Good afternoon. Welcome to the First Business Financial Services first quarter 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded, Friday, April 15, 2025. I would now like to turn the conference over to First Business Financial Services CEO Corey Chambas. Please go ahead. Good afternoon, everyone, and thank you for joining us. We appreciate your time and your interest in First Business Bank. Joining me today is our President and Chief Operating Officer, Dave Seiler, and our CFO, Brian Spielmann. Today we'll discuss our financial performance along with some operational highlights, followed by a Q&A session. I'd like to direct you to our first quarter earnings release and supplemental earnings call slides, which are available through our website at ir.firstbusiness.bank. We encourage you to review these along with our other investor materials. Before we begin, please note this call may include forward-looking statements, and the company's actual results may differ materially from those indicated in any forward-looking statements. Important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are listed in the earnings release and the company's most recent annual report on Form 10-K, and it may be supplemented from time to time in the company's other filings with the SEC, all of which are expressly incorporated herein by reference. There you can also find information related to any non-GAAP financial measures we discuss on today's call, including reconciliations of such measures. We are pleased to report another outstanding quarter. Our model is built to produce 10% annual growth, and the first quarter is one more example of our strategic plan at work. Our team has a clear directive to drive relationship-based deposit growth, and this quarter we produced double-digit core deposit growth that outpaced our robust expansion of loans. We also maintained a strong net interest margin and stable asset quality. All the elements required to consistently grow shareholder returns showed strength during the quarter. Loans grew across our markets and portfolios. Private wealth management assets and fees grew. Operating revenue showed continued strength, and operating expenses were contained and in line with growth in our workforce. Non-performing assets declined. These successes drove pre-tax, pre-provision adjusted earnings up 23% over last year's first quarter and earnings per share of $1.32, up 27% from a year ago. Most importantly, tangible book value per share grew 14%. Dave will walk through some of the business activity that drove strong first quarter results. Dave? Thanks, Corey. It's worth repeating that our balance sheet growth was very strong this quarter, and that's by design. You can see the quarterly highlights on slide three of the earnings call supplemental slides. Loan balances grew about $275 million over the same period last year. That's up almost 10%, which is our long-term organic growth goal. Total deposits grew $488 million, or 18% from last year's first quarter. That includes our continued use of wholesale deposits to execute our match funding strategy, maintain adequate liquidity, and support our loan growth goals. We saw exceptional growth in the first quarter with core deposits growing $66 million, or over 11%. You can see our quarterly deposit and loan growth trends on slide four. On the lending side, we continued to deliver on our growth targets in the first quarter. C&I led the growth with balances expanding $77 million, or 27% annualized. A few successes in particular merit attention. SBA lending sustained its momentum under the recently expanded team. We expect this trajectory will be variable, but with strong loan sale premiums for the past two quarters, we expect SBA to be a meaningful driver of revenue in 2025. Additionally, activity levels in our asset-based lending group are exceeding what we've seen in the last one and a half to two years. We attribute this to market dynamics, and with our new ABL leader now in place alongside our exceptional team, we're positioned to capture growth opportunities in this space. Our floor plan financing team also continues to show nice demand, extremely high client satisfaction results, and is off to a great start in 2025. This is a good time to highlight two of our lending businesses in light of the current uncertainty around the economic outlook. Our asset-based lending and accounts receivable financing businesses are typically countercyclical. Yields on these loans typically carry a significant premium over conventional C&I yields, and they are generally 100% secured. We would expect growth in these portfolios in a softening economy. Moving briefly to revenue, our first quarter revenue grew by nearly 13% compared to the first quarter of 2024. This sustained strength reflects the diversified nature of our revenue streams and supports our continued goal of achieving 10% or greater annual revenue growth over the long term. The diversification we've built into our revenue profile provides a buffer against reliance on any one source. You can see our revenue growth trajectory on slide seven of the earnings deck. On to asset quality. We continue to be pleased with how our portfolio is performing and have no areas of particular concern. NPAs declined by $4.3 million from the linked quarter due to net charge-offs against specific reserves on credits in the transportation sector of the equipment finance portfolio and the SBA