Good morning, welcome to the First Horizon investor call. All participants will be in listen only mode. Should you need assistance, please signal our conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. Please note, today's event is being recorded. I now would like to turn the conference over to Beth Ardoin, Chief Communications Officer. Please go ahead. Thank you, Keith. Good morning, everyone, thank you for joining First Horizon's Investor Call. This morning we issued a press release confirming that we have entered into a mutual agreement with TD Bank to terminate our previously announced merger agreement. A copy of this announcement, as well as additional press release we published this morning, can be found on the investor relations page of our website. During this call, we will be speaking to the slides we published for our Q1 earnings release. That can also be found on our investor relations website. Please note that this call is being recorded live and will be available for replay. Joining us this morning are Bryan Jordan, our Chairman, President, and CEO, and Hope Dmuchowski, our Chief Financial Officer. Before we begin, I'd like to remind you that we will make forward-looking statements today that are subject to risk and uncertainties. We ask that you review these factors that may cause our results to differ from our expectations in our 8-K filing. We also will address adjusted results, which exclude the impact of the notable items. These are non-GAAP measures. It's important for you to review the GAAP information in our 8-K as well. Last but not least, our comments reflect our current views. You should understand we aren't obligated to update them. With that, I'll turn the call over to Bryan. Thank you, Beth. Good morning, everyone, and thank you all for joining us. I will discuss the update we shared today regarding the transaction and our company's current operating position before handing it over to Hope, who will cover our strong financial position and recent quarterly results. We will open the line to your questions. As you've seen by now, we've entered into a mutual agreement with TD Bank to terminate our previously announced merger. I'd like to be very clear. The fact that regulatory approvals were unable to be obtained by May 27th did not relate in any way to First Horizon. We were informed by TD that they could not provide an updated timeline for an extension, and they could not provide assurance of regulatory approval in 2023 or 2024. Let me assure you, we pursued every possible path to complete this transaction without success. At no time did we discuss any changes in price or any other changes to the structure of the deal. What I can tell you is that under the terms of the termination agreement, TD will make a $200 million cash payment to First Horizon. This payment is in addition to the $25 million fee reimbursement due to First Horizon pursuant to the merger agreement. We are moving forward as an independent organization and will continue to operate from our position of strength and stability. For the last 14 months, our associates have remained intently focused on growing our company as we made initial preparations for this merger. Their dedication to our clients and commitment to providing exceptional service have not wavered during this period, and for that, I am immensely grateful. This is the first investor conference call we have held in more than a year. A lot has changed in our industry and our world during that time. What has not changed, however, is the strength and stability of this great franchise, as demonstrated in our recent first quarter earnings report. As you will recall that when we announced this merger in February 2022, I told you that this bank was not for sale. Our growth was fueled by a strong business mix, the benefits of our countercyclical businesses, and our diversified deposit and loan composition. We had also just completed our, successfully, our merger of equals with IBERIABANK. We were presented with an unsolicited, attractive premium by TD. Consistent with our fiduciary duties, we believe represented the right opportunity to pursue for our shareholders at that time. Over the last year, we remained intensely focused on building our franchise through a combination of maintaining a strong capital base, disciplined credit culture, and risk management practices. Even amid the current macroeconomic uncertainty, we have been able to demonstrate continued earnings strength by maintaining a diversified, asset-sensitive balance sheet that is well-positioned for the current rate environment. Consistent with the industry, our deposits decreased last year. We had a disciplined strategy to normalize our deposit balance sheet to pre-pandemic levels while maintaining shareholder returns and a best-in-class margin. Hope will provide further details in a few minutes. Our balance sheet continues to consist of stable, cost-effective deposits from a diverse set of clients across the regional and specialty bank segments and our fast-growing 12-state southeastern footprint. I pause for a moment to amplify this point. Like you, I've been intensely watching the turmoil in the U.S. banking sector for these last several weeks. I am stating emphatically just how confident