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Good morning, and welcome to Byline Bancorp Second Quarter 2026 Earnings Call. My name is Ben, and I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. If you would like to ask a question, simply press the star followed by the number 1 on your telephone. If you would like to withdraw your question, press *1 again. If you are listening via speakerphone, please lift your handset prior to asking your question. If you require operator assistance, please press * then 0. Please note the conference call is being recorded. At this time, I would like to introduce Brooks O. Rennie, Head of Investor Relations for Byline Bancorp to begin the conference call.
Thank you, Ben. Good morning, everyone, and thank you for joining us today for the Byline Bancorp Second Quarter 2026 Earnings Call. In accordance with Regulation FD, this call is being recorded and is available via webcast on our Investor Relations website along with our earnings release and the corresponding presentation slides. As part of today's call, management may make certain statements that constitute projections, beliefs or other forward-looking statements regarding future events or future financial performance of the company. We caution that such statements are subject to certain risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed. The company's risk factors are disclosed and discussed in its SEC filings. In addition, our remarks and slides may reference or contain certain non-GAAP financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure can be found within the appendix of the earnings release. For additional information about risks and uncertainties, please see the forward-looking statements and non-GAAP financial measure disclosures in the earnings release. As a reminder for investors, during the quarter, we plan to participate in two upcoming conferences: the Raymond James Bank Conference here in Chicago on September 9 and the Stephens Bank Forum in White Rock in September. With that, I will now turn the conference call over to Alberto J. Paracchini, President of Byline Bancorp.
Great, Brooks, and good morning, everyone, and thank you for joining us to go over our second quarter results. With me today, as usual, are our Chairman and CEO, Roberto R. Herencia; our CFO, Tom Bell; and our Chief Credit Officer, Mark Fucinato. In terms of the agenda for today, I will kick us off with the highlights for the quarter, followed by Tom, who will take you through our financial results. I will come back to wrap up before we open the call up for questions. As always, you can find the deck for this morning on the IR section of our website, so please refer to the disclaimer at the front. Before we get started, I would like to pass the call over to Roberto for his comments. Roberto?
Thank you, Alberto, and good morning to all. We appreciate you joining us today and taking the time to engage with Byline. Please excuse my voice, which has not been a friend in the last few days. Our second quarter results were excellent: record net income. The consistency of our execution continues to shine. We are very proud of the work our people do, and we thank them for another strong quarter. We are also grateful to our board of directors for their engagement, support, and quality of advice. When we started the creation of Byline, Alberto and I were intent on having a board of directors that could really serve us well: a board with different experiences that could make us better. I believe we have achieved that from day one. Our objective remains clear: to become the preeminent commercial bank in Chicago. This is not about being the biggest bank or pursuing scale for scale's sake. Success for Byline is defined by the quality of our customer relationships, the strength of our credit discipline, the talent of our people, our relevance to middle-market businesses throughout the markets we serve, and, of course, what we do for our shareholders. We have built a relationship-driven commercial bank grounded in the principles that have long defined successful commercial banking organizations: exceptional talent, disciplined underwriting, local decision making, and a commitment to serving customers over the long term. We believe those fundamentals remain enduring competitive advantages. I have been hearing the scale argument for a long time — that if you do not buy banks you will not be able to compete — and here we are 45 years later, and it is still the same argument. Scale matters, but only to the extent that it allows us to serve customers well, attract talent, and invest in capabilities. I think scale matters to a lot of banks that are not clear on their purpose and objectives. We believe we have a significant opportunity in front of us and Byline will likely be a much larger organization in the next three to five years. That growth will come first and foremost organically, and it will be disciplined. It will come from deepening customer relationships, growing deposits, maintaining strong underwriting standards, attracting quality bankers as we have done, and selectively pursuing strategic opportunities that are within the metrics we have discussed with the investment community. The area that continues to differentiate Byline is our people. During the quarter, Byline was recognized as one of the 25 best workplaces in Illinois, marking the third consecutive year we have received that distinction. Recognition is especially meaningful because it is based largely on employee feedback and reflects the culture we continue to build across the organization. We have long believed that engaged employees create better outcomes, and recognitions like this reinforce the strength of that philosophy. I would also like to recognize our SBA team. Byline was recently named the Illinois SBA 7(a) Lender of the Year, marking the 17th consecutive year we have received that recognition. We were also recognized as an Illinois SBA Export Lender of the Year. Consistency like that does not happen by accident. It reflects the expertise of our SBA professionals, the strength of the customer relationships, and our long-standing commitment to helping small businesses access capital. We are delighted with our performance throughout the first half of 2026. More importantly, we think we are very well positioned for the second half of the year. We have a strong capital base — Tom will talk to you more about that — and we have a talented and engaged workforce and a strategy that remains focused on long-term value creation. With that, Alberto, I will turn it back to you.
