Hello, everyone, and welcome to the Bancorp Inc. first quarter 2026 earnings conference call. Please note that this call is being recorded. After the speaker's prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press star followed by one on your telephone keypad. Thank you. I'd now like to hand the call over to Andres Viroslav. Please go ahead.

Thank you, operator. Good morning, and thank you for joining us today for the Bancorp's first quarter 2026 Financial Results Conference Call. On the call to me today are Damian Kozlowski, Chief Executive Officer, and Dominic Canuso, our Chief Financial Officer. This morning's call is being webcast on our website at www.thebancorp.com. There will be a replay of the call available via webcast on our website beginning at approximately 12 p.m. Eastern Time today. The dial-in for the replay is one inch of view. as for the statements of the Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mentioned today. These factors and filings of the Securities Litigation Reform Act of 1995 will be additional details and reconciliations of GAAP to adjusted non-GAAP financial measures are in many revisions to forward-looking statements, which may be made to reflect Damien.

Thank you, Andres, and thank you for joining our call today. The Bancor earned $1.41 a share in the fourth quarter. EPS growth year-over-year was 18%. First quarter ROE was 35.1, and ROA was 2.57. FinTech GDV continues to grow above trend at 18% year-over-year. Revenue growth in the quarter, which includes both fee and spread revenue, was 15% year-over-year. Our three main FinTech initiatives continue to move forward quickly and are well-positioned for success. Our onboarding of new programs and expansion of current programs continues at pace. Cash App program has been launched. It will ramp up during 26 and 27 and show progressive accretion to our financials. Credit sponsorship balances soared in the first quarter to 1.65 billion, a 50 percent not annualized increase over the fourth quarter of 25. As previously stated, we expect to launch at least two significant additional programs in 26 announcements are subject to our partners marketing timelines embedded finance platform is close to completing the development of its first operational use case we plan to announce at least one client in this area in 26. we also made continued progress in reducing our criticized assets which includes both substandard and special mention assets these assets declined from 194.5 million to 163.1 million in or 16 percent quarter quarter. We expect more progress over the next few quarters. Lastly, we are maintaining our guidance at 590 EPS for 26 with $1.75 to share in the fourth quarter. Our expectation for 27 EPS is in a range of 810 to 830. 2026 buybacks are forecast to be 200 million total and 50 million quarter in 26 with 27 buybacks equal to near 100% of net income in the year. Our three major fintech initiatives along with platform efficiency gains from restructuring and AI tools, plus a high level of capital return through continued buybacks will be the driving forces beyond EPS accretion. EPS gains are subject to development and implementation timelines in FinTech. I now turn the call over to our CFO, Dominic Canuso. Dominic?

Thanks, Damian. The first quarter builds on our momentum and strategy from 2025 and is setting up for a strong 2026. Ending loans for the quarter are $7.75 billion, which is a 9% non-annualized linked quarter growth and 22% growth year over year. Credit sponsorship growth accounted for 88% of total loan growth linked quarter and 83% of total loan growth year over year, bringing the segment to approximately 21% of total loans up from 15% prior quarter and 9% a year ago. Our strategy is to continue to shift the loan mix towards the higher-returning, lower-cost credit sponsorship business. Average deposit growth was also a robust 9% non-annualized link quarter, fully funding the loan growth, with an average deposit cost of 1.7% in the quarter, which was a 7 basis point decrease from prior quarter and 53 basis points lower than the prior year quarter. We also ended the quarter with $1.34 billion in off-balance sheet deposits, comparing to $850 million at the end of the fourth quarter and $793 million prior year, demonstrating the continued growth of our partnership-based deposit franchise, along with the strength of our overall liquidity position. NIM was 3.87 in the quarter, down 43 basis points from prior quarter and 20 basis points prior year's quarter. The decrease versus prior quarter is driven by both the mixed shift in loans to credit sponsorship and the lagged impact of the lower short-term rates on variable rate loans. For some additional context on NIM, especially as we continue to mix shift loans towards FinTech, our FinTech lending fees are the equivalent to an additional 24 basis points of net interest margin. In addition, given the volume of off-balance sheet deposits, we generated $900,000 from deposit sweep fees, which is recognized in other income, which equates to another four basis points of net interest margin. Not interest income mix, excluding credit enhancement, was 33% compared to 30% in the fourth quarter and 29% in the first quarter of 2025. Syntec fee revenue is 29% compared to 27% for both prior quarter and prior year quarter. It is important to note that the growth in the credit sponsorship loans that we saw in the quarter is a leading indicator of fintech fee growth, both in the lending fees and higher transaction fees due to the higher volume of churn in that portfolio. Regarding credit, we continue to see improvement in both our current and leading credit metrics, with particular note in Rebel and leasing. Rebel criticized loans are down $24 million, or 29%, to $59 million from prior quarter, and down 75% over the last 18 months. When excluding fintech credit sponsorship loans, which are supported by full credit enhancements, our traditional lending portfolio saw a provision reversal of $1.3 million, even as the traditional lending portfolio grew in the quarter. The release of reserve was primarily driven by specific reserve reductions in our leasing portfolio that were established in the third quarter of 2025 as positive progress continues to be made with those borrowers. That interest expense for the quarter was 55 million dollars with an efficiency ratio of 41.5 percent when excluding the credit enhancement revenue. We continued to invest in the fintech platform including building out embedded finance capabilities, along with launching new products. At the same time, we are leveraging AI and redeploying costs across the organization to continue to improve efficiency and allocate resources to support our fintech initiatives. Operator, you may now open the call for questions.

