“we continue to estimate that our longer-term CET1 capital need is around 11%.”

In context

“ed pressured NIM by approximately 11 basis points. Outside of these 2 effects, higher asset yields roughly offset higher funding costs. Turning to Slide 8. I will end by discussing our capital position. Our common equity Tier 1 capital ratio ended the quarter at 12.5%, flat to the prior quarter. Net income in the quarter and lower risk-weighted assets were offset by common and preferred dividends, the $150 million of share repurchase we completed in the quarter and a 17 basis point impact from the phase-in of the CECL transition. At the end of the first quarter, the unrealized losses in AOCI from our AFS investment portfolio were $6.7 billion. If we were to include the impact of these unrealized losses in our regulatory capital, our CET1 ratio would have ended the quarter at 10.5%, and we continue to estimate that our longer-term CET1 capital need is around 11%. 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 first quarter results in our credit card business. Year-over-year growth in loans and purchase volume drove an increase in revenue compared to the prior year quarter. Credit Card segment results are largely a function of our domestic card results and trends, which are shown on Slide 11. In the first quarter, strong year-over-year growth in every top line metric continued in our Domestic Card business. Purchase volume for the first quarter was up 10% from the first quarter of 2022, ending loan balances increased $23 billion or about 21% year-over-year and revenue was up 17% year-over-year, driven by the growth in purchase volume and loans. Reven”