“During the quarter, we completed $100 million in share repurchases and moving forward, we expect the level and pace of buybacks to remain modest as we balance continued capital accretion with distributions and further evaluate broader macroeconomic conditions.”

In context

“expense discipline and operational efficiencies partially offset seasonal increases in performance-based incentives and merit, as well as a higher charitable foundation contribution. Slide sixteen highlights our credit quality performance on a linked quarter and year-over-year basis. Our ratio of non-performing assets to loans and other real estate was 0.45% at March 31st. An improvement from the previous quarter and a year ago. The first quarter net charge-off ratio of 0.59% improved one basis point linked quarter, and our allowance for credit losses totaled $7.9 billion or 2.07% of period-end loans at March 31st. On slide seventeen, our common equity Tier one capital ratio increased 20 basis points to 10.8% as of March 31st net of distributions. Our CET1 ratio, including AOCI, was 8.8%. During the quarter, we completed $100 million in share repurchases and moving forward, we expect the level and pace of buybacks to remain modest as we balance continued capital accretion with distributions and further evaluate broader macroeconomic conditions. Turning to Slide eighteen. We wanted to provide some additional clarity on our projected balance sheet trajectory and the drivers of net interest margin expansion. These drivers are supportive of our medium-term target. As the slide shows, we do not expect to become a category two bank before 2027. Further, we expect that our trajectory will benefit from an improved asset mix, fixed asset repricing, and continued optimization of our funding mix. The timing and ultimately where we land within the range provided will depend on several factors, including the path of interest rates and loan growth. Moving to slide nineteen. Our first-quarter results met the guidance we provided in mid-January. We are monitoring the ongoing discussions around tariffs and recognize that uncertainties remain. We”