The loan portfolio increased by 0.1% since December 31, 2023, driven by higher residential mortgages and commercial loans, partially offset by lower commercial real estate loans and other retail loans.

Investment securities increased by 5.2% since December 31, 2023, primarily due to net investment purchases driven by balance sheet positioning and liquidity management.

Total deposits increased by 1.7% since December 31, 2023, with time deposits increasing by 13.5% due to increases in Consumer and Business Banking balances.

Management has increased the provision for credit losses by 8.2% year-over-year, driven by higher net charge-offs, and is actively assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

The efficiency ratio improved to 60.2% in the third quarter of 2024, compared to 64.4% in the third quarter of 2023, indicating improved operational efficiency.

Management manages its exposure to changes in interest rates through asset and liability management activities and actively reviews net interest income sensitivities across a range of scenarios.

The provision for credit losses increased by 8.2% year-over-year, driven by higher net charge-offs, indicating an increase in credit risk.

The company acknowledges the risk of loss resulting from breaches in data security and failures in operational, technology, or security systems, including as a result of cybersecurity incidents.

The company acknowledges that changes in interest rates are a significant risk that can impact earnings as well as the safety and soundness of the entity.

The company acknowledges increased competition from both banks and non-banks as a risk factor that could affect its business.

The company manages credit risk through diversification of its loan portfolio, which is achieved through limit setting by product type criteria, such as industry, geography and identification of credit concentrations.

The company's strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures.

Noninterest expense decreased by 7.2% year-over-year, primarily due to the impact of merger and integration charges in the prior year and lower other noninterest expense.

The efficiency ratio improved to 60.2% in the third quarter of 2024, compared to 64.4% in the third quarter of 2023, indicating improved operational efficiency.

Management is focused on managing costs and improving efficiency, as evidenced by the decrease in noninterest expense.

The company recognizes the importance of implementing technological changes to respond to customer needs and meet competitive demands.

The company's cybersecurity risk program is integrated into the company's overall business and operational strategies and requires that the company allocate appropriate resources to maintain the program.

The company recognizes the risk of breaches in data security and failures to safeguard personal information and has implemented measures to address these risks.

The board of directors authorized a share repurchase program to repurchase up to $5.0 billion of common stock, effective September 13, 2024.

The company manages its capital to maintain strong protection for depositors and creditors and for maximum shareholder benefit and to exceed regulatory capital requirements for banking organizations.

The company employs a variety of capital management tools, including dividends, common share repurchases, and the issuance of subordinated debt, non-cumulative perpetual preferred stock, common stock and other capital instruments.

The company may suffer legal or regulatory sanctions, material financial loss, or damage to its reputation if it fails to comply with laws, regulations, rules, standards of good practice, and codes of conduct.

The company has controls and processes in place for the assessment, identification, monitoring, management and reporting of compliance risks and issues.

The company is focused on compliance with Bank Secrecy Act/anti-money laundering requirements, sanctions compliance requirements, consumer protection and other requirements.

The company acknowledges that deterioration in general business and economic conditions could adversely affect its revenues and the values of its assets and liabilities.

The company acknowledges that turmoil and volatility in the financial services industry could affect the ability of depository institutions to attract and retain depositors.

The company acknowledges that changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, could impact its business.