All right, you guys ready? Well, thanks, everybody. Thanks for joining us this afternoon. We're excited to have the management team from Synovus here to join us for a little commentary and conversation. We have Kevin and Jamie. Thanks a lot. Maybe you come out with some new slides last week. Anything you want to maybe say to kick it off? Yeah, Jared, after 12 successive one-on-one meetings, I will make this number 13, which hopefully I can keep my energy level high. But look, thank you for the opportunity to speak. It's great to be with you. As Jared said, for many of you, we released a new slide deck last week before another conference, and the intention was to do a couple of things. Number one is to reinforce our commitment to our transformational journey, to ensure that we continue to invest in the really important areas of the bank that we think drives value propositions for our clients, which means we've got to continue to enhance our overall team member engagement. And so we're focused on generating higher engagement of our team and attracting new team members. Two, we have to build on a foundation of strong client loyalty. We talked about the fact that this past year, we were number three in the J.D. Power survey in the Southeast from a consumer standpoint. And on the Greenwich Awards, we finished 2024 with 25 awards, which puts us the fourth highest of any bank in the United States. So building on that foundation, we want to get through some of the short-term issues that exist within the industry and focus on normalizing a level of growth and returning to what we would consider normal growth in a great footprint in the Southeast. At the same time, we want to make sure that investors understand that we are focused on continuing to reduce our risk profile. It's obvious to us that part of the investment thesis is that we're in a great footprint. I think we have a great model, but there's a perceived level of risk that we want to minimize, and it starts with credit and one of the great updates that we had last week was that we expect the third quarter to come in at 25-35 basis points, so down from what we had seen earlier in the year, and as we had forecasted, we expected the second half of the year to come in lower than the first half. Two, capital levels. When we've talked with certain investors and others, we've seen that our CET1, although we feel that we have excess capital relative to some of the other banks that we're compared to, it was a little lower. So at 10.61% CET1, we're at the highest level we've been in over eight years. And then lastly, coming out of the Silicon Valley issue from last year, liquidity has been top of mind, and our team has worked to continue to grow core deposits. We're up 3%, year over year, which I think exceeds that of most of our peers. And at the same time, we've been able to bring down our wholesale funding levels by over 30%. So that helped to fortify our message and what we're trying to do. The update for the quarter was around the third quarter and updated guidance. It was really other than the credit message I mentioned earlier, we did say that revenue would come in a little lighter than what was originally anticipated. And that was primarily a function of the fact that our previous guidance had a December rate cut, not a September rate cut. So incorporating a September rate cut would provide a little bit of pressure on the margin in the quarter. As we shared with some of the updated disclosures, loans have begun to reprice. One month SOFR started to move at the beginning of September. And so as our loans are repricing, we're not going to see the deposit betas and reduction in deposit rates happen until after the Fed cuts rates. So that puts short-term margin compression that we're neutral to the front end of the curve, but it takes some time, say, ninety to a hundred and twenty days to have that play out. In the short run, it's about a $5 million-$7 million hit during the easing cycle for each 25 basis point rate cut. But again, when you come out of the other side, it becomes neutral. We were able to offset some of that revenue headwind with lower expenses, and as we mentioned, lower credit. So at net, the update should mean that EPS is largely in line with consensus or slightly better. But that was the genesis of why we did the slides. And I think at the end of the day, we spent a little time today at the conference explaining some of the nuances behind the update. Great. You know, maybe on the growth side, the loan growth side, you know, for the last few quarters, we've seen a little bit of a decline in the 0%-3% growth range. I think, you know, caught some people off guard early on, just given the strength of your markets and the growth in the markets. Can you talk a little bit about some of the puts and takes of what's behind that, where you're seeing some pressure? And I think, you know, maybe the payoff, paydown activity- Yeah levels as well. As we've, you know, talked about, when you look at loan growth, you really have to peel back the onion to see what's going on underneath with all the different levers. And so first and