Toronto-Dominion Bank chief executive Bharat Masrani still sees the benefits of merging with Memphis-based First Horizon Corp., but gave shareholders few details on the status of the acquisition at TD’s annual meeting on April 20.

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Numerous attendees at the shareholder meeting asked about the US$13.4 billion First Horizon deal’s progress and whether there would be changes to the terms, something banking analysts had speculated on amid turbulence stemming from the collapse of Silicon Valley Bank last month.

Masrani resisted providing more details on the transaction and the ongoing discussions, only referring back to a statement he made in his opening remarks.

When asked if he was still interested in buying the bank, he said: “We see the benefits of the merger.”

Masrani assured investors that TD’s clients were keeping their money with the bank in the wake of crisis, which sparked fears of a deposit flight from U.S. regional banks.

He added that the bank was also focused on risk management in its mortgage portfolio after an aggressive series of rate hikes last year put pressure on borrowers.

“Over the past few weeks, we have seen new uncertainty in the global financial sector,” Masrani said in his opening remarks. “Deposits are stable, new account openings are up and capital and liquidity are strong.”

Masrani added that the bank had enough cash on hand for further investments. The bank’s CET1 ratio, the measure of resilience banks use that compares capital against risk-weighted asset, stands at 15.5 per cent, he said, well clear of the Office of the Superintendent of Financial Institution’s regulatory requirement of 11 per cent.

Shareholders also raised concerns about how TD was handling the Bank of Canada’s interest rate increases and their impact on its mortgage books. Masrani said interest rate risk management was a critical part of the bank’s strategy.

“Rising rates no doubt cause dislocations in various parts of the mortgage market,” Masarani said. “But we certainly look at risks around the mortgage portfolio on an ongoing basis.”

He also pointed to the OSFI stress test as another measure that lends to mortgage market stability.

Masrani has not provided any new details on the First Horizon transaction, but reiterated Thursday that TD does not expect the deal to close by the May 27 expiration date.

“We have opened discussions with First Horizon about a possible extension, and we will update our shareholders when we can,” Masrani said.

The deal was first announced in February 2022.