I would now like to turn the conference over to your host, Siya Vansia, Chief Brand and Innovation Officer. Thank you. You may begin. Good morning, welcome to today's conference call to review ConnectOne's results for the second quarter of 2021, and to update you on recent developments. On today's conference call will be Frank Sorrentino, Chairman and Chief Executive Officer, and Bill Burns, Executive Vice President and Chief Financial Officer. The results, as well as notice of this conference call on a listen-only basis over the internet, were distributed this morning in a press release that has been covered by the financial media. At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous assumptions, uncertainties, and known or unknown risks, which could cause actual results to differ materially from those anticipated. These risk factors are more fully discussed in the company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are made only as of the date of this call, and the company is not obligated to publicly update or revise them. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules, which have been filed today on Form 8-K with the SEC and may be accessed through the company's website at ir.connectonebank.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release. I will now turn the call over to Frank Sorrentino. Frank, please go ahead. Thank you, Siya. Good morning, everyone. 2021 has been marked by the consistent execution of our operating strategy, and we're exceedingly pleased with ConnectOne's strong second quarter financial results. Our performance highlights our commitment to serve our growing client base and our ability to capitalize on a variety of growth opportunities. We entered the year in an uncertain state, and as we saw signs of economic momentum building, we were well-positioned to actively participate in the early stages of our market's reopening. Our teams were prepared and took a proactive approach, which is clearly demonstrated in our results. This quarter's results were highlighted by record performance, meaningful organic growth in our balance sheet, and record operating metrics. Our pre-tax, pre-provision return on average assets was 2.19%. Our tangible book value per share grew another 4% for the quarter and is up in excess of 15% over the past year. Loans, excluding the PPP, grew by 22% on an annualized basis, and our net interest margin expanded again for the seventh quarter in a row to 3.6%. We continue to build valuable non-interest demand and low-cost core deposit balances, leveraging our relationship banking model as we see an uptick in client activity. We realized accelerated loan growth, especially towards the end of the second quarter and heading into the third quarter. Our pipeline remains at record high levels. For the remainder of 2021, we expect annualized double-digit loan growth at favorable market spreads. Beyond our existing pipeline, we continue to pursue attractive opportunities to grow responsibly and expand ConnectOne's valuable franchise. We've experienced numerous opportunities to support our clients' growth, both in size and in capability. We continue to see opportunities to leverage our client-first sense of urgency culture to attract clients from the largest institutions. Finally, with the uptick in M&A in our markets and beyond, we see an opportunity to capitalize on the displacement that is occurring, primarily by attracting new lenders and thereby attracting new clients and expanding our market. Turning back to our performance, we delivered outstanding metrics, including a high return on tangible common equity, the building of tangible book value per share, and improving even further in our best-in-class efficiency ratio. On the expense side, we remain focused on maintaining our operating efficiency through continued utilization and leverage of our infrastructure. Moving forward, in anticipation of additional growth, we expect some expense growth to accelerate in the second half of 2021. To give you more color on that, we're having increased success in attracting top industry talent. Given the market disruption specifically from M&A, we're seeing multilayered talent look out to ConnectOne for opportunities. We're excited about accelerating the growth within and, in some cases, expansion of our footprint. These growth investments will continue to play a critical role in competitively positioning ConnectOne as a modern financial services company while driving long-term shareholder value. We're also very pleased with the growth of our fintech subsidiary, BoeFly. Mike Osmun and his team continue to generate traffic through their proprietary products and realize strong momentum on the online business platform. BoeFly has also benefited from its continued involvement in the latest PPP round, generating meaningful fee income from other financial institutions without utilizing ConnectOne's balance sheet. Strategically, the PPP program has accelerated BoeFly further into its marketplace model, as well as expanding its brand presence amongst banks, franchisors, and small businesses. We look forward to further growth from BoeFly, reflecting continued investments in the platform and increased marketing. We also remain committed to several key elements that have contributed to our long-term success, including being disciplined in M&A pricing and stewardship of our shareholders' capital. Over the past two years, our capital and reserves have grown significantly, providing us the flexibility to grow organically through opportunistic M&A and to increase return of excess capital to our shareholders. Underscoring our solid capital position and our confidence in ConnectOne's future performance, we view share buybacks as an important component of our capital management strategy. We also recognize that our dividend payout ratio is low, and that, combined with our strong capital generation, gives