TFC - Earnings call transcript Q3 2019 | Truist Financial Corporation

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Operator

Greetings, ladies and gentlemen, and welcome to the BB&T Corporation October 17th Third Quarter 2019 Quarterly Earnings Conference. Currently, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this event is being recorded.

It is now my pleasure to introduce your host, Mr. Investor BB&T of Director Baytosh, Relations Corporation. for Rich go ahead. Please

Rich Baytosh

who we and Thank us quarter Thanks quarter and call, Officer, our good and thoughts Chris the to Operating fourth Executive provide XXXX. Chief Chief John and results today. the President and Kelly Chief Chairman all today's joining everyone. Henson, Daryl for morning some review our our you, for Officer; of King, listeners of On have our Bible, Officer; Financial will the third for

We in also have Officer, Clark Starnes, our the Chief Risk participating Q&A session.

referencing presentation are the information earnings We a will copy as and A release the available of on be as our well slide during the financial call. BB&T supplemental presentation website.

BB&T or earnings Before not does we begin, forecasts. provide predictions let you remind public me

statements presentation by However, expectations. or from statements. actual course during made management's express there intentions, those the may forward-looking materially that differ beliefs of be contemplated results may BB&T's these this

SunTrust, proposed been capital stock prospectus Form In S-X shareholders a merger, BB&T's contains the of addition, issued on in shares with BB&T with has the to statement statement the connection joint SunTrust. which register merger to that SEC BB&T registration filed proxy sent with connection a to the with in the of be has and

presentation in to reconciliations the our appendix that participants disclosures. Please refer the and non-GAAP Page Page and and Please Page for our legends relate presentation, to filings, additional the presentation GAAP. cautionary X the X, on information on regarding statements Please our certain X to solicitation. SEC forward-looking information refer appropriate also of includes our in to the that note

Kelly. it now, to over turn And I'll

Kelly King

at and talk our is with preparing morning going bit. amount very our strong well thanks the is in is SunTrust for a about call. look to of I'll especially BB&T, Thank you, a very everybody when and work which that and you going Rich. effort This Good quarter for for really in joining MOE

very It and the later. our driven billion we'll about MOE a that talk is on progress We strongly ex I'll strong, in bit was bit. growth a that which excellent a Loan SunTrust make quarter $X.X our by on little about sale, with another more was talk non-interest income. mortgage

XX.XX%. at basis Just common income were ROCE, on $XXX an was ROA, respectively common our looking adjusted an the and versus and ROTCE on of respectable very million, adjusted quarter X.X% was up some Diluted basis numbers, net $X.XX, X.X% EPS quarter. and up versus XX.XX%, adjusted X.X%, returns

up revenue versus at billion, Our quarter. taxable equivalent third X.X% $X was

was color driven up better give more on X.X%, income mortgage on organically fee very like is going billion, really XXXX, guidance. good, in Our $X.X third $XX investment by also It Chris bit. brokerage quarter earlier is significantly our up of was versus was XX%. to you Insurance which or And X.X% which outperforming, that up up our banking million a XX% basis. and a than banking quarter were is

mortgage they or actually can positioning rate for us but sale, guidance. $X.X were So but mortgage pay sense up which effectively a billion was the exclude loans billion it our a we're down have our simply improved more makes going $X.X an you it for if those forward. and at we accelerated those purchase – you sale purchased loans Daryl off sell that premium, rate, paying if X.X%, to this held X.X%, at redeem on were over questions, have detail was you again, investments give

of basis only exclude is color the decreased you and loan a that. to five basis NIM going Daryl reported points if NIM Our decreased and decreased give reported core to again to X.XX%; points. points But two lot core five basis NIM also with sale, regard you

slightly down the a mortgage reflect XX.X%, was quarter performance and common improved incentives quarter. to banking third commissions in ratio from efficiency banking XXXX high versus investment due adjusted Expenses XX.X% the brokerage. insurance and on Our and

Credit but quality credit We'll very to quality very, be questions was across-the-board, strong. answer continues about really that, strong.

some We redeemed replaced stock a cost did quarter. $X.X lower activity amount transaction. which just and during We billion strategic the preferred is economic have an at like with of it

did three-plus did which very just dividend I percent sell July We We dividend very our at meeting, the yield. about. healthy a $X.X talked billion, is increase XX.X%

nearly give really positive to a to I'm in on And made We about also name. merger of did named that the with SunTrust we've detail on just XX% more going the we have which a our shareholder merger. have and minute Truist we approval, upcoming talked the receive and progress unanimous a -- little bit BB&T overall and is leaders. of the regard about

If along selected on on the you these X, out. just to follow call Page items,

a $XX share, redemption which million negative $X.XX As that expenses covering after-tax, cost charges pre Merger-related was $X.XX. and Incremental million we and restructuring insurance after-tax, stock of hit. I said, $XX a capitalized the where were preferred we is issuance -- $X.XX had negative operating was related hit. the to the million was after, merger that $XX expense of

positive Now the positive mortgage $X.XX. that the gain on on sale; we impact was side, the a have did of the

you of negative net out, for EPS a impact quarter. on $X.XX when that So, the had we

slide, really Slide you feel to I take want loan loan about X look the good growth. growth. on if next So, at a

again on underlying relative which had strong, with annualized, If you think a very look lot at I we marketplace, what's going our X.X% ex what's is the mortgage happening of to in the sale, performance, competitors.

dialing We fluffiness performance second CRE, as we low by much couple that. design, careful we're X.X% up very been about very with in some last talked third some categories, to you of back being and quarters, did we've pleased CRE to Very C&I, annualized. of quarter we've seen the so quarter a have because was in

table, you if the through I won't of But them. on look go all

or performance C&I based really see eight look the you Page X, broad table If was that across on on categories. different the will you XX

performance. one-off and category based loan a it's It's of So, broad really very, really, just that's good. very not type

Our exclude you the way were second they sale. quarter by did the once mortgage very up loan versus well; X.X%

about So what's going just then in the on marketplace. talking

you of all the going see is I difficult know of the do talk going much conversation, our I'm people, what's but figure tried it's of As to to what's on to on. and just what with all rhetoric, to out clients talk sure

The fact clients still indicated, feel as just They basically our is still today, I are borrowing. confident.

there are strong. is pipelines wars, concerns I about of uncertainty. our and very production to level conversation beginning a on trade will more today you create going tell Our that the about But it's

of us times integrate impact in be the not will of strong We We personally know. negative during is draw And sales in now, huge don't terms economy calm saw even time day. the though right day to anecdotes that still uncertainly negative Is economy. retail today, one-off? some for challenging just or a over begin think I the a sometimes try every to pop-up all of conclusions multiple to it's to individual yesterday.

new my out in these to a the view, the of It's And the clouds of long and good potential deal that Brexit, with away news view. XXXX truth do view by head than morning, trade feeling NAFTA we'll strong. and today of was the with I of better, today. globe this substantially some year. long a personally into have I will around take although terms personally there of the approved reasonable the end We of sense have have better is back China is economy think think we have in positive confidence the we'll very U.S. we

diversification, very or cautious we've be been place where could why terms not and on smart we because in in do, to we in up liquidity are bet a that's is and wrong bet. an a I capital high down scenario simply one But everything of terms any environment of

guiding we've with attempt basically been slight towards we us the well. a will to which So, psychological cautious. We're think serve upside neutral,

Page decline and It's at curve Obviously, deposits, with substantial story X, the the on of potentially in long today. all is If the forth challenging we pleased very inverted this you react and kind everybody. deposits. I to of day. big every back very was for the kind How yield look

We very doing are well.

