Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Corporation Third Quarter 2023 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Jason Darby, Chief Financial Officer. Please go ahead, sir. Thank you, operator, and good morning, everyone. We appreciate your participation in our third quarter 2023 earnings call. With me today is Priscilla Sims Brown, our President and Chief Executive Officer. As a reminder, a telephonic replay of this call will be available on the Investors section of our website for an extended period of time. Additionally, a slide deck to complement today's discussion is also available on the Investors section of our website. Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that actual results may differ from the expectations indicated or implied by any such forward-looking information or statements. Investors should refer to slide two of our earnings deck, as well as our 2022 10-K, filed on March 9, 2023, for a list of risk factors that could cause actual results to differ materially from those indicated or implied by such statements. Additionally, during today's call, we will discuss certain non-GAAP measures, which we believe are useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. A reconciliation of these non-GAAP measures to the most comparable GAAP measure can be found in our earnings release as well as on our website. Let me now turn the call over to Priscilla. Thank you, Jason, and good morning, everyone. I'm excited to be here today to discuss our third quarter results, as they clearly demonstrate the business of social responsibility is a business that can do well financially while also doing good in the world. While the banking events from earlier in the year are no longer dominating the news headlines, we are conscious of the economic environment we're operating in. With the Fed continuing to maintain a hawkish stance and the reality of this higher-for-longer interest rate position slowly settling into the bond markets, we believe we have a solid strategy to prepare our balance sheet for growth optionality by the second half of next year. As a reminder, in mid-March, we quickly pivoted to a modified growth strategy centered on a neutral balance sheet, building capital, and increasing our tangible common equity ratio. Now, two full quarters in, our neutral balance sheet strategy is playing out well and perhaps even better than we expected. Since our March results, our leverage ratio has improved 39 basis points to 7.89% as we steadily march towards an 8.5% leverage target. Our tangible common equity ratio has increased modestly by 29 basis points to 6.72%, as we target 7.5%. The TCE ratio is very important to us, and we have been measuring ourselves against a minimum target of 6% since the second quarter of 2022. Looking more closely at our balance sheet, we continue to fund loan growth predominantly from runoff of our securities portfolio, augmented by select security sales. As we change the mix of assets from securities to loans, the balance sheet health will benefit as the portfolio amortization will naturally reduce unrealized loss positions and replace those assets with loans at market rates. During the quarter, we reduced our traditional securities portfolio by $109.6 million, or nearly 5%, and by $185.3 million, or nearly 8% since March. In tandem, loans have continued to grow. During the quarter, net loans receivable increased $113 million or 2.7% to $4.4 billion. Importantly, the growth was mainly driven by our commercial and industrial asset class, which I will discuss more fully in just a bit. Shifting to deposits. Total deposits, excluding brokered CDs, increased $172.8 million or 2.7% to $6.6 billion during the quarter. Importantly, we experienced approximately $68 million new deposit inflows from our customer segments outside of the political segment, which includes sustainability and not-for-profit organizations. That highlights the diversity of our deposit franchise. Our political deposit segment is important and it's a differentiator for the bank, particularly in this tight liquidity environment. During the quarter, political contributed $115.4 million of our deposit growth as the presidential campaign cycle kicks into high gear with the election now only a year away. Looking forward, we expect our political inflows to continue well into next year, which provides important visibility to further deposit growth in the quarters ahead. As our balance sheet continues to take shape, the trajectory for growth of our profitability is becoming more clear and predictable. Our net interest income was $63.7 million and our net interest margin was 3.29%, with each better than the guidance range we provided in the second quarter. It's important to note that we believe our margin is reaching an inflection point as our loan yields increased 23 basis points to 4.56%, mostly offsetting the rise in our cost of funds. As I discussed last quarter, we are in the midst of turning over an older balance