that we are in our business model and how strong our balance sheet is. Put simply, our strong capital position, disciplined credit quality, and a well-diversified, stable funding mix enable our business to navigate challenging industry dynamics and consistently serve our clients. It is for these reasons that I am so incredibly confident in our future as we continue our 159-year journey as an independent bank. With that, I'll turn it over to our Chief Financial Officer, Hope Dmuchowski, to discuss our financial position, which reinforces my confidence in our path. Hope? Thank you, Bryan. I'm excited to have the opportunity to provide more detail and color around our strong quarter re-results and the strength of our balance sheet. As stated previously, the slides I will be referencing are from our Q1 earnings deck. I will start with some additional commentary on our Slide 6. First Horizon has continued to build strong momentum in 2022 and 2023. Our first quarter adjusted earnings per share was $0.45 and our Pre-Provision Net Income of $406 million was up 63% year-over-year. We have a strong CET1 of 10.3 per-6%, up 19 basis points from the prior quarter. Tangible Book Value Per Share increased in the quarter to $10.89, an increase of 6% or $0.66 due to increased net income available to common shareholders and mark-to-mark valuations on our available for sale securities. Q1 loan growth, excluding loans to mortgage companies, was 2%. We have a strong Net Interest Margin of 3.87%, benefiting from our growing loan portfolio, which is 65% adjustable rate, and our disciplined deposit pricing through the cycle with Q1 deposit rate of 111 basis points. Our Q1 margin was 57 basis points higher than the regional bank peer group. Looking now at Slide 11, we have some additional information on deposits. While we saw an elevated level of deposits through COVID, our balances have now returned to near pre-pandemic levels with a compounded average deposit growth rate of 2% since Q1 2020. As we did not deploy our excess deposits into securities in recent years, we have only 13% of our assets in securities, which has allowed us to maintain disciplined deposit pricing in 2022 benefiting our margins. We have been asked a lot about our deposit strategy in 2022. We competed for deposits with a focus on getting to our natural deposit balance sheet size while maintaining our client relationships. In 2023, we have increased our marketing investments to drive additional deposits. We launched our first new to bank deposit campaign since the pandemic in late February, which generated approximately $250 million in new deposits through quarter end. Q1 also saw our strongest regional bank new account volume in three years. In Q2, we are continuing our market efforts and are relaunching our VirtualBank. We have not seen any notable changes to deposit outflows or our client relationships since early March. In Q1, we retained 98% of our clients, which is consistent with our prior quarters. We are continuing to look at opportunities to grow our deposits with existing and new clients while remaining disciplined on pricing to maintain a strong margin. On Slide 12, I would like to speak about our diversified and stable funding mix. Our balance sheet continues to be nearly evenly weighted between $33 billion of commercial deposits and $28 billion of consumer deposits, which corresponds to 53% commercial and 46% consumer. Across our geographically diversified client base, we do not have deposit client concentration risk. Importantly, our top 15 uninsured deposit clients represent only 1% of our deposits, and the top 40 client relationships represent only 3%. The First Horizon footprint is projected population growth 50% higher than the national average, providing opportunities for us to grow new to bank client relationships. We continue to build strong relationships with our clients with a unique capital and counsel approach, leading to high client retention. 55% of our deposits are insured by the FDIC, and 63% of our deposits are either insured or collateralized. Turning to Slide 16. We continue to exhibit strong credit quality. Net charge-offs for the quarter decreased $10 million from the prior quarter to $16 million or 11 basis points. The provision expense of $50 million was driven by 2% loan growth, excluding loans to mortgage companies in the quarter, as well as a reserve build reflecting the impact of the challenging macroeconomic environment. Allowance for credit losses increased to 2 basis points to 1.35%. Non-performing loans increased 17 basis points- 72 basis points. This was drivenly primarily by two idiosyncratic relationships. One was non-office CRE and the other was a C&I relationship. As this slide shows, our disciplined risk management and credit culture have helped us achieve strong credit performance through different economic cycles. In 2020, we saw higher charge-offs related to energy credits. We have since decreased our exposure to this sector and tightened our energy credit standards. Our franchise prides itself on stable and loyal diversified client relationships across our 12-state footprint and our national specialty businesses. Our loan portfolio continues to be both highly diversified from a geographic and industry