Great. Thank you, Roberto. Picking up on the theme of execution, this quarter felt like a good example of what disciplined execution looks like in practice. We grew profitability, continued to manage risk carefully, and, more importantly, continued to deliver value to our shareholders. Record net income and excellent profitability really stood out this quarter. Let's start with that. We delivered net income of $40.2 million, or $0.90 per diluted share, up from $37.6 million and $0.83 last quarter. Excluding significant items, adjusted EPS was $0.91 per share, up 10% linked quarter and 21% year-over-year. For the quarter, return on average assets was 1.63%, up 7 basis points linked quarter. Return on tangible common equity was just under 14.5%, up 70 basis points. Pre-tax pre-provision ROA came in at 2.49%, up 20 basis points, which marked our 15th consecutive quarter above 2%. Noninterest expenses remain well managed and declined this quarter while revenue grew. Our efficiency ratio improved 85 basis points to just under 47%, our fourth consecutive quarter of improvement and our best since becoming a public company in 2017. Put another way, we generated positive operating leverage: revenue of $118 million was up 4.7% while expenses moved lower. That combination drove the improvement in returns. Tom will walk you through the details shortly. Before I finish with the rest of the highlights, I want to spend a moment on the operating environment since it provides a backdrop to much of what you will hear. We came into the year expecting rates to come down, and once again that has not played out the way we or the market expected. Strength in the labor market combined with firmer inflation points to a higher-for-longer rate environment for the balance of 2026. Against that backdrop, demand for credit remains solid, particularly in our C&I book. We are seeing price competition pick up, particularly in commercial real estate. On the liability side, competition for deposits remains elevated and it is largely a function of banks competing to fund loan growth with deposits. We think this environment rewards discipline over volume, and that theme runs through the rest of what I will cover. From a balance sheet standpoint, trends remain stable with total assets ending at $9.9 billion. Deposits increased 3.5% to $7.9 billion reflecting growth in interest-bearing deposits, while loans grew 4.2% to $7.6 billion. Net interest income was $101 million, consistent with previous guidance even as our margin moved marginally lower. I'll spend a second on the margin since it is a natural area of focus given what I just described on rates and competition. Our margin declined slightly for the quarter largely due to mix changes, but remained stable and healthy at 4.28%. That said, we managed the business to grow net interest income in dollars, since it is what drives profitability and returns, not to a specific margin level. When we see opportunities to add high-quality, relationship-oriented business that is accretive to earnings, even at a somewhat lower spread, we are going to take it. Tom will cover specifics on the margin drivers shortly. On the asset quality front, credit costs for the quarter were $7.2 million driven by net charge-offs of $4.4 million and a reserve build of $2.8 million. Our allowance now stands at just under 1.5% of total loans, up 2 basis points from last quarter. NPLs stood at 92 basis points, essentially flat year-over-year. Our capital levels remain well above regulatory requirements across the board, providing us significant flexibility. TCE increased to just under 11.5%, CET1 increased to 13.0%, and our tangible book value per share increased 14% year-over-year to $24.48. During the quarter, we repurchased approximately 275 thousand shares, totaling $9.1 million, leveraging our capital flexibility. Between dividends and share repurchases, our total payout ratio to shareholders for the quarter was 36%. In addition, yesterday our board approved a 16.7% increase in our quarterly dividend to $0.14 per share, which will be paid in the current quarter. This reflects the strength of our capital position and the earnings profile of the company. I want to take a minute to talk about how we think about capital allocation more broadly. We look at share repurchases the same way we look at any other use of capital — against the returns we could otherwise generate by deploying it to support loan growth, invest back into the business, or opportunistically pursue M&A. Our approach is to keep building capital and return it in a disciplined, thoughtful way, which gives us flexibility to play offense as opportunities arise. With that, I will turn the call over to Tom who will walk you through the financials.