foremost, when we looked at second quarter, our production was actually up about 50%. Funded production, up 50%, second quarter versus first quarter. Now, in fairness, if you compare second quarter 2024 to second quarter of 2023, it's still about 10% lower. So although production's increasing, it's still not back to the levels prior to what we saw post the Silicon Valley crisis last year. Pipelines, as we entered the third quarter, were up about 8% over where they were when we entered the second quarter. So what that would suggest is that overall loan production is continuing to increase. Why aren't we growing loans and maybe why the revision down on the guidance? It really has to do with, number one, balance sheet optimization. One of the things that we've done throughout 2024 is ensure that we're putting our capital to the highest returning asset classes, and that we're doubling down on those businesses where we feel like they're relationship-based, and there's an opportunity to not only generate loan growth, but also liquidity and ancillary fee income growth. As such, when you look at the second quarter, we had two large headwinds. Number one, senior housing. We peaked at about $4 billion, and we felt like from a diversification standpoint, we want to bring down those balances, and so we brought those back down to about $3.5 billion, about $200 million of runoff in the second quarter, and that was strategic and intentional. We also ran off about $200 million in shared national credits in what we call our national accounts area, where we're buying into other folks' syndications. Again, intentional, trying to minimize the amount of capital that we're deploying into non-relationship asset classes. And then, when you add on the fact that the line utilization was off $250 million. So same line utilization, first quarter to second quarter, down $250 million. That was the $650 million headwind that some we anticipated with the restructure or the optimization, the line utilization, we didn't, and that's what's been bringing down some of the outstandings growth. When you fast-forward into the third and fourth quarter, we always anticipated loan growth to be loaded to the back of the year. We do expect CRE payoff activity to continue to pick up. We average, we've averaged over the last several quarters, about $550 million of payoff, pay down activity. Our normal average is around $750 million-$800 million. So we expect that activity to pick up, and then we'll see some pay down activities in the third, fourth, and maybe in the first and second quarter, almost as a catch-up. That's what's driving some of the headwinds. But without the optimization headwinds and without a utilization headwind, we think as productivity continues to improve, that we'll start to see that loan growth trajectory change. What would you say, you know, once you have those headwinds behind you, what's a good sort of long-term growth target for a company your size and your markets? Yeah, you know, it's hard to put an absolute number on it because you're trying to ascertain what the economy is growing. But we talk a lot about, you know, for us to be successful, we have to grow at about 100-200 basis points above the underlying market growth. So, if we're growing 3%, the economy's growing 3%, we think 4%-5% is winning because you're not only getting your fair share, but you're taking market share. And I would just tell you that, you know, when you look at what's driving the growth, it's the areas that we're investing. Middle market is up 8% this year. CIB is up double digits, or, I mean, it's doubled just based on its new size. Structured lending continues to grow. ABL continues to grow. Our core banking area, or I'm sorry, our commercial banking, community banking area grew for the first time in a long time. So the categories, those commercial categories that we've invested in, and we think are great asset classes and great relationship opportunities, they're all growing. And, and I think if we can continue to have that scenario where those businesses are growing and you remove those headwinds, you're gonna get outsized growth. Here on the utilization rates, you know, interesting that that keeps coming down. From talking to your clients, what's holding them back, you know, the existing clients, what's holding them back from using more? Is it the rate environment, the economic uncertainty, political uncertainty, and what needs to change to get that? I think it's all the above. It's, number one, they're still carrying excess cash. When we look at the average balance per account on the commercial side and compare it back to December of 2019, our commercial clients are still about 25% higher in average balance, which tells us they have excess cash to use. And when you look at the relative cost of having to use your line of credit, it's- they're, they're choosing to use their cash before they're drawing on that line, so that's first. Two, we do a survey every quarter, and we have 16,000 clients, so we have about 500 clients that respond to the survey. So maybe it's the same 500 clients, maybe it's new people each quarter. But