Hello, everyone. Thank you for joining us and welcome to WSFS Financial Corporation third quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star 1 again. I'd now like to turn the call over to your host for today, Mr. David Berg, Chief Financial Officer. Sir, please go ahead. Thank you very much. Good afternoon, and thank you for joining our third quarter 2026 earnings call. Our earnings release and earnings release supplement, which we will refer to on today's call, can be found in the investor relations section of our company website. With me on this call is Roger Levinson, Chairman, President, and CEO. Prior to reviewing our financial results, I would like to read our safe harbor statement. Our discussion today will include information about our management's view of future expectations, plans, and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-thinking statements due to risks and uncertainties, including, but not limited to, the risk factors in an annual report on Form 10-K and a most recent quarterly report on Form 10-Q, as well as other documents were periodically filed with the Securities and Exchange Commission. All comments made during today's call are subject to the Safe Harbor Statement. I will now turn to our financial results. During the third quarter, WisVis's performance continued to demonstrate the strength of our franchise and diverse business model. included a core EPS of $1.75, core ROA of 1.58%, and core return on tangible common equity of 20.7%, which are all above the prior quarter level. On a year-over-year basis, core PPNR increased 15% and core net income increased 14%, resulting in core ETS growth of 25%. percent net interest margin expanded by one basis point link quarter to 3.88 percent reflecting the benefit of loan growth and higher investment securities yields partially offset by four basis point increase in client deposit costs we exited the rate cycle with the cumulative interest bearing deposit beta of 41 percent and experienced an 18 percent deposit beta in the september rate hike. We continue to see deposit pricing pressure in the market and expect our beta to drift up over time. We expect to exit 2026 with an upcycled beta of 35% across the September rate increase and another rate increase in December. Core fee revenue, which represents nearly a third of total revenue, declined 1% link quarter and increased 3% year-over-year. The growth in our fee revenue was led by Wealth and Trust, which increased 30% year-over-year and now represents approximately 60% of our total fee revenue. Our Wealth & Trust business has delivered double-digit year-to-year growth for eight consecutive quarters, demonstrating our ability to generate growth through various interest rate and market environments. Wealth&Trust's growth was broad-based, with Corporate Trust, Global Capital Markets, the Bryn Mawr Trust Company of Delaware, and private wealth, all delivering double-digit growth year-over-year. Within WSFIS Institutional Services, corporate trust in global capital markets increased 45% and 48% year-ever-year, respectively, reflecting continued success in winning new mandates and capturing market share. Our personal trust business, the Bryn Mawr Trust Company of Delaware, grew 22% year over year, driven by continued new account growth, while private wealth increased 14% year-over-year, driven by higher AUM. Cash Connect fees declined year- over-year due to the impact of the 2025 interest rate cuts and lower volumes, but the business delivered another quarter with a profit margin of 15%, which is up meaningfully from the prior year. Gross loans grew 1% link quarter, or 5% annualized. Excluding the continued runoff of the spring eq portfolio loans grew two percent link quarter and seven percent year over year in commercial we continue to see momentum in cni which grew five percent one percent link quarter and is up nine percent year-over-year while cni funding is moderated from the elevated levels in recent quarters client activity remains healthy and is supported by a solid pipeline in consumer home lending delivered another strong origination quarter despite the interest rate environment. Residential mortgage and home equity loans were up 6% link quarter and 24% year-over-year. Client deposits declined 3% link order, primarily reflecting the expected outflow of elevated transactional deposits at the end of the prior quarter within institutional services and commercial. Average deposits, which are a better measure of client activity, were up slightly link quarter. On a year-over-year basis, average core deposits were up 10%, with average non-interest deposits growing 20%. Non-interest deposits now represent 35% of our total average deposits. Core non-interest expenses decreased 3% link quarter and were generally flat year-ever-year, as our efficiency ratio declined to 56.1%. While our expenses benefited from several non-recurring items this quarter, we continue to focus on expense discipline while investing in the franchise. Turning to asset quality, most credit metrics remain stable, and we had a net recovery this quarter for the second time this year. Year-to-date, net charge-offs totaled three basis points of average gross loans. Delinquencies decreased 3% link quarter and 11% year-over-year, reaching their lowest level in two years. Problem assets increased by $57.5 million, or 12% link quarter, primarily driven by several downgrades across multifamily, construction, and CNI. Despite the link quarter increase, problem assets are down 16% compared to a year ago. Non-performing