Good morning and welcome to the Byline Bancorp third quarter 2025 earnings call. My name is Carly and I'll be the conference operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer period. If you'd like to ask a question during that period, simply press the star button, followed by one on your telephone keypad. If you'd like to withdraw your question, please press star and two. If you're listening via speakerphone, please ensure you lift the handset prior to asking a question. If you require operator assistance throughout the call, please press star and zero. Please note this conference call is being recorded. At this time, I'd like to introduce Brooks Rennie, Head of Investor Relations at Byline Bancorp.

Thank you, Carly. Good morning, everyone, and thank you for joining us today for the Byline Bancorp third quarter 2025 earnings call. In accordance with regulation, this call is being recorded and is available via webcast on our Investor Relations website, along with our earnings release and the corresponding presentation. As part of today's call, management may make certain statements that constitute projections, beliefs, or other forward-looking statements regarding future events or the future financial performance of the company. We caution that such statements are subject to certain risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed. The company's risk factors are disclosed and discussed in SEC filings. In addition, our remarks and slides may reference or contain certain non-GAAP financial measures which are intended to supplement, but not substitute for the most directly comparable GAAP measures. Reconciliation, each non-GAAP financial measure to the comparable GAAP financial measure, can be found within the appendix of the earnings release. For additional information about risks and uncertainties, please see the forward-looking statement and non-GAAP financial measures disclosures in the earnings release. As a reminder for investors, this quarter we plan on attending the HVD Financial Services Conference in Neapolis, Florida and the Piper Sandler Financial Services Conference in Miami in November. With that, I would now like to turn the conference call over to Alberto Paraccini, President of Byline Bancorp.

Thank you, Brooks, and good morning, everyone, and thank you for joining the call this morning to go over our third quarter results. With me today, our Chairman and CEO, Roberto Herencia, our CFO, Tom Bell, and our Chief Credit Officer, Mark Lucinato.

This quarter, we streamlined the format to focus on key highlights for the quarter and our financial results so we can move quickly to q a and allow ample time for discussion before we get started i'd like to pass the call over to our chairman roberto herencia for his remarks roberto alberto thank you and good morning to all uh appreciate you spending some some time with us here this morning uh the quarter caps a string of 12 consecutive quarters of very strong financial performance for byline and highlights the consistency of our execution, the resiliency of our business model, and the optionality and flexibility we strive to maintain in our operating model. The team continues to run a very good bank, and for that, we have to thank our team members and employees. Results reflect each and everyone's their contributions which we value dearly this quarter our our sba team went above and beyond anticipating government shutdown and allowing us to end the quarter strong and prepare as well for the end of the shutdown whenever that comes profitability metrics for the quarter were once again top quartile as alberto and tom will review credit quality continues to be stable to improve in some segments which against the backdrop of macroeconomic uncertainty heightened geopolitical tensions and more recently the federal government shutdown has been surprising to the positive we continue to be violent overdose risks capital flexibility is a major differentiator our capital ratios are strong and continue to build amid strong profitability and solid revenue growth. Our primary deployment options, which Alberta has covered clearly in the past, continue to be the same. Our stance on $10 billion asset threshold and M&A remain unchanged. We are open to disciplined deals that make sense, like the ones you have seen in the past. We have the capital to be opportunistic and believe we can deliver strong financial results. on our own without the need to force a deal on the things that truly matter what our employees have tangibly achieved since we last spoke to you we were recognized by the sba in early august with the 2024 sba 7a 504 an expert lender of the year awards the second year in a row the Chicago Sun-Times has named Byline Bank one of Chicago's best workplaces. We now rank as one of the top 25 workplaces in the city and fifth among large companies. These results are based on our workplace policies, practices, philosophy, in addition to employee survey results measuring the employee experience. Byline was also named once again to the 2026 in America's best workplaces by Best Companies Group as a result of our high level of employee engagement scores on our annual survey. We continue to be very focused on employee engagement, development, and attracting the best talent. We continue to experience, as a result, low levels of employee turnover. With that, I'm happy to turn over the call to Umberto.

