“Outside of quarterly day count effects, the NIM from here will largely be a function of the change in card balances, cash and securities levels and interest rates.”

In context

“liquidity coverage ratio during the fourth quarter was 139%. The LCR remained stable and continues to be well above the 100% regulatory requirement. We continue to gradually run off excess liquidity built during the pandemic. Relative to the prior quarter, ending cash and equivalents were down about $5 billion and investment securities were down about $3 billion as we used our liquidity to fund loan growth and share buybacks. Turning to Page 7, I'll cover our net interest margin. You can see that our fourth quarter net interest margin was 6.6%, 25 basis points higher than Q3 and 55 basis points higher than the year ago quarter. The linked quarter increase in NIM was largely driven by balance sheet mix as we had a reduction in cash and securities as well as a higher amount of card loans. Outside of quarterly day count effects, the NIM from here will largely be a function of the change in card balances, cash and securities levels and interest rates. Turning to Slide 8. I will end by discussing our capital position. Our common equity Tier 1 capital ratio was 13.1% at the end of the fourth quarter, down 70 basis points from the prior quarter. Net income in the quarter was more than offset by share repurchases and growth in risk-weighted assets. We continue to estimate that our CET1 capital need is around 11%. In the fourth quarter, we repurchased $2.6 billion of common stock, which completed our $7.5 billion Board authorization. Our Board of Directors has approved an additional repurchase authorization of up to $5 billion of the company's common stock. With that, I will turn the call over to Rich. Rich? Richard Fairbank: Thanks, Andrew, and good evening, everyone. I'll begin on Slide 10 with our Credit Card business. Accelerating yea”