assets were generally flat link quarter as an increase from a student housing-related loan was offset by other payoffs. Our credit costs for the quarter included in the $8 million specific reserve related to this loan. During the quarter, we continued to execute on our capital return framework, returning $70 million of capital to shareholders, including $60 million through share repurchases. Year-to-date, we have repurchased 5.6% of our outstanding shares and returned over 90% of that income to shareholders. We're pleased with these results and remain committed to delivering high performance. We will now open the line for questions. We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. first question comes from the line of russell gunther with stevens russell please go ahead thank you hey good afternoon guys good afternoon i wanted hey david i wanted to start please on the loan growth um you guys typically talk to a mid single digit type of result and then and that's what we saw this quarter uh just curious to get your sense for how you're thinking about the fourth quarter from both an order of magnitude and mixed perspective uh cni seems like it's still uh tracking really well and then david perhaps bigger picture um with the recent backup in rates and anticipated future fed heights is there an absolute level of rates where demand destruction occurs and your internal target of mid-single digits is at risk Yeah, Russell, I would say this quarter we, as you saw, continue to maintain the performance and we got growth out of the areas where we've gotten growth across over the last few quarters over the year. On the commercial side, we continue to see a solid momentum within our CNI book, which is our primary area of focus, and we continue to grow that portfolio. While fundings this quarter were a little bit weaker than what we saw in the first half of the year, the last couple of quarters, I would say they're back down to a more normalized level consistent with where activity has been over the last few years versus the first half of this year, which was exceptionally strong. So I think this is a more normal level and I think where we would expect to be. On the consumer side, as you know, our strategy has been to really focus on real estate secured lending. And our growth really has been coming from our mortgage portfolio and our home equity portfolio. And despite the high interest rate environment, we continue to see really good growth in that portfolio in our footprint this quarter. The pipeline there has been coming down because of the rate environment. Clearly, with mortgages above 7%, that definitely has an impact on your origination demand. So we don't expect to see the kind of growth that we've been seeing over the course of the year there going forward. But on a competitive basis, we still feel like we have a differentiated origination strategy, and we still feel good about our ability to compete and grow in this market, but most likely at a slower rate there. Okay. Assuming helpful. And then, yeah. Yeah. No, understood. Thank you. And then switching gears to your deposit beta commentary and the slide in the deck. So the 35% IB beta where you'd expect to be in fourth quarter, that is a step down or a better result than the experience in the recent rate down cycle. So I guess my question is sort of through the cycle with incremental hikes, would you expect to retrace to that 40% ish level or given your kind of well above peer non-interest bearing mix and below peer loan to deposit ratio, would you to be able to outperform kind of prior cycle experience and this 35% is something we should contemplate as sustainable going forward? Yeah, so maybe just to provide a little bit more context, when we, in the previous rate increasing cycle, our beta, our cumulative beta at the end of that cycle was about 50%. Then as you indicated on the down cycle with the cuts that we had last year, we basically, we were about low 40s, so 41%. And the 35% that we show here is, we're assuming a December rate hike here, so there's a partial months and you know the normalized beta always lags a little bit i i would expect we do see continued deposit pressure and competition in the market and pricing pressure and really we've been seeing that over the course of the year and it's certainly continuing so i would expect that our normalized beta would be about 45 to 50 percent um through through this through this increase cycle which would be consistent with a prior increase cycle maybe a little bit better but but not okay a bit higher than 45. thank you uh for the clarification i appreciate it david and then i guess just last one quickly if i could in terms of cash connect um you know profit margin in that vertical uh really nicely as you mentioned can you just remind us of the estimated impact to revenue in a rising rate environment as well as the overall profitability profile of that vertical as the Fed hikes? And is there anything strategically you could do to minimize kind of the negative impact of higher rates on the cash in transit? Yeah. Yeah. So yeah, in terms of the numbers, when you think about, so for a rate increase of 25 basis points, we would have about a $2.7, $2,8 million increase to fees over the course of a year. and a similar, maybe, yeah, $2.5 million, call it, and a similar increase to expenses, maybe a little bit more. So we would have a little bit of pressure margin in a rising rate environment because of the non-interest earning cash that you mentioned, but both would essentially go up by about $2,500,000 