portfolio. While these net charge-offs reduce the overall allowance for credit losses, this was partially offset by increased general reserves due to loan growth and modest deterioration in the economic outlook in our model forecast. Together, these factors drove the increase in the allowance coverage of NPLs compared to December 31. We are always looking closely at migration in the portfolio. Our weighted average risk rating has barely moved. We continue to wait out the bankruptcy proceeding process and related litigation for the $6.2 million ABL credit mentioned in previous quarters. We expect full repayment on this credit, but unfortunately, it continues to inflate our otherwise healthy level of NPAs. Lastly, I want to comment on the current environment and what we're hearing from our clients. We are in very healthy markets, and our clients are generally healthy and thriving. We do have ongoing dialogue with clients, and there is a rising level of uncertainty related to changes in U.S. trade policy, along with the potential for any unfavorable changes to lead the economy into recession. Although we are built to grow at a double-digit pace in most conditions, our growth will be impacted if conditions weaken. We can't put a number on that today, but we would expect to continue outperforming our peers as we have done in recent periods of economic weakness. Now I'll hand it off to Brian. Thanks, Dave. I'll cover first quarter financials in a little more detail. As a reminder, when looking at our first quarter results in comparison to the linked quarter, our fourth quarter had some unusual items which boosted earnings by about $0.28. Our ability to produce a net interest margin that is strong and stable compared to peers contributed to our solid performance. First quarter margin of 3.69% reflects our continued strong balance sheet management. You can see a breakdown of this on slide five of our earnings supplement. Our margin includes fees earned in lieu of interest, which declined by $307,000 from the linked quarter. Compared to the first quarter of 2024, fees in lieu of interest grew by $1.2 million. Fees in lieu of interest refers to the significant and recurring but variable amount of interest income we earn from items like prepayment fees and asset-based loan fees. Recent levels were elevated and contributed 23 basis points to reported margin for the first quarter and 27 basis points in the fourth quarter, compared to 10 basis points in the first quarter of 2024. Excluding these fees, our adjusted NIM was 3.46% for the quarter, compared to 3.48% in the linked quarter and 3.43% for the prior year quarter. Margin remained strong and consistent due to pricing discipline and continued execution of our longstanding match funding philosophy. Dave covered fee income and the strength we continue to see there. Just a few additional notes. Ongoing variability in swap fees and returns on SBIC funds are expected. Our swap fee income will continue to vary quarterly based on CRE activity, the rate environment, and client preference. We saw a decrease of $475,000 there in the first quarter. SBIC fee income is driven by interest income in the portfolio and unrealized and realized gains. We saw an uptick of $318,000 in Q1 and expect realized gains should show strength throughout 2025 as the existing funds mature, though timing may contribute to ongoing variability. One administrative item is that we reclassified certain types of CNI loan fees from non-interest income to fees in lieu of interest in our net interest income line. For the first quarter, this reclassification was approximately $500,000. The reclassification does not change our outlook or target range of $360-$365 for our net interest margin, but we'd expect to land on the higher end of that range, all else equal. Quarterly variability reinforces the importance of our fee income diversification that we've worked hard to grow. We continue to expect overall annual fee income to grow in our long-term target range of 10% going forward. Our expenses were well contained this quarter and showed expected workforce-related and seasonal growth. Total expenses were up $1.6 million compared to the fourth quarter. $1.2 million of that growth came from compensation expense due to larger workforce, merit increases, and higher seasonal payroll taxes. When we think about expenses, our primary objective is achieving annual positive operating leverage, expense growth at some level below our targeted level of 10% revenue growth. We will continue to manage expenses toward this goal in the event that economic conditions impact revenue growth. Next, taxes. The first quarter returned to a more normalized effective tax rate of 17%, in line with our target range of 16%-18% for 2025. Recall that in the fourth quarter, we saw a significant change in estimated state taxes, which brought our effective tax rate down to 5.8%. Finally, we continue to feel good about our capital levels, and our strong earnings are generating more than enough capital to facilitate our expected organic growth. Now I'll hand it back over to Corey. Thanks, Brian. I'd like to draw your attention to our slide 11 in our earnings deck. This shows our five-year strategic plan and our progress toward achieving our long-term goals. You'll see that above all, our goal is to deliver shareholder returns that exceed our peers. We expect we can do this in any environment. The metrics we track to achieve this are laid out on this slide. Today, we continue to do what we've always done, and that's focus on controlling the controllable. This is the value of a well-thought-out strategic plan that is understood by all employees. It guides us in both stable and volatile times. We continue to be optimistic about 2025 and believe focus on our strategic initiatives will serve us well in the future. I want to thank you for taking time to join us today. We're happy to take your questions now. