Truist Financial Corporation (TFC) Earnings Call Transcript & Summary

Great. Up next, we're excited to once again have Truist joining us. The company has had the easy task of managing through the largest ever, thank MOE during the middle of a pandemic. And while I'm sure there were some challenges along the way, they've done an excellent job integrating the 2 companies as well as creating a culture that is as dynamic as its 2 predecessor banks. With the integration coming close to a finish, the company is back on its front foot and poised to drive solid top line growth and take advantage of the favorable trends across its markets. We are excited to have joining us for the first time as CEO of Truist, Bill Rogers. Bill was a seasoned veteran of the conference, as CEO of SunTrust as I think he was here almost every year during his 8 years as CEO. So with that, I'm going to turn it over to Bill.

Ryan, thanks, and thanks for that introduction. And it is great to be back at this conference and great to be back and see many of you in person. Before we get started, of course, we've got to take note of our forward-looking statements and non-GAAP information on Slides 2 and 3. So continuing to Slide 4. We refreshed our investment thesis a bit to articulate why we believe Truist is so well positioned for purposeful growth as our priorities shift, as Ryan noted, for merger integration to operating focus. First, Truist is a purpose-driven company. We seek to inspire and build better lives and communities. Our deep sense of purpose has driven our strong progress on ESG, which we believe is more of an opportunity than a requirement. From that foundation, we've built an exceptional company with comprehensive and diverse business mix. We have strong market share in many of the most vibrant U.S. markets. We have distinct capabilities in areas such as insurance, investment banking and digital and point-of-sale lending. We also leverage extensive industry expertise to deliver value-added advice for our clients. We are forward-focused and well positioned for the future as a result of selecting best of both from our heritage companies and our targeted investments. Due to the merger of vehicles, we have a unique opportunities to harvest significant cost saves and invest in technology, teammates and marketing, which we believe will deliver strong growth and profitability. Continued and combined with our conservative risk profile, we're confident Truist could generate earnings growth with less volatility than our peers over the long term. I'll expand on these themes throughout the presentation. Slide 5 introduces our purpose-driven culture, which is the first element of our investment thesis and the core of who we are as a company. Our purpose at Truist is to inspire and build better lives and communities. We believe our purpose-driven culture is the foundation for our success as a company. Our purpose is not a marketing slogan. It truly defines how we do business every single day, and it serves as a framework for how we make decisions. A recent example was our decision to care for our clients and remain open during the October conversion weekend. And to my knowledge, we were the first bank that's ever done that during the systems conversion. In our culture, purpose performance, teamwork and a client-first mindset all coexists, which we'll discuss later. Our purpose intentionally begins with the word Inspire. We decided from the beginning that if we wanted to be a leader in the industry, we would need to be bold, be first and be inspirational. On the left, we highlight many of the commitments we've made to Inspire, including our $60 billion community benefits plan, our rapid response to the communities in March 2020 with Truist Cares, our bold commitment in the wake of racial and civil unrest to increase our senior leadership, ethnic and racial diversity by 25% and our partnership with BlackRock to join emergency savings initiative amongst many others. But inspiration is meaningless without action. I'm very proud of what our teammates have done to build better lives and communities. We're making strong progress against our commitments from the community benefits plan to senior level diversity. But day-to-day, we're also building better communities from punching above our weight in the PPP, to a significant philanthropic giving focusing on training, leadership and development for our teammates and significant growth in affordable housing and community development investments from Truist Community Capital. As a purpose-driven company, we embrace financial inclusion and have adopted a multifaceted approach to maximize the impact we have on our clients and communities. We firmly believe that education is the gateway to financial wellbeing and participation in the financial system, which is why we're proud of our industry-leading financial wellbeing program called Truist Momentum. In addition to our own financial education inclusion efforts, Truist partners with many organizations to provide access and promote the financial wellbeing of underserved segments and communities. Lastly, and perhaps most importantly, we continue to enhance our cost our core client experiences to promote financial confidence and inclusion. Our bank on certified money market account, secured card and Ready Now loan supports clients who may not qualify for mainstream banking and are looking to build and rebuild credit. We also enhanced our process and tools to improve transparency and provide timely alerts so clients can manage their accounts more effectively. Despite this strong progress, we continue to challenge ourselves to reimagine new products that are better for all clients and are informed by the principles you see on the bottom right. The rapid progress we've made on ESG reflects our unwavering commitment to this area as well as the strong alignment of our heritage companies around purpose and mission. In addition to producing Truist's first 2 ESG reports within a 19-month time frame, we've made commitments to advance diversity, equity inclusion, set quantitative targets for emission reductions, focused on client revenue opportunities, champion supplier diversity and continue to deliver against our community benefits plan. While our