Thank you, Alberto, and good morning, everyone. Starting with loans on Slide 5: total loans increased at a 4.2% annualized rate and ended at $7.6 billion for the quarter. Origination activity was solid at $234 million in new loans while payoffs were elevated at $339 million. We are seeing higher payoff activity rather than a pullback in originations as we recycle acquisition loans into new customer relationships. Loan commitments grew slightly during the quarter while draw activity on existing lines supported loan growth. Line utilization increased to 60% from 59% linked quarter. Our origination activity remains healthy as we head into the second half of the year. Assuming payoff activity normalizes in the back half of the year, we expect full-year loan growth in the mid single digits. Turning to Slide 6, total deposits were $7.9 billion for the quarter, up 3.5% annualized from the prior period. From a mix perspective, growth was driven by interest checking balances, which was partially offset by lower money market balances. Our loan-to-deposit ratio ended the quarter at 96%, up 16 basis points from the prior quarter. We remain disciplined on pricing and continue to prioritize relationship deposits over more rate-sensitive funding. Turning to Slide 7, net interest income was $101 million in Q2, up from the prior quarter and within our $99 million to $100 million range we provided last quarter. The increase was driven primarily by favorable day count, partially offset by higher funding costs. The net interest margin remained healthy at 4.28%, declining 5 basis points from last quarter. The decrease was primarily driven by higher funding costs related to a maturing balance sheet hedge and changes in earning asset mix. We remain focused on growing net interest income, which we did this quarter. Given the rate outlook and our balance sheet forecast, we expect net interest income to be in a range of $100 million to $102 million for the third quarter. Turning to Slide 8, noninterest income totaled $17 million in Q2, an increase of $4.3 million or 35% compared to the first quarter. The increase was primarily driven by favorable fair market value marks, higher gain-on-sale revenue, and stronger swap fee income. Gain-on-sale revenue totaled $6.1 million compared to $5.5 million in the prior quarter. Additionally, Wealth Management surpassed $1 billion in assets under administration. We expect gain-on-sale revenues to average $5.5 million per quarter and our noninterest income to be in the $14 million to $15 million range for the third quarter. Turning to Slide 9, expenses came in at $56.5 million, down 1.2% from the prior quarter. The decrease was primarily driven by lower salary and employee benefits, lower occupancy expense, and lower OREO-related costs. We continue to focus on operating efficiencies and expense discipline. As a result, our adjusted efficiency ratio was 46.5% compared to 49.8% last quarter, and our noninterest expense to average assets improved 8 basis points to 2.29%. Looking forward, our noninterest expense full-year guidance remains unchanged at $59 million to $60 million per quarter. Turning to Slide 10, credit quality trends remain favorable this quarter. Net charge-offs were $4.4 million, or 24 basis points, down from 32 basis points last quarter. Criticized loans declined to 3.9% of total loans, down from 4.5% on a linked quarter and year-over-year basis. Nonperforming loans were $69.1 million or 92 basis points of total loans, up marginally linked quarter and flat year-over-year. Our allowance for credit losses was $112 million or 1.48% of total loans, up 2 basis points from last quarter, driven primarily by an increase in the individually assessed category. Overall, credit trends remain consistent with our expectations. Moving on to capital on Slide 11, capital levels grew across the board during the quarter. Tangible common equity increased to 11.4% and CET1 increased to 12.9%. Our capital position remains a competitive advantage, providing flexibility to support growth, return capital to stockholders, or pursue strategic opportunities. With that, Roberto, back to you.
Thank you, Tom. To wrap up, let me give you a few thoughts on how we are thinking about the rest of the year. First, this quarter's results reflect work that has been underway for several quarters, and we see room to keep building on it through the same focus on disciplined execution. Second, given the environment — solid but selective credit demand and sharper loan and deposit competition — we intend to stay disciplined rather than chase volume or spread that does not compensate us properly for the risk. Third, credit quality remains a priority. The trends this quarter support that our underwriting and portfolio monitoring are working as intended, but we need to stay vigilant given the evolving macro environment. Fourth, we continue to prepare for crossing the $10 billion asset threshold, and that preparation informs how we think about growth, expenses and capital. Looking ahead, we enter the second half of 2026 with solid momentum. Our pipeline remains healthy and we believe we are well positioned to capitalize on opportunities and continue to create value for our shareholders. With that, Ben, let's open the call up for questions.