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touch tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the pooling process, please press the star followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Daniel Tamayo from Raymond James. Please go ahead. Thanks. Good afternoon, guys. Hey, David. Hey, David. Maybe we start on the margin, kind of some of the underlying components there. Just curious what new loan yields were in the first quarter and where rolloff yields were, and then just any commentary you have on if you've seen tightening of spreads at all. Right. Yeah. I would say new loan yields are pretty consistent with prior quarter. We're seeing for the very competitive credits, those spreads are narrowing a little bit, but not much change. I would say nothing really to note there in the first quarter. Okay. Not much change on new. Do you have a rough number of where they were, the loan yields? No, we don't. We typically will see pricing in the $225-$275 range depending on the type of credit and the type of product it is. Sorry. On the bank side. On the bank side. I would say the specialty finance or niche commercial lending area with ABL and ARF and other areas, we get wider spreads there. That is where that mix comes into play in the margin. Danny, for a while, we were providing that breakdown of what the loans for the quarter, the new loans came on at. We thought that was going to be helpful, but we realized it gets skewed because it depends where it comes from for the quarter. As Brian said, if we had a bunch of asset-based deals or factoring deals happen in that quarter, it is going to really skew it up. It was more confusing than it was informative. We stopped generating that information on a specific quarter roll forward basis. I would say that is fine. Yeah. I would say it's pretty stable both on the loan and deposit side right now. We've finally kind of gotten to an equilibrium state, I would say, on both sides of the balance sheet. I agree. That's kind of where I was going with this. The core margin has been pretty stable, trended slightly down over the last few quarters, but relatively stable here, as you guys have talked about the expectation for that to be the case. You've got the, call it, five basis points of incremental fees and interest in there now. I appreciate your guidance on the upper end of $360-$365. I guess what you're saying is you're not seeing loan yields. They're relatively stable in the quarter. You wouldn't expect those to be trending down at all from current levels if we didn't get any rate cuts and probably the same answer on funding costs. Is that fair? Yeah, that's spot on, yeah. Okay. You talked about it a little bit in your prepared comments about the tariffs and maybe creating some uncertainty and probably hard to quantify at this point. Just curious, as you look through your borrower base, where it might be most exposed to these tariffs, where you're watching most closely as we go through these next few months. Who knows what's going to actually come out of Washington, but at least to give you a starting point. Dave, why don't you start with that? Yeah. I mean, I think to start, Danny, I mean, we've tried to communicate a lot with our clients, and we've ramped that up over the last 60 days for sure, just trying to figure out what they're thinking and where they might be impacted. Right now, we're not hearing a lot of noise from them. I mean, they have concerns and they have uncertainty, but I don't believe they've been significantly impacted at this point. We are focusing particularly on clients that have foreign or international clients, international vendors. We are focusing on contractors. And so far, we haven't seen a huge impact. Do you have anything different to add there? No. Lots of conversation and uncertainty, but no impact as of yet. I would say there's a little bit of a good news, bad news in that, Danny, is we don't have a lot of clients that do international. That's international. That's all internationally. We've often tried to push on international products because it's a good product for banks, letters of credit, hedging foreign currency exposure, etc. We just don't have much usage on that from our client base, which right now today is probably good news. Got it. Okay. I appreciate all that color. Last one, just a small question. I apologize. I'm not sure if you addressed this in the comments. I know you did in the release a little bit. Just on the pull forward of equipment finance losses that drove the increase in net charge-offs. That would be expected to, I mean, that's essentially like a one-quarter phenomenon. Is that the way to think about that? Yeah. Let's have Brad Quade, our Chief Credit Officer, hang on a moment. Hey, Danny. Yeah. Yeah. That is a one-quarter anomaly that we're going to see at that level. While we do expect some continued credit costs in the equipment finance portfolio in Q2 and beyond, we look at that size of the