steady progress has improved our ESG ratings, we're most proud of the positive impact we've had on our communities. Our next ESG milestone will be mid-December when we expect to release our inaugural TCFD report. Despite being a relatively new brand, Truist has earned an excellent reputation in the industry across multiple dimensions. This not only reflects the strong reputation of our heritage companies but also the purposeful and significant commitments Truist has made to our clients, communities and the teammates during this pandemic. The next few slides will explain what Truist is an exceptional company. Truist is the seventh largest U.S. commercial bank, which positioned us well between smaller regional banks and our larger SIFI peers. In addition to offering a full range of capabilities, we're large enough to generate meaningful capital, which can be used to drive innovation and invest in organic and inorganic growth. At the same time, Truist is small enough to effectively leverage our Community Bank model and deliver a localized client experience where decisions are made closer to the [ client ]. We have a strong and connected culture that operates as one team which is essential to our integrated relationship management strategy. And finally, our diverse and less complex business model results in lower capital requirements versus our larger peers. Slide 13 highlights the enviable market position of our core retail, commercial and wealth lines of businesses. Our markets are projected to grow the fastest among peers, and we have the highest deposit market share relative to peers and their footprint. We plan on taking full advantage of our position by engaging with clients to deliver solutions using a more comprehensive range of products and services. Moreover, our investments in technology, better equip us to meet clients where they are, which is increasingly [ in digital ]. Given our market position, our broad set of capabilities and our ongoing investments in digital, we believe we're well positioned to maximize our market advantage. One of the most compelling benefits of our merger is diversification. Truist has a diverse set of businesses, including some that are more focused on our Southeast and Mid-Atlantic footprint, while others are more national in scope. The merger improved the diversity of our business mix and loan portfolio, which reduces risk and creates more optionality and opportunity for growth. Notable examples of enhanced diversity include investment banking, insurance, brokerage, leverage in our corporate lending and subprime auto. We stand ready and willing to invest in growing profitable businesses that have a competitive advantage and which deliver value-added advice and services to our clients. We're also willing to exit businesses that have inadequate scale to compete or which are not additive to our overall value proposition. Slide 15 illustrates the benefits of consistently investing in businesses with a clearly defined competitive advantage. In the case of Truist Securities, clients choose us because we can offer a full range of product capabilities, a deep expertise as comparable to our larger peers, but we deliver them with a one team focus that's tailored to the middle market. And insurance, clients seek out our broad industry experience and access to top-tier carriers. We also have access to permanent capital, which provides stability and allows our insurance teams to stay focused on the client. Both businesses have grown approximately 10% a year over the past decade, reflecting their competitive advantages, our consistent investments and favorable market conditions. Long term, we continue to believe that we can take share in both of those businesses. Integrated Relationship Management, or IRM, is the idea that when we bring the breadth of Truist capabilities to a client in a seamless and integrated manner, our clients will achieve success and increase financial confidence. IRM represents a significant opportunity for Truist moving forward. We've already completed the most difficult IRM related task post merger, which is to establish a strong and connected culture that operates as one team. We've also made large drives to cultivate behaviors that will maximize IRM's long-term potential, including disciplined relationship planning, providing significant training on platforms like Salesforce, utilizing data and analytics to inform client needs and making it easier for our bankers to leverage our enterprise intellectual capital. The next step for IRM and Truist is results. And while we're in the early innings, we believe the opportunity is significant. The good news is we have a proven track record. Prior to the merger, SunTrust made significant progress in delivering our capital markets capabilities to non-CIB clients, and BB&T successfully increased the insurance penetration of CIB clients. These collective efforts which are just 2 examples, increased annual run rate revenues by over $120 million. While our primary focus at Truist thus far has been executing the merger, we have made some headway in generating revenue synergies. We tried to find as revenue that we've generated as Truist as that we would have not generated as a stand-alone company. Over the last 12 months, we've generated approximately $65 million of incremental revenue, most notably in capital markets, but also in areas like wealth where capabilities like our business advisory position group were not available across both heritage companies. While the lines between IRM and revenue synergies will eventually blur, we're really clear-eyed about the significant opportunity we have, which we believe is multiples of what we already realized. The chart on the bottom right highlights the primary areas where we believe there's a significant potential. Slide 18 introduces the third element of our investment thesis, which is how we are investing in the future to provide an enhanced client experience and drive profitable growth. Slide 19 condenses our digital and technology strategy into 3 big-picture concepts. The first of these is to integrate and modernize. The integration journey we've been on since the merger closed, will result in best of both systems from which we can modernize their APIs, open banking