Great. And thank you, Roberto. In terms of the agenda for today, I'll kick us off with the highlights for the quarter, followed by Tom, who will cover the financials in more detail. I'll then return with closing comments before we open the call up for questions. So with that, let's turn to our results. For the quarter, we delivered net income of $37 million or $0.82 per diluted share on revenue of $116 million, a strong performance driven by solid execution. Revenue and EPS grew both quarter-on-quarter and 13.6% and 19% respectively on a year-on-year basis. Our performance continues to reflect excellent profitability with pre-tax preparation income of $55 million, pre-tax preparation ROA of 2.25%, ROA of 1.5%, and ROTCE of 15.1%, which remains comfortably above our cost of capital, notwithstanding continued growth in our capital base. The margin expanded nine basis points from last quarter to 4.27%, supported by an improved deposit mix. This has remained well-managed, and while our efficiency ratio is strong at 51%, we continue to actively look for ways to become more efficient and invest in the business at the same time. Moving on to the balance sheet, loans grew 6% link quarter and 11% on a year-to-date basis, ending at $7.5 billion. Deposits totaled $7.8 billion at quarter end and were up 1% on a year-to-day basis. Demand for credit remained stable from last quarter with originations coming in at $264 million, driven by our commercial, banking, and equipment. Moving to credit. Credit costs declined this quarter with a provision coming in at $5.3 million, a decrease of six passive quality metrics all improved with NPAs, NPLs, and net charge-offs all declining compared to the prior quarter. quarter. The allowance remains strong at 1.42% of total loans. Turning to capital. Capital levels continue to grow and remain robust, with CET1 surpassing 12%. Ten-year-old book value per share grew nicely this quarter, up 5% late quarter and 12% year-on-year. This quarter, we also refinanced $75 million in subordinated debt. We leveraged the upgrade to our credit rating earlier this year with strong market demand to issue debt at an attractive level that reflected a 266 basis point improvement. We continue to build capital, support balance sheet growth, future M&A opportunities, and increased capital. Turnover the call to Tom, who will provide you with more detail on our results.

Thank you, Alberto, and good morning, everyone. Starting with our loans on slide five, total loans increased to $107 million, or 6% annualized, and was $7.5 billion at September 30th. As Alberto mentioned, origination activity was solid for the quarter with $264 million in new loans, up 25%. Payoff activity decreased $41 million from Q2 and stood at 200. Loan commitments grew and draw activity added to the loan growth for the quarter, even as line utilization remained relatively flat at 59%. As we look ahead for Q4, we expect loan growth to continue in the mid single digits. I would like to note that our loan growth could be impacted somewhat by higher government loan, sorry, impacted somewhat higher by the government shutdown that goes into effect maybe in 2026. As a result, our government guarantee loan originations will remain on balance sheet until the government is real. Turning to slide six, total deposits for 7.8 billion dollars for the quarter, up slightly from the prior quarter. The uptick in deposits was due to non-interest bearing accounts increasing $160 million or 9% lean quarter, which was driven by seasonality in deposits. This was offset by decreases in time deposits, driven by lower brokered CDs and CDs shifting into money market accounts. We saw continued improvement in the mix, which drove deposit costs lower by 11 base points to 2.16%. Turning to slide seven, we had record net interest income of $99.9 million in Q3, up 4.1% from the prior quarter, primarily due to organic loan growth and lower rates paid on deposits. This was offset by higher interest expense related to refinancing of the $75 million of sub debt this quarter, which contributed a seven basis point drag on NIMS. The net interest margin grew to 4.27 percent, up nine basis points link quarter, and year-over-year NIM expanded 39 basis points. Specifically, we saw a lower interest expense on deposits and higher rates on earning assets. As a reminder, our SBA loans reset on a quarterly lag. As a result, the mid-September rate cut is effective October. With the market expectations of two fed cuts in the fourth quarter we expect net interest income of 97 to 99 million dollars i would note that earning asset growth and discipline pricing has generated growing nii in this declining rate environment turning to slide eight non-interest income totaled 15.9 million dollars in the third quarter up 9.5 percent primarily due to seven million dollar gain in sale on loans sold driven by higher volumes. The SBA loan pipeline is solid. However, due to the government shutdown, we are currently unable to sell and settle loans in the secondary market. Timing will determine the impact of our gain on sale. As a result, we will not be providing gain on sale guidance. Turning to slide nine, our non-district expense came in at $60.5 million, up 1.5%. The increase reflects higher salary employee benefits, including a $2 million in higher incentive compensation and a $1.5 million increase in non-entry expense, which includes $843,000 of remaining expenses. Partially offset by merger-related and secondary public offering expenses recorded in the second quarter. Stood at 51% compared to 52.6%. An improvement of 164. We expect non-entry expense in the same range as QC. Turning to slide 10. In the third quarter, we saw a credit measure reported a $5.3 million provision for credit losses in QC. Net charge-offs decreased to 7.1 million dollars compared to NPLs to total loans and to capital on slide 11. This quarter increased our tangible book value per share by a dollar and total capital was 15.