over the course of a year. We've taken steps to really try to optimize in-transit cash, Try to minimize non-interest earning cash so that we can mitigate that impact. But the profitability impact will be several hundred thousand dollars per 25 basis point rate hike over a year. So it shouldn't be a significant impact. And we'll look to offset it with other levers. Got it. All right. That's very helpful. Thank you guys for taking my question. Thanks, Russell. Your next question comes from the line of Christopher Maranek with Breen Capital, LLC. Christopher, please go ahead. Thanks. Good afternoon. I wanted to ask about the pace of deposits and how deposits will – if they will track loans or if you think deposits could be faster as time passes this next several quarters. Yeah. Chris, so generally, I think the way we think about it through the cycle is generally deposits tracking loans. Our expectation is probably mid-single digits across both generally. What we've seen in the last year is deposit growth outpacing loan growth. If you look at our loan growth has been mid-simple digits, about 5%. Our deposit growth has been, if you look at our core deposits, about 10% over the last year. We really had good momentum in a couple of businesses, institutional services and commercial. In institutional services, we had a growing market and we were able to continue to take share. And that was an important driver of the growth. But I think that's something that will normalize. Andthat's why we would say mid single digit is kind of the right growth rate probably. And then in general with interest rates where they are, do you do more with the securities portfolio than you have here historically? I'm more curious if this is just the relative attraction of rates makes you just be even more selective on the loan side and therefore do more elsewhere. Yeah, so on the securities portfolio, so before this year, for the last couple of years, we've been bringing down our portfolio and running it down to about the low 20% of assets. When we got to this year and we got that level, especially with the rate increase that we've seen, we've started to reinvest proceeds, principal and interest reinvestment into new securities and taking advantage of the higher yields. And that's why, you know, you've seen our portfolio yield kind to tick up over the last few quarters. So that has been an opportunity and has been a contributor to our NIM. I think it will continue to do that, but we're not anticipating growing our securities portfolio much beyond the current level. We want to keep it in the low 20s percent of assets generally. That securities portfolio, I think we've been disciplined in not doing any restructurings We've been taking advantage of the opportunity to reinvest at higher yields. That securities portfolio yields about 280 now, and whether we reinvested in other securities at around five or loans at six or even higher, clearly we have some NIM pickup from that, probably four to five basis points a year of NIM pick up from the securities portfolio. Great. That's very helpful. Thank you for that. and just a last one for me is, if interest rates were to stay high for a while, would that have any impact on the capital target that I know is 12 on a medium term? Just curious if that would change at all. Yeah. Generally, our target still remains 12 over the medium term. But as you're alluding to, it's not a one-dimensional target. And we look at a couple of different factors. One of them, an important one, is interest rate volatility and our TCE ratio. And so our goal was, as we get to 12 percent, we continue to have runoff in our AOCI, and so we continue to have our TSE ratio creep up as well. When interest rates increased this quarter, we're definitely keeping an eye on that. And so we decided to just reduce the pace of buybacks a little bit there. So we did about 80% of our net income in terms of return to shareholders this quarter versus about 100% in the prior quarters. So I'd say we just took our foot off the gas a littlebit and would likely stay there for this coming up quarter as well. So it does have an impact. I think the trajectory, Chris, is still towards that 12%. in any given quarter, you know, we may deviate, but the longer-term trajectory is still towards that 12%. Great, David. Thank you very much for taking our questions. Thanks, Chris. Your next question comes from the line of Manuel Navas with Piper Sandler. Manuel, please go ahead. Hey, good afternoon. How does the institutional services and trust business react to higher rates. Could that slow activity there or the market share gains more than offset that? And I'm just kind of wondering if that would have any impact on your non-interest bearing deposits. Yeah. So Manuel, generally what we saw, I'll talk about this quarter and then maybe going forward, but this quarter we continue to see very healthy deal activity in that business, even though the end-of-period deposits, because of the transactional deposits that build up that we mentioned at the end of the second quarter, even thought we did see that outflow, it's important to remember that that business has, throughout the quarter on any given day, a lot of inflow and outflow just based on the transactational activity that happens. And so point-to-point is not a great measure of activity, and that's why we kind of tend to look at averages. is. But when we look at market share, we don't necessarily have lead tables for the third quarter, but certainly in the first half of the year, relative to prior year, we gained