us flexibility to continue to increase the dividend in future quarters. While M&A remains an important component of our growth strategy, our track record of superior organic growth allows us to remain a financially disciplined acquirer. Before turning the call over to Bill, I'd like to spend a moment discussing our forward-thinking banking model. It's clear that the early investments we've made in technology and our infrastructure allowed ConnectOne to respond to both the pandemic and our reopening efficiently and effectively. Over the past 15 months, we've seen meaningful shifts towards digital capabilities, and we're continuing to expand our use of technology to service our clients. As ConnectOne returns to working together in person, I continue to be impressed by our team, including their ability to adapt, their resiliency, and their commitment to our clients and the communities we serve. I'll now turn the call over to Bill to provide a little more detail on the quarter's financial performance. Bill? Okay. Thank you, Frank, good morning, everyone. I'm going to be echoing Frank's comments. The positive economic momentum out there carried us forward, leading to record operating results and meaningful organic growth for the second quarter. So far this morning, the Street has reacted very favorably to our report. A lot of positive things to report on. First off, the PPNR as a% of assets increased another 13 basis points sequentially to 2.19 this quarter. That places us among the top industry performers. Our return on tangible common equity reached 17.8%. Now, that was helped by the reserve release, but it would've been outstanding anyway, even with a normalized provision, probably about 16.5%. As Frank alluded to, we had strong loan growth towards the latter part of the quarter. The impact of that growth on net interest income for this quarter was minimal, but it will certainly benefit the third quarter. On an annualized basis, excluding the PPP, sequential growth was 22%, and even with including PPP forgiveness, it was still a healthy 8% annualized. Spreads on new loan originations continue to remain favorable. There was a weighted average origination rate in the quarter of approximately 3.75. The composition of the loan growth was largely CRE. However, based on our current pipeline, it remains robust. We are seeing C&I picking up and anticipated spreads on that pipeline remain reasonable, but we do continue to monitor the market for competitive pressures. To PPP loans at period end, we were down to $327 million from our gross originations of about $675 million, the forgiveness timeline has accelerated. The yield on the PPP loans for the second quarter was approximately 3.15. I would expect that approximate yield to continue as the portfolio winds down. As Frank mentioned, our net interest margin expanded once again for the seventh consecutive quarter. As we grow, we do expect declines in asset yields. That, I believe, will be partially offset by utilization of excess cash and a continued decline in funding costs. The decline in funding costs are resulting from first, we continue to increase our non-interest-bearing demand balances. They're up to 23.5% as a percentage of total deposits from 22% a year ago. Secondly, we've had a 25% year-over-year increase in interest-bearing non-maturity balances. They have favorable rate dynamics. Lastly, our higher rate CDs and wholesale borrowings continue to mature and either decline in balance or in rate. Given our outlook, we expect to meaningfully drive net interest income in the coming quarters. Keep in mind, accelerated growth in a low-rate environment is likely to result in some margin compression. However, that compression is expected to be nominal, and the net benefit to net interest income is expected to be both significant and value-enhancing. Turning to non-interest revenue growth, we are gaining momentum. Reported non-interest income was extremely strong, in part as a result of just the one-time PPP referral fees generated by BoeFly of about $700,000. A year ago, they earned about $2 million+ for PPP referral. Recurring core was strong again, and we expect growth going forward as we build first our SBA lending platform, and that's totally apart from BoeFly. The commercial and resi real estate loan sales, where I think the outlook is positive, it will be increasing. Just BoeFly core business volumes. I've mentioned before our historical run rate was about 250,000 per quarter, and that was surpassed significantly this quarter. Finally, our BOLI investments increased commensurate with our high growth in capital. Turning to non-interest expense, it was flat sequentially for the quarter. It's been that way for the past several quarters. With the revenue gains I just talked about, our efficiency ratio improved even further to 38.2% for the quarter. In terms of expense growth, as Frank mentioned, we are expecting higher than normal expense growth the rest of the year. In anticipation of loan growth, we have and will continue to bring new talent to the organization, and that, along with the continued investments in technology and office support, is expected to result in sequential expense growth in the mid-single digits. Despite an increase in projected expenses, we still see the efficiency ratio remaining at about the 40% level as revenue is expected to increase as well. In terms of CECL reserves, as I've stated before, we continue to expect volatility for us and for the industry, and that reflects changing economic forecast. Fundamentally speaking, though, credit quality remains sound here at ConnectOne. We actually had the lowest level of delinquent loans in recent history. Less than 1 million of loans were past due 30 days or more at June 30th. As for the deferred portfolio, it was approximately $100 million at quarter end, and we will continue to work that down over the remainder of the