Banking franchise in Chicago. Earlier this year we announced the expansion of our commercial payments business focused on putting the infrastructure in place. Happy to report that our pipelines are starting to build. Looking forward we're focused on onboarding customers and scale scale in 20 we're also getting looking ahead for the rest of this year execute for customers and deliver results for our shareholders i'd like to thank all of our contributions to our

results open the call up for questions thank you very much with an eye to open the lines for the q a if you'd like to ask a question please signal now by pressing star flip by one on your telephone keypad if you'd like to remove yourself a line of questioning please signal by pressing star flip by two as a reminder to raise a question will be star flip by one our first question comes from david long from raymond james david your line is now open good morning everyone morning dave you know let's let's talk about the the margin here and net interest income the bank screens as asset tentative you look at slide seven and it indicates each 25 basis point cut

in a ramp scenario hits your nii by about two and a half million um what are the assumptions that are built into that right now?

Hi, Dave. Good morning. It's Tom. I mean, we have been beating the model assumptions. I think it's in part due to, you know, what the competition is offering us on deposits. And I think, again, we talked a little bit about in the past some of the premiums that were maybe paid during the liquidity events of years past.

And we continue to look at the competition and look at where we can adjust rates and i think that's what we've been to add to what tom just said i i think also analytically we're better and we have gotten better so in addition to ferment in chicago overall improving over the years and becoming for those of us that that have been in the market for a long time becoming certainly much more rational uh over the years i think analytically we're getting you know a bit better in in being able to segment customers and being able to basically drive um improvements in you know cost related to um you know accounts and different sects the different segments of our business which has contributed to what tom just said which is essentially just outperforming our our model a bit. So I think that's, you're seeing the effect of that.

And I would also just add, you can look at the yields on loans and, you know, given the rate declines, you are seeing loans on the mix between fixed and floating. We have benefited a little bit more.

Got it. No, that's some very good color. And then in the quarter, the obvious, you know, obviously on the funding side, real nice change in the mix, your funding, your deposit costs in particular came down, what wiggle room do you have on the funding side and the deposit side to still lower those costs, giving you an opportunity to continue to beat this model?

Again, I think we are asset sensitive and we do expect, I gave guidance on NII, we have obviously asset growth that's helped us nicely too, but we have some room on the CD book. it continues to reprice lower um we've been very short on the cd book and i think you know there are certainly some rack rates it's kind of a mixed day thank you for taking my questions thank you very much our next question comes from adam crow from piper santa adam your line is not

open hi good morning uh this is adam crow on for nathan race and thanks for taking my questions Yeah, good morning, Adam. Yeah, so I guess given the recent pickup in M&A activity, especially in the Midwest, and with your capital continuing to build up pretty strong cliffs, I'd be curious just to hear your updated thoughts on M&A and how you're thinking about managing capital levels.

Yes. You know, Roberto touched on engaging conversations, remains consistent. So we're certainly open opportunities that may present themselves in the marketplace here. But that's going to be, I think, consistent with the discipline around to look at opportunities and, you know, are hopeful that situations that make sense fund the growth of the bank. We want to have opportunistically, we want a stable, you know, dividend that we can, you know, safety valve, which is, you know, we have a buyback, we have the flexibility.

Got it. And then I appreciate the comments about crossing $10 billion organically next year, but I was just curious if you could size up the estimated impact from Durbin.

I'm glad you asked the question because we have not been asked that question directly on the call. So I think for Durbin today, as as we would look at the impact, it would be somewhere between four and a half to five million dollars on the and that includes the FDIC and that would, you know, as you know, if we cross at any point in 2026, the Durbin impact doesn't really go into effect until July 1st of the following year. so that would be 2027 um whereas the um you know the effect of high competitive quarters above 10 billion thank you i appreciate the color thank you for asking yeah no problem um if i could squeeze

in one more um just you know i appreciate the comments um on byline anticipating and preparing for the government shutdown but i was curious if you could just touch on how the government shutdown has impacted your SBA business so far and is there an upcoming deadline where it will materially impact your gain on sale in the fourth quarter?