We are now opening the floor for question and answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. Your first question comes from the line of Joe Yanchunis of Raymond James. Your line is now open.

Thank you, and good morning, guys. Good morning, Joe. So, with your 2026 ETS Outlook reiterated, can you talk a little more about your embedded finance offering and this initiative's impact on 2026 results?

I mean, how long will it take to onboard, you know, this first partner after announcement um obviously partner delays are a thing in this space and just was hoping to get you know a little more colored on that from your own yeah we have very little revenue and for embedded finance in 26 we have more in 27 but you're exactly right uh we're likely to announce at least one partner it does take a while to fully build out the capability depending on what the use case is you know it could be very limited or it could be very broad so that impact of embedded financial will be filled uh fulfilled in 27 and 28 so very little revenue is uh in our in our own plan uh for 26 for embedded now we do have revenue in there for continued sponsored lending growth and for a potential announcement around two new partners So, that has more of an impact than the embedded would on our own budget.

Got it. That's helpful. And, you know, in your prepared remarks, you discussed, you know, some metrics, you know, behind your off-balance sheet deposit and that strategy. I mean, how should we expect this to evolve over the coming quarters? I assume the amount earned per deposit is based on, you know, the individual deposit costs, and correct me if I'm wrong there. But will the biggest driver of revenue growth, you know, from this be moving more deposits off balance sheet or getting better economics per deposit?

It's both. Right. So over time, we take the higher cost deposits off the balance sheet. And we do, depending on the program that we're taking off the balance sheet, we may get some spread on that. Right. It's in our own forecast. That's a small part. you know, it's basically gravy. And the way we look at, you know, our own forecasting over three to five years, it wouldn't be as we grow the other parts, the main initiatives, that's literally gravy on top. You know, it's not a big part of our own planning. And they're volatile, right? And it depends on the program. But they will grow. We'll have forced lower basis points on what we have to pay out as we take more higher yielding deposits off the balance sheet. And in a select occasion, we will get some spread on transferring those deposits through a network to other banks.

Okay, I appreciate that. What about the Aubrey?

What are your current thoughts on the timing of selling that property? and has your expectation around the sale price changed given the recent softness that we've seen in rent prices you know and then additionally has there been any thought behind redeploying those proceeds into share repurchases or would you just decrease that capital well we're going to return 100 as we've said before of share buyback from our net income until you know we get a multiple that we think is appropriate for our roe and growth uh so that you know, whatever we get in that income, we'll distribute back to shareholders through buybacks. Dominic can give you a good Aubrey update.

Sure. Good morning. Yeah. So we continue to invest in the property, increase the occupancy rate as we, the occupancy rate of available rooms has been 80% even as we've doubled it. And there are plans to continue to finish the remaining 50 units that need to be upgraded. We're just over 60% of occupancy on a total unit basis, and we expect to hit near 70 in the very near term. We expect the property to be operating break even by the end of this quarter, so its impact to our financials should be neutral. And we've shifted a bit given the significant progress and success in the continued occupancy from just removing it from the balance sheet to actually getting it to a stabilized valuation, which may take a little longer, but ultimately result in better economics for the bank when we exit.

Okay, that was helpful. But I should just want to kind of dig into something that you said, Damien.