charge-offs there as being unique and kind of accelerating a quarter's worth of charge-offs plus. Okay. All right. Great. I'll sign off with glad to see the Packers finally decided to take a receiver last night in the draft bill. Yeah. A lot Yeah. A lot of excitement. Really focused on that. All right. Thanks, guys. Our next question is from Jeff Rulis from DA Davidson. Please go ahead. Thanks. Good afternoon. Maybe a quick follow-on in the same vein. Expectation on the provision, assuming loan growth is where it's at, a step down, there's some correlation, I guess I'm asking, on the provision to the increased charge-offs. Is that correct? Yes. In the current quarter, there's correlation to the increased provision due to the pull forward on the EF charge-offs. I think all else equal, we have a growth factor in provision, and we'll continue to work through the EF portfolio with some additional net new along with the charge-offs in the quarter. Again, the CECL model factors, the quantitative piece, right, will kind of present itself as it will with the rest of the industry. Yeah. Most of what we pulled forward, because essentially, I think you could think of it as two quarters' worth of charge-offs from that equipment finance portfolio, which is where there was the transportation noise. Because all that was done on timing, those were essentially reserved for already. I do not think it had the same impact on the provision for the quarter. It just pulled those charge-offs out of the specific reserves that were already in place for them. Got it. Okay. So it came out of the reserve, but the provision line is less impacted, and that's more of a function of kind of go-forward growth and CECL gymnastics, I suppose, right? Okay. So a provision level in the range that you've seen in the last few quarters is a reasonable assumption? Yes. Yep. Jumping ship a little bit, your cash and securities balances as a percent of earning assets is kind of a two-year high. I guess, is that an intentional strategy, somewhat temporary, just trying to check in on those levels relative to overall earning assets? Yeah. I'll say intentional, but temporary. Intentional in the fact that we're looking to the balance sheet for 10% of total assets for liquidity at quarter end. You try to land the plan as best you can around that. We had some nice core deposit inflows near really the last business day of the quarter, which then left us with some additional deposits there and inflated the balance sheet. We've already put that to work, though. Got it. Okay. Appreciate it. You mentioned the fee income expectations overall. I just want to clarify in that loan fee income line, the reclass. Is that permanent, that the run rate on loan fees remains kind of at this run rate, safe to say? Yes. I would say in the quarter, right, we had $7.5 million or so. You add that reclass back, we're closer to $8 million. That's with some of those components that we talk about, right? SBA was stronger, but private wealth, SBIC fund investments, different areas that we still think we can grow fee income. Swaps. Swap fee income that comes and goes as our client preferences in the rate environment. We believe we can make up that reclass throughout the course of the year in fee income based on the various lever or based on the various engines and cylinders we have in that fee income growth. Okay. I may follow up with you on that. Thanks. I'll step back. Thank you. Your next question comes from Damon Del Monte from KBW. Please go ahead. Hey, good afternoon, guys. Hope you're all doing well today. Quick question, just to kind of follow up on the last comment on the loan income reclassification. I think, Brian, you said that was about five basis points impact to the margin. Is that correct? Yeah. Yep. About. Okay. I think total fees in lieu of interest was around 23 basis points this quarter. I think historically, it's been a little bit lower, maybe like 15 basis points. Should we kind of model 20 basis points now if you look at the pickup from the other five basis points on the reclass? Yeah. I think that's fair. On average, right, it's been around 15-20. And so similar to our margin comments around that 360-365, all else equal, we'd probably be on the higher end of that range, right? So the 15-20 would probably be on the higher end. It's probably a fair assumption. Okay. All right. That makes sense. With regards to opportunity to reprice fixed-rate loans or CDs that are coming due, can you just talk a little bit about what the schedule for those look like? Our CD portfolio is smaller, but we still do have opportunity there. We kind of noted that in our earnings release around $100 million-plus coming off at a 4 handle and $100 million-plus coming on renewed or new at a sub-4. There is still some benefit there. It is just not a large portfolio really at all. Then on the loan side, just given where we are and when those loans were put on, I think there still is some opportunity not only on the loan side, but on the bond portfolio too. Diminishing there, though, given where we are in the rate cycle now from when we put those assets on. Got it. Okay. That's probably all that I had. Everything else had already been asked. Thank you very much. Thanks, Damon. Your next question comes from Nathan Race from Piper Sandler. Please go ahead. Hey, guys. Good afternoon. Thanks for taking the questions. You bet. Bigger picture on the SBA front, obviously, there's been