Good morning, and thank you for joining Bank of Marin Bancorp's earnings call for the second quarter ended June 30, 2022. I am Andrea Henderson, Director of Marketing for Bank of Marin. During the presentation, all participants will be in a listen-only mode. After the call, we will conduct a question-and-answer session. At that time, if you have questions, please press one followed by four on your telephone. If at any time during the conference call you need to reach an operator, please press star zero. This conference call is being recorded on July 25, 2022. Joining us on the call today are Tim Myers, President and CEO, and Tani Girton, Executive Vice President and Chief Financial Officer. Our earnings press release, which we issued this morning, can be found on our website at bankofmarin.com, where this call is also being webcast. Before we get started, I want to note that we will be discussing some non-GAAP financial measures on the call. Please refer to the reconciliation table on page three of our earnings press release for both GAAP and non-GAAP measures. Additionally, the discussion on this call is based on information we know as of Friday, July 22, 2022, and may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, please review the forward-looking statements disclosure in our earnings press release as well as our SEC filings. Following our prepared remarks, Tim and Tani will be available to answer your questions. Now I'd like to turn the call over to Tim Myers. Thank you, Andrea. Good morning, everyone, and welcome to our call. As we reported in April, Q1 2022 originations were the strongest since 2017. Through disciplined client outreach and enhanced business development efforts, robust loan production continued in the second quarter. During the first six months of 2022, our loan originations totaled $152 million, more than double the same period a year earlier. With the legacy American River Bank core system conversion behind us, we are laser-focused on loan growth as our seasoned teams, complemented by talented new additions, actively develop business across Northern California. Given our focus on relationship banking and the caliber of our branch and commercial banking teams, we are able to prioritize and maintain a low cost of deposits. Non-interest-bearing deposits continue to make up more than half of total deposits at June 30, representing one of the strongest deposit franchises in the industry. Notably, our net interest margin increased 9 basis points in the quarter as we saw the early impacts of the rising rate environment. This increase was driven by deployment of cash into securities and higher interest rates on our loans while the cost of deposits held steady. We expect further improvement across the portfolio in the current quarter as we experience the full impact of the Federal Reserve's 75 basis points rate increase in June and anticipate additional Fed increases in the second half of 2022. While our production was strong, total loans decreased modestly in the quarter due to expected construction project completions and borrower sales of underlying commercial real estate and business assets, PPP loan payoffs, and third-party refinancing of acquired loans outside the bank's credit risk appetite. We remain prudent and consistent in our underwriting and will not sacrifice our credit standards as we grow. Our non-accrual loans remain extremely low, and our overall credit quality continues to be excellent. Now I'll turn to our second quarter results. We delivered record net income of $11.1 million compared to $10.5 million in the first quarter. Diluted earnings per share of $0.69 compared to $0.66 in the first quarter. Total loans decreased modestly to $2.2 billion, driven by payoffs within the portfolio. Record second quarter originations of $102 million were offset by non-PPP loan payoffs of $109.8 million that included $35 million in expected construction project completions and $29 million whereby borrowers sold underlying assets and businesses. With non-interest-bearing deposits at 53% of total deposits, the average cost of deposits was just 6 basis points, unchanged from the prior quarter and better by one basis point on a year-to-date basis. Credit quality remains strong, as I noted, with non-accrual loans representing 0.37% of total loans. There was no significant change in classified loans. We were not immune to the effects of post-pandemic employee migration, however. We have recently made some outstanding strategic hires. I am excited about what these investments in talent will bring to the bank in the months to come. Thanks to the strength and durability of our financial performance, our board of directors declared an increase in the quarterly cash dividend to $0.25 per share on July 22, 2022. This represents the 69th consecutive quarterly dividend paid by Bank of Marin Bancorp. Now I'll turn the call over to Tani Girton to discuss our financial results in more detail. Thank you, Tim, and good morning. Return on assets of 1.03% and return on equity of 10.74% for the three months ended June 30, 2022 would have been 1.05% and 10.95% respectively without one-time and conversion costs related to the 2021 merger with American River Bank. That compares to 0.98% and 9.61% GAAP and 1.01% and 9.96% non-GAAP, respectively, for the three months ended March 31st. As can be seen in the reconciliation of GAAP and non-GAAP financial measures in our earnings release, merger related costs reduced second quarter net income by $219,000 or $0.02 per share. Net interest income totaled $31.2 million in the second quarter compared to $29.9 million in the first quarter. The $1.3 million increase was driven by higher average balances