“So what that could mean is that we could be seeing deposits grow, transactional cash grow even as interest-earning assets are declining because our focus is really on paying down those supplemental borrowings.”

In context

“ith JPMorgan. You may go ahead. Kenneth Worthington: Hi, good morning. Thanks for taking the question. So interest-earning assets have declined in recent quarters. You mentioned the positive deposit growth for September. And on the last call, you highlighted the expectation that deposits would grow later this year. Given your prioritization for the paydown in short-term borrowing, if current macro trends continue and the forward curve is right, when would you expect to see interest-earning assets trough? And at about what level would you expect them to trough? Peter Crawford: Thanks, Ken, for the question. So our expectation is that we will continue to prioritize paying down the supplemental borrowings. That is the fastest way to get to that 3% NIM that we talked about by the end of 2025. So what that could mean is that we could be seeing deposits grow, transactional cash grow even as interest-earning assets are declining because our focus is really on paying down those supplemental borrowings. So that would be – you could see a scenario where interest-bearing assets are declining, but NIM is growing and actually net interest revenue is growing even as that is happening. Kenneth Worthington: Thanks. Operator: Thank you. Our next question is from Patrick Moley with Piper Sandler. You may go ahead. Patrick Moley: Yes, thanks for taking my questions. So great to see the slower cash realignment in September, and appreciate the comments on the 20% of money market fund inflows coming from customer cash. But just wondering on the pickup in realignment activity in August, maybe if you could elaborate on what you thought triggered that sorting and maybe the types of accounts that, that was coming from and whether that 20% number applied in the month of August. It seemed like it was trigg”