perspective, with our C&I loan book having less than 13% industry sector concentration. Finally, you'll see on Slide 18 that our capital position remains strong and the TD termination will only further improve our strong capital position. Our CET1 ratio for the quarter was 10.4%. The T-CET1 ratio net of unrealized losses were Available for sale, net of unrealized losses for Held to maturity, securities and net of the fair value of our loan portfolio is 8.5%, well above the regulatory capital threshold of 7%. At Q1, CET1 is 80 basis points higher than the regional bank peer group. Additionally, the TD Series G Preferred Stock conversion to common stock at termination of the merger agreement increases our CET1 by 71 basis points, our tangible book value per share by $0.50, and our tangible common equity to tangible assets increases 62 basis points. On a pro forma basis after the Series G conversion to common, our Q1 ratios would be CET1 of 11.1%, which is 410 basis points higher than the regulatory minimum of 7%. Tangible book value of $11.39, and tangible common equity to tangible assets of 8%. First Horizon's consistent strong performance has permeated our balance sheet, has been consistently illustrated in our financial results, and has been widely recognized by our clients and industry observers. Slide 19 highlights over 30 accolades we received in Q1, including 23 Greenwich Excellence and Best Brand Awards, which illustrates the strength of our franchise and how we continue to serve clients. We received the second most Greenwich awards of any bank. The credit for these strong results goes to our entire team that has made this high standard of performance possible even in a challenging environment. Finally, I am pleased to report that First Horizon will host an investor day and dinner on June 5th and June 6th in Nashville with more details to follow. We look forward to further sharing with you the strength of our company and our plans for continuous improvement and commitment to achieve top-tier performance. With that as our foundation, I will pass it back to Bryan to discuss where we go from here as we look to continue focusing on driving enhanced value for our shareholders, our clients, our communities and our associates. Thank you, Hope. I'm very excited about the opportunities ahead for First Horizon as we continue to execute on our growth plan. As always, we're focused on three things. First, our management team is laser-focused on remaining disciplined and actively managing our balance sheet. Our senior team, which I will note is largely unchanged from the time we announced the merger, is committed to maintaining our excellent credit quality through strong risk management practices, leveraging our specialty expertise, and continuing to build out diverse revenue streams. Second, we will deepen our client relationships even further by continuing to provide them with experienced counsel and exceptional products and services. Third, we will look to strategically grow within our 12-state footprint and beyond with the same relationship-centric and solutions-oriented approach that has made us so successful over the last 16 decades. We know our clients and they know us. We provide a mix of senior advice and counsel and industry-leading products that we believe are unparalleled in our space. Our bankers live and work in the same communities where they operate their businesses, and they stay active in supporting both. That will not change. We have the people, the platform, and the ambition to continue to grow or continue on a growth journey that was well underway when you perhaps last looked at our institution and remains even stronger today. We look forward to continuing that journey with you, and thank you again for joining us today. As we open up for questions, any questions regarding TD or the regulatory approval process should be directed to TD. With that, Hope and I will take your questions. Keith, I'll turn it to you. Yes, thank you. At this time, we will begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble the roster. This morning's first question comes from Jared Shaw of Wells Fargo Securities. Everybody, good morning. Morning, Jared. I guess, like, a couple of questions. One, you know, when you look at the year-over-year grow or year-over-year head count, you're down about 8%. I know that you said that you've been able to retain most of the customer-facing people with the retention plan. How should we think about that reduction in workforce over the past year? Is that gonna be something you're gonna have to go back out and try to rehire for? Or is that more an efficiency opportunity that's flowed through to the bottom line, and from here, you know, you just sort of get the benefits of the lower expense base? Yeah. A good question. You have to keep in mind when you look at the year-over-year comparisons, we completed the integration of the IBERIABANK First Horizon MOE, literally, you know, 8-10 days before we announced the TD transaction. Following that, we had sort of a natural reduction in head count just associated with completing that integration. We've had in place a very strong retention program for our entire organization, essentially. We, like everybody, have experienced some turnover, but we