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?
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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
: Follow-up on the underlying earning asset assumption that you have. I heard you say 8%, yes.
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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