So I was under the impression the guidance implied 50 million of share repurchases per quarter in 26, and then you returning 100% of net income or putting up, making the buyback 100 percent of net income in 27 um so would that mean if you sold the aubrey and does that mean you're gonna sell the aubrey in 2027 kind of based on your answer uh we're looking to uh i think we'll be totally full if we're going to go to stabilization that would probably be a first quarter next year event we have there's close to 50 buildings on the property right and there are nine left and we're reconditioning those uh nine buildings over three phases over the next nine months so if we get the stable stabilization probably would happen occur at the end of next year where stabilization is in the high 80s low 90s and then we would be able at least to get obviously our uh our basis covered but the appraisals are in the low 50s so and if we were to you know monetize it would be a rounding error to our buyback you know if we're we'll get our buyback we're a little bit less than that income this year because we did so many buybacks last year that we're just building a little bit of extra equity uh into the end of this year and then we would return 100 you know for the foreseeable future we think depending on the multiple so the exit on the aubrey if stabilized if someone doesn't come in and just write a check But our current intention is to fix those nine buildings, get it up to high 80s, 90s, and then monetize it at this current time, because we've done so much work already.

Good. Okay. Great. And then one last one for me here. How much of your balance sheet are you willing to dedicate to credit enhanced loans over time?

All of it. All of it. okay oh credit and answer credit sponsor loans which one do you mean uh the the credit sponsored loans the one that's i thought that's what i meant so there's two parts right there's credit enhanced loans and then there's also loans that we might do that are distributed or we might take uh you know parts of bigger origination slices of it right and keep it on the balance sheet but But of the sponsorship loans, I mean, it's possible, you know, when we're looking at our pipeline, that'll be a much bigger part of our business. Now, that's over many years. So we're going to, and many of, remember, many of our businesses like SBA, you know, the real estate business, which we have distributed before, are fairly liquid assets. The same is true. They're demand loans on the institutional. So this is a multi-year thing, and it really depends on the problems. Chime is a very unique situation where we're using a lot of balance sheet. That's very unlikely to happen. There'll be some balance sheet used for future programs. Some might be bigger than others. Chime is a very special case. So this is a very, you know, when we look at our APEX 2030 strategy, we might, you know, originally we were thinking 10%, and then we thought more like 30% or 40% of the balance cheap possibly in the next three to four years.

All right. That was helpful. Thank you for taking my question.

Your next question comes from the line of Manuel Navas of Piper Sandler. Your line is now open.

Hey, good morning, guys. This is Grant. I'm for Manuel. I just wanted to ask, could you talk a little bit more about the shift in LLR for fintech loans? It came in at 1.81% this quarter and was 2.84% last quarter. Could you just talk a little bit more about what drove that shift? Did you do more secured credit cards that require less?

So the economics, I'll let Dominic handle it. The overall economics, the NIM of the entire program, because it's in different places in the balance sheet and we fund it with non-interest bearing deposits, is around 3% NIM. For the whole portfolio of products, if you take a look at all the economics, that may, and the cost structure on that is not traditional lending, right? So you're not supporting it with origination and all the things that you would on a traditional business. So, and it's credit secured. So we're getting a, you know, the whole economics over the portfolio is around that, would move up over time, potentially with different product sets. And I'm only talking about Chime. But, Dominic, do you want to dig a little deeper? Sure.

And, Grant, to your question, you know, the unsecured, the secured product did outperform the growth in the quarter, and so there was a mixed shift towards that product, which does have a lower loan loss reserve relative to the other products. But across all products, it continues to improve, as you can see in those metrics, as, you know, the performance of customers along with the growth demonstrates the growth potential of the programs.

Understood. Thank you. And I also wanted to ask, what is kind of the pace of fintech loan growth from here? I see the goal was $2 billion by year end. You're now at $1.67 $7 billion, and you were at $1.1 at 4Q. How does this adjust other metrics like fee income or NIM?

The success in the quarter we were very pleased with, and I think outrun ran our internal expectations. It does not change our full year targets or expectations. I think what it does is demonstrate the strength of the balance sheet we'll see in the near term, along with the fees that we anticipate from the churn, particularly in that higher volume portfolio. So overall targets remain the same. I think there was just a little bit of a pull forward of volume that we anticipate, which is very positive and we're excited to see. So it just means that the balance sheet will be a little higher earlier in this year than originally expected.

All right. Thank you. That's it for me.

Your next question comes from the line of Tim Switzer of DBW. Your line is now open.