feel very, very good about our retention and feel very, very good about the key or the retention in the key areas of client-facing relationships. Most of that is driven by opportunities that sort of flowed out of reaching the cost savings targets on the IBERIABANK transaction. Jared, this is Hope. The other thing I'll mention is we did sell our title business last year, so that head count has rolled them off our books as well. Yeah, good point. Okay. Thanks. You know, on capital ratios are strong. You know, appreciate all the color on what it looks like after fair value marks. You're, you know, like you pointed out, you're getting more capital from the termination. How are you thinking about capital management here? I know that's a little bit of a shift of what you've been thinking about, but, you know, you're indicating below tangible book value. You got a lot of capital. Is a buyback something you would consider? I think right now, Jared, you know, the focus is navigating the uncertainty in this environment. We have the tools available, and although it hasn't been used in the past year, we do have buyback authorization. At this point, we're focused on letting some of this uncertainty settle out of the environment, and there'll be plenty of opportunities to use capital management tools as we go through the next several quarters and years. Then just, maybe just finally for me, when you look at credit and you highlighted those two loans that moved to NPL, were those loans that were part of a deal? Is there a credit mark in addition to a reserve against that? Or, you know, could there be additional reserving going forward on those? Jared, no, we just marked those down this quarter. There's no additional merger accounting treatment on those to be taken. Were they a legacy First Horizon loan or legacy loan from Southern? One was an acquired loan, yes. Okay. Great. Thank you. I'll, Jared, wrap up on that point. You know, Hope used the word idiosyncratic. These are very unusual situations, and they are truly idiosyncratic. I wouldn't place any emphasis on whether they were legacy First Horizon or legacy anything else. Those were truly idiosyncratic situations and had little or nothing to do with the economic environment. Okay. Thank you. Thank you. The next question comes from Ebrahim Poonawala with Bank of America. Hey, Ebrahim. Hey, Bryan, Hope. Good morning. Yes. Can you hear me? Yep, we got you. I guess, maybe just the first question, but we've had this deal outstanding for the last, whatever, a year and a half. As we think about, I think, Bryan, you mentioned this deal was announced in within a couple of weeks of the IBERIABANK integration. As we think about I'm assuming we'll get a lot more update at the Investor Day in June. When you think about the senior leadership rank, how settled is that as you think about on a go-forward basis? Do you plan to make any changes? Should we expect an update there when we get to the Investor Day? Just give us a sense in where the leadership structure was the last year post the IBERIABANK merger, and should we be expecting some changes as you kind of chalk the path for the next few years? Yeah. In a word, no, you shouldn't be expecting any changes. As I noted in my prepared comments, our team has stayed intact, and one of our primary focuses over the past year was to continue to operate the organization like we had for 159 years and to build and deliver a stronger banking organization when and if we receive regulatory approval. I feel very good about the team that we have in place. It's a strong leadership team. They have been engaged in a very detailed and focused way over the course of the last year. I think we're coming out of this announcement this morning with very strong momentum, as Hope highlighted in our, and demonstrated in our first quarter results. Got it. Just second one very quickly around deposits. Sorry if I missed some of the initial prepared remarks. When you think about deposit outflows, obviously there's a lot of volatility and concern among certain banks. Just give us a sense of what you're seeing in terms of client behavior, just the stickiness of the deposit base and what your outlook is in terms of repricing and if the Fed is done with rate hikes. By when do you think the bank gets too close to a terminal deposit beta. It is an interesting deposit environment and that's probably the understatement of the morning. It's a unique environment. We feel very good about our deposit base and our customer client retention. We have seen very good customer client trends following the IBERIABANK Bank integration roughly a year ago. We were intentional in our strategy, or as Hope noted in her comments around managing our deposit base. In a phrase, we were not willing to take what to us seemed like an inflated deposit base and invest it in assets, securities or otherwise. So we competed in an environment that, as Hope described, got us down to our natural asset size and deposit base. We feel very good about the stability of that deposit base today. Our customer relationships, as we both noted, were, are broad and deep. As you suggest, we'll spend more time talking about it at our investor day. We think our deposit base is as strong or stronger today and look forward