a lot of headlines recently in terms of some changes in terms of underwriting and kind of just how that may impact deal volumes and so forth. Just curious how you guys are kind of thinking about any ramifications, some of the changes in the SBA arena may impact your revenue line going forward. I mean, I don't think we at this point see a huge difference. I think the biggest factor driving volume for us right now is our sales team there. At this point, I don't think we have huge concerns about changes in volume. Okay. Gotcha. You guys are still kind of sticking to your double-digit or high single-digit balance sheet growth outlook. Just curious, with all the macro volatility of late, have you seen any kind of slowdown in activity levels when it comes to what you're seeing in the loan committee or otherwise? Tim, we really haven't. There's been a lot of conversation, and they're dealing with it on a case-by-case basis, but we haven't seen it pull through on the pipeline yet. Okay. Great. The only kind of real-time data that we have because loan deals that we have coming through the bank, those are things that have been in process for a while. We tried to look at that to see if we had any real-time data and thought about our equipment finance business. Why do you not speak to that, Dave? Right. That's a higher volume, smaller ticket type products. What we've seen there is actually an increase in volume, an increase in applications over the past 30 to 45 days. We don't know if that's people accelerating their purchases to avoid tariffs or just baseline economic activity. I guess we won't know until sometime in the future, but at least it's an indicator that real-time it hasn't slowed down yet. Okay. Gotcha. And then question for Brad. Just curious what you saw in terms of kind of criticized classified migration in the quarter and just kind of just any general thoughts on that front. Yeah. From a credit standpoint, I mean, nothing exceptional. I'd say the trend lines were benign. We had very little way of change quarter over quarter. We continue to work through a couple of the challenge credits that are on there. The overall portfolio and even those that headed into the quarter with some signs of distress had general stability quarter over quarter. Really too early to pick up any real trend lines of deterioration from broader economic concerns. Okay. Got it. Maybe one last one for Brian. Just curious how you're thinking about remaining deposit cost leverage just based on kind of where your pricing is today and maybe what you have in CDs rolling off based on kind of where your pricing is today on some of those products as long as the Fed remains on pause. I would say it's going to be nominal, right? We've talked about the CD portfolio and the opportunity we have there, kind of very small CD portfolio. Then just new client acquisition is expensive. It's near the alternative cost of funds. For us, we think about the brokerage CD market as alternative cost of funds. The good thing for us is we've always been kind of competing in that environment. We think the asset yields to support then that 360-365 long-term still when you throw in the mix of the conventional in addition to the mix of the higher yielding niche C&I buckets. Long answer to a shorter question. Sorry. No. That helps a lot. Thank you. Just lastly, could you guys remind us kind of what your loan deposit ratio target is? Obviously, it came down nicely in the quarter, but just curious where you'd like that to land over time. I think we might have said this, Nate, is we don't think about it that much. We don't care about it that much. We just think about our funding and liquidity, etc. We know there are some kind of older school bank investors who look at loan to deposit ratio and think that's an indicator of risk. They could see the Silicon Valley Bank experience and realize maybe that's not the case. We also, because of those optics, are trying to get it down a little bit. That's why we favor brokered CDs over Home Loan Bank advances when we want to match fund our balance sheet. Ideally, if that was 99.99 instead of 100.01, we think it could be better just because of some screening that people do. That's our first test this quarter. We'll see. We're below 100 this quarter. We're at 98, I think, maybe this quarter. I think that would be a big, there's a lot of success on the core deposit side, but also just transitioning away from home loan advances to brokered CDs for our match funding brought us down. We think we have an opportunity to keep pushing that down given the core deposit objectives and goals. To Corey's point, we're really more focused on that 75% core funded to total bank funding. If it gets a little higher, that's great. We're always going to have that element of wholesale funding to mitigate the interest rate risk. As long as that's in that 70-80% range of our core funding, that's a good place for us to be to be able to appropriately match fund the fixed-rate portion of our loan portfolio that's on balance sheet. That's a good range for us to be in. As Brian said, the transition from home loan to brokered, which has been over the last couple of years in terms of what we've used for that match funding, that's brought that loan to deposit ratio down. Hopefully, we look more attractive and get a few more screens and people come and listen to the story and discover what we're doing here and find it attractive. Yep. Agreed. Sounds