sheet as our lower yielding residential loans, multifamily loans, and securities roll off over the next 12-18 months, and they are replaced with higher yielding loans and PACE assets. When paired with our deposit franchise, I'm excited about our prospects for margin expansion in 2024. Perhaps what is most important to highlight is how we are achieving our results. We are working directly with our mission aligned business model, and we're having success. I have often said that we want to use our voice to drive change that both our customers and our employees are passionate about, and to do this in a way that also drives profitability and earnings growth. Importantly, we're just getting started and we have a long runway for continued growth. We believe we're only in the early innings of the asset mix shift that I spoke of earlier, given the opportunities apparent in our sustainable lending franchise. We have deeply experienced bankers in sustainable lending with the sophistication to prudently underwrite sustainable loans and rapidly expanding asset classes in the renewables sector. Sustainability is a huge opportunity for us. Efforts to combat climate change are growing, with an estimated $3 trillion of investment needed over the next 10 years in order for the U.S. to achieve a goal of net zero emissions by 2050. This is a significant market opportunity which we believe will grow through economic cycles, given the importance, urgency and momentum to address the issue. Additionally, the Inflation Reduction Act is funneling money to critical projects in the renewables, infrastructure and water segments of the market, which will need additional capital that we are well suited to participate and provide visibility into in the years ahead. The importance of combating climate change was on full display during Climate Week, which took place in partnership with the UN General Assembly in New York City in September. Amalgamated Bank was honored to be a part of the UN Secretary-General's Client Ambition Summit, which speaks to our industry-leading position, highlighted by the fact that we are only one of four banks to be a part of the UN Net- Zero Banking Alliance, as well as having our own zero-based emission targets that have been validated by the Science Based Targets initiative. Wrapping up my comments, our quarterly results clearly demonstrate the clarity of our current balance sheet strategy, the value of our franchise, and the strength of our differentiated business model, which positions us to win even if the environment proves to be more challenging. We are America's socially responsible bank, and we deliver results for our shareholders, our customers, and the communities we serve. Most importantly, we have a long runway ahead for continued earnings growth and value creation. Let me now turn the call over to Jason to provide a few of our third quarter financial results. Thank you, Priscilla. Net income for the third quarter of 2023 was $22.3 million, or $0.73 per diluted share, compared to $21.6 million or $0.70 per diluted share for the second quarter of 2023. The $0.7 million increase for the third quarter of 2023 was primarily driven by a $1.9 million decrease in the provision for credit losses, a $0.7 million increase in net interest income, and a $0.2 million decrease in non-interest expense, offset by an increase in net losses on sales of available for sale securities of $0.8 million and a $1 million increase in income tax expense. Beginning on slide five, there were no exclusions related to solar tax equity investments for the third quarter of 2023. Because of the income statement volatility associated with the accounting for these investments, we believe metrics excluding the timing impact of tax credits or accelerated depreciation is a helpful way to evaluate our current and historical performance. Core net income, excluding the impact of solar tax equity investments, a non-GAAP measure for the third quarter of 2023 was $23.3 million, or $0.76 per diluted share, compared to $22 million or $0.72 per diluted share for the second quarter of 2023. Turning to slide seven, deposits at September 30, 2023 were $7 billion, an increase of $96.2 million from the second quarter of 2023. As Priscilla touched on, total deposits excluding brokered CDs increased by $172.7 million to $6.6 billion. Excluding brokered CDs, non-interest bearing deposits represent approximately 45% of average deposits and 43% of ending deposits for the quarter ended September 30, 2023, contributing to an average cost of deposits of 111 basis points, up 24 basis points from the previous quarter as we continue to competitively price our deposits to build and protect our customer base. Our total cost of deposits, including brokered CDs, was 133 basis points in the third quarter of 2023, a 23 basis point increase from the previous quarter. We have been carrying brokered CDs since early in the year to provide funding for our midterm election deposit outflows in late 