分析師問答
We will now begin the question-and-answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first caller comes from the line of Nathan Race with Piper Sandler. Nathan, your line is open. Please go ahead.
Hey guys, good morning. Thanks for taking the questions.
Good morning, Nate.
Roberto, I appreciate your commentary around the healthy pipeline. I think Tom alluded to a mid single-digit growth expectation for the year, but with loans up roughly 1% annualized through the first half, that would imply a ramp to the high single-digit range for the back half. Could you shed some light on the visibility you have into payoffs in the back half of the year and how you expect production to trend?
That's a great question, Nate. The most uncertain area tends to be the timing of payoffs. Our guidance on loan growth has consistently been in the mid single-digit range, and historically we have sometimes exceeded that. Our level of originations has continued to be pretty consistent over recent quarters. The part we're less confident about is payoff activity, which is the variable that is more challenging to forecast. Much of the elevated payoff activity over the past couple of quarters has been related to recycling acquisition loans into new customer relationships, which is something we anticipated. We think we are past the bulk of that elevated payoff activity, but the volatility of payoffs will ultimately impact ending balances and reported growth rates. When we run the business, we focus on sustaining mid single-digit organic growth funded with core deposits. So while payoffs add volatility in the short term, the underlying originations and pipeline give us confidence in that mid single-digit growth framework.
That helps, and I appreciate the commentary around the acquired portfolios. On expenses, the guide for the back half of the year implies a step up from the first half. Where are you seeing that upward pressure? Is it tied to additional hires you anticipate in the back half, or other factors?
Hi Nate. The increase is primarily in employee-related expenses: higher salary and benefits, including health care costs. We also expect higher commissions in the second half of the year tied to production. So most of the upward pressure is compensation related.
Understood. Thanks.
To add a bit of color, we are seeing attractive talent opportunities in the market. If we were to hire or add a team outside the normal course, we would call that out and separate it from run-rate expenses. The market has some flux and opportunities to add high-quality bankers, and that potential is embedded in the guidance.
Thanks. On capital deployment and M&A: you have a 'high-quality problem' in how quickly you are building capital given the profitability profile. What are you seeing on the M&A front these days, and can you remind us how you think about appetite for buybacks and earn-back periods?
You're right that the capital build is strong. We consider M&A, buybacks and dividends as part of the same capital allocation framework. The M&A environment is active, particularly in the under-$10 billion bank space, and conversations are constructive, but we remain disciplined. Absent an M&A opportunity, we view buybacks as the way to return excess capital to shareholders. We look at buybacks the same way we assess other uses of capital — against returns from loan growth, investments in the business, or acquisitions. We will only pursue opportunities that meet our discipline.
Appreciate the color, and hope you feel better, Roberto.
Thank you, Nate.
Your next caller comes from the line of Brendan Nosal with Hovde Group. Brendan, your line is open. Please go ahead.
Hey, good morning, everybody. Hope you are doing well.
Morning, Brendan.
Starting on asset quality: a lot of nice trends this quarter on Slide 10 — criticized assets and classified assets cleaned up. Can you offer color on what you worked out this quarter, how you managed to avoid meaningful loss content, and any broader observations on the health of your commercial borrower base?
I'll let Mark take this, but a general comment: our bias is to be quick to downgrade when we see weakness. We'd rather downgrade early and then upgrade if performance improves. That said, Mark, I'll pass it to you.
Thanks, Roberto. Brendan, the reduction in criticized and classified loans was driven by a few specific situations. First, a few large deals that had been performing much better and showed sustained improvement, which justified moving them back to a lower risk rating. Second, we had a large resolution from a workout situation where an operating company sold a mortgage exposure and paid off our exposure completely; that was a nonperforming loan against which we had reserved, and we saw a recovery on a prior charge-off. Those three items — performing large credits being re-rated, the full payoff from a workout, and a recovery on a prior charge-off — drove most of the quarter-over-quarter improvement. Our portfolio tends to have idiosyncratic situations, and we do not see a trend across asset classes that concerns us.
That's helpful color, thanks. On deposit competition, can you unpack the environment more? What institutions are pushing pricing, how has it evolved over the year, and what's the current temperature on funding competition versus the prior six months?