good. I appreciate all the color. Thanks, guys. Yeah. Your next question comes from Brian from Janney. Please go ahead. Hey, good afternoon, guys. Hey, Brian. Hey. Hey. Just one question spec to that fees in lieu to reclass. I guess, is it just being conservative to not bump the target range and the margin if you're adding five to that bucket, if you will, kind of when you split out the kind of core margin versus core with the fees in lieu or however you want to call it? Is that just some conservatism on your part? Or I guess, is there something more? I I guess, if we think about that. Yeah. We have a range, data range of 360-365, and we think all else equally, we end up now on the higher end of that range. Why we kind of say it that way and continue to say it that way is because it is a volatile element with the fees in lieu of interest, right? That can be on average 15-20. It can be 23 like it is this quarter. It can be less than 10 like it has been on other quarters. That is why we kind of stuck with our guns there on our disclosed ranges, although, again, pushing towards that higher end given the reclass. Gotcha. Okay. Just stick with a higher range of what we put in for the fees in lieu right now. Okay. Brian, just any big comments on I get the NIM stability and just kind of the match funding. Just any near-term kind of push or pulls on directly how the margin plays out here over the next couple of quarters given kind of the environment we're in right now or just not much movement one way or the other, really, I guess, is how you're—I mean, I listened to your comment about the competitive pressures on the deposit side, certainly funding the loan growth. Anything else that merits mentioning on your part in terms of near-term? Yeah. I would kind of echo off of what Corey said earlier around stability. Right now, at least on both sides of the balance sheet relative to pricing. Right now, while it's very competitive on the deposit side, I think we also have some comments, maybe in Dave's comments around a little pickup in some of our niche C&I areas too, right? There is some more activity there. The more activity we have there, the more opportunity we have with those higher yielding loans. We get those on the books, and we have opportunities at more fees in lieu of interest. We think that combination and the mix of new business on both sides of the balance sheet gives us the opportunity to maintain our long-term margin targets. Gotcha. Okay. No, that's helpful. In terms of just the credit picture, if we do get into a little bit different environment, a weaker environment here, I think you had talked about or maybe some continued normalization of the conventional portfolio. Just as you kind of eye the risk here over the next 6 to 12 months, if we do economically get a little bit weaker, any new areas that we should be watching? I know you talked about the equipment finance, but just is it more of the conventional side, or is it I guess we just point to where you're kind of paying a little bit more attention to today? Brad, why don't you take that? Yeah. Yeah. I think that while it's obviously impossible to estimate with great accuracy what's going on in the economy, I think our portfolio, because of the focus on real estate and heavily toward Wisconsin and Madison area real estate, continues to be very, very strong and showing high occupancy and good cash flows. Across the entire portfolio, a great deal of still customer liquidity. I would say, in general, we feel very good about our portfolio being able to withstand softness in the economy. I think the obvious areas that, as we look at the portfolio, will still be equipment finance driven, but it will be the already existing weakness within the transportation sector. If we were to hit a recession, they're the ones who have already been in recession for the last couple of years and would, I think, be the ones to feel it most significantly. We have already factored in a great deal of softness in that segment of the portfolio today. I guess that's the guidance I can give you based on what we see right now. Yeah. No, that's helpful. I appreciate it. I do not know if you guys talked about maybe if I missed in your opening comments, but just about the kind of the level of expenses today. This is kind of a good run rate to think about. Anything unusual there in terms of just kind of your outlook or just what you might have to say about that? Nothing unusual. I'd say consistent with how we've operated for a long time now, investing in people. We'll continue to do that in 2025 opportunistically. If there are revenue headwinds from anything out of our control, macro-based, we can adjust that run rate, really driving towards that positive operating leverage on an annual basis. Yeah. Okay. Good run rate to start, and we'll see how things play out. Yes. Okay. That's it. My other questions are answered. Thanks for the time, guys. Yeah. All right. Thanks, Brian. Thanks, Brian. After the reminder, if you wish to ask a question, please press star one. There are no further questions at this time. I will now turn the call over to CEO Corey Chambas. Please continue. Thank you for joining us today, everyone. We appreciate your time and your interest in First Business Bank, and we look forward to sharing our progress again next quarter. Have a great rest of your day and a great weekend. Thanks. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.