and yields on investment securities that added $1.6 million in interest income, while the cost of deposits remained flat. Tim covered the major changes in the loan portfolio, and I will just add that we held 112 PPP loans totaling $17 million, net of $420,000 in unrecognized fees and costs at the end of the quarter. We recognized $573,000 in PPP fees net of costs during the quarter. Digging a little deeper into the 9 basis points increase in tax equivalent net interest margin over the first quarter. Average investment balances grew $181 million, with an 18 basis points improvement in average yield. At the same time, average cash balances fell $136 million, with a 57 basis points improvement in average yield. The average rate on gross loans increased 10 basis points, but lower interest and fee income from PPP loans created a 7 basis points drag on margin improvement. The 6 basis points total cost of deposits was unchanged from the first quarter and improved by one basis point year to date versus 2021. The $96 million decrease in money market accounts included a large customer's transfer to a non-interest bearing account prior to an early July disbursement, consistent with the customer's normal business activity. Deposits held off balance sheet with deposit networks decreased $28 million as we allowed some excess liquidity to run off. There was no adjustment to the allowance for credit losses on loans and off balance sheet commitments in the second quarter. Improvements in the California unemployment rate forecast that decreased the quantitative calculation were offset by changes in qualitative factors associated with supply chain issues, inflation, and recession risk. The decrease in non-interest income to $2.7 million in the second quarter was related to payments on bank owned life insurance in the first quarter. Year to date, non-interest income was up by $1.7 million due to increased activity and fees in all categories, mostly attributable to the acquisition. Non-interest expense of $18.9 million in the second quarter of 2022 was down $0.5 million from the first quarter. The decrease was primarily due to a $1.2 million reduction in salaries and benefits after the completion of the acquisition related conversion in March 2022. Decreases were partially offset by a $466,000 increase in charitable contributions due to the annual distribution of grant funding related to the bank's corporate giving program in the second quarter. As Tim mentioned earlier, we have been successful in hiring talent to fill immediate needs and support our long-term strategic priorities. Continued focus on talent acquisition and development in this competitive environment could put upward pressure on our expense run rate. As we continue to integrate and build on our most recent acquisition, the efficiency ratio illustrates its positive impact on operating leverage. The efficiency ratios of 55.7% and 57.4% in the second quarter and year to date, respectively, both improved from 59.1% in the prior quarter and 61.4% last year. The same improvement is evident in the ratios excluding one-time acquisition and conversion costs. All capital ratios were above well-capitalized regulatory requirements. The total risk-based capital ratio for Bancorp was 14.7% at June 30, compared to 14.4% at March 31 and 14.6% at December 31, 2021. The bank's total risk-based capital ratio was 14.2% at June 30, compared to 14.3% at March 31 and 14.4% at December 31, 2021. June 30, 2022 tangible common equity of 7.8% for Bancorp and 7.5% for Bank of Marin were down 24 basis points and 53 basis points, respectively, due to an increase in after-tax unrealized losses on available-for-sale securities associated with rising interest rates during the second quarter. The reduction in other comprehensive losses relative to the preceding quarter was due to greater increases in interest rates at certain points on the yield curve and a larger available for sale portfolio in the first quarter. In March, we took the opportunity to transfer $357.5 million in securities from the available for sale to held to maturity, given our substantial liquidity position. That transfer helped to reduce the impact of lower valuations on our capital ratios. Bank of Marin's strong balance sheet, liquidity, and capital continue to generate profitability across interest rate and economic cycles and serve as resources and support for the success of our exciting initiatives going forward. With that, I'll turn it back to Tim to share some final comments. Thank you, Tani. While we are mindful of inflationary pressures, Fed-driven rate increases and concerns about a potential national recession, we are also confident in the long-term economic prospects of our markets and the resilience of our customer base as we move into the second half of the year. Commercial loan demand has been curbed by higher interest rates industry-wide. Despite this trend, our bankers' collective focus on consistent client outreach positions us well to anticipate customer needs, and we will aggressively look to acquire new customers as demand adjusts to the rate environment. For more than 30 years, our disciplined lending principles have served us well, with a loan portfolio that has consistently performed across multiple credit cycles. Additionally, our customers know that they can rely on us in both good and uncertain times, reinforcing the strength of our relationship banking model. With the merger behind us, we are executing on our strategic priorities to invest in key talent and technology, further improving our internal efficiencies and customer experience. We are committed to developing the expertise and capabilities that will drive growth by exceeding