Hey, good morning. Thanks for taking my question.

Good morning, Tim.

So Damien, you mentioned your opening comments that the new cash program has launched and will ramp up over the course of the year. It looks like we saw some acceleration in GDB.

Was there any contribution at all this quarter um no very little no so very little right so so uh our partners are very you know they're meticulous and when they launch these programs and solar waste so we go through a long testing phase and then you start you were in the full uh i would say turn the dial stage where everything is set you know we're watching you have incremental kind of gating issues so we've already passed the first gate and we're ready to start turning up the dial so a lot of work has been done uh like i said that by the end of the year it should be fairly meaningful to our financials so all predicated on the timelines right of that gating uh it's going very well so far but you know things can i think it's going to be good uh so you'll see that dial turned up through 26 and then uh especially through the first part of 27. um so everything's going well and uh every i think all the uh us our partner are all pleased with the implementation awesome that's great to hear so it sounds like the real acceleration the like an inflection point kind of occurs in the beginning of 27. well it'll ramp up this year it'll start being meaningful You know, when we talk about our own forecast with our programs, you know, we see a bump in the fourth quarter. That's part of the bump, right? It's not embedded finance like we were saying before, but it is, you know, it's definitely, you know, the Chime lending. It's definitely a cash app. Other programs that, you know, we will announce other lending programs. We'll also announce other banking as a service programs over the course of the year. And all those things will start meaningfully contributing by the end of this year. But then 27, there will be multiple things ramping up together, which will really lead us into that 27 guidance that we have.

Okay, nice. And so you talked about this earlier with Grant's question on the 3% NIM, but I'm not sure if that was just the secured card or all the fintech loans. But could you kind of help us with the economic one?

Yeah, the reason I said that is because I just wanted to give the – there's a lot of confusion because it's in different – we don't break it out separately, and it's in total economics, right? So we're funding it with non-interest-bearing deposits, right? There's multiple different products. There's four, and it's growing, different products. but if you look at the entire economics of it today to the bank core right which it's around three percent nim for us right because it's obviously being funded that's the secured card or all of the fintech that's everything together we don't give independent economics but it's a blended economics that's about what it is right that that potentially will grow over time depending on the product mix uh and uh it's a very i think it's incredibly synergistic for both us and our partner i think it's a it's a you know it works for us um for both of us the programs have grown obviously it's been a great uh source of a great source for of revenue but also of relationship uh deepening for time and you know we're trying to support their initiatives as you know by using our by that uh by using our balance sheet now that's once again that's a very unique relationship it's i'm not saying that we will um have 10 like we do with chime that's very unique where we've you know we have a very deep relationship with them obviously for the issuance of their cards and new products and now their lending products so um we look at the entire uh economics of the relationship that three percent doesn't include obviously all the interchange are part of the interchange that that chime uh originates so on the secured card so not on secure card that's that would be in the if you look at all the products the lending yeah we're talking about all products right so any of their of their products whether there's interchange involved we get a portion of that plus obviously they have deposits that are sitting in the bank that are in excess of um the non-interest bearing deposits there's some of their saving deposits some of those are off balance sheets i would say you know there's the lending part where if you add all the economics together it's around three percent right with but it also has it's secured remember it's as credit enhancement right then separately there's a whole stream of revenue obviously that's appears in fees that's only linked to interchange and then the third part of economics there's other deposits that fund the bank excess deposits that aren't lent out that provide deposits to the bank too. So it's such a broad, deep relationship that there's multiple revenue streams from the CHIME relationship. Lending is just one of them.

Yeah, okay, I get that. And I'm getting a lot of questions about kind of the profitability on these loans. Because if we take the numbers that are, I guess, disclosed and we can directly tie to those loans, if I take the FinTech fees and the interest income, And then those average balances, it looks like it's an annualized yield of about 2.7%. And it's, you know, pushing off these non-fintech loans, yielding, you know, nearly seven. And I know, obviously, on credit risk, it's not a traditional loan where it costs as much to originate. Where are the – and maybe it's just the broader parts of that relationship with Chime, because I know all of this ties in together, like you mentioned.