for the first time in seven quarters, the number one concern was not inflation, but rather the election. And so as I think about that, it's less about whether you're hoping the Democrats win or Republicans win. It just shows you that they look at the election as having some fears of the unknown. And so as that outcome is known, I think you'll see people start to come off the sideline if that's holding them back. We've talked about interest rates, and I think lower interest rates will drive demand, but in many ways, if you're a commercial client and you're taking out a floating rate loan, you know, once you have some certainty that rates are coming down, I don't know that interest rates in and of itself would prevent you from borrowing money if you're really convicted that it's a necessary project, whether it's CapEx or whether it's building inventory or such. So I think the confluence of a lot of events, you know, getting the election behind us, lower interest rates, lower cash balances, a lot of those things should drive demand up a little bit. ... you know, in the Southeast, the Southeast is a strong geography overall. What other pockets that are better for you, that you're seeing better opportunities, and how is the competitive dynamic changing in the market? You know, the hard part about, you know, a competitive question, and we were talking about this earlier, there are 85 banks in Miami. There are 83 banks in Atlanta. I mean, heck, in Albany, Georgia, there's 15 banks. In Columbus, Georgia, there are 16 banks. So there's not ever a lack of competition. Regardless of the environment, you're always competing, and you're competing on all the facets of business, price, value, service, those things. So, the great thing about being in the Southeast, it's growing 2X the national average in population, 33% faster in household income growth, but everybody knows that. So you get a lot of new entrants. I've seen some de novo banks in Alabama recently. All that said, we don't expect competition to ever become easier, and that's why we have to continue to raise the bar on the things we do well. Now, you know, the way that we're able to offset that is, number one, continuing to attract the best talent. I mean, we're in a commoditized world at the end of the day, and how we deliver our services in a proactive basis is what I think differentiates our bank. And we talk about Synovus as being in that perfect size, where we have all the capabilities to compete with the larger institutions, but we haven't lost sight of what personal attention means to a client. And so we can compete with those smallest banks who do provide great client service. I think when we value how we're going to continue to grow, it's less about expanding our footprint. It's about adding more talent to increase density within the footprint we're in. It's adding new products and capabilities that allow us to sell more solutions, that deepen the wallet share and increase the profit per relationship. It's about adding specialty businesses that allow us to attract business not only in the Southeast, but across the US. You know, at the Investor Day, a few years ago, you laid out several key initiatives as future earnings growth drivers. Now that we're two and a half years or so away from those initial projections, which continue to drive the most excitement for you and which have become maybe a little less of a focus? You know, I think if we go back to Investor Day, everything there still excites me, but some have matured faster than the others. So when we rolled out Corporate and Investment Banking back in late 2021 into 2022, we focused on three verticals: financial institutions, tech, media, communications, and healthcare. And as we fast forward to today, we've made about $8 million year to date, PPNR, in our Corporate and Investment Banking business. And I think we're just starting to brush the surface on what we can achieve. You know, this last quarter, we had close to $3 million in capital markets income from that business. Loans are up to about $750 million, and I would suggest that, you know, we're doing all this with about 15 clients. So that's gonna continue to grow over time, and there's gonna be step movements in terms of its revenue growth, because we have 25 FTEs that are managing that business, and we're not having to add new resources to grow. So it's exponentially growing PPNR. Our Maast program, as I've talked a lot about, that's our money as a service technology. It's an embedded finance platform. You know, we rolled that out. We started to pilot it with some independent software vendors. And what I said on the second quarter earnings call is we pulled the product back and we're going back into the development phase to make sure that the product we have today not only functions in a scalable manner, but can actually be monetized by driving substantial fee income. And what I mean by that, is we went out and started onboarding clients with a payment facilitation capability, hoping that with that payment facilitation capability, we would start to garner new deposits, and the fee income from that would be achieved