Our are third to total second X.X%. up deposits

bearing disintermediation that normal of managing are today. pretty example, across the really industry deposits categories, down for that's We of on is environment. our the low in non-interest going kind X.X% are the that's kind The like X.X%,

and Our money X.X%. savings market were up

So that's looking very good.

So we've that through holding but get very, when in We see categories, you non-interest-bearing seen our is strong. deposits some movement strong. little mix, but X.X% in a very movement the a are our

X.X% of versus annualized market Our quarter XXXX. second relative to to deposits actually funding client increased national

Our cost basis And cost quarter. basis three total one of X.XX%, down X.XX%, points was versus interest-bearing down of second point. deposits was deposits

our by Daryl and there and management in good really people Treasury. all So, of Donna

some as a not little up. that. down substantial to neutral It that. we about good be forward, very very, up, feel forward, if planning psychological have will we actually problematic, go I with but we or going are be We're expecting relatively bit So spike

And with pass that, it me over to let Daryl.

Daryl Bible

Kelly, for guidance quarter. asset you, to the morning everyone. fourth solid and our provide margin Today, good Thank excellent talk quality, going about income, I'm fee and expenses, dynamics,

Turning to slide X.

$XXX seasonality excellent. basis was a three of a up resolution credit. indirect quality and to largely commercial remains of Asset were the Net million, percentage as average loan charge-offs This points due loans.

Our better is the we've non-performing than asset in seen and XXXX. points basis ratio was XX previous

X. on Continuing slide

$XXX lowered the loan was billion The below by allowance allowance primarily $X.X of to allowance charge-offs ratios Our The loans ratio $XXX credit, X.XX%. million, ratio mortgage at net which unfunded the remain resolution strong. of these the Including remained reserve a commitments. for one-time and was commercial impacted of sale coverage the residential of items, million. provision

two Turning mortgage of to margin related adjusting decreased for loans and net Reported after sale reinvestments. slide basis points XX. interest the residential

of about and and differences that three earning billion You between margin temporarily timing sale might the the by assets the basis the mortgage points. securities increased by reinvestment settlement impacted the $X recall

core Excluding two decreased was points. margin these items, basis also

annualized and basis on interest-bearing was and points seven points, deposits on of by portfolio. securities decreased partially portfolio reduced cost offset two The yields rates, Net which interest loan by which the the basis basis margin billion impacted quarter late asset three the lower points also creates in the sensitivity. pressure in yields. fourth our the the asset drop build This $X reduced We on quarter. standalone in our in to securities negative for liquidity margins third pre-invested merger that

In wait close. merger are sheet restructure as to addition, for the balance opportunities we we our evaluating

Continuing on income billion, XX. versus quarter. $X.X Non-interest slide like up was X.X%

$XX of servicing down MSR XX.X%, banking firming on increased was of a market was production X.X% Insurance and $XX and offset million was as seasonally from XX.X%. year net in growth. due $XX income ratio million were higher decline income fee income ago organic revenues by a but Our pricing valuation. stable related seasonality, to from Mortgage down million

last to accounts, service due $XX from fee up in income managed deposits primarily to more partly Investment commissions year. and increased $X million benefits higher This was for were $XX days a and flat, Other reflecting charges brokerage banking the million, post-employment but in million, assets derivatives. XX% relatively quarter. income primarily on $XX certain due related versus to increase million increased client

relocation totaled $XX $X.X Turning XX. personnel costs an $XX to were up and of million, $XX MOE Merchs which million. Non-interest for was The a million was merchs included services. which slide by professional professional increase services. billion, and expenses, $XX and fees, $XX combined MOE expense $XX driven expenses largely which are project expenses, increase legal included management million, for million million.

page up and by for other decrease can comp expense, increase including $XX million increase $XX XX to which million other increase million summary. certain includes see offset costs our expenses higher and incentives $X in on benefit personnel and and for performance marketing was due were $XX advertising in equity-based increase post-employment services, $X items. that expense details You a Core quarterly expense in the professional million, million

expense, pension operating but charges. marketing year partially million related year, and increase primarily Merchs expense Expenses from FTEs versus increased decrease incentives, quarter, $XX approximately X.X% non-service or Year-over-year expense $XX increase non-interest in was increase last personnel due $XX expenses. higher a down in by charge-offs, to costs, in offset advertising in MOE million were from which million higher excluding expense higher flat ago. $X,XXX and adjusted $XX regulatory million second was higher by reflecting essentially driven

save total to up XX.X%, basis and was the in XX. We Turning mortgage which The due cost an XX.X%. the back and earned of years. higher quarter points payout ratio and earnings remain CET payout slide will of Capital billion ratios have per X.X $X.X preferred sale. strong. loan million liquidity similar of were The to stock XX issued issuances, strong and dividend amount $X redeemed

LCR To liquidity LCR we end modified ratio facilitate Our the merger, liquid for the Truist. for assets high with third average the ratio pre-invested was build compliance at quality quarter XXX%. to of the

company liquidity. parent margin, provide net build for issued interest to but which very strong These debt we pressure prudent out it's addition, In will with billion. cash actions now to Truist starting exceeds BB&T's $XX negative

deposit about a XX% was basis on sale refi. the flat. Non-interest-bearing XX Now while production down margins sale, income and increased interest-bearing were yields mortgage were and due four corresponding mortgage to to Retail from Loan offset XX% million, points, were XX by the $XXX income costs mortgage let's to Community mix change decreased quarter, up reflecting declined XX% and production $X.X partially basis Finance sale. purchase due XX a Bank turn review increased loans slightly net higher primarily $XX the decline And basis net points. excluding in And loan to second slide loan Consumer residential to gain decreased segment. to billion, deposits production. mix MSR leases million. Fee the revenue. Average valuation, increased points originations

slide Bank flat. one as production only offset -- $XX on down production $XXX and was down point. million. increased interest-bearing basis C&I floor yields were income basis versus deposits XX% XX. net were increased Non-interest-bearing million points Commercial XX essentially million Community production. cost CRE to plan $XX lower higher Continuing Loan dealer Loan

slide flat an were income, annualized, primarily million, revenue corporate markets XX. XX income Total last yields and Services Non-interest-bearing $XX Average to deposit finance Grandbridge quarter. net capital Financial of points. client loan higher million. Loan million, balances banking. to down helped down points deposits $XX $XXX XX Commercial were Finance equipment derivative Turning was and X.X% from revenue. increased due and grew interest-bearing basis by costs basis were and increase

versus year. assets billion Additionally, linked billion versus $X.X $X.X increased invested and quarter last