and a more flexible foundation and architecture. However, modernization only takes you so far unless you're willing to think like your client. So we're interacting with our clients and co-creating relevant experiences in journey rooms. Our teams are also focused on ways to better leverage data so we can provide more personalized experience for our clients. Finally, we have to move fast. Of course, that means Agile. We allow our teams to fail fast, learn and iterate to respond to changing client needs, and we're also leveraging Truist's ventures to complement our own learning around innovation and commercialize at scale while we jointly recognize opportunities. And bear in mind that we've been executing this strategy since the merger [ is closed ]. The rapid rollout of our PPP platform in early 2020 and the innovative digital straddle that enabled the launch of Truist Digital prior to the core bank conversion give us confidence that we can move faster as we look forward. Slide 20 addresses our strategic decision to take a best of both approach to the merger integration, meaning we selected the best heritage platforms for Truist, best of both made sense for Truist because our heritage companies invested in different yet complementary parts of their technology and business ecosystems. This results in an integration that arguably takes longer and requires more upfront investment than a typical acquisition, the 1 that positions us leaning forward and will yield longer-term benefits to our clients, teammates and our shareholders. Slide 21 highlights the 3 areas where best of both has already created better experiences for our teammates and our clients. In commercial lending, the combination of the nCino front end with the AFS Vision back end has formed believe is a best-in-class lending ecosystem. The combination also provides a stronger foundation for more front-end digital innovation for the future. In the consumer space, Truist mortgage online provides an end-to-end digital experience for our mortgage clients, which we believe is highly competitive in the industry. Lastly, Truist Digital provides a differentiated experience for retail business and wealth segments and allows clients to toggle between their business and their personal accounts. Our Apple App Store rate user rating has improved significantly in recent months as we promptly drive feedback with more modern and agile platforms. Slide 22 introduces the final element of our investment thesis, which is our potential to deliver leading financial performance. The foundation for our financial performance is our ability to manage risk. We have a disciplined and thorough risk appetite framework, which on a granular basis across all risk disciplines, measures our actual risk position compared to our moderate risk appetite. We also have a conservative credit culture, which values diversification, prudent client selection, appropriate risk compensation and effective and early problem asset resolution. Our disciplined approach has served us well and has reflected in the strong credit metrics you see on the slide. We believe it's especially important to remain disciplined in the current environment where it may be tempting to just chase growth for growth's sake. We have significant opportunity to expand our relationships, capitalize on our markets and grow prudently. Our capital position is very strong, particularly when juxtaposed against our profitability and risk profile. Our performance in the most recent CCAR stress test affirms our leading risk-adjusted profitability position as our capital buffer relative to capital erosion was about 2.2x or nearly double the peer median. We can also improve our position over time as our merger costs diminish and additional call saves materialize, giving us significant flexibility to optimize our capital position over time. Our merger integration is on track, and we're making steady progress on the 3 outstanding integration milestone shown in the upper right, each of which will be completed in the coming months. We're also on target to achieve our annualized cost save targets for the fourth quarter of 2021 and for 2022. While we're working hard to generate incremental cost savings in every category, most of the remaining savings will be associated with the closure of approximately 400 branches and the decommissioning of redundant applications and data centers after our final core bank conversion. After peaking this year due to elevated increasing integration activity, merger-related costs will decrease significantly next year and before going away in 2003. This will be welcome news for our shareholders as diminished merger-related costs correspond to a less complex NIM, improved earnings quality, more capital and ultimately, the potential for industry-leading returns. Our strong profitability alone will not generate sustainable shareholder value if it's not complemented with strong growth. While Truist has grown at a respectable pace versus peers in light of the integration, we have the potential to generate much stronger organic growth over the long term given our markets, our differentiated business mix and our ability to capitalize on IRM and revenue synergies. The core organic growth will be complemented by both targeted acquisitions, such as Service Finance, which closed yesterday and partnerships that strengthened our competitive advantages, add new capabilities or clients that position us for the future. So to sum it up, I'm extremely excited about the opportunities available to us at Truist. We are well positioned with an exceptional portfolio of businesses led by purpose-driven teammates. With half the core bank conversion behind us, our teams are well prepared and ready to compete in the core bank -- and complete the core bank conversion this next quarter. Once complete, our focus can more fully pivot from integration to operations and performance intensity, all with the goal of realizing the promise of Truist, which is the potential for both strong growth and profitability. All of this, of course, underpinned by a purpose-driven culture, strong capital and risk foundation. And as I conclude, I'd just like to thank all of you for your interest. And Ryan, I'll come over and join you for some Q&A.