through money movement and through the payment facilitation. What we found with the initial offering is that we missed some of the payment facilitation fee income, and we were putting too much effort around the depository side. And so, with new leadership, we've refocused the product. We're gonna focus it more on our ISO business, our merchant acquiring business. It's still a viable solution with products that I think will generate good fee income growth and some deposits to go with it. But like anything else, you know, we need to make sure that what we're delivering is not just an MVP product, but something that gives us something that's exciting to those end users. And so it's not where we thought it would be now, but we haven't spent a tremendous amount of money getting this here. So going back and retooling the product and refocusing it, we still think it can be a money maker for the bank. Outside of that, I think some of the other areas we've invested heavily in, analytics. On the consumer side, we have a suite of products where we provide insights to the bankers, insights to our consumers, that drive the opportunity to present a new sale. And although the revenue numbers are small at this point, it's growing 50% a year on what we attribute as new sales that were a direct result of an insight to the banker or to the client themselves. We've added a lot of new products in our treasury area, an FX product that now has been growing over 100% a year in revenue. We've added an accounts payable platform. So generally, I'm very excited about all the things that we've done. What I'm really excited about is getting those, all those products and all the businesses to a point where it's just growing, and we're able to grow an expense base that won't be growing at the same pace the revenue is. Maybe drilling down on a couple of those, you know, around... It seems like the regulatory uncertainty around banking as a service. The scrutiny has certainly increased this year. How has that changed your view, more specifically around Maast? I think we went into that business understanding the challenges, not only from a regulatory standpoint, but just from a compliance standpoint, and our Maast product is less about supporting some of the other fintechs. It was more around a payment facilitation platform that also had checking products and treasury products, so when you think about payment facilitation, it's something that we know very well. Synovus, for many years, has been a sponsor bank, which means that we work with merchant acquirers to give them access to the Mastercard and Visa rails, and today, that business at Synovus earns us between $15 million and $20 million a year, so extending the Maast product with a digital banking solution was really more of an extension of what we're already doing from a payment facilitation. So it wasn't as big a risk for us because we've already been doing something in that domain for some time. And two, you know, from an AML BSA perspective, for relationships like GreenSky and others that we've had, we've really bolstered our teams around AML BSA and fair lending to ensure that we're dotting the I's and crossing the T's. So we didn't view Mastercard as being a real big risk like some of these other banks that just go out and deal with a lot of Fintechs and are onboarding a lot of different clients from a lot of different platforms. You mentioned the success in CIB and the growth you've seen there. Is there an opportunity for that to expand beyond the initial targeted industries? How do you see that integrating more with the rest of the bank as that matures? Absolutely, as an opportunity. You know, when you focus on three initial verticals, the perfect plan would be as we achieve some level of scale within those verticals, you start adding another vertical, but one of the things that we've been very clear on is that we're not gonna go out and build it and hope they come, so you won't see us go from three verticals to twelve verticals. We'll add three, they'll produce, we'll generate a lot of revenue, a lot of pre-provision net revenue, and then it'll earn us the right to go do another vertical, and I would submit to you that our success is really predicated on the talent that we're able to acquire on the CIB side. Now, if we were able to get a team of bankers in that we felt that it fit our culture and generated a substantial level of growth, we would invest there tomorrow. But generally speaking, we wanted to put this thing on sort of a treadmill where we build up these three, earn money, and then add more or add a sub-vertical under there. But, I think it's proven out, just based on the positive PPNR, that we can be relevant in this space and that we should be looking for additional opportunities. You know, similarly, on the treasury side, you've expanded with, with Accelerate Pay and integrated payments. How has that changed your, your expectations with, with some of the, the goals you have in treasury? Yeah, I think, you know, one of the things you guys should know on the treasury side, when you think about investment, there's never a finish line. I