year. Losses, if any, from the deferred loans, are expected to be small, and we are well reserved for those. In terms of capital deployment, first, you may have seen we recently filed a $300 million shelf. Certainly, common equity is not in our plans, but the debt and preferred equity markets are very receptive at the present time, and we are considering various structures there to further improve our capital stack and along with that, an improvement of financial metrics. Any potential issuance would come on top of 12 months of significant capital retention. That puts us in a great position to grow organically at double-digit pace, increase our cash dividend, and accelerate our stock repurchases. With that very positive report, I'm going to turn it back over to Frank. Thanks, Bill. That's certainly a very positive report. As we've discussed, our second quarter's earnings are a testament to ConnectOne's team and highly efficient client-first sense-of-urgency business model. Our performance is highlighted by record operating metrics, record organic originations, and improved efficiency. As we move into the second half of the year, our earnings profile is strong. Balance sheet and credit are in a good place. We continue to grow organically and see a strong growth rate for the rest of 2021. Our capital position is strong. We have a valuable franchise and continue to benefit from multiple streams of income and increased momentum across multiple platforms. We're continuing our digital enhancements and investments. While we continue to invest in our future, we continue to improve our best-in-class efficiency. We're excited about our future. We remain confident in our ability to drive long-term sustainable growth and industry-leading returns. Our outlook for the second half of 2021 is extremely positive, and we remain well-positioned to capitalize on meaningful growth strategies. With that, we're happy to take your questions. Operator? Thank you. Our first question comes from William Wallace with Raymond James. Please proceed with your question. Thanks. Morning, guys. Hey, Wally. Hi, Wally. A couple of questions. On the loan growth guidance, Frank, I believe you said double digits. If I look at the first half of the year, you're running around 14% annualized. Given what you saw late in the second quarter, do you think that that growth rate could be higher than that? Do you expect that we've had some pent-up loan growth and maybe that'd be too aggressive to model in kind of mid-teen run rate for the year? Wally, I'd love to say yes, but we're trying to be disciplined as well. Spreads are something we focus on, the quality of the business, where it's at, what type of business it is, how it's fitting into our balance sheet. We're definitely here to support our clients. There's a lot of competition out there, so I think we're going to have strong growth for the balance of the year. I really wouldn't want to speculate that it's going to be that much stronger than what we've experienced recently. Okay. In looking at kind of dissecting the loan growth, especially this quarter, can you talk about where you're seeing demand, both geographically in your markets and from a product category? We are seeing growth from our existing client base, which started to happen once the economy began to reopen. Our existing clients had come back to us. You would take notice that much of the growth this quarter came from CRE and in some cases from multifamily. Those were the easiest things to get closed. Timing, I think, has some impact. We are seeing the pipeline build in other areas of our loan portfolio as well. Generally, it's coming from I would say the vast majority is coming from what you would consider to be our market today. We are pushing the boundaries of that market just a bit as we hire new individuals from different parts of the market, either that we acquired or that we've been building into. We're seeing requests from our clients from other places as well. We've mentioned before we've had some business and have followed some of our clients into the Florida market. We're seeing demand from lots of different places. What about in New York City, Manhattan specifically? New York City has been awakening recently in quite a strong way. When I say New York City, I'm talking about the five boroughs. It was a little bit of a lag. We saw the awakening in New Jersey first. We're seeing a lot of positive signs in and around the five boroughs, and we think that's all going to show up pretty much in the third and fourth quarters. Great. If you could expand a little bit on the hiring opportunities. I'd love to know how many new lenders you've hired so far. There's obviously a ton of disruption in your markets. What is the opportunity set to continue to hire, and if you have the opportunity to hire kind of at will, how do you sort of govern the expense growth versus the potential upside down the road? Wally, I would be very happy to report to you that our expense growth went up dramatically because we made a lot of high-quality hires. Thus far, we've been able to hire and maintain our efficiency, and in this particular case, actually lower the efficiency ratio. Typically under normal circumstances, we can continue to hire a handful to a half a dozen or so lenders at a time and really not negatively impact the efficiency ratio. I will tell you that based on what we see in the marketplace today, we are very enthusiastic about the quality of the people that are falling out of companies that you have and others have high respect for, that are just not happy with the way things are going, either in the mergers and/or displacements that are occurring. Not only are we seeking them, they're seeking us out. ConnectOne is starting to become the place to go to if you want to be able to bring your clients to a stable, progressive, client-first mentality organization. There's not a