our customers' expectations. At the same time, we continue to identify cost-saving opportunities and new efficiencies to offset investments and ensure that we carefully manage expenses. With that, I want to thank everyone on today's call for your interest and support. We will now open the call to your questions. Good morning, and thank you for joining. ...the one followed by the four on your telephone. You will hear a three-tone prompt to acknowledge your request. If your question has been answered and you would like to withdraw your registration, please press one, three. Questions can also be submitted via the webcast page by clicking the Ask Question tab and typing your question into the box that appears below the tab. One moment, please, for the first question. Our first question comes from the line of David Feaster, Raymond James. Please go ahead. Hey, good morning, everybody. Good morning, David. How are you? Great. Maybe just starting on growth. It was great to see the improvement in originations, a record quarter. You know, payoffs and pay downs still kind of a headwind here. Just curious some of the puts and takes. How much of the strong originations do you think might be a pull forward of demand, perhaps? And just any commentary on how demand, the health of your clients is and how the pipeline is heading into 2Q, and maybe how the complexion of that or new loan yields, you know, any commentary on any of that. I know it's a big question, but that would be helpful. No, I appreciate it. There's no question that there was probably some pull forward, but we had a really big pipeline leading up to that period where rates shot up. I'll kind of invert that order a little bit. You know, in terms of the rise in gross loan yields, they did see an increase, but not what we'd like. We do now expect to see more of that. There was a lot in that pipeline that were rates that were set based on relationships as rates rose. We funded more into that, especially early in the quarter, at the lower rates rather than at the higher rates. Now we're seeing obviously things going out at higher rates. There's no question that we're seeing some contraction in demand at this rate, especially with investor real estate. That being said, the pipelines remain healthy, and I think there was a period of time where borrowers, particularly investor real estate owners, were sitting on the sidelines a bit waiting to see what happened. If you look at some of the numbers that affected us, the largest asset sale in there was 1031 exchange into another property, and we funded that loan in July. There's some positives there as well. On the construction side, those are, for better or worse, is performing as agreed, meaning it completes and it finances out into some vehicle or sells. By and large, though, our lenders are active. Not a lot of that growth came from new people. We've hired a number of new people, and that are getting their sea legs under them, and we expect that pipeline building and production to continue. A lot of that growth did come from just mining our client portfolio and being good relationship managers. That being said, where we have added people like Sacramento, we saw good growth out of that. I think in terms of it being dispersed, the nature of that growth, I feel positive about and I do think the payoffs will taper and again, some of that's already coming back to us. Okay, that's encouraging. Maybe just shifting gears to deposits. Could you just help us understand some of the flows in the quarter? How much of the decline was maybe more seasonal issues like tax payments versus strategically maybe letting some more rate sensitive deposits leave? Obviously, we have that seasonal decline from the large customer this quarter that you highlighted. How do you expect deposits to trend near term? Maybe when would you consider bringing the remaining $150 million off balance sheets back on? Yeah. I'll start high level, and then I'll hand it over to Tani. you know, seasonal, that big outflow you mentioned from one large deposit customer we mentioned, their inflows and outflows fluctuate. It's really hard to pick a seasonality specific to that. We have been very cautious about raising anyone's rates, but have not seen a lot of people ask, to the extent where they would leave over that. That may happen, but we haven't experienced a lot of it yet. We're being very cautious. We have a lot of liquidity. Tani can elaborate. Yeah, I think, as you saw, we brought some of the off-balance-sheet deposits in onto the balance sheet when all of that activity was happening to prepare for it. Some of those have gone back out to off-balance-sheet, but not all of them. We'll bring it back as we need it for liquidity. But we still have a lot of excess liquidity both in the deposits and in the portfolio. You know, we watch it every day. I think we're in pretty good shape there. T hat allows us to allow some deposits to roll off if that's going to happen. If you think back about the surge that we got with all the PPP money and other fiscal programs out there, that still hasn't completely come off. We've seen activity in the greater marketplace where deposits are starting to flow out. We are standing at the ready. We've seen some, but not a lot. Okay. That's helpful. Maybe just curious on your thoughts on capital priorities here. Obviously, organic growth top priority. It sounds like we're kind of at an inflection point, and there's plenty of capital to support that. Just as you think about dividend growth and share repurchases, has your appetite changed at all for buybacks here? Maybe on the third leg of that stool being M&A, just how are conversations going, and what's your appetite for