think that's the one area where innovation continues to ring loud, for me, in terms of investment. Because our commercial clients, if you go back twenty years, fifteen years, where all the discussion was around consumer digital, innovation, I feel like the digital applications that our consumers use today are largely mature, in that the functionality that's desired by our clients are largely three or four things. It's money movement, it's checking your balance, it's paying bills, some additional services like financial planning or budgeting. But when you think about what we're spending on the consumer digital side, it's more self-serve things, sending your own wire, doing things online that you used to have to do in a branch or through a call center. On the commercial side, it's all new products. It's trying to streamline back office operations for these commercial clients and integrate our commercial platform into their ERPs. And that's so important because if you're able to integrate your commercial platform into the client's ERP, the ability for a client to move is very challenging. It, you know, it's very difficult to unplug that platform and switch banks. So it creates a stickiness, number one. That's great for our existing clients. It's really bad if we're trying to attract a new client. So our accounts payable platform was a capability that would streamline clients' ability to send payments. We've done the same thing on the receivable side, a whole new platform there. I mentioned earlier, we have an FX platform. We're today working on a better onboarding tool, so when our clients come on, it's easier to be able to get them set up on our platform for the reason I mentioned earlier. If they're gonna move, you better make it easy. And down the road, we have some other things we're doing, like cash forecasting, where we're looking at tools to allow our clients to better manage their cash. It's something we'll have to continue to invest in. Our business has been growing about 16% a year. And if you look at 2020, I was looking at a slide the other day, our treasury team was making about $50 million a year. This year, that number will be almost $90 million. And so it's not only a revenue driver, it's a satisfaction driver, and it's one that allows us to differentiate our offerings. When you're sitting in front of a prospect, it's now not just leading with credit, you can lead with new products and new solutions. I guess along those lines, you know, capital markets had a strong second quarter. With the update in the slides, it seems like third quarter may be a little bit weaker from there. How should we be thinking about sort of a good run rate longer term in capital markets? You want to take that one, Jamie? Sure. You know, capital markets, first, the second quarter was very successful in capital markets. And when you look at it, we had three different line items that had more than $3 million in revenue, which just shows the diversity and the focus of our growth in that business. And so we're very pleased with what we've seen there. And I think that's a testament to how sustainable it is, that we can continue having these strong, you know, strong quarters in capital markets going forward. Also, diversity of the source of the business. You know, we had CIB contributing a few million dollars. We had middle market, commercial, you know, everything from swap fees to debt capital markets, to lead arranger fees. It was a very successful quarter. The reason for the revision down was because-... And we mentioned this on the earnings call in July. We do have some lumpy deals out there that we still believe will happen. They're just getting delayed, and so that's leading to that revenue getting pushed out. We're not sure when it will happen. We still believe it'll happen, but it could be the fourth quarter, it could be the first quarter, but it's more a timing issue than anything changing in the core business. Maybe just want to add one thing to that. So to your point on sustainability, when you look at the categories Jamie mentioned, derivatives, as loan production increases, derivatives should increase. Syndication and joint arranger fees, as loan demand increases, they should increase. If you look at DCM, we've really just started participating in DCM, so as we do more activity and have larger clients, that will increase. FX is another category in there. Again, we just rolled out the new platform last year. It represents 11% of the category. It should continue to increase. So when you look at the categories Jamie mentioned, all of them have the ability to grow. It's not like we've hit some sustainable level, and it's not going to grow from here. Loan demand and activity should be a catalyst for growth in those categories as well. Great. Let's go to the questions for the audience. And also, we'd love to open it up to Q&A. So if anyone has any questions after we go through these four, I'll ask you to raise your hand. So first question we've asked everybody is, what's your current position in the shares of Synovus? Overweight, market weight, underweight, or not involved. You can use your BlackBerry and click the right answer. This could make us really sad here. Yeah, I- I don't know if this is a good outcome or not. Yeah. We'll see. It's still a few more coming in. So, you know, it looks like, you know, this is a theme we've seen at all the mid-cap banks so far is not involved. So it feels like there's a lot of potential and opportunity with investors that are starting to look at the space or reengaging in the space. 