to continuing to build that. Thank you. You're welcome. Thank you. The next question comes to Jon Arfstrom with RBC. Hey, good morning, everyone. Morning, Jon. Morning, Jon. Hey, just quick follow-up on E.B.'s question there. That Slide 11, deposits, do you expect that to stabilize? Is that what you're saying, Bryan and Hope? Jon, I'll say I expect us to perform with the industry. Last year, we were allowing ourselves to have the deposit runoff as our peers were competing for deposits at a really high rate. What I'll say is I expect us to be in line with our peer group now, while we were intentionally not in line last year with some of our peers. Okay. Fair enough. from a positive perspective. We are getting, as we note in our comments, we are getting more competitive on rate. We are doing new to bank offers, deepening relationships. Last year, we were really protecting our margin by pricing up existing clients, but not being at the top of the range there from that acquisition standpoint. Okay. Okay, fair enough on that. You know, Bryan, obviously a lot of people listening that have been involved in around your stock, and I know you said you can't say much, but is it as simple as big picture to frame this: TD couldn't get a reasonable approval timeline, you both decided to walk away, there's two sides to every story, but essentially you don't have any restrictions or regulatory concerns about your business as you move forward, you're free to operate as an independent company, and there's nothing burdening you at all, if that's a fair way to ask it? Yeah. I'll state it back in what I think is as concisely as you articulated it. We were unable to or achieve a timeline for approval. The issues are unrelated to First Horizon, and there are no restrictions on our ability to operate the bank as we have for the last 159 years. Okay. Then just last one, another 30,000 foot question. I know you've been an ambassador for TD and the merger, you've done a lot of work with clients and your employees, Jared talked about retention. Do you feel like there have been any disruptions that have occurred in your business over the past year? What are your first couple of priorities today for your people and your clients as you move forward? What are the few things that you need to fix right now? Yeah. I don't think there are any real disruptions of any size in the client-facing side of our business. I think it would be very fair to say that there will be some remedial things that we will have to deal with from a technology and an operations perspective because of a pending merger. There's upgrades that you don't put in place and things of that nature. I think that ought to be largely transparent and not affect or impact our ability to serve our customers and clients. We'll do some of that over the course of the next year or so. We'll talk more about that as we get into Investor Day. We'll have a few remedial things that will be required of us. Generally speaking, I think as we've highlighted, the first quarter results demonstrated that we really haven't lost any momentum on the customer-facing side. We're gonna work as every hard, as hard today, as hard tomorrow, as every day to win the relationships and build partnerships with our customers. Okay. The IBERIABANK conversion is done. There's nothing more to do. You're just talking about some additive things that you may have delayed, in terms of. Yeah. Generally speaking, that's right. It's, it's mostly, you know, you have a, an upgrade that comes out that doesn't get installed because it's short term. There's little things like that that we'll have to deal with. We're in the process of putting an inventory of that together. It's manageable. I'm not concerned about our ability to get it done. That one of the things that I think is a real strength is our technology and operations team has been stalwart through this integration period and done a great job taking care of the day-to-day, and they're well positioned to help us get those things done. Yep. Okay, thanks. Best of luck to you guys. Thank you, Jon. Thanks, Jon. Thank you. Once again, as a reminder, please press star, then one if you would like to ask a question. Our next question comes from Brian Foran with Autonomous. Hey, good morning. Good morning, Brian. Good morning. You've been very clear on kind of the general timing and drivers. I guess the question I'm still getting from people is why this morning, particularly? Obviously a tough one. Can you speak to that at all? Was it like TD came to you last night or, you know, I guess why this morning? What can you answer on that? Well, most specifically, it's because we signed the mutual termination late last night or early this morning. It's very, very recent that we started working on that mutual termination and getting it completed is what drove the announcement this morning. Okay. As we think about kind of rescrubbing earnings forecast, any guardrails you'd give us, or is that more on the agenda for June 5th? You know, any kind of thoughts on like where NIM's gonna settle out and all that good stuff? Great question. We will cover that in Investor Day. As Bryan stated, this was just signed late last night or early this morning, depending on what time zone you are. We're