a deal here just in light of the economic uncertainty? Yeah. Thank you. Good question. I'll start with the end there. We're certainly open, and I continue to have conversations on the M&A front. A s you know, can't predict when someone will decide it's time to sell their organization. We expect those kind of conversations to continue as we potentially head into another cycle. In terms of capital preservation, if you will, right now, given the uncertain environment, given where the high deposit levels have kept capital ratios, we are being cautious. We have said that before. We would certainly be open to considering a share buyback or reactivating the share buyback program when we understood what our competing priorities were. We do have some investments to make in technology and growth. We are a little bit cautious right now given the external environment and a potential recession that capital may be king. We're balancing all those as we consider that. Okay. That makes sense. Thanks, everybody. You're welcome. Our next question from the line of Matthew Clark, Piper Sandler. Please go ahead. Hey. Good morning, Tim and Tani. Morning, Matthew. Maybe just as a follow-up to the pressure points you saw on loan balances this quarter. You mentioned that third-party competition and some REFIS away at unfavorable terms or structure. H ow much of that did it contribute to payoffs? And has that type of activity subsided at all here in July? It is slowing. There's no question. A good chunk of that was third-party refis, but some of that, as you mentioned, was stuff that we chose not to compete for. One of the larger chunks of that was a set of acquired loans that were done on types of properties and locations that we weren't interested in competing over. It wasn't as if we were being taken out of a property we wanted to. On the payoffs, you know, certainly we've had some investors that have had properties at relatively low leverage in markets that have done very well historically. Given the environment, they were choosing to cash out of those. As I mentioned a moment ago, the largest of those already has come back in the form of a new financing opportunity or a closed loan for their 1031 exchange into another property. Some of that is timing in terms of the optics. Okay. I think, we talked recently about a desire to do a little bit better than maybe kind of a 3%-4% kind of annualized growth rate, kind of ex PPP. Given the outlook and you know, growing uncertainty, new hires, pipeline, kind of putting it all together, I mean, do you feel like you can still do better than that? Or is 3% probably a reasonable forecast from here, at least in the second half? I think it's a reasonable assumption. We would definitely like to do better, though. On some of our hires, if you look at our hiring patterns, we've got a few really quality managers that have joined in the last quarter, a month into the prior quarter that we're very optimistic about. San Francisco, our construction group, a new leader in the North Bay covering the teams in Marin and Sonoma. They're going to have an impact, just not right away. A lot of the hiring that we've done to replace positions that were vacant were more on the portfolio management, underwriting side. So we're still filling positions on the relationship manager side, the folks charged with bringing in new business. With those new managers and those hires, our growth rate today really doesn't reflect those kind of positions or the impact of them. In that regard, I feel optimistic. As you pointed out, we don't exactly know what the rate environment, how that will affect demand. The pipelines are still healthy, and we're optimistic that the combination of all that will increase that. I think your assumption is fair given the totality of all those circumstances. Great. Any update on the weighted average rate on new production and whether or not you've seen some additional lift here, recently, more recently? Yeah. We have seen some lift if you look at the more recent loans. Like I mentioned, when you look at the quarter as a whole, a lot of loans got pulled through right at that moment, you know, from that moment when rates jumped up. For relationship and reputation reasons, we needed to honor rates that we'd put on paper. We are seeing that increase. We saw it increase towards the end of the quarter, and we're seeing certainly higher rates now. That was a temporary phenomenon that I think caught a lot of us by surprise in terms of the speed of it. Certainly the loans now are going out at yields that reflect market trends. Okay. That's like 4.5%-5%. Is that a reasonable range? Yeah, that's a reasonable range. T here's still competition out there, so competition is probably keeping spread over indices below where all of us would like. It's certainly in the, you know, on average, in the lower end of that range you quoted. We don't know how that will play out for the rest of the quarter. Okay. Maybe for Tani Girton. Do you happen to have the net amount of purchase accounting accretion from American River that was in net interest income? I'm guesstimating it's about $300,000 based on the core loan yield comment of being up 10 basis points in the PPP contribution in the quarter. Matthew, I'm gonna have to come back to you with a specific number. There's a lot of stuff going on in the fee category. Between the accretion, we had a lot of deferred origination costs. We also had some payoffs. I'll come back to you on that. Okay. Then maybe as a follow-up on expenses, it sounded like you might expect a little bit of upward pressure here despite, historically trailing lower throughout the year. I know you've been hiring, but I also know you have