Well, you're not that far off, right? so that's 2.7 we're saying it's around three today right with the mix currently right but the cost structure is radically different it's only a fraction of traditional right so you're getting a three percent nim and this once again is separate from the other two revenue streams you're getting a three percent nim right but it's a fraction of the cost of traditional lending and it has no risk of loss. So think about that, right? So it's almost a bond, right? You could think about a 3%, a short-term bond that's yielding 3%. And then you have all these other revenue streams that are coming off that, including increased spend. So if you think about it, we're lending money out to people that wouldn't have used it otherwise, and that creates interchange right and the velocity there is extremely quick right so we're talking about billions potentially every month that are going through those products creating fees for a chime obviously but also creating economics for us it's creating additional gdb spent yeah this is just to add i think the most important part here is the fact that each partner has unique expectations and unique designs.

And given the ability to generate deposits, generate transaction fees, whether it's debit or credit, you know, parking loans on the balance sheet and potentially off balance sheet in the future for loans, off balance sheet deposits that are excess or funding other programs with deposits. We believe the economics to the partner are where they need to be for them to invest and grow in their programs. And for us to see the returns on a total ROA an ROE basis that are accretive to where we are today, which is why we expect and intend to continue to shift the balance sheet towards these products.

Got it. All that answers my question very clearly.

Thank you.

And in terms of like the velocity, can you maybe let us know like what was the volume on the loans this quarter or how long are you holding these on the balance sheet on average? And then, you know, how might that change in the future, whether you guys change your strategy or you know these two upcoming credit sponsorship programs sound like they might be shorter duration um you know if you plan to transfer more securitization anything like that um would be really helpful it's hard to give you clarity on that because we haven't announced there's a there's a bunch of different use cases from wage access to longer term installment loans And we intend to do all those things, right?

So we intend to provide some on-balance sheet, probably not as much as our current relationship with China, to other partners. We intend to securitize a lot of it so you'll get incredibly high velocity. And you'll hold those loans from three to 30 days, probably, at the most. Usually, it's only a few days. It'll be purchased back by the FedTech partner and then securitized. And then there is definitely a situation where we'll be holding pieces of loans at a much higher yield, right? So loans that we like, or if it's important to the product for us to hold, excuse me, partner to hold the strip, we will. But those loans will be very, very high. So if you look at the NIM today of the Bancorp, where it is today, right? We're around 4% if you add back what Dominic was saying, the basis points and the fees that potentially could be viewed as interest, right? so it's not that different. You know, we had some deterioration in our NIM, but if you add back the increased fees from this quarter versus last year, it's, you know, 12 basis, 13 basis points different than NIM. Your NIM is going to – your net interest margin should go up over time, right, if you add back all those fees depending on the programs, because you're going to obviously have pressure on deposits going down, right, because of our liquidity. So we'll take more high rent deposits off the balance sheet. And then if, when you look at these programs, the Chime situation is the lowest, probably the lowest NIMS situation you would have because all this synergistic revenue. So that over time, once again, adding back potential fees from the line that we have that third line in our financials around fintech loan fees plus you look obviously the interest is if there's any interest on those those already in our NIM calculation that after this initial stage should start moving up right and then in many of these cases these are the velocity of loans you'll be getting fees and so you'll get effective yields very short-term loans very quick. Many of them will be backstopped or securitized. So you'll have a conversion of the balance sheet from traditional, non-traditional lending. There'll be less of a, potentially of a traditional bank reserve. These are the structure of these loans. The velocity will go up very high. And if you add back the fees on these loans, the NIM, the effective NIM on these loans over time will go up now in the near term they'll go down for the reasons that we've stated on the chime program but that should turn around as we add new partners great yeah i mean that's really helpful i mean you know regardless of where the the reported then goes apex 2030 uh roa four percent rotcia 40 you know bottom line is moving up yeah but you just look at just look at this quarter We had a 35% ROE. Look at our ROA, right? And if you consider that the fact that we're going to be repatriating all our equity or equity stays the same. So any incredible, you know, as our net income moves up, obviously our ROE, ROA will continue to move up, and our efficiency ratio is likely to move down.

Yeah, that's great. Another area that has become a bigger and bigger opportunity in the fintech side of things for you guys is those off-balance sheet deposits. I think it's gotten to $1.3 billion right now. Your press release mentioned $900,000 earned on deposit suites in other income. Is that where all the revenue from your off-balance sheet deposits are reported? Just want to make sure I'm capturing all the revenue.

Yes, Dominic can answer that, but yes.

That's correct. That's where it's located.

Good. Now, as Damian mentioned earlier on the call, you know, the first quarter is seasonally high just because of tax season. We do expect it to contribute, but it's probably a secondary or tertiary benefit from all the strategies we just talked about.