24% overweight, 14% equal weight, and 10% underweight. Second question: Which segment of the bank will help Synovus differentiate itself the most over the next five years? The core middle market C&I, the specialty C&I, treasury and payment solutions, like we were just speaking about, CIB or Maast? Having a vote here. You can't answer yet. All right, let's see. The core middle market C&I, I guess, you know, taking advantage of the strong geographies and the strength of the relationships, treasury and payment solutions, number two. Third question, net charge-offs are expected to be lower in the second half versus first half. Where do 2025 net charge-offs end up? Less than 20 basis points, 20-30, 30-40, 40-50, or greater than 50. Jamie, you can answer if you want. Hmm. Almost, 30-40, 20-30, number two, and then greater than 50, number three. And the last question, which would have the most impact on improving Synovus's valuation? Above-peer loan growth, better relative margin performance, stronger fee growth, better expense control, credit quality outperformance, more active share repurchase, or an accretive bank acquisition. Better relative margin performance, credit quality outperformance, and accretive acquisition is number three, and zero for buybacks. Great. Well, that's. That's informative for us. Yeah. There you go. Any questions? Let's see what the audience has. Raise your hand, and we can give you a microphone. No? Shy, shy audience today. All right, well, we can jump into it. I guess, you know, with the discussion around margin outperformance, maybe for you, Jamie, if we end up seeing a 50 basis point cut first versus a 25, how does that change your expectations around sort of the dynamic of margin and NII in the near term? A few things. First, you know, when we model our sensitivity, and we've spoken about a 40-45 beta in the easing cycle on deposits, we believe that we're neutral. So we believe that, you know, where we go into the easing cycle on the margin is where we're going to come out. So that's, you know, once deposits fully reprice, we can talk about the lag impact, and that'll be a margin and NII headwind during the cycle, but we believe that we're neutral overall once we come through it. 50 basis points next week would do a couple of things. One, it would cause the lag impact to be less because the market is not forecasting that. So if we get hit with a surprise 50, well, that's less lag because your loans have been repricing less leading up to it. That's a positive. The second thing that's a positive is, we believe that if you go 50 basis points at a time, that that is an easier client conversation about a pricing exception, deposits down. We think that that's a positive. When we look at our deposit base, 25% of our deposits are higher cost, really exception-priced, non-maturity deposits. Those are the ones that, you know, our RMs are already teed up. We're ready to go, but for them, that's probably an easier conversation to call the client when the Fed goes 50. We think that that leads to a higher rate on the way down, and perhaps quicker as well. ... you know, despite the securities restructuring, and the step up in yields expected this quarter, it looks like overall asset yields will still be mostly flat. Can you talk about the dynamics there, and if there's any sort of specific headwinds that we should be paying attention to, besides just the, you know, interest rate pressure overall? Specifically for this quarter? This quarter, going into, yeah, I mean, through the rest of the year. We did the repositioning with securities portfolio, and so you had part of that impact the second quarter, part of the incremental impact this quarter. So that's - that'll be in this quarter. But you're right, loan yields are pressured by the moves, you know, on the floating rate side, by the moves and so forth. We have $19 billion of loans that reprice monthly based off one month SOFR. We have $2 billion of loans that reprice quarterly off of three months SOFR, and we have another $2 billion in loans that reprice off other indices. But a lot of that is one-year treasury, and so those reset monthly. And so that has been impacting the NII this quarter. But longer term, we do have the benefit of fixed rate asset repricing. That's gonna come through over the next few years, and it's gonna be a steady tailwind to the margin. Okay, great. Yeah, maybe shifting on to the deposit side. It's been a tough environment for deposits and liquidity over the past eighteen months. What have you learned about your deposit base over this time, and how is that informing the strategy going forward? Yeah, look, I think it's a question that was top of mind for that eighteen