prior catalyst although up rate loan that one demand, if deposit it industry as there. pick loan could things, imagining cause one been increases, studying

is calculus about attract incremental deposit next fund overall we of deposits position think need be a an overall a we loans. the the are thinking whether we point got increase for has should pricing. changes is of industry demand the But liquidity a to in loan billion $XX -- modest. lot in Your of lot not right, ratio where very our loan-to-deposit We’ve where to

pricing in think completely the maybe innovation it’s have just value just competing the with than which John’s this look deposit upon observation separate about why and the the of we’ve we for been making deposit that to it’s massive one been that from on into ramped the the discussion consumers, can we us, impact and we of been particularly at the more technology so go up doesn’t with interaction there’s on line I the just for a and we’re relationship on margin how that’s firms lot also that attract at of I pricing, make competing about improve about some others. some from that It’s Betsy a And continue able think I investment the convenience that year, price, relationship and we’re deposit firms we’ve in the for innovation to I drivers the service point loan deposits. much demand pricing marketing I minute, are been provide. And reasons and an not the that’s to pace of about expanding which that standpoint a about potential is think agree also just of would when not

of all increase innovation that. We’re customers providing and in to to going real massive value of do we’re the because continue to our

So, on just competing price. we’re not

go Your next question comes the from Please line with Sandler ahead. O'Neill. Siefers of Scott

for thinks analyst. you her this favorite those you’re comments Good CNBC on Thank mother now -- my morning, much morning. very

am analyst. got guess please pass you. John Tim, I question gratitude. you, favorite have I for least along Thank At actually I a my somebody's

kind there. Are XXXX? low appreciate comments outlook for the On is number earlier you year-on-year for on single-digit XXXX, for NII good NII a outlook growth still I that’s the rate of actually thinking the

Yeah.

this going and huge talking earlier a It as a I could deposit of means be wasn’t it’s little that a And year. fully There of think about lot we’re year. is much really to just a what on. it. last that pricing forecast driver topic

And the top our worth going shaving for We’re NII investments probably equivalency matter versus $XXX loan for growth front and are cash in the some and the that’s then some on XXXX too. XXXX. the tax-exempt to deployment tax change of million --

we us. growth pencil know to because income and trying as couple a other at whole be we further reform some may goal net But, behind Day means it But, stated change a and towards. year-over-year is and tax year’s a what that until have a a interest of we’re so that’s and I grow bit it this things. easier will be we in to this year period-over-period, what about So, will point little quarter last year we’re think wouldn’t Investor vectoring at get the into rate

right. Okay. as my next Perfect. you All SCE well. on And I question think there hit

change So, at appreciate it. is tax noticeable When then you there? on tax between effective actually the tax the reform in tax FTE any and expect effective your And that down look gap that now rate, we sort should rate just rate of guidance.

so. we’re think for couple change changes we’ll if that’s impacted don’t we’ll will tax number be call things. Most making. it certainly in by well the the a And But notably now. year, guidance to – give of rate I effective throughout the no on No, much course out continue how conditions of probably give overall money the our

next comes from line question Your ahead. Saul UBS. Martinez of with go the Please

Good for morning. taking my Thanks question.

to the the On how quantify on And fees it wide me I much XXXX that how the XQ. much linger on deposit product into fees, but results? missed, you adversely and did XQ overdraft could if forgive more impacted in

although So, it in was quarter the it came $XX million quarter. the in during

be be the first -- And it just Rewind in will so, how you for comes you the happened And overtime. payments where from. will direct quarter. tonight capability in familiar who the your that's see customers we’ll the for and deposit it night if adapt And probably it morning, with isn't we the more hits anybody, overdraft the that to overdraft, don't essentially before, charge product,

at it quarter So, so end it's we then call capability they in the we'll help a generally out very to people and the it at the it full right the pay of useful make day. who transparent model quarter it cycle an folks think next rectify when we'll see have overdraft a are of end the situation speaking But QX, can of in. and the it