2022. As our political deposits continue to reaccumulate, we are now in the process of replacing this higher cost funding over the next few quarters, which should have a positive impact on our cost of funds. We anticipate brokered CD maturities of approximately $150 million during the fourth quarter. Moving to slide eight. Our high quality Super Core deposit base totaled $3.4 billion. Our Super Core deposit base uniquely displays important insight into our impact customer segments. At quarter end, total uninsured deposits were $3.8 billion, or 54% of total deposits, an improvement from $3.9 billion, or 57%, during the second quarter of 2023. Excluding uninsured super core deposits of approximately $2.6 billion, remaining uninsured deposits were approximately 17%-20% of total deposits, with immediate liquidity coverage improving to 224% from 183% in the prior quarter. Consistent with prior quarters, we have maintained significant liquidity with cash and immediate borrowing capacity of $2.6 billion and $576 million of two-day capacity from unpledged securities, resulting in $3.2 billion of total two-day liquidity. Our liquidity covers 85% of our uninsured deposits, consistent with our uninsured deposits in the prior quarter. Taking a closer look on slide nine, deposits held by politically active customers were $951.2 million as of September 30, 2023, an increase of $115.5 million on a linked quarter basis. Through October 20, we've had a further $17.3 million of political deposit inflows. Jumping ahead to slides 12 and 13, the book value of our traditional securities portfolio decreased $109.6 million during the quarter, primarily as a result of $77.1 million in strategic sales and $45.8 million in traditional securities pay downs. While net PACE assessment growth was $48.3 million. Floating rate securities represented 45% of traditional securities at the end of the quarter, a 1% decline from the prior quarter as we have consistently reduced that ratio over the past several quarters to protect our earnings stream. Our unrealized loss position in our available-for-sale securities portfolio was $128.7 million, or 7.9% of the total portfolio balance. Importantly, our AFS portfolio effective duration was only 1.9 years, reflecting our conservative investment decisions. Turning to Slide 14, total loans receivable net of deferred fees and costs at September 30, 2023, were $4.4 billion, an increase of $113 million, or 2.7% compared to June 30, 2023. This increase in loans is primarily driven by a $101 million increase in commercial and industrial loans and a $21 million increase in residential loans, offset by a $9.2 million decrease in the commercial real estate portfolio and a $0.8 million decrease in multifamily loans. During the quarter, we had $37.4 million of payoffs and upgrades of criticized classified loans, including $20.9 million of commercial real estate loan upgrades, $4.7 million in multifamily loan upgrades, and a full payoff of an $8 million multifamily loan as we continue to focus on improving the credit quality of our loan portfolio. The yield on our total loans was 4.56% compared to 4.33% in the second quarter. The loan yield increase was mainly attributed to the improved loan yield of new loans generated during the quarter. As we discussed on prior calls, our commercial real estate portfolio has been a portfolio that we've been de-risking for quite a while. At quarter end, we had $61 million in office-only exposure across six credits, with an average LTV of approximately 41%. Of the six credits, all are now Pass grade, as one special mention credit returned to Pass grade during the quarter. On slide 15, net interest margin was 3.29% for the third quarter of 2023, a decrease of 4 basis points from 3.33% in the second quarter of 2023. The decrease is largely due to increased rates and average balances of interest-bearing liabilities, primarily for deposit costs. Importantly, we are beginning to see an inflection point in our NIM as improving loan yields mitigate funding pressures, combined with higher cost brokered CDs and term funding set to be replaced by lower cost deposit inflows in the quarters ahead. On page 16, core non-interest income, excluding the impact of solar tax equity investments, a non-GAAP measure, was $7.8 million for the third quarter of 2023, compared to $8.2 million in the second quarter of 2023. The decrease of $0.4 million was primarily related to a decrease in trust department fees as we focus on net revenue quality. On page 17, core non-interest expense, a non-GAAP measure for the third quarter of 2023, was $37 million, a decrease of $0.2 million from the second quarter of 2023. This is in line with the expected non-interest expense range provided on last quarter's call and was mainly due to a $0.6 million decrease in professional fees, offset by a $0.4 million increase in data processing expense attributed to a sales tax credit recognized in the previous quarter. Moving to slide 18, non-performing assets