Thanks, Bill, and thank you for all the remarks. Maybe I'll start off where you left off. You talked about going from integrating to operating. You guys have probably been 80% focused the last 2 years on COVID and the merger. Can you maybe just talk about how this has impacted the bank? And what does shifting more to offense look like for Truist?

Well, I don't know how to quantify the 80%, but we're clearly making the shift from a focus on merger-related activities, making sure we get it right, doing all the systems conversions all the decisions that have to go along with that, whether it's systems, whether it's HR decisions, compliance, all the things that you have to do. And we're starting that sort of power shift transition. One, because we're really confident in the decisions were made. We're confident in the momentum that we've built. And now we start more power shifting to capitalize, optimize, maximize whatever the words we want to use relative to the potential at Truist. And while our core operating teammates, I think they'd say we've been doing that for a long time, thanks for catching up with us. If we look at sort of the agendas, look at the place we spend money -- spend time, look at our Board agenda, look at our leadership agenda, it's really shifting. And the ability to spend more time with clients, ability to spend more time with teammates focused on the future, the ability to spend more time with partners and thinking about how we capitalize on those opportunities, it's demonstrable. I mean you can really feel the shift in the last few months.

And Bill, we talked about last night, you said you've been out traveling a bit more. And I'm curious, what are you hearing from corporate clients, maybe across different sizes? Are they starting to think more about borrowing as they're planning for next year? Are things like supply chain disruption still holding back further investments? Just curious how you're feeling about the operating environment as we head into 2020?

It's since you -- Ryan -- I would say that a couple of common themes that have come across with our corporate clients. One is demand is not the issue. So there is a lot of demand for whatever product or distribution or services that they're engaged in. While they've had supply chain issues, most have been able to mitigate that or do shifts in their business go from offshore to onshore or on to offshore whatever or diversify, whatever it is to create that. So it's probably slowed them down a bit. The interesting part, and I'd say probably this is a little bit of the last couple of weeks or months phenomena is some of the employment things seem to be abating. Clients seem to be -- that turnover seems to be slowing down, the attractiveness and retention of both onboarding new employees and retaining new employees seem to be abating a bit. Through all this, they've been really profitable. Through all this, they've been very liquid. So I think while I have a lot of optimism about the loan growth over the long term, I have a lot of optimism around how we'll get to that, we do have to burn off a little bit of that liquidity. So the good news is they're there, they're -- they feel good about what they're doing. And then if I look at our own pipelines, they reflect that. Our pipelines and all of our businesses are strong. Our production numbers are strong. Utilization is still low. I do think we're at a few inflection points. I think in the last several weeks, we seem to be at an inflection point on dealer. I hope that will hold. More cars are starting to show up at the dealer. So they wanted to borrow to accomplish that. I think personally, maybe a little idiosyncratic to Truist, we're seeing a little inflection point in CRE. So we took some pretty conservative stance that took us down a bit. I think we'll see a better inflection point there. So I don't think this is a knee jerk that just pops back, but all the signals around long-term sustainability of growth, I think -- I'm very optimistic and positive.

Sticking with the theme of growth, you had a slide up that showed what could be some of the drivers of better than peer growth and a lot of different moving pieces in there. And I think one of the many unique things about Truist is some of the lending capabilities you've developed on the consumer side, whether it's LightStream, Sheffield, and more recently Service Finance. Is there an opportunity to accelerate growth in some of these areas, given changing client preferences and can it be these platforms become larger that could compete with some of the fintech offerings?