not prepared to give guidance at this point. What I will say is we have consistently, you know, been a top quartile performer, and I don't see that changing next quarter or 2023, 2024, or the year after that. We are committed to continuing to be a top quartile performer, and we'll give more specifics at our Investor Day, June 5th and 6th. Brian, this is one of those things that not having done in conference calls for a year or thereabout, I was hoping the need for forward-looking guidance had kind of gone away. I'm sitting here thinking things are so chaotic. You keep saying, depending on the time zone. I don't know what time zone I'm in right now. Yeah. I guess the last one, just because the live transcript's not up. Hope, can you just repeat, I think you said 8.5% CET1, and that was loading in the fair value of AFS, HTM, and loans, but not giving the benefit of the Series G. Is that the right number? That's correct. That was what's in our earnings deck, which shows what it would look like if we, you know, really the full stress scenario Available for sale, Held to maturity, as well as our loan value mark. That was what was reported at Q1 on a pro forma basis with the CET1, we go to, you know, 410 basis points above. You pick up that additional 71 basis points above the regulatory hurdle. Okay. If I could sneak in an last one. Can you just remind what the Series G, what is it, a convertible preferred from TD? How does it work? Correct. It's a convertible preferred. At the close of the merger, they gave us $495 million, which was a Series G that had no dividend on it. The agreement was it would convert two different ways. One was more preferential for us if it was due to merger not being approved by the regulators. Now it converts to common shares, and they become a common shareholder. That $495 million was used to fund $150 million for for retention for our employees as well. That conversion price on the termination is $25 a share. That's gonna happen. Like, we'll see that in 2Q, the Tangible Book we'll see. Right. Is it closer to $12 bucks if you add in earnings and this also $200 million payment and the Series G? Correct. If you were to pro forma, Q1 on a tangible book value, we would pick up an additional $0.31 above that $11.39. 30. Okay. Pro forma is really like $1,160. Then whatever I think earnings and dividends is, you know, but okay, I think I got it. It's. $11.70. Big picture round to 12. Correct. Tangible Book Value would be $11.70 on a pro forma, if you add in the $225 million. the conversion of. The conversion. Correct. Great. Thank you for that help. Welcome. Thank you. Thank you. Next question comes from Brady Gailey of KBW. Hey, thanks. Good morning, guys. Morning, Brady. I know sometimes when you have a company, you know, that is the target of a merger transaction, you know, there tends to be a loss of talent and a loss of lenders and revenue producers. Can you just comment on, you know, any exits you have seen on the banker side as this merger with TD has been pending? Yeah. I would say first and foremost, TD committed, and we committed with them at the time of the announcement that all of our frontline customer-facing bankers had a role in the combined organization. As Hope and I mentioned, we put in what we think is a very strong retention plan that remains in force today for our bankers and our support teams. We've seen turnover like everybody in this environment, but nothing unusual. We've seen very strong relationship manager, portfolio manager, customer-facing banker retention be very strong over the course of the last 14 months. I'm confident that in this announcement today that we will continue to see very strong retention with our team and will enable us to drive into the next several quarters with very strong momentum. Okay. You know, Hope, I know you're not prepared to give guidance yet, which I understand. If, if I think about the expense base, you know, obviously, I mean, I think you guys even mentioned it, you know, you postponed some upgrades and, you know, there's some, there's some catch up that's kind of needed on the expense base, maybe from the back office technology point of view. With that said, I mean, do you think that expense growth is gonna need to be somewhat elevated for the next couple years, just as you kind of readjust to being a standalone company? Brady, absolutely great question. We will need to reinvest in technology. We'll need to look at what that does to our expense base and what that opportunity is. I would not expect, you know, any material impact, you know, this quarter, seeing as we just found out last night. As you know, technology projects take a long time to get going. We do need to reprioritize, but we will keep a focus on the right thing for our clients as well as, you know, what is the right run rate going forward. We will certainly pencil it out and hope we'll know better when we get together in Nashville in 30 days or thereabout. I would expect it's more likely to look more like a surge than a stepwise function in our expense base. We'll incur some costs to do some catching up, but ultimately that normalizes back to a more expected trend line. Final question for me. You know, it's such a shame this deal isn't happening. You know, I know both