totaled $36.5 million, or 0.46% of period-end total assets at September 30, 2023. This was an increase of $1.2 million as compared to $35.3 million, or 0.45% on a linked quarter basis. The increase in non-performing assets was primarily driven by a $2.4 million construction loan and $0.5 million in residential loans placed on non-accrual status in the third quarter. That was partially offset by a $1.2 million charge-off on a multifamily loan moved to held for sale and subsequently sold in October, and the sale of $0.6 million of non-accrual consumer loans held for sale. Our criticized assets decreased 16 million, or 15%, $87.9 million on a linked quarter basis. During the quarter, the allowance for credit losses on loans increased $0.4 million to $67.8 million at September 30, 2023, from $67.4 million at June 30, 2023. The ratio of allowance to total loans was 1.55%, a decrease of 4 basis points from 1.59% in the second quarter of 2023. Provision for credit losses totaled $2.0 million for the third quarter of 2023, compared to $3.9 million in the second quarter of 2023. The decrease in the provision is largely due to a $2.1 million decrease in the provision for off-balance sheet risk on loans related to a decrease in the unfunded exposure on consumer solar loans and commercial and industrial loans. Continuing to slide 20, our core return on average equity and core return on average tangible common equity were 17.2% and 17.7%, respectively, for the third quarter of 2023. We repurchased $2.6 million of common stock during the third quarter and have $20.9 million of remaining capacity under our $40 million share repurchase program. Additionally, we have declared our regular quarterly dividend of $0.10 per share. As previously noted, we continue to build our capital position based on the state of the current economic environment and in the wake of the banking sector volatility. As a result, and as shown on slide 21, our Tier 1 leverage capital ratio improved 11 basis points to 7.89% as compared to the linked quarter, primarily driven by our strong quarterly earnings. Slide 22 shows a reconciliation of the change in tangible common equity and related tangible book value. As expected, the Federal Reserve Board kept rates steady through the third quarter of 2023, and it is more likely than not for one more 25 basis point rate increase this year. Looking forward, we expect interest rates to remain higher for longer, with any potential interest rate reductions to occur during the second half of 2024. Our tangible book value per share, a non-GAAP measure, improved to $17.43 as of September 30, 2023, as compared to $16.78 in the prior quarter, representing an annual growth rate of 16%. The increase was driven by our $22.3 million of net income for the quarter, offset by $3.1 million in dividends paid at $0.10 per outstanding share, $2.6 million of common stock repurchases, and a $0.1 million increase in accumulated other comprehensive loss due to the tax affected mark-to-market on our available for sale securities portfolio. Tangible book value per share is a key metric for us, and we have targeted greater than $19 per share by the second quarter of 2024. Another key metric of focus for us is core revenue per share as we continue to grow our net interest income, earnings profile, and also our ability to drive more meaningful non-interest income. Our core revenue per diluted share was $2.34 for the third quarter. We also remain pleased with our tangible common equity to tangible assets of 6.72% for the quarter, in comparison to 6.59% from the previous quarter. We remind investors that we publicly set a tangible common equity minimum target of 6% back in the second quarter of 2022, and we have never been below that target. Turning to slide 23, we note that the high degree of economic and banking sector uncertainty makes projections difficult. That said, for our full year 2023 guidance, we have tightened our core pre-tax, pre-provision range at the higher end and have modestly expanded our net interest income range as follows: core pre-tax, pre-provision earnings excluding solar of $136 million-$139 million, and net interest income of $256 million-$258 million, which considers the effect of migration of interest-bearing accounts and the forward rate curve for the remainder of 2023. Going forward, we estimate an approximate $0.5 million decrease in annual net interest income for a parallel 25 basis point increase in interest rates. Our focus remains equally on growing our capital position, limiting balance sheet leverage and managing expenses. We think our net interest margin has reached an inflection point, and we cautiously do not expect significant margin change in the fourth quarter. Correspondingly, we anticipate our net interest income to range between $62 million and $64 million in the fourth quarter of 2023. Wrapping up, we are taking prudent steps to prepare our balance sheet for growth options next year by building capital, changing the mix of