Very good question and as you know we have been in the SBA business for some time so you know we've had to navigate through shutdowns before so our team is very experienced in terms of being able to navigate through usually the short term impact of a shutdown. I think the first thing I would say is from an origination standpoint, we continue to be active in originating SBA loans so that continue to market, continue to try to originate new business. On things that are in the pipeline, what we do is we tend to in anticipation of a shutdown we pull plp numbers so that we can continue to fund and close those loans given that we have in the program as a under the preferred lender program the thing that potentially gets impacted and it typically is a timing issue is during a shutdown we cannot sell and see that we have loans that are ready to be sold, and the shutdown is still in effect, then we are effectively holding those loans until back to work, and we can then sell the loans in the secondary market. And that's typically a timing issue. So I would say in the short run um you know unless we really get here into a protracted shutdown where we're here let's say you know mid-november or so and the government is still not back to work um that that may impact you know the timing of you know loans that we would otherwise would be selling in the fourth quarter we may then you know sell probably in the in the first term impact and you know obviously that has a positive effect too because we're essentially even though we can't sell them so yes you know there might be a delay or a timing issue with gain on sale income we actually earned the carry on the loan because we'll carry the loans hopefully that answers your question yeah i i really appreciate the color and thanks for taking my questions thanks adam thank you very much our Our next question comes from Brian Martin from Janie Montgomery school.

Brian, your line is not open.

Good morning, everyone. Congrats on the quarter.

Thank you, Brian.

See, Tom, you mentioned in your remarks, I think, on the deposit mixed change, it sounds as though maybe that may bounce back a little bit with the DDA just in terms of how to think about this project. Kind of NII margin, some of that was seasonal, the strong growth this quarter in the mixed changes that. you think it's kind of sustainable where that mix is at today no that's correct it's seasonality they're out close it in DDA you know yep gotcha okay all right and then you know can you just talk a little bit about you guys talked about the competitive landscape had I guess heard from several other banks recently just the competition has gotten stronger on the deposit side and even on the loan side in the market? What you're seeing competitively is it sounds like it's gotten a little bit easier from your commentary, but that's over time rather than just kind of recently, but just the competitive landscape, just a little commentary if you can on loans and deposits.

You know, it's still competitive. I would just, again, remind everyone, right, we're still a relationship bank. We bring in core deposits that helps support. It's not all at the margin funding that's going that is going on here so that we're benefiting from that and then i think just being short on the cd book has allowed us to read so it's still competitive the market is trading or you know offers are for new money so to speak but it's more about the relation ryan yeah just to add to one thing on the particularly on the asset side i i think thomas spot when you look at

markets in general, whether it's investment grade, whether it's high yield, inconsistent to think that some of that would spill into kind of the market. And yeah, we see some of that, yes. Some businesses have gotten a little bit more competitive or there's more competition. People are willing to trade off, fit more in pricing in order to get high quality transactions. But it's always competitive to your business.

Gotcha. No, I appreciate that, Alberto. And maybe just one back to the margin, just one comment, Tom, I guess it sounds like, you know, obviously good expansion in the quarter, but it sounds like even with that expansion, you kind of went through the benefit from, you know, you had the impact on the sub debt, and they're just trying to get a sense for maybe if you can talk or give a little thought on where the margin, And given the seasonality that comes back on this DDA and then the impact of, you know, that sub-debt in the quarter, kind of where did the margin kind of end the month or exit the quarter in September? This is kind of a starting point as we look forward.

You know, Brian, you know, our NII guidance is still right in the same range. It's a little bit lower, you know, on the low end just because we are expecting two cuts here in the fourth quarter. so we are still asset sensitive and we will have some slight decline in net interest income from that so the margin would go down a little bit I would say you know to be determined based on the okay all right and maybe just the last one yeah sorry I hear you a lot of polls you know related it's about a million and a half dollars related to the interest expense on this so that benefits us you know we have earning asset growth that benefits us so you know we we still think we're