months. Everybody wanted to test this theory that regional banks primacy was being challenged, that you weren't too big to fail, that your depositors would take their money and run. And I think, you know, nobody wants to put the headline out after they said it, but that was incorrect. I mean, I think what we've learned about our deposit base is that it's extremely sticky. Our average depositor at Synovus has been with the institution for eighteen years, and they bank with us not because the size of our balance sheet; they bank with us because of the capabilities we bring, and the service that's provided. And ultimately, there's a level of loyalty there. When you look at our Net Promoter Score through J.D. Power, it didn't get to 66 from not meeting people's expectations, so although there was great drama around, you know, deposits leaving the regional bank system, we just didn't see it. Now, a couple of things that we've done and that we've done in the past that were beneficial during that time. You know, many other banks were looking to IntraFi during this cycle, to move balances over to that platform to provide 100% FDIC insurance. We had set up that product two years prior to the crisis, because we knew as you go larger with certain clients, certain individuals, whether it's an LP with an investment or a not-for-profit foundation, they may want to get 100% FDIC insurance. So we already had it set up. So when people were concerned, we were able to move over. I think it peaked a little less than $2 billion into that IntraFi product to give them 100% insurance. So when you fast forward, you got through kind of the short-term concerns. Jamie and I had hundreds of meetings with clients to talk about the safety and soundness of Synovus, and in many cases, it led to those individuals buying stock in Synovus because they had seen that maybe it was oversold at the time. But we've learned that we have an extremely sticky deposit base. Now, that's the positive. On the negative side, we have agreed that one thing that will allow us to grow and expand the margin, like you guys want, is to continue to grow low cost core operating deposits at a pace faster than our competitors. If we look back over the hundred and thirty-five-year history of Synovus, for many of those years, a hundred and twenty-five, we were largely a CRE bank. So CRE clients don't typically carry a bunch of excess cash. And so when we fast forward to the last ten years and the investments we've made in Treasury and our expansion of things like middle market, we've focused more on the core operating deposits. And so as such, since that time frame, we've grown our core deposits about 3%, and that's healthy. Our cost of deposits are a little higher than we would like. It's higher than the median. And so what we're doing today is ensuring that our go-to-market strategy every day is about delivering full relationships, getting the operating accounts, making sure that we're not doing loan-only relationships. One of the tricks that we've learned from some of our competitors is that you have to have some deposit-only verticals. That when you look at other banks our size, you know, we were out there competing, trying to get deposits just from our core operating businesses, and what we've seen is that some of our competitors have verticals. So we've added a couple of verticals. We'll talk more about those in the coming years as they start to bring on some lower-cost deposits, and hopefully, that will allow us to continue to grow loans, as I said earlier, at a faster pace, when we're able to bring on some of these core operating deposits in those verticals. That's something that we've learned, and ultimately, it'll be something part of our go-to-market strategy as we continue to roll out new verticals going forward. You know, on that point, when you look out over the next year or two years, where do you see the most core deposits coming from, I guess, at this point, sort of the incremental new dollar? Yeah, it's, you know, we, you know, so if you think about, you know, growing at that mid-single digit level, it means we need to grow between $1.5 billion and $2 billion of deposits every year. And if I told you that it would come from one area, I think we would be short-selling our teams. I think it has to come from every area. So in retail, we got to make sure that our 248 branch locations are selling to existing clients and generating new deposits. And one of the things I should mention, Jared, really, really important to this equation, you know, the headwinds that we've seen over the last eighteen months, maybe two years, have really been a function of the diminishment and the average balance per account. Some of the growth that we could see is when those average balances reach a level that we start to now see augmentation, where we're starting to see average balance increases. Each quarter, the diminishment has gotten less and less, and so we're getting to a point where maybe in the near future, with inflation starting to normalize, you could see augmentation, but we need to get growth in retail. We have to have strong growth in our