2023 Fourth Quarter Investor Presentation
Net Interest Income | Driving Growth Over Time
Net Interest Income (FTE) (1)
■Net Interest Income, ex PAA and PPP
Purchase Accounting Accretion (PAA) &
Paycheck Protection Program (PPP)
8.7% CAGR
(3Q21-3Q23)
$1,412
$1,471
$1,418
$1,357
$1,379
$1,267
$20
$12
$10
$8
$6
$1,167
$1,138
$1,154
$23
$82
$53
$36
$1,392
$1,459
$1,408
$1,244
$1,349
$1,373
$1,085
$1,085
$1,119
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
Net Interest Margin % (NIM)
NIM Rollforward
NIM
Adjusted NIM
2Q23 NIM
3.11%
3.52%
Spread, net of free funds
3.42%
3.40%
Higher earning asset yields offset by
higher funding costs
0.04%
3.15%
3.20%
3.49%
3.11%
2.91%
2.85%
2.88%
3.38%
3.38%
Lower Fed Cash
3.11%
3.09% 3.19%
Average Fed Cash $11.1bln 2Q23 vs
$9.3bln 3Q23
0.03%
2.82%
2.79% 2.83%
FHLB Stock Dividends
Higher stock dividends QoQ
0.02%
3Q21 4Q21 1Q22 2Q22 3Q22
4Q22
1Q23
2Q23
3Q23
3Q23 NIM
3.20%
Note: $ in millions unless otherwise noted
See reconciliation on slide 58 (NIM); See notes on slide 61
2023 Fourth Quarter Investor Presentation | 32
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