“we expect repurchases to continue.”

In context

“results. Revenue declined $103 million or 83% from a year ago as higher net interest income was more than offset by lower results in our affiliated venture capital and private equity businesses. Results in the first quarter included $342 million of net losses on equity securities or $223 million pretax and net of noncontrolling interests. In summary, our results in the first quarter reflected an improvement in our earnings capacity. We grew revenue and reduced expenses and had strong growth in pretax free provision profits. As expected, our net charge-offs have continued to slightly increase from historical lows, and we are closely monitoring our portfolios and taking credit tightening actions where appropriate. Our capital levels grew even as we resume stock common stock repurchases, and we expect repurchases to continue. In the guidance we provided last quarter for full year 2023, net interest income and expenses, excluding operating losses, has not changed. We will now take your questions. Operator: [Operator Instructions] Our first question for today will come from Scott Siefers of Piper Sandler. Your line is open. Scott Siefers: Thank you for taking the question. Mike, I was hoping to just start out on the deposit side. So, when you talk about the influx of deposits from some of the sort of special situations having abated, does that money actually leave the bank? Or is it just sort of the inflows that have stopped? Mike Santomassimo: Yes, the – hey, Scott, thanks for the question. Look, the inflows stopped, right? And they came in, in a pretty short period of time and those inflows stop. And I think w”