in the same range yeah okay i appreciate that tom and then uh last one for me was can you guys just give a little commentary just talk a little bit about the the commercial payments team and kind of where that uh you know kind of what that business is and where it's uh you know what your expectations kind of high level are without uh just so we can watch that going forward and thank you for taking the questions sure you bet uh so i think earlier in the year we we announced and there was there's some we actually got some picked up and and press and that we had uh we had hired a team uh some experienced bankers some of our um bankers here had worked with these individuals before um so we had an opportunity to to really bring on board high quality talented individuals and and we were fortunate to do that but the the gist of that business is really a commercial payments business so think about high trying to do business with businesses that are you know originate a lot of ach trends process payroll for example so you would have you know payroll processors in that in that business as well as looking to be a sponsor bank for issuing and acquiring debit or prepaid card in in summary brian that's kind of the gist of the business you know i like to use the term commercial payments because it's it's really a more on the commercial banking side as opposed to this is not a retail product or this is not something that's targeted at consumers is really trying to you know do business with program sponsors that are high users of you know payment products and so far I think as I said on the comments you know initially it's about building the infrastructure having the proper controls making sure that we have, you know, the necessary hires to support the team, not just from a sales standpoint, but, you know, operationally and from a risk management standpoint. So that's been completed. We've been actively, you know, calling and, you know, trying to start building the business. the pipelines are you know growing we have you know customers that were in the process of onboarding these are as as you could probably you know imagine these are not these are there's more to onboarding a high volume you know type you know commercial customer as opposed to to a you know a simple you know a simpler you know kind of loan and deposit basic relationship so the the onboarding process a little bit lengthier um but we feel good where the team is you know the pipeline is building and we'll start seeing um the impact of that you know in 2026 and beyond so we're super excited about that um segment of our business gotcha and just just to clarify how those credits are typically are they smaller granular credits are they larger credits what kind of the typical you know size range in those transactions yeah there's very little in credit if any it's really just uh a function more on the deposit side and on the treasury management side right gotcha okay i appreciate that thanks guys i thanks brian thank you thank you brian thank you very much

as a reminder if you'd like to raise a question on today's call please simple now by pressing staff followed by one on your telephone keypad. Our next question comes from Brandon Rudd from Stevens. Brandon, your line's now open.

Hi. Hey, Brian. Most of my questions have been asked and answered already, but just one modeling question here. Do you have the amount of fixed rate loans that are maturing over the next 12 months and how those yields compare to your new origination yield?

Yes, for 2026, it's roughly like $750 million. I would say that, you know, again, depending on what happens with the forward curves, rates are...

This was a topic early in the earnings season, I should ask. Can you remind us of your NDFI exposure and what clients fall into that bucket?

Yeah, it is a general comment. So, So, Brandon, we have roughly around $221 million that we would categorize in the call report as NDFI. So that represents just under 3% of our total loan portfolio. The one thing I would tell you about that, that consists of commercial-related transactions and business that we have done for a long time. So we are not, that doesn't include anything, we haven't started anything, for example, to have a business that's focused on financing, you know, private credit funds, financing structure. These are things like, you know, we finance, for instance, the acquisition of practices where a registered investment advisor acquires another small registered investment advisor and we finance that. there's a lot of granularity in that exposure and you know it's it's not the I would say it's an exposure that's materially different than for example the couple of cases that you guys saw this quarter related to NDFI lending by some other institution.

And then 59-ish million dollars on a core basis is that Is that also a good run rate to start off with for 2026 and then later on in inflation and growth there?

You know, we're not really giving guidance on 26, but I would just say that there's incentive comp that's built in this year that, in theory, you know, we reset for next year. So higher performance.

Thank you very much. Our next question comes to Matthew Rent from KPW. Matthew, your line is not open.

Hey, everybody. hope everybody's doing uh well today um just a follow-up to the expense question i appreciate the the guidance for next quarter in the prepared remarks you mentioned uh that you believe you can get the efficiency ratio lower so i was wondering if there's any initiatives you were contemplating or if there's any new technologies you were investing in that could drive operational efficiency yes good question matt um i think maybe the the right way to think about it is where this is something that we're constantly looking at.