whole lot of choices left in the market today. When you really think about our market and you think about the banks that are satisfying their clients' needs, we're beginning to become, I don't want to say we're unique, but we're beginning to look like we're unique. We're out there looking, and they're out there looking for us. Okay. Could you maybe quantify how many net new hires, lenders you've hired this year to date? Just to kind of help us frame this conversation. I don't know exactly, but I would say it's in excess of a half a dozen so far. Okay. We have a pipeline of people who are interested in joining. Okay. Thanks. I'll hop out and let someone else ask a question. Appreciate it. Thanks, Wally. Thanks, Wally. Our next question comes from Frank Schiraldi with Piper Sandler. Please proceed with your question. Hey, guys. Good morning. Hi, Frank. Just wondered, Frank, you talked about the CRE and multifamily being just the, I guess, the greatest opportunity in the quarter. You also talked about a pickup in C&I. Just wondered on the C&I side, if you could talk a little bit about the average size of the relationship you're targeting, if that's changing at all, if you're seeing the opportunity to move up market in terms of size? Yeah, I would say that the vast majority of the opportunities we're seeing are pretty much right in our wheelhouse. It's in that $5 million-$15 million range of a C&I exposure. The types of companies that we're dealing with are pretty much right down the fairway. Are we leaning a little bit towards larger sizes just because we can? I would say the answer is yes. We're getting in front of more sophisticated companies. For the most part, I think it would look pretty much like what you would've seen in the portfolio through to this day. Okay. In terms of growth, thinking about what the portfolio could look like six, 12 months out. Any color there in terms of if you have your druthers in terms of where the growth will come, and for example, what C&I could move to as a percentage of total loans and sort of what the offset is? Yeah. I would have to spend a little time to think about that. We are happy with the production we're seeing in our C&I portfolio. I think it will continue to be a bigger part of the balance sheet. People are coming to us, whether it's the construction portfolio, the CRE portfolio, the multi portfolio, because of our ability to execute. We're seeing more opportunities across all the various segments that we're in. It's really hard to sort of say we're going to time those things. We take them as they come. We're there to support our clients in their time of need. I do think as time goes on, we will see a larger percentage coming from C&I because we are putting efforts behind that. That doesn't mean we're doing less in the way of whether it's multi or CRE or construction, and we're trying to do every deal that makes sense for us to do specifically with the client base that we have today and expanding that into the markets that we have. Got you. Just lastly from me, I know it's not your core business line in terms of your operations, but the stock seems very undervalued to me here. Bill, you mentioned buybacks when you talked about the recent shelf, and so it sounds like that could be tied to a debt instrument. Just wondering how aggressive you could be on that front, you think, in terms of size and timing. Well, there are a lot of factors that affect the speed at which we can buy back the stock. We have 500,000 shares left on the current program. I would hope to get through that over the course of this year and then re-up the authorization before the end of the year. Okay. Was I listening correctly in terms of the messaging, a debt instrument possibly tied to that and using it to accelerate that program? Yeah. Either a preferred instrument or a debt instrument. Okay. I guess any color in terms of how large you could go on the next program, or is that too hard to say? I don't want to speculate at this point. Let's see what the growth in the company is. Any way you look at it, we have a lot of flexibility. We're probably operating at capital ratios that are above where we should be, and we continue to generate a tremendous amount of retained earnings. There should be a lot of flexibility to do all the things we've been talking about, which includes double-digit growth, share repurchases, and dividend increases. Got you. Okay. Thank you. Yep. Good. Frank Our next question is from David Bishop with Seaport Research Partners. Please proceed with your question. Yeah. Good morning, gentlemen. Good morning. Hello, David. On the margin, I think, Bill, you mentioned there might be some more opportunity to lean a little bit on the funding side. Just curious where you're onboarding new funds on the CD side and any sort of outlook you can give in terms of what's rolling off here in the next quarter or so. Yeah. Well, let's first talk about where we're putting new CDs on, and that's in the 40 to 50 basis point range. The impact has been quite dramatic over the past year. It's slowing down a little only because the CDs we have on our portfolio are in the, I think it's about 120, 130. We still have another $1 billion left of that over the next year, with most of it occurring over the next six months. Got it. I think I heard you say in terms of the outlook for operating expenses in second half mid-single digits, but I assume that was sort of an annualized rate. Just curious, X the investment in lending talent, which Frank spoke about. Just curious where you see sort of the. Right. No. expenses. That's actually a sequential increase. Don't forget, we've been basically flat the past three or four quarters or so. I do expect a little bit of a jump up in expenses, maybe a little bit more in the fourth quarter from the third quarter. Revenue's growing as well. Look, our efficiency ratio was down to 38%. I see it more in