meaningful share. When you look at fee growth quarter over quarter, the fee growth in that business grew about 5%. When we look At the number of deals and the deal activity quarter over quarter, increased about 4%. So all of our indicators are pointing to the fact that we're continue to perform well and continuing to compete well in that business. In terms of your question of just broader activity in that market, you know, the securitization, the kind of ABS and MBS market has consistently been very resilient. It's a broad market. The market's grown through different rate environments. And so certainly, I think if rates stay higher for longer or go up, there may be asset classes there where securitization activity is down maybe a little bit, but there are broad asset classes there, and we anticipate continued growth from that market. Maybe not at the levels that it's been growing. It's been growing at 20% a year for the last couple of years, so maybe not at those levels, but we would expect to continue growth in that market across asset classes. So just a quick follow-up on that, is the kind of the average non-interest-bearing deposit levels that have really had strong growth this year, is that pace of growth going to continue? Is that related to certain types of transactions that maybe you did more this year than other years in this business? Or is this now maybe a better trajectory for the non-interest-bearing mix because you're having so many market share gains in this business? Yeah, I don't think so. So if you look at year over year, our non-interest-bearning deposits for the company grew 20%. 20%. And certainly, that's not a pace that I would expect to continue. You know, our goal is to, again, grow deposits mid-single digits and for us to maintain and grow non-interest-bearing at the same rate so that we overall maintain the composition of deposits that we have. The growth that we had was actually driven across businesses. We had, you know, growth, meaningful growth from institutional services. We also had growth in commercial. And we have some non-interest bearing growth in our consumer business as well. So it wasn't a one-dimensional growth, but clearly institutional services had a big impact. And those transactional deposits are non-interest bearing. And as we continue to take share, we've had outsized growth. But again, that's, you know, certainly would not expect the level that we've seen over the past year to continue. Switching gears for a second. I appreciate the commentary. SWITCHING GEARS INDICATED THERE'S AN EXIT SEPTEMBER NIM OF 389 THAT'S BROADLY POSITIVE FOR THE FOURTH QUARTER COULD YOU JUST KIND OF TALK ABOUT EXPECTATIONS GOING FORWARD THAT NIM WAS FOR THE WHOLE MONTH RIGHT SO IT DOESN'T EVEN HAVE MUCH OF THE IMPACT OF THE RATE INCREASE IS THAT IS THAT CORRECT AND THOUGHTS ON WHAT RATE rate increases could do to the NIM going forward? Yep. Yep. So yeah, you're right. It's correct that that NIM is for the month. So it's got a partial month of a rate increase. In terms of go forward NIM, generally we remain asset sensitive. We just, as a reminder, we, as you know, we had a hedging program in place to mitigate interest rate impact on the way down. And, but the tool that we use for that program were really floor options. And the reason why we used that tool was to maintain our upside for if the rate cycle changed and for increasing rates. And so, you know, we feel good strategically about that decision. We remain asset sensitive. I would say for every 25 basis point increase, we would have, we Would expect kind of a two to three basis point increase in our net interest margin but but it's very dependent on the deposit beta you know as you would expect and as we're seeing more elevated deposit competition it may put some pressure on that which which we are so you know i think somewhere in the order of maybe two basis points is a good way to think about it but um you know we we obviously want to make sure that we're growing market share we're defending our turf and so you'll we will be competitive on deposit pricing to do that, and that may put some pressure on that upside. Thank you. I'll step back into the queue. I appreciate the commentary. Thanks, Memo. Your next question comes from the line of Kelly Mata with KBW. Kelly, please go ahead. Hi. Thank you so much for the question. Maybe I'll stay on the topic of margin. as you said, you are tilted assets sensitive. Just wondering, with loan yields in the quarter at 626, I would think that new originations would be still overall accretive to the book as well. David, can you provide kind of what the yield on new loans was and how that's trended versus maybe the last quarter or year over year? Thanks. Yeah, I would say, Kelly, our yield on new loans, I mean, generally, there's not a material pickup from, so when you look at the fixed rate loans that are maturing, there is not a material pickup on those. So I would say it's fairly neutral. But, you know, when you look at some of our new originations, Clearly, you know, when you look at mortgage, when you look New Lane, you look small business, they are accretive. So it's a mix. It's a mix. Got it. And a variable rate loan. Yep. Got it, that's helpful. And, you know, your credit sensitivity has come down as after you've exited some of those higher charge off portfolios that you've had um obviously with with rates higher though um maybe some deals aren't penciling or there could be some um incremental headwinds for borrowers are you i know it's early are you seeing anything anything new to watch