“Given the change noted for solar investments, we expect the fourth quarter tax rate to be similar to the third quarter tax rate and we’ll examine the further effects of these changes and how they impact full year 2023 and report on that next quarter.”

In context

“production tax credits versus upfront investment tax credits. And those production tax credits have the potential to earn more credits over the expected life of the production facility. So as a result, our third quarter tax expense is approximately $150 million higher due to the net reversal of tax credits accrued for 2022 solar deals taken in the first half of 2022 that were recognized under initial investment tax credits at the time and we were placed with production tax credits. So a little impact this quarter but net benefit to the shareholder over time. This drove the effective tax rate a little higher this quarter to more than 14%, still obviously benefiting from our ESG investment tax credits. And excluding the impact of ESG tax credits, tax rate would have been approximately 24%. Given the change noted for solar investments, we expect the fourth quarter tax rate to be similar to the third quarter tax rate and we’ll examine the further effects of these changes and how they impact full year 2023 and report on that next quarter. And with that, I'm going to stop there and open it for Q&A. Operator: [Operator Instructions] Our first question today from Jim Mitchell with Seaport Global. James Mitchell : Maybe just on NII. I think there's a lot of uncertainty around deposit behavior, betas, what the catch-up rate could be with deposit pricing. But you guys indicated that you do -- you're still pretty asset sensitive. So how do you think about the trajectory of NII next year? Can it kind of keep growing from sort of the Q4 level through next year? Brian Moynihan : Thanks… James Mitchell : Assuming forward curve is realized? Sorry. Brian Moynihan : Yes. Yes. So the short answer is yes, we believe so. And we believe that really for three reasons. The first one is, we still expect for future rate hikes and there's goin”