John, And around way say to parameters behavior? it's and way there loan on sort type start to much history about you're betas digits. how you in ask increase see there or type let's betas on Is loan secondly betas going of you helpful. pickup difficult of through possibility of just consumer think up a non-linear to that's is up deposit of based any in deposit of of numbers deposit maybe can know I betas might assumptions Okay, it, growth I'll about to comments your sort But up if say to growth If parameters probably scenario. any mid-single deposit to anyway? that to on and but the you the on think some were and the any move loan around which way move get maybe -- growth. put picks see competition to there Is deposit

with catch then bank Tim who I customers don't by mentioned, sort you. to have of normal I historically XX% call And non-economic full might to it a are or some that go you as there relationships a yourself, first maintain the balances ask But for levels, And could a model lot who silver of for up stress etcetera the service. reasons call service can bullet level. it want maintain tell and full why? very less the you

to a everybody's things those different. going franchise little look But is All bit matter. deposit of

the people of So, going time. happening how more yield if account And any and it's others will we be relationships we people rather and the and deposit to have highest the some more and their we and that's really out money think they in what's respond primary core to because point responding at are funded transactional need types are isn't seeking we and to with is banks need they're of market. happening to end go the loan range that range, up different doing it if we deposit that for the it's that Fargo, cost, growth that to impact that on likely Wells behave to are price and general differently. that but relevant -- we our to, money going feel we My jack be higher guess for in our achieve raise within going

next Research. Our Bush from Please NAB question go line come will Nancy the of ahead. with

this a I Hi, And probably of falls questions last gentlemen. the for you. well. as into have couple question

positioned to how do From standpoint location in were For pricing deposit of a of nation a of you rate given the I top? years, lowest kind that with and couple through over competitive you to the in cetera. the able many need years, get to mean feel rising competitively, environment. the the the the maintain and branches the need be into you or et middle pack cetera payer of do rate you et issues you are last where

our innovation fair that particularly franchise to franchise in Yeah, think really to if that one Nancy we’ve as the deposit And what it's consumer to but the digital upon customers. able not our of question. the pricing have lowest has of that our that in, convenience don't customers this providing we be to physical view have, expectation very we're invest we the industry. that relates so lowest I the a far, is you it the And retail changed. in is continued not the seen based to will the that do are our franchise because only and we also continue year

move retail weighted with the wealth of think and and middle, seen there us. more you’ve higher we’re the that’s in kind competitive fine customers, traditional you when I deposit and customers from it’s to

very comfortable And then to of the industry. we’re days as customers as as financial pretty institutions to it’s can or close are us get. like, that’s think well rest percentage your through think you and move And larger deposit competitive, I for I the been consistent you corporate there. XXX the where cycles

I break would how that’s So down. it

of ratio from bit more can a would a time-to-time. leverage point last active with liquidity we’ve so better little balance to their sheet. get slightly we the institution the use some have customers We add, we I been On because financial deposits afford a the problem have don’t to can

deposit So, those a because average if we payer. But various deposit we weighted relationship. it’s customers like cost probably really weren’t types highest doing number, that, to cost some by of basis deposit more do having is lower purpose business the that with that

because was follow-on there Street series is I may seen have the I and no that close America how months, Journal branches I rural a also, And the of branches. impacted if closures otherwise regulatory the the couple the am few bank now not And many by have bigger closures. there coming branch guys ago, think locations? of have over coming wondering towns to you of in about to screen Wall that is that would their the weeks you being is sure do branch you am past closed And it’s in guys that I have about small basically have issue anticipate or articles Okay. regulatory a more this radar you are the future on

question. Nancy Well again a it’s fair

P&L -- to we interaction to your is as we for any growth this branch rural at branches that also factors regulatory reasons number network, a markets. want included requirements interaction, of for specific of keep we or likely other as haven’t a point. significant to think increase quality There the a open look I when our related branches in had type of just branch certain But beyond in a about question regulatory CRA and to customers. that expectation regulatory of increase interaction we related

that say having allows would bank and anywhere investment burden from makes accounts, in if is still big there digital trenches XX capability including far the there away, for from doesn’t I be be for to may branches eases remove deposit including it taking, branch [ph] county. miles it even easier opening credit in applying including it, a who is there, the people completely live but people

