1、Our ambition:to be the One Bank people most value and trust.We make decisions related to credit,liquidity and capital with a long-term,through-the-cycle focus.Credit quality remained historically strong,reflecting disciplined client selection,underwriting and a continued benefit from COVID-19 stimul

2、us programs.We took several actions during the year to strengthen our balance sheet and protect against lower rates well beyond the next few years.These actions are a combination of a differentiated securities portfolio strategy focused on generating stable cash flows,a$15 billion derivatives portfo

3、lio that will provide hedge protection through 2031 and our fixed rate lending capabilities.These balance sheet management actions and more give us confidence in maintaining a net interest margin of around 3.30%for multiple years even if the Federal Reserve eventually lowers rates by 200 basis point

4、s.I am confident that we have your Bank on strong footing and will perform well regardless of what the macroeconomic environment brings.We are focused on delivering innovation that empowers customers.We have never forgotten that the money we handle is more than just money to our customers.It represe

5、nts their livelihoods,their safety nets,their challenges and their dreams.We invest in technology to empower our customers to do the things they need to do better,faster and with more control and efficiency.One example of this:More than one million consumer households now use our innovative Fifth Th

6、ird Momentum Banking offering to manage their everyday financial needs.In 2022 alone,these customers received more than 27 million paychecks up to two days early and avoided approximately$39 million in overdraft fees.Similarly,commercial clients using our accounts payable and accounts receivable aut