$XX million due slide to Turning primarily to $XX to decreased seasonality. net XX. Insurance Holdings income million,

turn this it on performance quarter. I’ll Now provide Chris to perspective over our to more

Chris Henson

Thanks, Daryl.

about in. myriad growth turn over year working said, the transformation plan was really you BCG, from Operating or years. of And I around includes of XX purposely expense operating IHOP John other about so. to next that both reinforce models, we Howard continues Insurance we're with shared and is implementation synergy that XX and it's ago, three momentum. in our plan the if year Day little last It's slides Holdings new a built to to gain assistance initiatives really and two a Plan than XX, fall Investor months as It at So page built execute revenue you call to This and with a retail we're wholesale, a initiatives. more

hand revenue up And on see if you look page can at the upper million you the segments there $XX X.X% chart quarter. for left or XX, like

out past, in drivers organic three growth. really I've As pointed the of the overtimes strong

client about First XX%, were retail is about good wholesale and up retention XX%.

the totally it number business volume New remember quarter, ever best business throughout renewals, the new was XX% what’s volume, up seeing. not quarter impressive I that is built each And like year. more that's has

years of we're in continuing in to capacity And insurable last price the is because of largest then the and on the market. the XXXX tightening lift, heels third see driver the pricing. really two And XXXX,

second this example, quarter, about quarter, it about for X%. up X.X% So, up was

the result see So is and business hand retention of left in really new the lower pricing organic you driving growth. corner in

organic growth about what So quarter, see industry. would X.X% points XXX up to in which the basis expect in is we is to the double

capacity additional in probably and as the allows expect go We pricing through we XXXX. believe continued backdrop of the mid-fours for We tightening in industry. lift

dollars page business. really using flip production to help of laser drive IHOP reinvest then enhancing that on in over we margin If the and XX. focused would the EBITDA be say to us designed was I the

in in future. business, the new both help So just revenue which out, I'd cost implementations, every technology and will we almost have, point

really, now into and If July you drive of to up on was the us revenue the is helped cost you Regions, we exceeded page that the there, and have chart you you of which all XX, the is can EBITDA the I have acquired left growth at we see And really our And organic EBITDA, EBITDA $XX then we're million absolute remember last good things like XX lower year, chart solid leg three result of with upper on those page third will expense left the combined strong quarter synergies the control. and that look months XX.X%. with in prior the shared combination margin.

our is margin XX.X%. You quarter like can see points XXX up to basis

Now this XX% the would be is year the what you us, margin be, would our range. look lowest for quarter of year-to-date it so the if in at

of improvement made been margin in lot enhancement. So a has

And lastly, our in which keep to wholesale. I'll focus helps the analytics risk rates that's understand down long-term, better the of and and you say use help their I'd just lot with them true in of really data leave underwriters on client, a especially

to we I'll in Insurance. just pleased So to in have Daryl. progress that the summary, be it continue back turn made very with

Daryl Bible

Continuing you, following see is guidance on Chris. on standalone. based our Thank will BB&T slide you XX, outlook. The

continue to with the However, equals quarter. fourth in expect merger the will close SunTrust of we

third to loans flat total quarter due mainly held to expect for investment versus We be seasonality.

X% be loans quarter. this, Excluding up would X% versus to linked

We net the loan charge-offs net basis provision of to points match basis points range in and XX growth. is charge-offs expect be expected plus to to XX the

margin GAAP to expect X net also points X basis We be points. basis to down core and interest

Adjusted margin to are margin by liquidity company earlier, LCR, the liquid we three cash. build, points. basis for expect for interest net five merger parent we asset to As net liquidity we negatively our approximately for impact quarter. the building in This basis points the buffer discussed will five to and decrease three interest fourth

income fee driven versus and X% insurance by light quarter We banking. be to anticipate to X% mortgage up

flat be versus light to excluding We merger expenses quarter. expect expenses, related

And tax XX% to an to personnel driven million we We costs. be effective anticipate quarter, $XX $XX rate of and by the to in fourth the mainly million expect MOE one-time XX%. about professional expenses for

year revenues Finally, rate BB&T's remains challenging In full our will environment, operating positive leverage. to faster grow than guidance a we intact. driving expenses, continue

more once be we we more which close We pronounced pronounced, will the MOE.

earnings year, loan summary, quality. In versus last our solid quarter asset quality income of this in was core growth, strong fee excellent, excellent the and resulting

me turn closing on back and for it Now let of to update equals Kelly Q&A. an merger the

Kelly King

Thanks, Daryl.

was the great area good. can I been very, was highlight it quarter. expense all the in work has really area, that So done and And you insurance the a see, as loan and area it particularly very --

to you regard well. give a going the update, is comments with me let extremely So few which merger

is executive working things all together. team to continues well The the team, the be meet Our cannot management XX, pleased. weekly. I seven which is extremely more

If number must wall, you I and it. years the goal that the meet, have is making working through and whole focus appreciate thought extremely and years I watching The I one working this The and were us focused would well, been of tell claw Bill we're you and working together focus years. on together on best together the can. team really are financial working together we've the is team you, well. and we possibly institution for for

of leadership Recently the in be the everybody which to and great We roles. named will XX% terms go. virtually of ready progress is about be all legal leadership. will Making positions positions, we've naming of day one X,XXX key lead about close named

focuses. we've is successful done one in goals, going a meeting We've for forward been picking Truist. very which programs job benefits diversity of And our really good of our primary

of look great to and regard get you a an that's we've really the take MOE with companies each the benefits. things both chance is of to side, what best and done at One about

and our the to And makes of it associates. clients, standard for our remember shareholders, and really communities worth have benefit word we're teammates world going and program. So a