sides wanted this transaction to happen. You know, once TD gets whatever their issue is resolved, do you think about revisiting this merger? At this point, you know, we're focused on the future and we're focused on driving our business. I have no basis to speculate about anything in the future of that regard. All right. Thanks for the color, guys. All right. Thank you. Thank you, Brady. Thank you. The next question comes from Gerard Cassidy with UBS. Hi. Good morning. I'm from the fixed income side of UBS. Thanks for taking my question. A couple. One, on the Series G conversion, what percentage of shares outstanding will TD own of First Horizon? Is there any kind of lockup that they have? Secondly, on capital, I talked, you're now at 11.1%, which is pretty high level, and I appreciate your retaining that level given the environment. What do you think the right level is going forward, and how will you determine whether to go down from there? Third, appreciate everything that you've said on liquidity and deposits. Is there anything else you need to do around that, in terms of disclosure or, et cetera, in order to kind of stave off, concerns that we're seeing in the general market around regional banks and liquidity? Thanks. Yeah, Gerard. First, I think the number works out at the $25 conversion price to something like 3.8%, 3.9%, 4%, something like that number. I'm not aware of any lockup associated with that. Second, liquidity, we feel good about liquidity and we've been in the regional banking space through this entire period, and it has been a very unusual environment. The situation starting with Silicon Valley Bank all the way through last weekend's announcement has put what is in today's terms, a very competitive deposit environment. We are, we're competing in that environment today. It's nothing any different today in our view than it was yesterday or the day before. We feel good about how we're positioned from a liquidity perspective, and we'll continue to compete aggressively for customer and client relationships. Then capital management. You're correct, we have very strong capital ratios. As I said earlier, we intend to evaluate capital as we sort of work through what looks like at least is gonna be a more volatile operating environment, whether we enter into a recession or not, and what the timing of that may be is yet to be seen. We'll decide longer term capital ratios when we get to the other side of that. Every cycle in my experience, you come out a little bit differently. You think about capital a little bit differently. We went into the merger with a CET1 that was at a lower level. We will continue to reevaluate it over time. We think for now, retaining strong capital base is important, and we intend to do that. Gerard, just to confirm, we have no disclosure to make. As I made in my comments, we have seen no notable changes to our outflows. It's been consistent since beginning of March. I'll also note that we do have a $225 million deposit coming from one of our competitors as a result of this deal. I'll disclose that to you all. That's great. Thanks very much for your help. You're welcome. Thank you. The next question comes from Casey Haire with Jefferies. Yeah, thanks. Good morning, guys. Hey. First question. The slide deck, the first quarter earnings slide deck, indicates that you guys do have some hedges on. You know, I was just wondering what you guys have. Have done to protect against, the downside of lower rates, you know, should we get Fed cuts? Hey, Casey, I'll take that question, and we'll absolutely provide more information about Investor Day. The securities that are on our balance sheet are to protect against the downside. It is a hedging strategy. It was not a strategy in order to, you know, create earnings. We continue to look at our downside risk, and that is how we're using our securities. I don't have the exact numbers at the end of Q1 as to, nor did we release what a down 100 and down 200 scenario is. We will include that in Investor Day and get it updated for you. Okay, very good. Just a last one for me just on capital. I hope this doesn't come to pass, but, you know, if there are more distressed situations, I'm just wondering what, you know, would First Horizon, what their appetite would be to participate and use some of that excess capital? That's not something that we spend any time thinking about right now. We're focused on making this announcement today and getting our organization refocused on building this business in a continuous fashion. We'll think about that down the road as we work through this environment. Right now, we're focused on continuing to operate this business in a safe, sound, and efficient manner, and doing it by deepening and building client relationships in very broad ways. Great. Thank you. Thank you. Thank you. This concludes the question and answer session. I now would like to turn the floor to Bryan Jordan for any closing comments. Thank you, Keith. Thank you all for joining us this morning. We appreciate you joining us on short notice. Please reach out if there's any additional information that you would like. We will be happy to try to provide it. I hope everyone has a great day. Thank you. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.