Well, one, I'd say they already do. But second, I think the -- yes, I think they can become larger -- I think they can become larger in a couple of different ways: one, on their own. So they have unique value propositions. They have unique relationships that they've built, Service Finance, for example, is 14,000 distributors. So they have these unique relationships that they've built and so they have the ability to grow on their own. The second is they have ability to grow as being part of Truist. So the capabilities that we can add, the opportunities to expand those relationships, whether it's with the end consumer or whether it's with the distributor, the opportunity exists there, both. And then the opportunity for them to work together. So you've made the comment just in terms of technology platforms, experience, CRM, all the things that they can learn and leverage from each other. I think it's a real potential. And then the last one, and I think this is a bit of a really significant opportunity that we see with this focus on ESG, is they're right at the epicenter of those decisions. So think about the homeowner, for example, being able to go to a homeowner and say, we can help you become energy independent as a homeowner. We can help finance the EV station and in your home. We can help with the solar panels. We can help put the better insulation. So I think the opportunity exists in several different fronts.

Maybe thinking about the short to intermediate-term operating environment, you commented on the recent earnings call that you hope to have -- you expect to have positive operating leverage in 2022. And I think Daryl gave some additional color at a recent conference. Can you maybe walk through your thought process here, particularly there's obviously a handful of headwinds that both Truist and the industry are facing wage inflation and some pretty tough comps? Can you maybe just talk about your degree of confidence and what sort of the moving pieces are?

Yes. One, I don't want to imply that it's not part. So I think the work is hard. I think it will require really excellence in execution from our teammates. I think we're 100% up to the challenge. We have some industry headwinds, which you've noted, and then we have a tailwinds, but we have some unique things to Truist. So we have sort of the purchase accounting roll off on one side, which will be a headwind. We also have the efficiency upside on the other one. So we've got several hundred million dollars of KA roll off, but we've got $0.5 billion plus in expense saves that are built into the system. And then I think all the things that we talked about, I mean, the tailwinds for us are our business. We talked about the IRM being in sort of the early innings. We talked about coming out of the merger and being at more of an operating mode. So my confidence just comes in our ability to execute all the things that were Truist and then we're building these capabilities behind. So we started about 6 months ago working with our teammates to build capabilities for additional revenue opportunities and additional expense opportunities. We have about 1,000 under implementation right now. We've got about another 4,000 that are being incubated and they might require some type of investment or have a different tail attached to them. So in addition to the headwinds and tailwinds, we're also trying to build our own insurance policy, that creates both more revenue and expense saves on the margin.

So it seems like the company is clearly building a lot of momentum into 2022, both on the growth and the efficiency side. Maybe just more near term, can you just give us an update on how 4Q is progressing a lot of different moving pieces there, but any updates you can provide, whether it's on loan growth fees, expenses or NII?

Yes. I think relative to all the guidance we've given around I mean I feel good. I think we're in a good position. Nothing's changed. And in particular, that probably some puts and takes on either side. But overall, and those would be minor. But overall, I feel really good about where we're going. We'll have some unique cost saves in the fourth quarter, which we've talked about. All of those are being materialized and some stability in sort of the core NII, but them being down. So all the guidance I think we've given that's pretty consistent.

Got it. So when you think about capital and capital allocation, you've obviously laid out your priorities. I'm curious, how is this evolving? And when I think about -- you recently did service finance, we talked last night as a long earn-back period. Does this reflect a more aggressive approach in terms of how you evaluate acquisitions versus buyback? And then second, curious now that you've retaken over as CEO, what is your philosophy regarding both traditional and nonbank M&A as you move forward?

Yes. So there are a lot packed in there. Let me try to...

Unpack.

Try to talk through that in terms of capital allocation and then overall capital levels. Maybe let me separate those. Overall capital levels, we went into this merger with a significant statement to say we want to have a conservative capital position because their uncertainties with the merger of this size, there were going to be uncertainties in economic environment. We had no idea there was a pandemic to add on to that equation. But we also said we would reevaluate that capital level as conditions change. So as we've gained more confidence in the merger and economy stabilized, and then we did that. So we've just recently said, well, let's actually just make some adjustments related to that. Think about core Truist, we generate a lot of capital every quarter. So we've got this ability to deploy it. Service Finance, I think, was a great example. It has a little bit of a longer dilutive piece. I don't think I would interpret that as a change in how we view acquisitions because that's a little idiosyncratic to its model. So Service Finance has generate the cell model and we're going to transition it to generate the whole model. Well, that just takes time. That doesn't change the economics, the total IRR of the deal. It just creates a little bit of a dilutive loop in terms of that overall J-curve, so I don't think that changes that. Going forward, a view on M&A, maybe I won't ascribe percents to it as I have in the past because you'll challenge me.