the 40% range, maybe a little bit above, maybe a little bit below. As we look into 2022, I know the past couple of quarters, the positive operating leverage, you mentioned there'll probably be a little bit of pressure on the margin side, but offset by top-line spread income growth. Do you think you can maintain and still generate that positive operating leverage heading during 2022, given what you said for the full year? Yes. I'm very optimistic about it. I keep saying on every call there's going to be margin compression, and we keep expanding the margin. At some point, especially with a low rate environment, and I do believe, although we're getting really nice spreads right now, that there'll continue to be competition out there. Any way you look at it, at the end of the day, trying to drive return on tangible common equity. With our margin, we're at 360, even at 340. I'm not saying we're going to compress it that far. It's still going to be able to drive very high returns on equity. Got it. I guess one final question. I think you mentioned a pretty nice quarter for the BoeFly fees on a core basis. Yeah. Just curious if you had that number. Well, on a pure core basis, they were in the 300- 325 range. BoeFly always has a way to expand its sources of revenue. They probably had another $50,000-$75,000 of fees that were apart from their regular business, which is referrals of SBA loans to other banks. Got it. That's all I had. Thank you. Yep. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. One moment while we poll for questions. Our next question comes from Matthew Breese with Stephens. Please proceed with your question. Hey, good morning. Morning, Matt. Frank, you mentioned a couple of times now, potentially going after new opportunities, expanding the market. Could you just expand upon that comment? What markets are you making progress in? You mentioned some of the newer markets. You've mentioned Florida. What markets are on the whiteboard that we might expect you to go into? Well, I can tell you where we are. Certainly, some of the markets that were upstream from us are a little bit further out away from the dot in New York City that we gained through the acquisition of Greater Hudson or from our efforts out on Long Island, where we've seen an enormous amount of disruption. Those things are all just getting pushed out to their, I don't want to say their limits, but we're getting further out of field in those places because we're making great hires, and we have name recognition in those places. It's really filling in more of the north and eastern part of the circle, and getting a little bit further out of field. That would be the primary areas of focus right now, and that's where the greatest amount of disruption's taking place. I think that I mentioned Florida before. I think everyone that is doing business in New York City today also finds some component of those developers, landowners, managing companies, whatever, attorney firms. We've felt over the last year or 18 months that we've had to follow our clients and be able to support them. That's growing as we're moving along right now. Mostly it's following our clients into those places. Might we see an LPO opening in one of these further out Long Island or Westchester or up the Hudson Valley as you make continued progress? Yeah. Look, we generally base our growth around people. Once we determine that we have good people working for us that want to come on board, then we'll make a decision about where to put a flag with real estate. We generally don't do it the other way around. Obviously, you need to support the folks that are bringing the business in, and if they all live in a particular area, and we don't have an office there, yeah, we're going to have to create office environments. That was the way we did it to get into New York City. We did it in Melville. We did it in Newark. We've done it in lots of different places. I see no reason why we would change that strategy. It's been working very well for us. Understood. Okay. Bill, how much of the portfolio today is floating rate and with or without floors? As a follow-up, do you feel like the asset sensitivity of the bank on paper, it's really balance sheet neutral today? Is the asset sensitivity given improvements to the deposit portfolio understated? Well, you would think as we benefited from rates falling, you naturally think we might be exposed to rates rising. We have been helped by the change in the deposit portfolio. Also we are taking this opportunity to go out on the curve. We're out in the market funding in the five, six-year range, paying a little bit up from we could get it instead of 60 or 70 basis points, we're paying 1% or a little more to protect ourselves. I think a higher rate environment, you benefit from higher rates as the demand deposits are worth more. We are protecting ourselves on the interest-bearing side of the liabilities equation. I feel comfortable that we're basically pretty much immunized against changing interest rate levels. Last one for me is just on credit. It's amazing where charge-offs are considering where we were one year ago and 18 months ago. Is there anything on the horizon that would make the charge-off trajectory any meaningfully different than what we've seen over the last 4-6 quarters? Just want to recalibrate a little bit my expectations for losses here. Matt, nothing meaningful on the horizon. The portfolio is really sound at the present time. As I mentioned, delinquencies were at record lows. Got it. Okay. That's all I had. Thanks for taking my questions. Great, Matt. Our next question comes from- Thank you, Matt. Mike Mariotte with KBW. Please proceed with your question. Hey, good morning. Morning, Mike. Hi, Mike. A lot of my question's been answered. I just had a few things I wanted to hit. Just to stick with the credit theme for a second. A little bit of a conceptual question