i know you you specifically called out the student portfolio um housing credit that migrated but just interested to hear more high level thoughts on that thank you Hey, Kelly. It's Roger. So, the short answer to your question is we really haven't. And you recall we have been doing a process looking forward 24 months on all maturing CRE loans and resizing those at a 7.5% coupon to see where there's potential areas of stress. And this point that process has not seen any kind of material impact um hard to predict the future especially with how um high rates might go but at this point we haven't seen anything and i would just say that one particular uh loan that went to npa this quarter we i would call that very one-off in a small portfolio for us with some unique circumstances Great. Thanks for the color, Roger. I appreciate it. Last one for me. I know maybe it's best to address it as part of the three separate businesses, but obviously, wealth and trust has just been a tremendous source of growth and contribution to profitability that you have. obviously double-digit pace. Just wondering, as you look at your opportunity for further market share gains ahead, what do you think is a sustainable intermediate-term pace of growth? Our goal, Kelly, is to grow that business double digits. I think we're not going to expect 30% that we had this year to continue at that level, or this quarter rather. But I think double-digit continues to be our goal. We benefited from, I would say, we benefited from good market trends and an ability to take some share on top of that. And that's really been powering the growth. So when you think about institutional services and the securitization activity, the amount of capital that's being deployed into the capital markets. Our ability to take advantage of that has been a big benefit. When you think about our personal trust business and a lot of changes that are happening on the tax side between different states and some of the political changes that have been happening, there's been a lot fought and a movement from trusts into Delaware. We've been able to take advantage of that. And again, we continue to take share because we're one of the leading players in doing that. So I think we've had some underlying tailwinds, and we hope that continues. So we think there's runway, but double digits is our goal in a sustained period or sustained period of time. Thank you so much. Nice quarter. I'll step back. Thanks, John. Your next question comes from the line of Manuel Navas with Piper Sandler. Manuel, please go ahead. Hey, thanks for having me back. What about the LINQ quarter salary and other OPEX declines? And just kind of thinking of the pretty strong efficiency ratio this quarter, how much can that sustain? I think a positive expense story is relatively new to you, so I would love to kind of understand that more. Yeah, so when you look at salaries and benefits, that was really the quarter of a quarter of the decline was related to medical expenses. We have some more elevated medical expenses in the second quarter, and so you saw that decline. More broadly, Manuel, I would say this quarter benefited from maybe two to three million of favorable non-recurring items. So maybe a run rate is a little bit higher than what you're seeing this quarter. But generally, our goal has been to continue to take down our efficiency ratio. And that's both through growing the revenue as well as controlling the expense base while continuing to invest in the business. And so we've been able to take it down from a little bit over 60% to now 56%, and our goal is to continue to gradually bring it down, but I would say in a moderate way that allows us to invest In the business I appreciate that. Again, switching gears, any commentary around the targets put out last quarter? Credit and NIM seem to be trending better, for example. your normal cadences to update mid-year and end of year, or just kind of thoughts on another mid-quarter update as I try for it. Yeah. Like you said, we typically don't update outlook at this point, but if you look at our credit trends, we've had two out of three quarters this year we've Had recoveries. um certainly we did not expect it the environment continues to be strong our processes are good uh there's not you know where i i think our expectation is that we would come in a bit better than our net charge off guidance um we're not seeing as roger mentioned we're not seeing uh any major risks uh over the next few months uh that would expect us to uh to deviate significantly you know to to to that older number so i think I think our expectation is that we'll probably come in a little bit better on the credit side charge-offs. I appreciate it. Thank you for the questions. Your next question comes from the line of Janet Lee with TD Cohen. Janet, please go ahead. Hello. Hey, Janet. On the non-interest-bearing deposit side, this quarter it seems like the outflows were really concentrated in what you identified as the transactional outflows. Like, is there any sort of, I guess it doesn't really have a seasonality component to it, or is there an identifiable trend where you have visibility into where there could be transactional outflows? Just kind of trying to get a little more context around what that just entailed. Yeah, yeah. So, this business, when you think about institutional services, it is a transaction-based business. And when you look across the quarter, there are meaningful flows that are coming in and out every day, really, depending on the timing of the deposits. And so, in the