that easier We to do it home. people are from making for

or better and it is weighed. was a that years ago XX it’s situation calculus same being XX than So, ago years

ahead. Our final Please from come line with of RBC. go question the Gerard will Cassidy

on How much talked us with versus efficiency this with you share by versus guys the to following versa. or from bringing year about you the going the further revenues? in -- What percentage revenue Can then XX expenses improvement comes is and from of ratio of end morning. periods. vice improvement Good come down expenses handle

you number. that number items. and sensitivity quarterly Well, the while about can that’s We the around revenue some we’re other see showed talking range for expenses and for year XXXX an our our annual on

we’re side. But that be assumptions expense on very actions will focused on being now on And estimate, specific taken some about range what’s in right for importantly, So, the the year. make revenues handle efficiency And are what to we have expense know that, happening is something very the that everybody for. account to the is is -- I’d I that’s you later QX your very a high think remind it business. seasonal in

there range the question estimates in forgot about who So, depending a earlier asked of happen or XXXX, the John going asked I what’s is to the about NII -- on question well. mentioned of easier that got core and noninterest as lot on the just are -- income that there’ll other drivers a front. forecast be We’ve similarly to I things easy but

trying to revenue. we’re grow So,

We driving specifically in expense that we’re have outcome. terms control pointing what’s through and over it’s expense of to the the

consumer your Okay. metrics industry banking the whether types you that you and have the the Can you’re alluded what us branch? going slide where is it’s products customer’s on give us digital going. in online come good you’re on lines credit selling cards penetration new of actually you products up in and And to into other about share of and loan kind opening obviously through such. versus or call opening these having you through be to XX, have people channel that up and And then a accounts with to the data community guys seems

is probably now card right easiest I’d the one to say point So, credit to.

think of originations in I digital. card XX% were XXXX

and -- Mortgage of their were there and an the year XX% of process they if But, our or prior are we we customers not That’s is we in to what a customers XXXX. and years. two see in-person Wells roll who in either figure fair it’s benefit trend how that want out will from people be out applications, digitally digitally year that’s to we’ll small customers who card account mortgage be to -- to it us our that while work. to And investor way. which from will it including for opening so see prospects up our be our towards this measuring us already they something aren’t digital important Fargo. have the Now, the as in is, what -- all percentage get percentage metric the transacted and be trending openings much wallet that digital get card we will with is fully people more of very the in interacting half interesting aren’t have in drive

the that knew again? but And mortgage, it go live you just when first on was this is do I guys or quarter it quarter? year, with second

for a who live it’s now customers people Fargo. Wells already Well, of are

you you the know be at see You can first enter platform on through But for available there. log banking -- are can I online comers it all Wells Fargo, all you our in can digital customers quarter. to will or it banking

you you to in X.X%, final banking about investment down? you mean to market Okay. did just wholesale what on X.X% share And banking the Can narrow or question my your came versus market talk dropped what by some give us side the then focus. you share background scope color

get on me large Yeah. could going not. reflect depending which volume could that’s be us whether are probably to some of in it for some cross activity, leverage be give volume, or And let beta we order some it boarder finance higher deal

that think we recently. to where to the I X% an terribly market different. I'm range, on But still which we've assume towards is X% going share been trend annual going basis, we're plus think probably

you As John's reinforce to point. said

type what types share transactions credit deals. of tend this think of quarter of because we I to buyout fourth our percent in underlying market saw We was lower leverage more discipline. in and kind those have a

margin the at that would that so And of driven most probably have decline.

the hard Again, And thank for joining reiterate first you morning. the work, year a optimistic ago. made than to again, want fact members, it's the we want emphasize And better always be ahead, of Wells of transformational that I morning year day was this busy better bank dedication today notwithstanding a Fargo. challenges will company I'm very the a now. that from year earnings have the for I I and to a know the industry. team who that also all us a XXXX resiliency Fargo for our a was it Wells bank

you thank for again, support. So your

Thank all today's and participating. Ladies you for conference. that concludes gentlemen,

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