here, just in the news flow here, being in and around the city again, you're starting to hear of companies kind of walk back some of their policies around coming into the office and stuff with the Delta variant. Just as we think about the reserve, moving forward, might be a little early to ask this question, is it fair to think that you guys will take the environment and be on the conservative side of the environment moving forward in that if there is some type of modest pullback, that you would use the opportunity to keep as much reserve as economically feasible? Well, these days, Mike, we're tied into our CECL model, so it's really dependent upon, for us and other banks, what the economic forecasts are. I imagine at some point the releases are going to slow down and stop for all of us. I think as a sell side research analyst, you should keep an eye on the economic forecasts, and that'll help you predict what banks are going to do with their reserve levels. Yeah. Helpful. Two other questions for me to track back to the disruption conversation. It really is pretty incredible to see the list of banks I'm sure you've competed with just dwindle in a fairly short period of time here. I'm going to ask the question a little differently. I'm sure there's a lot of lenders and a lot of talented that you guys could look at, but are there any kind of specialty lines or deposit initiatives? All these banks, I'm just thinking about them, whether it's Investors or People's, a lot of them had initiatives to improve their C&I lending, initiatives to improve their deposits. The rate environment was obviously helpful, but it did seem like most of them were making some progress. Are there any kind of platforms or teams or specialty-type situations where maybe you guys can do something that would enhance the funding side of the business longer term? We're definitely on the lookout for that. Clearly we'd like to enhance the places either where we don't have expertise or where we'd like to build additional expertise. You also would have to understand that a lot of the banks that we competed with in the markets and on the products that we were good competitors, if there's somebody out there who's not happy with their current position and they felt like we were worthy competitors, they're seeking us out because it's something they know. They know us, and they want to be a part of what we're doing. I would tell you that we're having a lot of good success in the products and in the markets that we already serve. We are definitely on the lookout for how can we improve our product mix, pick up an additional line as you described, and take advantage of some of those other opportunities. I would tell you that it's my belief when we have this call a year from now, our balance sheet will look a little bit differently. Yeah. I might get tarred and feathered for even suggesting this, but are there any even like a one or 2Z, like I think someone asked about opening up an LPO in other markets. Could there maybe be some branch divestitures where you get an office somewhere and maybe a few customers and a few deposits to help kind of pay for the opening and anything like that? I imagine there's going to be a lot of shuttering in the marketplace, and I'm not necessarily a proponent of adding a ton of branches, but do you think there's anything opportunistic like that that could come through that would be of interest, or not so much? Mike, there could be. I wouldn't want to close the door and say no, absolutely not. I would say, yeah, there could be. The greatest success that we've seen and what we're staring right at right now is just a great opportunity for people. Either we incorporate them into our existing infrastructure, which obviously is the least expensive way to do it, or we build infrastructure to accommodate them. It's really about the people. It's not about the locations. Got it. Then just last for me, I think it's been about nine months since you guys announced, well, maybe it was earlier than that, but since the public market became aware of your partnership with Built and nCino on the construction software side. I was just curious on, given most of the other financial questions have been asked, just if you can give a quick refresher on what the benefits of that is. It's been almost one year now, I guess, that you've had this live, I believe. As construction activity picks up, is it a competitive advantage for you guys in the marketplace? Maybe just some additional color on that would be great. 38.4% efficiency. The whole rationale behind our push with nCino over the last two years, and partnerships with companies like Built, has been around delivering the highest quality service to our clients, removing as much friction as we can from the process so they actually like to do business with us, and driving an incredibly consistent product out with the least amount of cost. I think that's beginning to show up in numbers like that efficiency ratio. I think it's also showing up probably in a more meaningful way in the amount of repeat customers, the customers who come back to us who are willing to pay a little bit more because we don't provide a lot of brain damage, and they know that they're going to close and execute on time. To me, those are the initiatives that make a lot of sense, and it's very client-focused, but it also allows us to build scale without building additional infrastructure. Helpful. Thank you guys for taking all my questions. I appreciate it. Thank you. Thank you. We've reached the end of the question and answer session. At this time, I'd like to turn the call back over to management for closing comments. Well, thank you everyone for joining us today for our second quarter call. We really look forward to another report at the end of the third quarter. Look forward to seeing you all then. Thank you. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.