our assets, and we are pleased with our progress so far. We're also happy to report that the bank's credit rating remained unchanged with a stable outlook during the independent annual surveillance conducted during the third quarter. Our ability to grow our deposit franchise in a competitive market, combined with our distinct impact lending business model, will help drive improved profitability over the next year and will have a significant positive impact on our key per share metrics. With that, I'd like to ask the operator to open up the line for any questions. Operator? Thank you. Before opening the line for questions, Amalgamated CEO Priscilla Sims Brown would like to make a few additional comments in light of last evening's events. Thank you, Camilla. Like most of you, I watched the news stories of the mass shootings in Maine last night. I would be remiss if I didn't acknowledge it. Like many of you, I had a sleepless night thinking about the victims and their loved ones and what we should do to end the epidemic of gun violence in this country. I don't have all the answers, but this much I do know: we cannot continue to leave the solution to those directly affected or to their children, for whom this has become the number one cause of death in America. We can't point fingers at others without also looking at ourselves. Every single American has a role to play in ending this. Amalgamated Bank filed for a merchant code for gun retailers to support law enforcement's efforts to detect illicit firearm purchases. This is not about attacking, altering, or diluting the Second Amendment. We now have the code, and it should be implemented worldwide. This is just one small step of many, many steps society should take. Healthcare workers, teachers, legislators, parents, bystanders, public servants, lawyers, advocates, organizers, ministers, employers, and yes, everyone in financial services, we all have a role to play beyond offering our thoughts and even our prayers. This is a solvable American problem. I'll now turn it back to the operator, and Jason and I are happy to take your questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we pull for questions. Thank you. Our first question comes from the line of Peter Hally with Piper Sandler. Please proceed with your question. Hey, good morning, guys. Just filling in for Alex Randall today. Good morning. How are you? Good morning. Good. How are you? Good. Could you give us some color on what new loan yields are coming on the books at? I know you mentioned you know some lower yielding loans are rolling off the loan book and you're adding higher yielding loans. So any color on new loan yields and maybe the yields on the specific segments, that would be helpful. Sure. Happy to take that question. You know, yields, bring on yields have been strong. For the quarter, I would say on the commercial portfolio, blended, the bring on rates were around 7%-7.25%. You know, obviously, that has a little bit of movement across the segments. We saw about 6.5%, sort of on average between the multifamily and our regular real estate. And then the C&I business was quite a bit higher, probably more closer to the 8%-9% range in certain cases. So, pretty strong yields there. The PACE assets were in the mid-7s during the quarter. And we're even seeing, as you probably noticed, with the rates pushing up, you know, subsequent to the close of the quarter, we're seeing increased rates again. We're seeing our pace assets now being originated in the low 8% range. Our multifamilies are probably right around 7%. So we're really seeing a fairly decent lift, and we're not really having any issues at the moment, you know, finding lendable opportunities that are also strong on credit metrics that are meeting market rates. So we think it ties really well into the point you raised about, you know, our lower yielding assets turning over, and that's been something that we've been pointing to for a little while. And the, you know, the rate opportunities for the credit segments we operate in are fairly substantial at this point. Got it. Thanks. I just want to switch to expenses. I know it seems like you guys found some stability, this quarter and last quarter in core expenses around the $37 million range. Is there any reason to believe that that won't be repeatable? Or like, how should we think about expenses maybe going into Q4 and, and entering 2024? Yep. So 4Q, I think, can look very similar to 3Q. We've been fairly disciplined in our approach for the entire year. As you know, we, you know, we moved into a kind of capital constraining mode after the events of mid-March, you know, really focusing on building capital and being, you know, as prudent as possible with expense management. So the $37 million-$37.5 million kind of baseline that we've set over the past couple of quarters, I think is reasonable to assume for 4Q. Now, I'll caveat that by saying, you know, quarter four is usually the quarter where if there is going to be a