Okay. Yep. Makes sense. I think on the last end of this call, I got a few more if that's okay. um on on the rebel book it's good to see another quarter of improvement in the credit metrics there could you give us an update on how the maturities and refinancing within the rebel book are going right now and like one thing i'm looking at is how the percentage of rebel balances maturing over the next 12 months declined to meaningfully for like for the first time in a while on q4 it's now less than 50 percent do you have that updated number for q1 um because it kind of seems like it could indicate you're seeing less one-year extensions and more actual payoffs yeah so

remember we have great visibility these are repositioning mostly of workforce housing and they require work so there's constant draws right we have reserves and everything So we don't – the reason that we had that bubble when we did was that because the origination period where we got back into the business, there were a lot of loans done at that time, right? We haven't – we've maintained the portfolio, but that bump in origin – that large bump in origination during that period that resulted in classified assets has worked through the system, right? So those were the buildings that were having issues due to the supply shock, interest rate increases, sharp interest rate increases. So that bubble has gone through the system. So that's dropping because we just haven't had as many originations. And if a project is completed, it's on plan and everything, sometimes sponsors will want a year or two, and that's built into our contracts, two one-year extensions, and people take advantage of that sometimes. It's at both of our agreement, and they're stabilized loans at that point. They may want to do an exit, and they're not exactly want to do it at this interest rate. So yeah, that's that. The reason that was so high was because of that bubble, and that bubble is, I don't know the exact, maybe Dominic has it on his fingertips. Maybe we can, we can publish it in the future, But that is slowly working down quickly.

That's helpful. And kind of related to that, it looks like the average yield on the Rebel book has gone down from about 8.5% to 7.6% in the last two quarters. It seems like a pretty quick decline. Could you talk about the drivers there in terms of maybe what new loans are coming on at versus rolling off and how much of that decline could be due to some of these extensions or modifications? that.

Go ahead, Dominic. You want to handle it?

Sure. Yeah. Well, just as a reminder, a third of that portfolio is variable. So you'd clearly see a step down with the short-term interest rate environment that we've seen over the past year. But to the point that you just spoke about, which was that large vintaging roll-through, again, they're on 311 contracts, many of which came to that second term and were either recapped or refinanced or sold out. Those recaps and refinances were at lower rates because they were at more stabilized values, previous investments, stronger investors. So those rates by the quality of the positioning of those loans brought down the rate combined with the variable rate environment. You know, we do think we're at a good point now having worked through that large vintage bubble and with the lower rates that we should see much more stability going forward. You'll continue to see, you know, loans rolling off in the low eights and being put on in the mid sixes. So you'll see that natural portfolio churn, but that's just, you know, the interest rate environment.

We're in nothing more than that. okay all right that's helpful and then the last one for me thanks for taking all these questions is there any risk or even opportunity from the proposed executive order on banks being required to obtain citizenship info it seems like that would be a big lift for a lot of the fast banks given like the third party relationships and how small some of these accounts are and like on the opportunity side you know would your prepaid card products be required to obtain citizen in like citizenship info as well because it seems like it could push a lot of people towards those sort of products well i that would be a very difficult thing to do since prepaid

cards you know every prepaid card that would be every incentive card you know that'd be cracker barrel you know what i mean there'd be a restaurant card that would be very difficult the um there there are some and those deposits on those type of cards in many cases are not even insured deposits because you don't know who it is. We do have, I think, versus many institutions, we have fairly good information in that area if it gets implemented. If it becomes a requirement, everyone will have to do it, right? I'm sure there will be an implementation phase. There might be new accounts. All those things aren't clear at this time, so we can't really comment on it. But we do collect a lot of, depending on the type of account and the use, there is a lot of already information like social security numbers and everything for many of our, not of our clients, obviously, but of their clients that end up being, you know, deposits at our bank. So there is requirements already in place. And we, right now, we don't know how that has to play out, whether that, how that actually gets worked through the system. Obviously, the regulators, everyone would have to be involved, and it would have to be implemented over long periods of time.

Yeah, yeah. I mean, there's very little details exactly on how it works. So, appreciate it. Thanks for taking all my questions, guys.

No problem.

Thank you. I would now like to hand the call back to Damian Kozlowski for closing remarks.

Thank you for joining us today, everyone. Operator, you may disconnect the call.

Thank you for attending today's call. You may now disconnect. Goodbye.