So, that. we about feel really, really good

deal and Banks, unanimously in BB&T remarks has is regard name. some by of the Carolina With had both very been it which to the process, terms activity. we've of and important. SunTrust North approved July of regulatory shareholders, the almost approved So XXth, Commissioner

are regulatory by feel the we when will goal about we deal The everybody of we significance the the the They that and be making next I this, size And delivered, as that it got the follow. same We stand approvals all where being that they with with should regulators. things step given mean, is of then sure move good plan the approval Justice. of and been. so divestiture -- believe this we've of remaining as are our Department has policies. forward

of we track on fourth we that, that of And on that so, all that, still that time. quarter, the are we we but the closing can't information are we all at given for believe we a have believe based guarantee in this

progress to good with companies. in several technology really two the merging made the months of last We've the regard

during try pick we majority to So we the what And ecosystems. best finalized of vast do technology the the September, we of there breed. remember is

have So that picked has We've the our program, teller SunTrust loan system, we we best picked program. the best system.

result which first-class So fantastic. is really you get the board, across end is, really, systems the

We legal passed complete are dress had all they There and related very, merger recently to streams one did a about that be work XXX close. day for rehearsal tested very well.

we the So for one legal close. ready are day

very of had day SunTrust, offsite two best extremely each throwing and working process This a I've Very, the it’s culture. this of been of been has how meetings, not we process been BB&T one. about out has taking a worked. the on excited out several And have throwing importantly, Truist developing

activity do is purpose, values entire already And approaches The kind most about could way and and this, the tell we we it, to of various and I'll define I you better. part mission mission agreed passionate and then we our our that things the journey the purpose, very culture, our here. important our We not We've the as our it's are our of process. feel Bill values. the and believe around

terms in how complete meeting world. but to good of had the aggravated present discussion divergent of views, teams no no this tuning interaction, of demands, really The real just fine we a wording

doing better. it We well. feel So, could frankly, extraordinarily not is

roll our out very tell Our engaging and very, and as purpose, that would values this later are you, teams mission are XXX% exciting. aligned. we I

of happen, various affirm groups. Board there is a one, committees first So that legal practices and to we all the as we kind will have for by be thing have of policies all go being forward, will and on things the day now which various worked we of are number once

new to So that all company day we're approve of all be Truist to the of board, board, go ready to able one to present to that.

share values roadshow, teammates. get out. that and after and mission our job our that talk one We planned across with you We shortly the will our of will, if to enterprise think culture. kind to get We all number about entire purpose, teams is out our to

are We that, marketing our branding area plan, our progress. working really out good through really, on making closing on

So that's very, very in confident in included net exciting. say billion work lot And in on as that We rolls saves. we're a have out, I not there opportunities, of that. our any importantly remain well, that, the $X.X view cost but numbers will doing of achieving any And be more very excitement. that would our revenue in we

opportunities Chris now the on with of regard pretty XX to work are fruit. around leading and they're low different and revenue in Bill effort on focusing streams right terms

in wanted conservative to so, projections. our we be And

overlap. just these are take over combine there do when opportunities to SunTrust, and because and to there's it and does SunTrust and and take that. There's two does what BB&T you you over we know bring how to to BB&T no companies, tell just opportunity virtually huge I'll take it what

excited very very, are about we that. so And

I'm more even and in very, here I'll tell why. my excited, we that back than very more I Today, announced February, excited. deal before I'm when confident you is this was

is they better economic it little is transformative of this making were, terms a as deal the nature opportunity as the is good. are good, good So same, in basically the of so synergies

even now financial see help lot executive create we where teammates a our have the future. same, a excited, opportunities deep, they and better are that into have I it's see truly enjoy strong, teammates a place clients we're it's believe our But team can will We much process, all career. a because same. fulfilling are We is our and feel they brighter committed, our can long the that

world today. changing, really We communities believe our need is The fast. help

that, want We increase gap good on our do and to be in in be ready to are And the I you that we feel life Truist and solutions tell having we day about economic legal a part. dramatic a making terms can don't in better. finding one, inequality, leader to of will

through we these optimize all the return efforts, And, of of about. course, very we confident very, our shareholders, to will, feel which long-term

to Pretty team. team thank in and soon, you SunTrust all, and are associates ready of we tell fellow will I'll I you it. all that’s going the we hard and one thank you all So work BB&T want be Bill the to go. for my

to you, Back Rich.

Rich Baytosh

Thank John, would back if line the you, how you Kelly. participate at explain this session. and can time Q&A listeners on the our in come

Operator

you, will go Research. McDonald John question [Operator from We now first sir. take sir. our Autonomous Thank Instructions] Please of ahead,

Your line is open.

John McDonald

of we relatively Hi. the liquidity up, Good to that add does When outlook. fourth if be and morning. loans we NIM quarter? question for we probably should quarter how on think be given flat the for securities in combined a build. outlook fourth I dollars wanted to ask, just look, of then, How to I NII Daryl, average are kind the the guess, the the about down,

Daryl Bible

it part that of you in linked John, in margin is a we look lot say, if for flat that assets quarter, would due to side, that seasonality I have of earnings remarks. on the the A of most touch, because just probably linked prepared said at I drop be the down the and just quarter. like loan our

basis our and to really just how of have strong with so liquidity, company. X ratios CR then building can we The just rest the points. run we're overall SunTrust, our margin X margin's strong on for due core combination down that a hand excess liquidity and to cash is up And to decline, it going

John McDonald

a is and you've since chance kind changed out February, efficiency the to to terms there question MOE. with Obviously, you the in any have bigger that of you in just Do then, for change fine a targets and any your cash that? lot environment's updates on out, assumptions review. And further financial ROTCE the XX% picture of of great. tune on had set but XX. third-party That's it. the Got The a Truist also updates

Kelly King

to back not, in or was a whether confident our be market would thing hit feel of February. under we believe with to this efficiency in denominator but ratio in Kelly. pressure. return we We of class substantially on top – our in terms tangible John, XX% it equity. The believe ratio, lot say, The the because is more than is the will we XX I ratio. most difficult is efficiency regard common efficiency I different

of performer, will on there the nine world exactly that? top think months whether be but regardless said are ago, changed, what the a So comment numbers has Daryl we've because we any

Daryl Bible

have companies. we would is still between clarity say, I XXX% John, Yes. both

we of estimates. timing close come would give going we'll on the go-forward a I of how clear month guidance basis get and quarter, time, have saves. so, or high-level if a cost cost we to more the our saves once with we So a say bit we're little out on us this

that but to you from have for you, understand it guys know we So we need all we get got provide and are make information and closed, dollars coming to we savings first. the the we deal will where sure

John McDonald

guys. Thanks very much Totally understand.

Operator

Thanks, John.

to ahead. our John move from next go Evercore. question Pancari now of we'll So on Please

line open. is Your

Kelly King

John?