It's interesting to note larger institutions are coming back into commercial real estate, particularly multifamily and industrial. That aligns with what we've seen for a couple of quarters and is linked to clarity around Basel III and risk-weighted asset expectations. Where larger banks had pulled back previously, they are now deploying more capital into those asset classes. Transaction activity is lower than before the rate hikes, so there's more capital chasing fewer deals, leading to compression in pricing in certain CRE segments. As for the rest of our businesses, C&I is always competitive — that's the nature of relationship banking. We continue to prioritize funding that growth with core deposits.
On the commercial deposit side, it's business as usual: relationship pricing is competitive, but not at extreme levels. Core deposits remain stable and low cost. If institutions are trying to incrementally increase deposit balances through consumer channels, we are seeing extension in CDs as the market anticipates potential rate moves. Our book has been short in duration because of expectations earlier in the year for rate cuts that have not materialized. So while you may see higher pricing in the short curve, spreads have not materially changed and pricing remains relatively rational.
Okay, thank you. I appreciate the thoughts.
Thank you.
Your next caller comes from the line of Brian Martin with Brean Capital. Brian, your line is open. Please go ahead.
Good morning, everyone.
Good morning, Brian.
On credit quality: the SBA book has become a smaller portion of the total as other businesses have grown. Should we think about charge-off trends being a bit lower going forward as the SBA footprint becomes a smaller share and the commercial piece grows? This quarter had some recoveries — is that a fair way to frame it for the out years?
That's an acute observation and yes, that's accurate over the long run. In the short run, we still think charge-offs will be in a 30 to 40 basis point range, and the last couple of quarters have been toward the lower end of that range due to recoveries. Over time, as higher-yielding, higher-risk assets like SBA become a smaller piece of the portfolio, we would expect charge-off levels to migrate lower.
Okay. On NII and NIM outlook, your comments suggest you are managing to net interest income in dollars rather than a specific margin target. Is mid-single-digit growth in NII a reasonable way to think about it for the balance sheet going forward into next year?
Brian, we provided guidance for the quarter and remain focused on growing net interest income. Payoffs are the wildcard — if payoffs are slower, earnings could be higher. Deposit costs are relatively stable versus the spreads we earn, and asset repricing will help. The balance sheet hedge that matured impacted the margin slightly this quarter; that is behind us. Overall, we expect margins to be stable in the coming quarters as we continue to grow relationships and capture our fair share of business.
Tom answered it well: we think in terms of net interest income because it drives profitability. We may take lower spread business at times if it builds long-term franchise value and generates long-term returns. There is a balance between near-term margin and long-term growth. When growth is lower, we build capital and can return it to shareholders; when attractive opportunities present themselves, we may accept some margin pressure for longer-term benefit.
One more point: the SBA business is a higher-yielding, higher-return component that is becoming a smaller portion of earning assets over time. That will have a gradual impact on the overall yield mix and margin in the long run, not necessarily in the next quarter.
Got it. One last item: asset repricing cadence — can you remind us what volume of loans are repricing over the next few quarters?
There is roughly $300 million of loans and leases repricing in the next quarter, and another chunk repricing in the fourth quarter. The yields on those loans are generally in the low-to-mid 6% range on a blended basis. New production will be at market rates, so the blended yield should be slightly higher as new production comes in.
Thanks. And on M&A discipline, remind us the parameters you use when assessing transactions — earn-back period, book value dilution, accretion expectations?
Generally, we look for an earn-back inside of three years and reasonable annual book-value dilution relative to earnings accretion. Of course, specifics depend on franchise quality and size, but those are the guardrails we manage to.
Appreciate all the insights. Thank you.
Thanks, Brian.
Your next caller comes from the line of Daniel Tamayo with Raymond James. Daniel, your line is open. Please go ahead.
Thank you. Good morning, everyone.
Good morning, Daniel.
On crossing the $10 billion threshold, do you still expect that to happen in the back half of this year or could it push to 2027? How are you thinking about managing around that threshold?
Good question. We are not running the business today with any constraint specifically to avoid crossing $10 billion. If by the beginning of December we had the ability to manage below $10 billion and chose to, we would do so, which would push Durbin implications out to mid-2028. But absent a particular decision like that, we are operating in the ordinary course and preparing for crossing that threshold.