community bank, which is small business and business banking. We have to have growth in our middle market area. These verticals have to deliver. So we have some, the ISO sponsorship areas looking to grow deposits. We really need all of our businesses generating deposit growth. That will allow us to have more than enough capacity to continue to grow loans, but most importantly, to manage the margin with a lower cost. Maybe shifting over to credit. You know, in the slide update, there was a you know, overall improvement in sort of the credit expectation. Where are you seeing the most surprise benefit, and where are you still focused as an area of concern? Yeah, we, we've talked about this a lot today. What I'm not signaling is that we're through the cycle, and there's not going to be any other losses, right? There's the number of losses are going to continue, and most of them have been coming from the C&I side, right? And that's what we've been talking about, is that there's been a lot of discussion around CRE, but we've seen very few losses, the number of losses in CRE, and the majority have been on C&I. What gives us great confidence in projecting 25-35 in the third quarter and talking about the second half of the year being lower, is really, we look at those non-performing assets that we have. About 80% of the non-performing assets are comprised of 12 credits. All twelve of those are C&I credits, and we're going through and looking at the loss content in those underlying credits. Comparing that back to third quarter, fourth quarter, and first quarter of this year, the loss given default of what we've had to this point has been abnormally high. There was a large credit back in third quarter of 2023 that had 100% loss content. Our one large office charge-off in fourth quarter was about a 50% loss, and then in first quarter of this year, we had another C&I credit that was about a 30% loss. Those are abnormal. And so as we look at these new credits and we work through their valuation or their liquidation, we expect the loss given default to be much less, and that's what gives us confidence. There's really been nothing we've seen at this point that's given us any concern outside of what we've already seen. The only thing I would mention to you is that you should expect to see our credit metrics not move in a linear fashion, but rather there can be some lumpy quarters where you could see NPAs pick up or criticized and classified increase. The next quarter, they may go back down, because as we're in this environment, we're going to be hypersensitive to ensure that any credit that has deterioration, we're going to downgrade. And we're not the quickest to upgrade those credits. Once they are downgraded, you need to see several quarters and maybe even a year of better performance before you upgrade it. So you could see some lumpiness in some of the metrics, but I don't think that will translate into having higher losses as a result. Thanks. And maybe just as a final question, as we wrap up here, capital management. You've been buying back some stock. You still have an existing authorization. How are you looking at that? And, you know, in response to the audience answer, doing an accretive acquisition, what's your appetite for M&A? What do you think the regulatory environment is right now for even, you know, presenting a deal if there was one? Yeah, you start with capital, and I'll end with M&A. Since no one cares about- Actually, really, currently. But, look, as we think about that, it's our intent to maintain capital ratios near the area where we are right now. We're at 10.6% CET1. We're using share purchases to try to stay in that area. I mean, this quarter, we're not forecasting much loan growth, so you should expect to see share purchases like what we have announced in the deck last week. Going forward, we'll just continue down the same path. We have authorization to do whatever we need to do. We'll just continue to manage that into the fourth quarter. And then I love the enthusiasm of the audience, so I love that you're talking about it, but our focus is on Synovus, and we're investing in our business. We believe that you have to earn the right to do M&A, and we think that the investments that we're making today are going to generate better growth, and they're going to generate strong returns. Maybe somewhere down the road, we talk about M&A, but that's not on the front burner for us. I think to your point, just given the election, people believe that the regulatory environment could potentially ease. But I think today, if you have a deal, and I'm not talking about the mega deals, but if you have a deal that you present to the regulators and you have a pretty good bill, clean bill of health, as it relates to AML, BSA, and compliance, I think you can get a deal approved. I think it's those that have a little hair on them that are harder to get approved, and when they have tremendous overlap and they're wanting to close a lot of branches. Great. Thanks very much. Please, join me in thanking the team from Synovus for presenting today, and hope you have a great rest of the day. Thank you.