We're constantly looking for ways in which we can operate more efficiently. You know, as you have seen, if you look at the trend with our efficiency ratio, you know, it tends to bounce off. I think we've been in that kind of 49% to 52% range, which, you know, compared to others, compared to peers, you know, I think we fare very well with it. What I would highlight with that is, you know, it's something that we always want to be focused on because it provides us with investment capital to reinvest back into the business. So I wouldn't view it as just we have a program that we're doing and we're trying to execute against that program. We're constantly looking for ways in which we can you know try to drive that efficiency as low as we can or at least we can maintain it in a at the levels kind of where it's at today so that we can um generate opportunities got it thank you i appreciate the color i'll step back thank you very much uh next question comes from when yanara uh bohane from hope group and our your line is not open hi good morning this is an you're on for brendan from happy group um first question is uh just to do with capital we noticed that um the share repurchasing kind of went down this quarter any thoughts on creating a more active repurchase program again um and how you're thinking of reinvesting capital yeah i think I think consistent with the priorities that we mentioned earlier in the call, I think capital priorities is, you know, be able to support the growth of the company, support organic growth, have capital flexibility to pursue M&A consistent with, you know, transactions that, you know, like transactions we've done in the past, transactions that make sense that meet our criteria we certainly want to you know be able to execute on that and have the flexibility to do so um maintain a growing you know comfortable uh dividend over time and um and the last thing is really the the safety valve which is really you know if we find ourselves having excess capital and we have opportunities to acquire the stock at what we think are attractive levels for shareholders then we would we would do that perfect thank you and then the my follow-up question is to do with new loan yields so you

guys originated 260 million of originations this quarter can you speak to where new paper price this quarter in relation to the portfolio yield of 7.14 i mean again depending on the asset class you know you do have different yields but I would still say that spreads are 250 over obviously the SBA. Thank you. That's all my questions.

Thank you very much. As a reminder if you'd like to raise a question on today's call please signal now by pressing star for the one on your telephone keypad. Our next question is a follow-up from David Long from Raymond James. David your line is not open.

Hey guys just want to follow up on credit. The two things. One, the reserve level looks like reserves were released in the quarter. Was that more a function of loan mix, portfolio performance, or the economic outlook?

I think it was more around the resolution of loans with specific reserves, David. So we worked those assets out. We took the charges against the specific reserves.

Got it. And then with the SBA shutdown, how is that going to impact your reserving? I mean, if you're going to hold on to these loans potentially a little bit longer, maybe just talk through that process and how you think about that.

I mean, we would look, we would kind of, if we're holding, I think that it's a good question, so thank you for asking. So if we're holding the full loan as opposed to the, you know, call it just the the unguaranteed portion only we would have to be thinking about uh more protracted you know we would still probably carry those loans as help for sale um but to answer the the philosophical question as to how would we think if we were balance sheeting those loans how would we think about setting reserves i think we would look through the guaranteed portion and look at the at the unguaranteed exposure and then reserve accordingly okay awesome thanks guys

appreciate it you bet thanks Dave thank you very much our next question is a follow-up from Brian Martin from Jenny Montgomery Scott Brian your line is now open yep thanks guys just one last one for me was on the going back to the M&A for just one moment it's given this a greater priority than the buyback um can you just remind us alberto um just in terms of what what you're looking for in a transaction what's important on the mna opportunities you're going to consider and um does it matter larger or smaller today or you know would you think about doing multiple deals at once just try and understand that dynamic thank you yeah i think that still very consistent with

the the what we think is the the opportunity set here in chicago so you know broadly brian i think institutions between let's say 400 million dollars you know and and up to maybe you know a couple billion dollars you know obviously we've grown uh we can we have the ability to tackle something a little bit larger uh today than let's say what we did you know two years ago or or three years ago um the geography still consistent um you know the greater chicago metropolitan area that means you know does that mean strictly just the the the city limits of chicago no greater chicago chicago the suburbs you know maybe going all the way up to milwaukee maybe going down you know a bit into into northwest indiana i think markets consistent you know financially attractive strategically attractive and we pay as you as you know we pay a lot of attention to deposits if we think about the last three transactions that we've done those were essentially transactions for us to acquire deposits um you know and then you know redeploy those funds over time into the different lending businesses that we have So it would have to be consistent, you know, with that. You know, but each opportunity is different. Each situation is different. And the good news is we built a team and we have a lot of experience with the team that's here, that's done transactions here, as opposed to just general experience that we may have from just being, you know, in the business and having done M&A over the years. So we feel good about our team, our process, our playbook, and I think hopefully, as you guys can have seen the results, you know, showing in our results.

Yep. All right. Thank you for that insight, Albert. I appreciate it.

Thank you very much. We currently have no further questions, so I'd just like to hand back to Mr. Parachini for any further remarks.

Great. So thank you, Carly, and thank you all for joining the call today and for your interest in Byline. We want to wish you a happy Halloween, a happy Thanksgiving holiday, a happy holiday season, and we look forward to speaking to you again in the new year.

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.