John Pancari

Yes. about that. Sorry,

XQ, any you're anything you next after going year? believe thinking to guarantee could you where the that fourth I mentioned that's Just also in back you to Is that be into Kelly, through indicated the you're it your can't quarter it. the there in thinking you're it close of know, be you discussion. deal, process but could deal leading the confident as change close

Daryl Bible

Well, but said, could fourth we're the focusing is aware we focus giving quarter. quarter. as Obviously, most it first through our and that slip are the the quarter to we're that, some thought I of possibly on fourth on John,

We quarter. expect to go reason are of first the any into not aware to

today is that, pace. in the it beyond they This at is this regulatory our own move framework. their I And only say control.

we all you can so a give And best fourth now based on know. we information do what on is, close. I still our what expect based quarter I know And

John Pancari

evaluating on possibly get balance restructuring some Thank what you're well Okay. portfolio, prefunded I I – opportunities as that incremental as actions want of just right. your the you. already for the can could separately, sheet. then remarks Thanks? you you if merger, in know mentioned evaluate Daryl, know residential additional you the elaborate you've the sold of mortgage And sheet? All but to Got it. for balance the

Daryl Bible

to right is, I to to interest do So, John, balance the we Kelly we sure a so at bit. rate to sensitivity things we to more change. neutral, thoroughly now. one their rates little it companies want huge try impact be make looking to when sheets are slightly neutral said continue mean, NII that earlier, combine is a as of want very have our we get both relatively biased don't to up But

that as get you certain would do and Koebler said We want we can I advantage if take to credit sheet, Clarke portfolios there and after that perspective, earlier, liquidity. are have be balance a or strong as From also, will well. Ellen that loans sold know

perspective, from we we And look on our capital on will shed is some those books lastly, what there return see business, that be as assets the so at, much if the decision not of might performance not well. a marginally best might us assets but the

all So that close. quarter we'll more color together, as in coming later the we on have that's

John Pancari

Daryl. Thanks, Okay, great.

Operator

from move question We go Mayo next onto will of our ahead. Securities. Mike Wells Please now Fargo

open. is line Your

Mike Mayo

Hi. It's another question on the merger.

to XX%, name So say, XXX%. roles do when the get you you leadership

there? of tech you most have you say left You ecosystems do have what identified the

but bones And nine I for tech and twice more most can you related on on was you've so I one months? know number so that added meat mean, get savings. technology these the learnt more Thanks. been importantly, you have the you merger the tech can last make reason that put asked already, can investment, what over more

Kelly King

Yeah.

the regard that with to November -- be staffing, -- very there and Xst we're by by It's I around the November. agreed to won't virtually be all Xst expect close. staffing XXX% of many we'll out of of fully hanging So to be there

covered In terms of them. all of ecosystems, the we've

And net through was that so thoroughly. so XXX volumes, going we're that

really, step And And really the so we in good. way the that's the first feel conversion by process. whole

within systems those which have the ecosystems. decide to and simply You various all ecosystems then

that going along of well. really, is all really So

We are completely to that. regard with on-track

In terms has multiple technology facets. the know savings, of you it

is, you of which have redundant course away. thing The goes hardware, first

You for programmers regard redundant hardware have -- and willingly redundant you offering software systems tuner the to have with systems. to

in of expense you that. terms another the the technology that with thinking necessarily system to when up you're of system regard reinvesting frees one system course, future. pick then -- know And for over You of

we really needs. we clients' the become be this together really more said to was into to in will putting sound, leader when this of leaning companies -- deal, but announced technology regard with about meeting us right two course you're that investing our a And by economically future would that allow

honest, it to today we're as systems computers And be have. there that’s that of today the and not because a we what's to easy know, in that light have. existing as honest, you there at look lot the out out That's don't don't a be up to hook having we process is available

We are in good shape. really

like positioned banks, some I number in we're well at top. we people so look constantly change invest to despite as at mean, including and entire that. you to what it as, rated with have say to platform, the world the the purely one, system digital But are really extremely -- regard stay big and two the three lot our If all we fast a

substantially are then, terms the the make frontier, of about is what's in that next do investment of will we already to we that can work what clients. lives the improve what's step, And thinking our next new beginning the

whole creating is innovation And is It so, teams. that's what all of group center this a about.

creating to and products across approaches, but XX improving retail have business we board. products the focusing will in So the services be new teams services small XX that and on and and agile existing

that terms create is we recognize there that that that. to clients, around world to there. of something will out We can will. us this bring we for to a We are But our world in want the what's there recreating world out fast don't so canvassing changing is believe we to opportunity the do also in at new

And about so all this innovation is process. whole

the that when one top make and really very but and on make computers it and say, I bifurcated hooking people complicated, is it's making into really then day of chuckle out that sure we're simple, that of better. clients' existing that is process sure will kind we our then the life operate improvements but all layering efficiently from So up hooking say, computers a of is mechanics

Mike Mayo

And one then just follow-up.

that with to seem data, of dealing pie and in we're similarities the kind would mean, employees, it good. and recently you're be understand close talking that But the I So all situation, gave didn't similar. presentation cultural identified And I data. November you're the culturally a saying, have the sky you culturally, leadership you me, about you hey gave some look to you're really Xst the

outside are about And for in have say, guys resolved? is BB&T similar you are two perceptions I decade you when policy a the differences, you're on people guess, and SunTrust. Many difference how the where what and who or the really aren't fighting out? what know and disconnect there cultures those the

Kelly King

Well, talking you're about, but… I'm meeting sure not which

Mike Mayo

the I think Barclays Conference…

Kelly King

I would I’d I’ll most I so honest out and be in don't be tell about everything believe most don't times, truth. always -- just say put I I'll there, try and to that straightforward light, you

so, plus I'm validated clients And from SunTrust said. number that a of I to that, associates have valid had we've BB&T sessions referring sorry XX,XXX was is that and -- what feedback associates I what of have statistically

the of list companies words name to is were from groups for gave incredible. we doing XX a on and side, describe words, early we XX,XXX So all XX,XXX responses which when exact pretty had picked research, sides and both down four the our the each example plus on to we same

study And complete aspects how research other, responses sophisticated do meaning our driven kind you or that gave here, the terms people, associate business of associate of statistically response. were or the this exact employees we you of showed whether then, SunTrust do kind a and culture. and asked BB&T virtual it about the more they And shown and behavioural by graphs you feel we same the in how around was responses we did of, overlap, a the masses him of, that or

And people guess is ask, around when is when think had non-competitively, going? that SunTrust our they're We I people, how know We and and each I field work they This into but together. other, travelling know, lunch anecdotally to friends. together, I all I'm I you just into talking great. going ran it

affirmatively. very And and just positively I each talk about other

understood all certain put you quite find there you'd companies. no is you deficit. the together, I'm sure when something guys companies. big And about which is so, material when are different It that have always I'm

there and under fade Truist as are, I they you come new will purpose, and But operate differences, call mission know our where values. just we manual what together as

they So will just away. fade

forward. issues. and would not, a material, in encounter At But were which up to If the richer and team with we we the teams material this of we've straight were and warfront covered and executive of we move a lot a we point, real I've say consensus as deal months been we nine said, that discovered was you has the great issues culture it lot are I we've a and have working could crack. covered not it

and we on haven't we and we've we other either we each the Bill any have do that, together have teams a the see light any I between and through found I Bill very talk the decisive. and light if but I But Rogers don't mechanism deeply this won't, and and that, all we committed us it trust so them the where will. promptly, us I'm phone to get one the and light, talk we and if about working of arrangement yet. about commitment we with way think deal saying no we have quickly immediately, not issues between

Mike Mayo

Thank you.

