The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Just putting together the most recent question and also on Matt's question. Underneath the 8% to 11% NII growth, could you give
us a little bit more of a breakdown in terms of what you're expecting for asset growth, given the strength in your loan book today?
And Terry, I know you also -- short-term borrowings, but period end by $10 billion. And again, going back to the question I think
everybody is trying to ask, remind us how much of your deposit base is corporate trust today. And of those deposits, how much are
indexed? Do they reprice immediately to the changes in underlying benchmark rates? Or do you have some ability and pricing power
to be able to perhaps delay some of that repricing?
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Follow-up on the underlying earning asset assumption that you have. I heard you say 8%, yes.
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APRIL 14, 2022 / 1:00PM, USB.N - Q1 2022 U.S. Bancorp Earnings Call
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: And a follow-up question to Matt's question on CET1. When you close Union Bank, I think I'm estimating your total asset size to be
just shy of $690 billion. And how should we think about capital management as you potentially approach $100 billion asset mark
in 2 years, Andy and Terry?
And I'm just wondering in context of -- the TCE hit was obviously more than the CET1 hit because AOCI doesn't run through your
CET1. So I guess I'm wondering in terms of like your buybacks, even after you replenish to 9% as we think about crossing the $700
million, how that might influence your capital management and capital return potentially differently over the next 2 years.
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Got it. Just to clarify, as you close, the intention for the cash is not to deploy it, but to shrink the pro forma balance sheet to be able
to accommodate more client growth rather than just raw balance sheet growth from.
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