surprise, that's when it comes up. So we're cautiously optimistic, and I think, I'm not really aware of anything major or material, otherwise I'd be letting you know today. But just kind of bear that in mind. When we think about 2024, I don't really have a number for you. Ordinarily, we will forecast that, in a guidance perspective when we do our Q4 earnings and we kind of roll forward our entire model, for the upcoming plan year. But I do think that we're going to be making investments in our business. I do think there'll be opportunities for us to make various improvements, and so I would not think that a $37 million or $37.5 million quarterly run rate would be what we go for in the 2024 year. That said, we'll always kind of keep ourselves banded to a core efficiency ratio, and even in this year, we said 52% was really, you know, going to be our outer band, and we were really going to try to stay within that and not go past that. We would be disciplined similarly in the 2024 plan year, and we'll have more to share about that at the next quarter. Got it. Thanks. That's all for now. I'll step back in the queue. Thanks for answering my questions. Thank you. Thank you. Our next question comes from the line of Chris O'Connell with KBW. Please proceed with your question. Hey, morning. Nice quarter. Morning. How are you? Good. Hey, Jason. So I was hoping to get, you know, some color. Obviously, political deposits, you know, the growth was great this quarter, and it seems to be, you know, chugging along in early Q4. I was wondering if you could provide any color as to where you think, you know, they could top out at the top of the election cycle, next year, and then also, if you'd be willing to provide, you know, roughly where a blended range of the cost of, new political deposits coming on the balance sheet are? Sure, Chris, happy to take that. Great to talk to you again. So the political deposits have trended nicely for us. I think we've been very, very pleased with the results so far. I think it's nice to see that the historical expertise that we built up in being able to reasonably predict the nature of these deposits has been playing out. And if I look at my current quarter, you know, it looks a lot like what quarter three in 2021 looks like. So I think there's some repeatable trends that you could look to when you think about the forward quarters as a good benchmark for where our deposit balances will likely top out. It's difficult to nail it down and say it's going to do one particular thing because, you know, the cycles are always different. But we feel pretty good about how those historical trends look. And I wouldn't expect us to be in excess of what those historical trends were this time. I think, you know, if we're neutral to that or even to that, I think that would be a pretty positive, pretty good positive for us because the environment is certainly a lot different from a liquidity point of view than it was during the last cycle, Chris. In terms of the rates, you know, we have seen a continuing trend towards interest-bearing while these deposits are in an accumulation phase. We talked last quarter that 2/3 of those deposits were in DDA or non-interest-bearing. That trend has shifted to very close to 50/50 at this point. And we think that that, you know, that ratio will probably hold, if not, you know, even continue to migrate downward. You could see a 40/60 ratio on the political deposit balances, you know, as we kind of move towards the early part of next year. You know, the later we go into the cycle, probably the more transactional it'll become and a little bit less rate dependent because those deposits will be staged for usage. But that's generally how we're seeing the numbers right now and what I could reasonably, you know, project for you for the upcoming quarters. Okay, great. Yeah, that's super helpful. And then just shifting, you know, to the fee side. Trust, you know, we're down a little bit, and I know that there's, you know, market factors on the AUM and AUC side. But you guys noted, I think, in the deck, that they were down as striving for net revenue quality. Just hoping you could, you know, kind of provide some color around, you know, what exactly that entails. You know, it's one way to think about that is similar to the way we looked at lending and what you've seen going on in the lending book, where we've traded out of, you know, customer activity that is less favorable to the bank in the long term, and into better quality relationships that are more favorable to the bank long term. Certainly it's not a credit issue, obviously, on the trust side, but similar in the sense that we are looking for better quality long-term relationships. So as there's a natural attrition going on in the Trust business, we are allowing that to happen. Now, none of this is new or specific to the quarter. This is the follow-on to activity we started earlier in the year, where you'll recall, we talked about right-sizing some of the fees, passing