Operator

Stanley. move question on next now ahead. Graseck will Betsy We our Morgan to Please of go from

is line Your open. now

Betsy Graseck

Hey, good morning.

Kelly S. King

morning. Good

Betsy Graseck

A couple of questions.

we -- at post merger. and clarification, XX, the XXX a in NII the First down retooling commentary you've on scenarios just and the got XXX. sheet a up both balance you change negative gave for bit little in and of down, Page Daryl, LCR HQLA sensitivity look when kind this On and of the around

don't you yourself what you think looks like basis. like just a about would merger, this up to how that set thinking get are I standalone want I because post on

you the could little too if rule tailoring not this or bit. LCR post understand a or a to Just this going HQLA didn't tailoring carrying So even for other where stage, at much ready whether to want and just words, to you get rule is speak not? are In if go you through. little that had bit

Daryl Bible

still are number. on we Both working at numbers, at the operated So companies XX%. our XX%

form one form. some balance We'll have another quality to have or on assets – will our high we So, higher sheet. take

this the to started we quarter. end past of So that build at

sensitivity, we put We or that. shortly when some it. be the fixed little that pay would us the swaps, did we From on downside, on to unwound in on downside, but fixed did as It work the so a somewhat sensitivities close So would that. upside. hurt No, interest swaps. thereafter, probably create so on by want but on that's rate the improved our symmetrical receive we benefit ideally a it we securities, upside us, lose on those it we some purchasing also again bit

and we coming they team position. Donna try her are one, that, working into are with will strategies such legal and together to get that day up post

we see will in get right. work were the right and I the of to cut we post position to trying end together. be need now quarter, a is we'll we'll confident all of we're that towards of, at You're do kind saw into middle where what what but We But comes this you feel how that, close.

Betsy Graseck

sensitive STI a is more asset you, because that of is I'm guessing little parts part answer? than in know, you – that's And

Daryl N. Bible

That's and well. as true. will some is some there we exactly help That adjustments I think true. That make will Yeah. be other might

Betsy Graseck

the get and speak and a you're Kelly little you as to how could Daryl, separately, close. close just buybacks then bit beyond about you then could too, thinking And speak you

expectation I the seemed bit close. like then that some but that little time be to was closer spoke, mid-quarter talked was maybe be we XX% an think release a last there there that at – below CETX would it might XX%,

are where parts for it the if us your impacts how outlook and tell the you there So, buyback? moving

Kelly King

level. at after at CETX that level, want you'll general going just close we recall to said that are not buybacks we target XX% we a that to really consider and we Betsy, hit So, until

economic that a a through because you we do why because got has has whopping hefty it have uncertainty, which events the me, the of asked investors merger, at But a have recognize already Now, got reason does. that's big such is, going a I and CETX environment lot which uncertainty. lot of level, need geopolitical many cushion uncertainty,

XX%. those all we conservative and for So, still stock reasons, they are on

you kind of on color are it's give depends in From of a about are. just point of huge my where impact it rates hard to know I'll These a and day little view, what there marks better are. of XX%, terms on can in kind So, we we'll these feel. which be far capital not be Daryl, past to a legal going give that position, close to but means back dates, one too but their going it's it's be specific to second about you business,

Daryl Bible

Yeah.

So, date probably close and where on working not as or now, it really our going have left we'll the exact nicely. – right actual on all may but depends also close stand we're RWA a an under but that at right don't we rates share right still decide now, Kelly are. We're mark together touch we to assets we when to with coming interest we'll My is, for potentially. know the XX%, whatever now, XX% depending said, we third-party could to be is Deloitte, guess be what SunTrust on

wild relatively a earnings, there this no XX% we and will that be. So volatile what you close. working XX% do of to short to be we a But card generates we're this amount of you're and there balance can just I to is now. the lot but sheet. of now are capital, think hunt, to that you guarantee as of time. right get I know will But the you try never because lot in don't and combine it's we to we rates lot It's or that – going know, optimize we're know so have maximize still a right a where flexibility how – in really company get a

Betsy Graseck

XXs that And your high Okay. right. Kelly Good. All point is number anyway?

Kelly King

it does. Right,

Betsy Graseck

right. you. All Thank

Kelly King

you. Thank

Operator

of Usdin Please go ahead. move our will on now next question Ken We to from Jefferies.

open. line is Your

Ken Usdin

to the of side Thanks close time everyone. potentially the least like the Daryl, of potential how credit and considerations of A looks on to expected any any BB&T with guys. that understanding on you things regards just that date, breakdown credit slipping Thanks. but seasonal morning, the at be on mark day then just terms depending one any follow-up in going wise are Good what changes think and mark? looks

Daryl Bible

Yeah.

quarter, I if up and right – we XX% this point range. be we CECL that So, reserves than higher quarter. BB&T, XX% operate We're probably of incurred where are to now. to moot neighborhood we that the could mean close for the fourth going in when in be we All – our a in

choice been Clarke teams our combined So, working have Koebler the and number. and on Ellen

that We a now number. at point we where can disclose are

We up it. on are the together work have but working and coming to teams still with that, just

marks announced accounting saying credit say far X%. we as in transaction the were purchase the the this we coming go, As are be We would marks would February, believe I when mark close in final could on not yet. but that. that, that level, minus ballpark little a give the or or plus be that's but in It take, we're I to think of

now, the rate The in marketplace. Hopefully, at is to that's other but liquidity slight it marks on happens that's the and discount, interest helpful. a marks also volatile what right

Ken Usdin

you. expected business in talked insurance within Thank Yeah. Thank that you could you. that perspective. you And Can of sustained outlook fees, the I'll for is the it had think terms in how to going on of growth about type a are of given grow insurance a color, trends follow-up the you current ballpark growth how insurance you total the business? just a talk side, rate lot from the be about just

Kelly King

Sure.