some additional cost savings from American River. I mean, when you net it all together, you think that run rate, you know, grows modestly from here in the back half? Yeah, I think Q2 is a good starting point as we discussed last quarter because now the conversion personnel are out, but we are continuing to hire. We have had some, you know, with the great migration, that's had a bigger impact. We've had some salary increases this year, but those are also pretty much baked into the second quarter. Yeah, we are continuing to hire, but we are very focused on expense management through building efficiencies in both our processes and technology. Yes, Matthew, to your point, we do have more cost savings to come, tied to the merger. We continue to make progress on that, and we can talk about that when we're able to. Okay. Thanks again. Our next phone question comes from the line of Jeffrey Rulis with D.A. Davidson. Please go ahead. Thanks. Good morning. Just a couple follow-ups. Good morning, Jeff. Good morning. You mentioned the drag from lower PPP fee recognition. What was that in the prior quarter? If it was seven basis points, well, I guess if the margin just PPP exit, you know, excluding that, I guess 3.12%, you know, excluding the accretion part of it, what was that in the prior quarter? Jeff, that seven basis points represents the drag on NIM improvement quarter-over-quarter. The seven basis points, we would've improved an additional seven basis points over the quarter if it hadn't been for the PPP. I think what you might be asking me is what the difference is between PPP, the dollars, in the first quarter and the third quarter. Is that right? Well, yeah. Just to put it another way, if reported was 3.05%, and you say it would've been potentially 3.12% ex PPP drag, what was the 3.12% compared to the first quarter on the same [apples to apples]? Yeah, let me pull that for you. I wanna make sure I give you the right information as opposed to trying to do it off the top of my head. Okay. Maybe just a broader question of, is that remaining PPP balance any visibility on would you expect that to be approaching zero next quarter? Or, is it gonna, you got the balance to carry that from here, any expectation? You know, that's really hard to predict, sorry. We're down to the loans where it's hard to connect with people, where they're maybe less sophisticated in terms of preparing and presenting all the information necessary to get the forgiveness, cases where business is sold. We're kind of down to the ones that are just taking more time. I'd hate to predict exactly the timing of that, but we had more payoffs last quarter than I expected for those same reasons. The team is doing a good job. We have an outside CPA firm that helps us on some of the more complicated ones. They're doing a good job, but we can't predict the timing of when they will respond and go through that process. Got it. Fair enough. More specifically on those cost savings, I think the original target on the American River, could you say, you think you're through? I mean, it sounded pretty confident that you're gonna get those and maybe exceed the expectations, but, like, do you think you're 70% of the cost save, 90%, where would you peg versus the original target? Versus the original target? We're probably around 85%-90% there. Okay. Got it. Maybe a last one, Tim. Just trying to get a sense for the hires that you're speaking of, you know, timing wise and market. Could you just, I don't know if that's year to date, what you've brought on, but high level, when and where have those folks been added? Yeah, that wasn't all this last quarter, but certainly, the impact of that started into the quarter. We added a new construction team manager, Jason Lorenz. We added a new manager in San Francisco that brings a lot of sophisticated background by way of both relationship banking and deal structure. We expect that to help us in that market. The new hire just started in the North Bay, but it's a very experienced person in the market. That's pretty hard to find someone with deep experience managing lending teams in Marin and Sonoma. We've had added key lenders in Sacramento. We added, actually, as we talked about over the last number of months, a whole team in Sacramento. I'm trying to think. Just like I said, some of the other hires have been more on the portfolio maintenance underwriting side, and we have some positions to fill on the relationship manager side that will help us really all across the footprint. It's pretty spread out. The key ones that we're really excited about are the managers I mentioned because they'll build out teams that we expect to do really well. Okay. It sounds like a lot of that, maybe Tani said that's sort of baked in the expense run rate with some lift as you continue to look at hires. Yeah. I mean, some of this goes back to April. Some of those, like in Sacramento, go back to much earlier in the year. The newest was July. I think Tani's comment about expense run rate is fair. Okay. Thank you. Next one, question from the line of Stuart Lutz with KBW. Please go ahead. Hey, everyone. Good morning. Good morning, Stuart. Most of my questions have been asked at this point, but maybe just one on credit. I think the no provision this quarter kind of made sense just given stable credit trends and some of the loan shrinkage. Kinda wanted to dig into, I believe you disclosed you have two relationships remaining on deferral related to the CARES Act, totaling about $24 million. You know, just given we're about two years from when they were probably originally deferred, maybe could you provide a little bit more disclosure on what those credits are remaining and maybe you know how