on some of the costs that appropriately should be passed on to customers. And then where that results in having a relationship that is not good for the bank long term or good overall, then we've allowed the natural attrition to occur. You saw that reflected in the quarter. Okay. Yep, got it. And then, as far as you know, the credit trends in the quarter go, you know, just, you know, any detail you could provide. I mean, there's a number of large upgrades it seemed like on criticized and classified loans that were fairly substantial, and a couple of payoffs. And then, in particular, the multifamily $1.2 million net charge-off in 3Q. With that getting sold at par, should we expect, you know, a reversal of that in 4Q? So I'll take the multifamily charge-off part of that first, Chris. I think that was one credit that we had kept our eye on for quite some time. And the resolution of that credit and not having it move into an REO position, all things equal, was a good outcome for the bank. Really, at the end of the day, that there was an improvement related to that $1.2 million in our nonaccrual assets, but that really just got traded out into a charge-off metric. So you know, I don't view that as an overall favorable improvement for our nonperforming assets. But you know, to your question of could we see more of those types of things? There's probably one credit where we're keeping a very close eye on where you could—and that's already in our nonaccrual numbers—where we could see a similar instance. I don't think the numbers would be at the $1.2 million range. It's something less than that. But there is probably one more credit that we're just keeping our eye on right now that could follow a similar path. Albeit, I don't have a good estimate as to when the timing will be on that. Aside from those two loans that we're speaking about, you know, on the credit quality side, though, you know, we've been able to see some substantial improvement that occurred during the quarter. You know, I've talked a couple of times about substandard loans—not substandard, excuse me, special mention loans that we were waiting for some updated financial information and some other factors that would be triggers for improvement to the quality rating. I think we were very prudent in waiting for those. Perhaps some of those could have been upgraded sooner, and what you would have seen a smoother trail on that on that criticized asset trend line. But at the same time, you know, we're not really the type of bank that's gonna just upgrade something because we think it's going to be in a past great situation. So once we got empirical information on the metrics, you know, we made the decision to do the upgrades. But these, to us, are not substantial surprises. We felt for quite a while that, you know, that these would be upgradable, and hopefully we were able to reasonably communicate that in the past quarters. Yeah, absolutely. And then I know, you know, you guys are, you know, moving towards, you know, on pace, you know, for your capital targets, and still was able to, you know, eke out some repurchases along the way this quarter. Do you think that is something that you can continue to do in Q4 while moving towards those targets? I reasonably do. Yes. You know, I think everything that we put into our capital projection targets assumes a constant dividend. It assumes a fair level of capital allocation for buyback, and it also assumes a reasonable loss on undervalued assets like securities. And I'm sure you saw we took another $1.8 million or so in securities losses this quarter. So the plan really kind of allows for some capital flexibility. We could probably accelerate the capital build if we pulled back on some of those other shareholder-related metrics, but you know, I'm not sure that that's really something we want to do. It's always an arrow in the quiver, but we feel like the earnings stream that we've developed, you know, really gets us an ability to quickly accumulate capital. You know, I think this quarter, we slowed a little bit on the capital build because we carried a little bit of a larger balance sheet than we wanted. But I do expect that to return to the levels of previous quarters, mainly because with the deposit gathering we had, we brought in a little bit of excess cash, and our borrowings or our brokered CD maturities were really scheduled to start releasing this month and the next month. We'll be able to reduce that balance sheet size by about $150 million over the course of the quarter, just because of the brokered CDs that are going to be maturing, and hopefully that will, you know, that will continue on our, continue aiding our, our capital building pace. Great. Sorry, did I hear you right? $100 million for the full balance sheet next quarter down? It'll be $150 million for the brokered CD maturities for the full quarter, and we have about $100 million that'll be maturing before the end of this month, October. Got it. And then just thinking