our this of second year lowest. quarter – quarter For Fourth our fourth quarter, will the seasonally. be is lowest we

X% you renewals had market It the of – to pressure. two how expect January XXXX, in see think and depending upward of quarter, XXXX commitment fourth there to possibly, pressure how But commissions of of exactly I the is we have fourth step-up a I out as long XXXX. really in tightening is mentioned post and that But loss So you push-up go capacity looking What range. further certainly, in years, some to half have so maybe of insurable could also from here, last. in further would we're pricing. hard years earlier, hold sort know to first still on the the it such on even is large that we that the reinsurance bit expect you

growth So at at of probably the we now. X% beat expecting numbers us the be organic full year, we at sort least of for come and – balance range. to We're right when year we're in industry those look to Possibly, mid-Xs. we the year-to-date, we're the X.X% the in could in expect X% kind of

of I the strong So half say, think building our about of market good year very, feel approach team. we but also very a really the ago, of about over we backdrop the I a started that, would as result because

us I has this helped technology and business itself just going built more business every year, about effective. in got throughout As in, every new said, we've has quarter which growth upon more our be efficient, a

we are both in the think us to solid, for and in look growth. market I prospects very the overall So forward outperform very, as margin

Ken Usdin

you. Thank

Operator

of question Deutsche ahead. next our go O'Connor Matt to Please from on move Bank. We'll

Your open. line is

Matt O'Connor

Good morning.

Kelly King

Good morning.

Daryl Bible

Good morning.

Matt O'Connor

First, we see confident follow-up really little peers on. I above the to. direct wanted capital I kind think as want some in keep you're going But integration, XX% on execution appreciate just can of pointing you capital you to where of the to more CETX, are or once of the of discussion. is as kind the post-integration your well integrations

yesterday, X% down range. to X.X% seen to about the very you in bank is to have size, talked X%, You similar one a bringing might in it another

you some think ongoing wondering, on some deal that might post So I'm kind of if integration. you give target CETX just thoughts can the of medium-term What do be?

Kelly King

are guessing So is be to unless in because capital level what what your predetermine circumstances here your what needs future then think, bit to going to capital predicting I predetermine you going really of can't be. you a out the existing game levels are

think us best has to about So environment. to it is The be the always hedge. a to relative way

depending the environment capital, risky, circumstances and of that on time Capital diversification. liquidity will and we if at always we the is made. have you conservative forecast So being see the more liquidity, we and that strong vary terms the relatively will see us relatively in

from said conversion large of view, doing are earlier, deal of that that just and the feel but still a recognize I you lots today conservative of I can't extraordinary have a to we confident just As that, about there while issues think all point guarantee.

by approval can't the reconciliation we the I approval, my year and carried know, – a you is will have NAFTA but prediction and end new cetera, over guarantee And NAFTA that. a of et

you to threw anchors when XX. you So all back that the that,

tranquil moving your to or I to is X% or mean, point I don't get X% Now those all when environment, more inappropriate about, to think we I don't -- at certainly think so, predictable going all. a to

I think cushioned hard. down points over you to basis X still is XXX minimum gives remember which really X. of the kind But X.X%,

because ever you you So don't happens to get to want here some X when stuff be bad pretty there. that close

environment really So my view. and between the X% X.X% debate in is stable more ongoing position

a to our I be here, we'll mark but number come target – to Daryl going if as to like, that and I to work shareholders, things not stabilize, opportunity the whatever understand the capital be there that to up team over conservative lower we and are and recommending does well we're over-promise based with won’t rushed And deliver to consider I but is be we and will level be so on the want Board, looks mark his going fair and and

Matt O’Connor

either can call on you is more you're in about with if But more a you signs puts whether discussions saying, takes taking the I it, positions you And a wait-and-see kind bigger, lot clients any SunTrust. you, far? to can't there. we do you've now can any say, taking early do so with then or of Thank seeing or from you're bigger broader clients so a Talk be as know there of, attrition helpful. to flipside, for just lending of That's got kind you. set product Hey, us, are and going it's, and business approach those client talk separately wait-and-see doing there any with that or

Kelly King

you're right. question, good so very it's Yes, a and

We that have into very clear our insight to limited because people. been very, we've

to one. ROA we to we competitors not walk And and anywhere have item that going competitive, are today close We being information. since therefore, so, of day very line as we're have limited not

are say SunTrust you they would if will do lending clients when were they of which you certainly, bits that both pickup little more going out there same guys have great is have the more about, be talking there hey, Advisory, get We and it's or services, BB&T feedback. And are anecdotal thing, together, true. expanded capacity, products to you

think combining And us everybody so out recognizes I opportunity the by there

grew In attrition notice saw numbers, about growth all alone X%. business, our I – but of that's is BB&T we X.X% there's conversation of terms and the lot true, there of just not they're you to any everybody's not I've materially, been. you has side, out heard when taking grew market in our go saying our been deposits

– don't know to immaterial clear is I how than a be There So attrition. any that. not

been. rate turnover Our it is about has the or same lower than

there's the come any expectation as indication point. say no optimistic any So positive There successful this decay you I of and no is of rather rather a to expectation decay is this opportunity together. extraordinarily we to would is that

Daryl Bible

our you Hey, John, please. next could take caller

Operator

Yes, Sir.

We Rose to next question Raymond James. will on our of move ahead. go Please from Michael now

Your line is now open.

Michael Rose

my taking for questions. thanks Hey,

to merger, think when going one-time talked see are adjustments there the any if time line. this Just in you back $X to billion adjustments to the charges, and I announced that guys you just about wanted any to

somewhere timeframe? to And the one-time you that we around XX after cost majority talked to close. a should at think of months conversion Thanks. expect come about the I XX

Daryl Bible

So, Michael it's Daryl.

are So coming together. still the numbers

that's the very large getting SunTrust, between information and got convergence, expenses. marks more BB&T We look IT if about on today, we're million that's between a charges So and you to number. at $XXX MOE-related be going year-to-date finalized, some our

pretty yet, I'm I between utilize bulk give have in color of number going each So $X sure that because we to don't as don't the that probably close information still have need We'll really a are computers to the all of you together together. more we all as but hooking take about, transaction. we the now billion. we some outside But is the come until there I'm going is complicated all and help with lot ourselves a very need these talked close what seeing right to integration, Kelly we of assistance that for the

right better of but going $X we'll it's be say, the would to the I bulk information. a So are billion we seeing from what give now,

of by trying get the goes, our we're systems First, timing XXXX, if the majority to put all of together end that's possible.

really but it's expected. the going out We will specifics in things you're teams the working feel are robust And plans when coming probably clarity, be IT done. give think more systems the can of – but timeframe, combination a do more really those over that, done next very in we get you have to months hard couple set the to we'll and as I that of as are work comfortable and all