do you think about those you know working through those credits over the next couple quarters? Yeah. I will say this, I mean, it's one relationship. What they're dealing with now is sort of a lingering but changed effect from the pandemic. It's in an industry, and I'd rather not go too much into detail about them, but it's in an industry where there's visibility into how they'll do each year, but there's not a lot they can do within that year to change it. There's actually been considerable improvement. That's probably all I want to say about a specific credit, but we expect that to continue to improve. Okay. Would those come off deferral this year, just given kind of the expiration of the CARES Act? Then how would you think about, you know, working through those? You know, would they? Is there any chance of a potential loss going forward? No. Okay. Great. Thanks for the- This is not a- We don't view this as a loss. Sorry, Stuart. We don't view this as a loss potential credit. It's just the timing of when it comes off, any relief that was provided when it was provided under the CARES Act. We can manage this under normal relationship management, credit management guidelines and norms, and we're not concerned in any way about a loss. Great. Okay. Maybe, Tim, I think we had a conversation this quarter just about doing, you know, initiatives to potentially increase, the fee contribution. I f I look at your fee revenue stream as a percentage of your total revenue, it's a little bit below peers, in the high single digits. A ny potential initiatives there? W hat are your thoughts on pursuing an acquisition to maybe support, that kind of the fee revenue generation? Sure. Those conversations continue. We have a number of initiatives that we hope will initially drive that. Nothing to report now. Certainly all the options are on the table. Certainly looking at ways to increase our contribution from our wealth management trust group. But we're looking at that among other options. As you pointed out, we talked about it because it's important to us. We just want to do it prudently. We do have a number of internal initiatives on other non-wealth management trust income about maximizing what we can do based on the service offerings we have today, as well as considering new ones or any potential acquisitions. That's all on the table. It's just not something that's going to happen next quarter. Okay. Awesome. Tani, maybe one more for you. I think we're not really worried about deposit betas for you guys, just given, t he low loan-to-deposit ratio, high composition of non-interest bearing. Maybe if you could provide a little bit more color on where deposit costs were trending at the end of June and a s we get into July. Have you started to see any pressure there, or are you just kind of letting the higher cost funding continue to roll out the door? Yeah. There's no trend toward the end of June that is different from what happened throughout the quarter. As you know, we will publish our interest rate risk metrics in the 10-Q. You'll see that the betas on the deposits came down in the modeling. That makes us more interest rate sensitive, but not all the way down to historical levels because we wanna be conservative. We fully understand that some of those deposits might run off different from what happened in the Great Recession. Yeah, no visible trends yet on those. I will add that the other thing, I'm sure that you're looking at the net interest margin impact of that. I would say that, in addition to the lower betas, you're gonna see higher sensitivity in our higher asset sensitivity in our net interest margin in the numbers that get published in the 10-Q. Because also a lot of the loans, we didn't have a lot of loans on floors last time we ran those numbers, but we had some. Now all of the loans are off their floors, so we're getting a bigger lift faster. Great. That's a very helpful color. Thanks for taking my questions, guys. Thank you. Once again, to queue up for a question, please press one-four on your telephone. Next question from the line of Andrew Terrell with Stephens. Please go ahead. Hey, morning, Tim. Morning, Tani. Good morning. How are you? I'm great. How are you guys? Good, thank you. Just most of mine have been asked and answered already, but one quick one just on the securities portfolio. Maybe thinking about how you guys are forecasting kind of loan and deposit growth moving forward. I guess what should our expectation be for the securities portfolio? Should we, I guess, expect kind of flat to down from these levels? Well, that's what we hope. Yeah, the securities portfolio has gotten to a very high percentage of the balance sheet. W hat we've done, we do have about 50% of that portfolio in held to maturity, to limit the impact of future interest rate changes on tangible equity. But we also have 50% in available for sale, so that gives us some flexibility. We get a fair amount of cash flow off of the portfolio that can be redirected into loans when needed. But we really, you know, even with the larger portfolio, we haven't changed the general allocation. All those securities tend to be high credit quality, agency-based or municipal credits. That has not changed. Can you remind us how much, in kind of quarterly cash flow you expect from the bond book? Well, depending on the interest rate environment, it's probably somewhere between $15 million-$25 million. That's per month or per quarter? Quarter. Okay. Perfect. I appreciate you guys taking my questions. Thank you. We have no further phone questions. Thank you very much everyone for joining us. We appreciate it. That concludes today's call. 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