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
: David, my first question is for you. I feel like -- given the reaction of the stock, I think it's probably best to completely derisk consensus
numbers, right? So forgive me for asking a super specific question.
But based on the disclosure of the swap book and everything that you're telling us about deposit behavior and higher for longer, it
seems like you could hit that sort of $350 million trough in the first quarter, kind of stay there, maybe go up a little bit and then get
towards $3.6 million if not a little bit over $3.6 million by 4Q, '23. So that gives you sort of a full year of, let's call it, between $3.5
million, $3.55 million before '24. Again, based on the forward curve, based on slow growth, does that feel fair?
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Got it. And I'll follow up with David (inaudible) size of the balance sheet later because I do want to ask the second question of John,
I think -- I guess what was surprising to me is that you had like a BNPL solar thing to begin with, right?
So Regions has done a great job at not only convincing investors that it's completely changed in terms of underwriting and risk
management, but also that in the numbers. And I guess this is a 2-part question.
Number one, as you think about an uncertain [road] ahead, do you feel like you've sort of fully captured like things like that, the
BNPL solar that you're now discontinuing that may not be (inaudible) something that you would normally do under your real risk
management profile.
And maybe the follow-up question to that is the 35, 45 basis points, I think a lot of investors are thinking about a mild recession in
2024. Maybe it just feels like for bank investors versus other types of investors. But in that case, where would Regions peak (inaudible)
recession relative to that 35, 45 basis point range for next year?
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