Michael Rose

maybe revenue and And had close? you're as time prepare Thanks. on side, Okay, synergies the as that's you working areas to some of could into what kind a for you've great just follow-up, maybe for be the can their the now you explain a opportunities dig greatest color. think just where you

Chris Henson

have they alluded Yes. build-out I will. of together, on have bring I certainly markets strategic if a and is segment, Bill capital fronts. maybe Kelly Chris. Mike, as down number the just much to a sort business earlier, highlights, you more hit advice would working been of to this

to did those call services, which million many prior. Bank that from, $XX We have not revenue it, a we very of companies that down I'll types Community need offer of strong

a see their and to future. on their great to there strategic commercial those opportunity really for many, out bring planning value we needs to clients So overall from perspective fronts a paid many build

up don't There is I commercial entire be, flip substantial the business, of business. The a we clients insurance be, a way can offer corporate that have business, business, handle. up that's they one, not would the really of we so much of we the flip that and the would their think, insurance big small take to that best-in-class to all down, largest

built the Life, to clients. We the of also life distributor in insurance have our country with largest that have our offering we business Crump Company within a

clients SunTrust will extend individual on both and We commercial side. the the the naturally to that

wealth planning they think the tremendous and into agreements strong the that commercial on tremendous and there. wealth to state opportunity have sales the also we the need have, broker-dealer so their wealth the plans, and connectivity key into their to man kind insurance business fund side, life about you a offer the plus of with business opportunity thing, As

sense strong of common for deposit kind our BB&T work. provide their of very call sort commercial We it that's have programs we business. turnkey is, clients Third, a employees. We to

that, It have to of of a very have all on got we grow shapes just not a MOE. that sector, that's very has we thing deposits that one think day has plan. maybe SunTrust kind that not we were help as I sizes can potential, turn another that modeled handful behind as but to that XX one its excited of in and three been and effective XX begin We're about. think

Michael Rose

That's great color. Thanks questions. for, taking my

Daryl Bible

Sure.

Operator

is We your will ahead, question now move go on open. of O'Neill. Scouten line from Sandler to Stephen Please our final

Stephen Scouten

everyone. morning good Hey,

Daryl Bible

Good morning.

Stephen Scouten

think move somebody to you letting standings, was brands pertains Winston-Salem, and BB&T. moved how kind to protecting you kind The of time. particularly take guys Southeast the obviously, curious, of and as look in and the Charlotte position that you you legacy about headquarters guys haven't like And the to over about for protecting and I how and capital. continues thinking for are that SunTrust and the that Charlotte kind Atlanta of that else to as grow not Atlanta

Kelly King

about companies are it's attract very of excited real market. there. there, Stephen, the extremely So kind major people be focus lot a going dynamic there, of for companies lot young we technology moving to technology operations got auto and Charlotte be of to their technology a professionals Winston-Salem. three Its fast. for all is a a and move markets, super Atlanta mean I Charlotte

district When largest this in Charlotte merger is the country. is done, financial the second

dominant out the city love is We so, do us place. and the not could to And we is love say place Atlanta is business. for Atlanta clearly It's as is fantastic This of But Atlanta. mega moving a a Atlanta to you we're to Atlanta. will well. continue fantastic Southeast. Charlotte not -- in be going

superstar she in beat have bankers in later extraordinarily in country accomplished the miss most will is plugged the We We and one is a SunTrust, Atlanta. today in. Atlanta won't from who a of

be be terms marketing increased commitment our terms of in of will support, will our Our commitment in community execution and increased.

attraction We our investment commitment greater and our in our has that domiciled would headquarters then past for expect wealth our to we Winston-Salem, execution was Bank that in know banking, of been Community is in will be headquartered in management the area. mind be and markets, Likewise and Retail going you Atlanta Winston-Salem keep business capital Atlanta. forward have in will Triad

by be locations And anchor kind geographical are foundational markets It's three blessed just the now, we happen so, having that are fantastic to that they're market neither loses. Truist. of

So don't being Wilson, two Truist from still And think Charlotte, about Orlando. anchored to markets Truist that think about as to end anchor have a generated in being Carolina three. the North toehold we and it we

community are under of it a coming a the banks market group So bank. of advantages of a we of everything. being coalition in We driving think We community one think of company. holding don't terms together

loses, So, wins. everybody nobody

Stephen Scouten

economic from in you're your Helpful. Perfect. And you a demand? manufacturing, strength mortgage bit market sale, incremental what but of you obviously ex in little talk in seeing and just overall mixed seeing cetera. the kind remains the seen base investment spoke et Can Thanks. some growth solid, numbers of then your maybe economy we've terms follow-up, to one about, long-term customer

Daryl Bible

that really make suffered Regional international now more they doing recession. is now Then to our around, and were but of Presidents, recession after years from for know a kind I'll I'm I'll MainStreet of were you are recovered primarily XX also comment. at MainStreet still from companies from to to when biggest needing talking let Yes, the directly as the invest, get a class invest years make investing feedback learning comment. Clarke I The MainStreet the XX But recovering to robust traveling America business MainStreet investing. and has and

so participate kind international us banks. So businesses, see as more that's we, some the the of mega much right trade of course, as we are of across business and MainStreet as seeing our is activities we war impacting is activity of not, don't they as impact larger and a global of to not a much broad-based that the business the of

around earlier color wars MainStreet that are a it will any hear was some we clients, we still say, conversation MainStreet trade after it, if not about I'll beginning long to on a material drift MainStreet, from because down talks are while that. today. our here, it's uncertainties, if but it persist So local everybody it for and impact time, affect having Clarke, around

Clarke Starnes

conversations Yes, just headline echo is conversation you that is very more to across news some saying I Board. are, and tone would in our there more might opportunities Kelly what robust some the continue be about be while cautious the

brought the various out We we pipelines. benefits think Kelly of diversification have I Really platforms is one just the earlier in have. the good that

than of there appropriately, all conversation, think and I'd more while So conscious on we people about it trying but respond say at and point retail there's is that to levers Main end we side, the different we're more but the have it on it's this thinking or to with are pull. still opportunities higher is plenty Street the

Stephen Scouten

you guys much. so thank Great,

Operator

today's will Mr. At Rich time, Baytosh That to any turn or for concludes closing… I session. conference question-and-answer this additional the back

Rich Baytosh

everyone through Thank day. you has will I everyone hope later. a time joining you, John and Thank And and you us. have we call today you those much. Okay. thank very for good to apologize we I get to

Operator

your conference today's concludes call. Thank this gentlemen, and you for Ladies participation.

You may now disconnect.

Truist Financial (TFC) 17 Oct 192019 Q3 Earnings call transcript