last quarter, we had that inflow at the end of the quarter. It kind of coincided with the end the quarter but, really the much more meaningful measure is the average. And that's why I think that's a more meaningful measure of client activity. You're always going to have some volatility above that, but looking at the quarter over quarter and year over year growth in the average is a far better measure of activity. So, you know, in terms of seasonality, I would say not really, not really in that, you knows, there. I think there other places where there is some seasonality deposits for example in our commercial business you know we tend to have municipal inflows in the third quarter which tend to come out in the fourth quarter uh in consumer we've seen some some kind of build up into the end of the year so there's there are some seasonability effects that happen in other businesses um but within institutional services again last year we had a little bit of a build-up into year-end but but it's not a pattern that I would count on. Okay. Got it. In terms of the lending environment, you've gave color on still solid momentum in CNI, but maybe a little weaker sentiment. And are you seeing your clients being a little bit more hesitant just given the rising rates? Or is there a change in activity or sentiment you're seeing on either side of CNI or CRE where you may have a little bit more tempered growth outlook going forward? Yeah. So kind of put it in two parts. In CRE, Jack, there's definitely some projects that people are working on which are becoming harder to pencil out to get to the debt service coverage. So I think that's something to watch. It's not been a huge driver of new originations, but it's definitely part of more of the flow that we hear being talked about, as well as maturing loans and their ability to get refinanced, whether it's with us or or somebody else when cni not aware of any conversations that i've had with clients or when we're out and about that the rate environment is changing their appetite to invest i think you know they're being thoughtful about investment but i wouldn't say there's a change in appetite what i do think is occurring is there's a lot of competition out there especially for cni and so we would expect to see some potential pressure, particularly for existing clients who are being approached by other folks. And as David said, you know, we're going to defend our turf. At this point, I would put that still in the characterization of kind of on the margin, pretty modest, but it's definitely something we would, you Know, we will continue to watch, especially if for some reason, you know, rates were to go a little bit higher than, you know, where they are today. Got it. Thanks for the color. Maybe I missed it. You alluded to the double-digit wealth and, sorry, investment management and fiduciary revenue. It seems like the double digit is obviously in place for 2026. What could derail that trajectory Maybe beyond it, do you think the sustainability of that, you have a good line of sight into sustainability of that business, being able to grow in the double-digit pace, even in this current environment? Because it looks like a bulk of that is also market share gains. It looks like that was your message, but just wanted to hear it from you again. Yeah. Yeah. So, Janet, I think when you look at that business, it's important to just recognize that, broadly speaking, about 70% of that business is not AUM-based, and about 30% of the business is AUM based. And so on the 70% that is non-AUM based, it really is transactional activity. It's not market driven, and there are different drivers in each of those businesses. And that's one of the benefits here is that since there are different underlying drivers, you have the capital markets and securitization markets on one side. You have personal trust activity, which is driven by policy and tax on the other side. And then you've got, you know, the AUM activity and the markets on the third side. So there are different drivers, and that's what gives us confidence that even if one of the engines, you know, is slowing down, we can have pickup elsewhere. I think the important thing, you know, that we want to emphasize is, again, and when you look at institutional services, which is about, you know, which is more than half of that business, half of the wealth and trust business, we are continuing to gain share in that business. And you may have a slowdown in those markets. Certainly, if rates stay higher, securitization markets are not immune to that and there will be some impact. But over the medium term, those markets are going to continue to grow. We expect to continue to be able to perform well and pick up share inthat market. And that's, you know, when we look at our indicators such as deal activity, whenwe look at fees and the things that we're participating in, we continue to see signs that our performance is strong despite, you know, some volatility in the deposit side and the market. So I think it comes down to the diversity of businesses that we have there and the diversity of drivers underlying those businesses. Okay. Thank you so much for all the color. Thank you. And with no further questions in the queue, I would like to turn the conference back over to David Berg. Okay. Thank you very much for joining our call today. If you have any specific follow-up questions, please reach out to Andrew at Investor Relations or me. And have a great day, everyone. Thank You. This concludes today's call. Thank-you for attending. You may now disconnect.