about, like, the balance sheet as we move beyond Q4, you know, and into 2024. How are you thinking about, you know, the amount of, you know, PACE growth as we get beyond this quarter and loan growth and just, you know, the overall kind of net balance sheet growth as we get into next year, you know, given, you know, there's still a fairly short duration securities portfolio and, you know, obviously, there, you know, you have some, still some ability to bring down, you know, brokered CDs or, or borrowings. Yep. So not really prepared yet, Chris, to talk much beyond the second quarter of next year. We've targeted the second quarter as sort of the potential end to a flat balance sheet structure. Now, within that, we will continue to add PACE assets. I do think we were a little bit, you know, higher than we expected this quarter, and that's fine because they were great volume opportunities for us. But I like the idea of somewhere between $35 million and $40 million a quarter in net PACE growth between, you know, now and the middle of the second quarter. We've got the capacity coming through from our provider. And we think it makes a lot of sense for us to be able to add assets in that space. You know, between the securities portfolio runoff and, and cash flow from, you know, from that, we think that the, you know, the ability for us to generate loans that, you know, 2%-3% sequential, sequential quarter loan growth is still, you know, very viable. You know, I do think we're gonna keep moving our securities to loans ratio in an inverse direction. We're about 50/50 right now, and, you know, I would expect that to be somewhere around 40% securities, 60% loans by the time we get to the end of the second quarter next, you know, next year. And then in terms of, like, absolute balance sheet growth and where we might go from there, if you don't mind, I'll reserve on that until we give you our full year projections when we do our Q4 earnings release. But I do think, you know, we'll be-- if we do things the way we expect, we'll be in a spot where, you know, we'll be able to to grow the balance sheet by some amount. Great. Yeah, that's helpful. And do you have how much of the loan portfolio is set to mature over, like, the next, you know, 12 months or so? I do. Give me one minute here. I have that information. Yeah, I, you know, these are somewhat move-around numbers just because of prepayments and other types of events that might occur. I would guess you're gonna be somewhere in the range of over the next 12 months on the commercial portfolio, $350 million-$370 million. I think it's gonna split somewhere around two-thirds for commercial real estate, including multifamily, and about a third of that in C&I. Maybe to answer a follow-on question, I think the, you know, the yield on that, particularly on the real estate portfolio, is gonna be a nice opportunity for us to replace. A blended yield on the real estate portfolio loan is about just a little over 4%, maybe 4.05%, somewhere in that range. So you'll see quite a bit of the older assets set to mature. And you know whether we reprice on those or you know we choose to allow those to refinance elsewhere we think we have plenty of pipeline to be able to keep our you know our repricing pace going and not have any you know any balance sheet erosion. Great. Then just last one for me. Could we get, you know, an early look at, you know, the... what, what the tax rate could be for next year? Yeah, right now, we think it's going to be somewhere around 27.5%. It can change, Chris. I just want to be cautious on that. But, you know, being at 27%, and we're gonna finish this year, we're targeting 27.4%. We had to go back and do, you know, an update to our annual effective tax rate after we, you know, became clear that we were gonna have higher pre-tax income. I think we had a little bit of a lower assumption on some of the original estimates, when we were earlier in the year and some of the events were unfolding. But, you know, based on how we expect to end the year and based on what, you know, we think earnings might look like in the, in the forward years, I think 27.5% is probably a reasonable estimate at this point, Chris, and, and we'll tighten that up for you when we do our, AETR calculation, you know, early next year. Got it. Thanks, Jason. Thanks, Priscilla. Appreciate you taking my questions. Thanks, Chris. Good question. Thank you. Thank you. There are no further questions at this time, and I would like to turn the floor back over to management for closing comments. Thank you, Camilla, and thank you for those very good questions. And of course, as Jason mentioned, we look forward to next quarter when we can provide a little bit more color as to how the next year looks. So with that, we'd like to, as usual, invite you to continue to ask your questions. We're available over the course of the next days, and we'd like to bid you a good day. Thank you. Thank you. This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.