And on purchase accounting accretion: it was a bit higher this quarter than last. Any thoughts on where accretion might run going forward and how to think about core earnings?
The purchase accounting accretion has become nonmaterial — roughly $1 million a quarter currently. If some loans pay off faster, we could see recoveries, but expect accretion to be under $1 million in upcoming quarters.
One more on margin: given some deposit cost increases in anticipation of rate moves, if there is a rate hike, could assets reprice faster than deposits and you benefit more than the stated sensitivity? Conversely, if there is no hike, could margin decline? Any perspective?
The market is already pricing in some tightening. If the Fed raises, assets would reprice and we would benefit; for a 25 basis point move, our announced sensitivity showed roughly $2.1 million benefit for rates up versus $1.6 million for rates down. On the deposit side, the pricing of CDs has already begun to reflect expectations of higher rates, so we would see benefit predominantly on the asset side as they reprice.
To add, the deposit book has been shorter duration given prior expectations for rate cuts, so incremental rate moves can benefit asset yields more quickly than deposit costs reprice. That said, competition and market dynamics remain a factor.
Appreciate the color. Thank you.
Thanks.
Your next caller comes from the line of Brandon Rudd with Stephens Inc. Brandon, your line is open. Please go ahead.
Good morning, and thanks for taking my questions.
Hi, Brandon.
Hi, Brandon. Good morning.
On the success with interest-bearing checking both sequentially and on an average basis, was there a specific initiative that helped drive that or was it just normal course activity? Can you flesh out that increase?
It was primarily a commercial account consolidation where balances moved from money markets into interest-bearing checking. Many corporate clients hold both and made a consolidation decision, so there was not a single product initiative driving that change.
To add, when corporate customers move from money market to interest-bearing checking it can be a marker that they anticipate uses for that capital and want more flexibility than a money market structure provides. So it is a normal-course, but meaningful, client behavior.
Okay, thanks for that.
Please press *1 to raise your hand. Your next caller comes from the line of Damon DelMonte with KBW. Damon, your line is open. Please go ahead.
Hey, good morning, guys. Hope everyone is doing well. A couple quick ones: the average securities increased again this quarter. Going forward, will future dollars be allocated to the securities portfolio or do you expect to deploy excess liquidity into loans?
Ideally, loans. We expect the securities portfolio to be roughly flat at this point and intend to deploy excess liquidity into loan growth, particularly as we are managing near the $10 billion threshold.
Regarding provisions and reserve level, with credit quality improving and charge-offs moderating, do you expect reserves to drift lower into the back half of the year and into 2027?
Reserves could drift lower, Damon, but it is dependent on actual results relative to expectations. In the near term, we continue to think about net charge-offs in a 30 to 40 basis point range. The variables that are harder to predict are loan growth and payoff activity, which impact period-end balances and provisioning dynamics.
Understood. And last quick one: is a tax rate around 25.5% reasonable going forward?
Yes, 25.5% seems reasonable.
Great. That's all I had. Thanks a lot.
Your next caller comes from the line of Brendan Nosal with Hovde Group. Brendan, your line is open. Please go ahead.
Hey, just circling back on fee income outlook. Tom, you mentioned $14 million to $15 million for the third quarter and gain-on-sale trending to $5.5 million. What are the other drivers putting fee income in that lower range next quarter?
We have trended in the $14 million range over the last several quarters, so that is a good guide. This quarter had favorable fair market value marks and lower servicing-asset impairment. Wealth Management continues to grow, and our customer swap business is contributing. We are focused on growing noninterest income, but we expect the third quarter to be in the $14 million to $15 million range.
Okay. Thank you for your questions today. I will now turn the call back over to Mr. Alberto J. Paracchini for any closing remarks.
Great, Ben. Thank you. Before I wrap up, I would like to recognize an important milestone for us here at Byline. The end of the quarter marked our 13th anniversary as Byline, and for many on the call it was our ninth year as a public company. Thank you to the investors who have been with us over that nine-year period and to the analysts and their firms for covering us as a public company. We very much appreciate your continued interest. Please know we also want to thank everyone who has been part of our journey and contributed to our success along the way. With that, to everyone on the call, thank you for joining us today. We appreciate your continued interest in Byline, and we look forward to talking to you again next quarter.
This concludes today's call. Thank you for attending. You may now disconnect.