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Yes, exactly. But our primary focus is Truist. I mean the opportunities that exist within our company that we've built, I think, are still underoptimized and maximized. So we have so much opportunity that sits in front of us. Now that being said, things that we would continue to do that are accretive to that strategy. We've obviously done -- been consistent in the inorganic growth on the insurance side, anything that continues to add value to that, I feel really good about. That's a really good model. The simulation model is really good. The ability to increase profitability is really, really strong. So I don't think there's a change in philosophy. We're going to do things that are consistent with building our overall strategic position and that are accretive to the KPIs that we've talked about.

So I wanted to dig a little bit further on some of the areas that you had highlighted in the presentation on the fee income side, which has been a huge bright spot for the organization this year. Insurance is obviously not new to the many in the broader company, but obviously, it was a new business to you guys, you talked about the cross-sell potential for IRM. I guess I'm curious, how do you think about the potential growth organically and with acquisitions in the medium term? And can you sustain these type of growth rates that the company has been putting up? And how does cross sell across the organization factor into that?

Yes. So for -- maybe for those 2 businesses specifically, since we were talking about those, I think the medium- to long-term sustainable growth trajectories that they've been on, I feel really confident about. Not only their organic ability to generate that, but the inorganic ability that Truist has done. And then within the investment banking business, I mean we've created the same inorganic growth. It's just their talent. So in the last -- since merger, we've added somewhere short of 20 or so MDs and $250 million to $300 million worth of income. I mean that's the equivalent of an inorganic acquisition. We know the J curves, we know how it works. And so the confidence in that sort of double-digit growth in those businesses, medium and longer term, I feel good about. And it's enhanced by what you talked about. So the IRM part just actually is the enhancement to that. And I do think we're in the early innings on that. And as we tried to demonstrate in the slide, we had a respective strength from both organizations and that all we're going to do is invert those strengths against those opportunities. And that, to me, creates sort of that incremental growth and gives me the confidence, particularly in those 2 businesses related to the opportunity.

Maybe just a couple of small topics as we get towards the end here. Obviously, the market has been focused on the impacts of -- potential impacts of rising interest rates, I think with the hope of the Fed potentially moving in the middle part of this year. Can you maybe just talk about how you think the asset sensitivity of the combined bank could look different from its predecessors? And given how much liquidity the bank has, do you think -- where do you think could be areas of outperformance for the company?

Yes. I think on the -- based on all the conversations we've had about operating leverage, capital level, all those, we just actually haven't predicated a rate increase on all of that. We have one sort of in the latter part of the year, but we've been very careful about not sort of having that dependency and trying to make our comments related to that. But given that comment, we have a ton of liquidity to deploy. We have a lot of that invested, but it rolls off pretty quickly, and we have the opportunity to readjust and reinvest, and I think all the opportunities that we've talked about. And I think we're sequenced just exactly right because they're not going to pop back up. I mean we talked about logo. That's not -- it's not a 1 quarter phenomena that builds over time. We've built the liquidity capacity over time to sort of try to capture those things and get the right balance of [ creativity ] and having the capacity of where to put it.

So I keep getting yelled left for asking too long-winded questions as my last question. But I guess, this is your second time around of the CEO of a bank, what should we expect to be different this time?

Well, wow, that's -- well, I think the last time it was a different environment in furnace, right? So we were coming out of a financial crisis, a lot of focus on risk, a lot of focus on the efficiency of the company and a lot of that efficiency was achieved through credit, right? So that was the focus. I think the difference now is we're in an environment that's -- the portfolio is significantly larger. I think I described this earlier and maybe my instrument panel is like 4x the size it was before, which is really fun to think about it in terms of revenue opportunities, expense opportunities businesses we weren't in, in geographies we weren't in. So the opportunities to grow Truist are just exponentially larger than they were before. And then there's just the core investments and the things that we need to do to optimize all of that. The future banking things, that's moving faster. So we'll take more risk if you describe that, and you've seen some of that just because that's moving faster than it was a decade ago. And we've got to make sure that we're at the forefront of all those type of issues.

Great. Well, we're out of time, but please join me in thanking Bill.