Title: FDIC Quarterly Banking Profile (2nd Quarter 2025)
https://www.youtube.com/watch/yPZDevMead0

00:00:02.960 Good morning and welcome to the
00:00:04.319 quarterly banking profile for second
00:00:06.720 quarter 2025.
00:00:08.960 FDIC acting chairman Travis Hill is
00:00:11.040 joined today by Andy Felton, director of
00:00:13.519 our division of insurance and research.
00:00:16.000 We'll begin with an overview of the
00:00:17.840 quarterly results and then turn to your
00:00:19.840 questions. Mr. Chairman.
00:00:22.160 Well, thanks Amy. Uh so I'm going to
00:00:24.080 offer a few brief comments on the on the
00:00:26.720 results and then I'll turn it over to
00:00:28.080 Andy who can walk through the the charts
00:00:30.560 in more detail. Um the first thing I
00:00:32.719 want to highlight is that the diff's
00:00:34.800 reserve ratio has now passed 1.35%
00:00:38.719 um which is the statutory minimum. As
00:00:40.960 people may recall the reserve ratio fell
00:00:43.280 below 1.35%
00:00:45.280 in 2020 during COVID following the huge
00:00:48.480 increase at the time in in deposits into
00:00:50.879 the system. um we had eight years for
00:00:53.520 the reserve ratio to cross back over
00:00:55.840 1.35% and so it has now crossed three
00:00:59.039 years before the the statutory minimum
00:01:01.600 or the statutory deadline. Um which
00:01:04.000 means also that we are no longer in a in
00:01:06.240 a restoration plan. Um overall this was
00:01:09.119 a a very strong quarter. Um net income
00:01:12.240 declined slightly but that was entirely
00:01:14.880 driven by the Capital One Discover
00:01:16.799 merger. Um if we exclude the increase in
00:01:20.240 provision expense related to the merger
00:01:22.799 um return on return on assets would have
00:01:25.439 increased from 1.16% to 1.23%
00:01:29.360 um so a very solid quarter. Loan growth
00:01:32.560 improved. It's the the first quarterly
00:01:34.960 increase in or the highest quarterly
00:01:36.640 increase in in several years um after a
00:01:39.119 number of quarters of of tepid loan
00:01:40.880 growth. Asset quality remains favorable.
00:01:44.079 um passed to non-accrual decreased
00:01:46.479 remains below the the pre- pandemic
00:01:48.320 average and provisions would have been
00:01:50.640 down but for the the Capital One
00:01:52.799 Discover merger. So those are a few
00:01:55.040 highlights and I'll I'll turn to Andy to
00:01:56.720 to walk through the presentation in more
00:01:58.640 detail.
00:01:59.759 Thank you, Acting Chairman Hill. Um I'll
00:02:01.680 now walk you through some selected
00:02:03.520 charts from the FDAC statement to
00:02:05.759 highlight some of the results from this
00:02:07.360 quarter. I'm not going to cover all the
00:02:09.280 charts in the statement, but we can
00:02:10.639 cover any of the others if you have any
00:02:12.319 questions.
00:02:14.560 This first chart shows that the banking
00:02:16.239 industry reported quarterly net income
00:02:18.319 of 69.9 billion, a decrease of 67 677
00:02:23.200 million or 1% from the prior quarter. As
00:02:26.160 the acting chairman mentioned, this
00:02:27.760 quarterly decrease in net income was due
00:02:29.920 to an increase in provision expenses
00:02:31.920 related to a large bank acquisition. The
00:02:34.400 banking industry reported an ROA ratio
00:02:36.640 of 1.13% in second quarter 2025, down
00:02:40.879 three basis points from one quarter
00:02:42.640 earlier and down six basis points from
00:02:44.800 one year earlier.
00:02:50.080 The next chart shows the breakdown of
00:02:51.920 the changes in the industry's net income
00:02:53.760 quarter over quarter. The primary driver
00:02:56.480 of the industry's $677 million decrease
00:02:59.360 in net income was higher provision
00:03:01.360 expense, which increased 7.6 6 billion
00:03:04.080 or 33.7%.
00:03:06.159 As mentioned, this was largely
00:03:07.680 attributable to Capital 1's acquisition
00:03:09.599 of Discover Financial Services because
00:03:12.159 accounting standards require the
00:03:13.599 acquiring institution to recognize a
00:03:15.760 provision expense related to certain
00:03:17.760 acquired assets. Absent this large
00:03:20.480 provision expense, net income would have
00:03:22.400 increased due to higher net interest and
00:03:24.239 non-interest income.
00:03:30.159 This chart shows the average net in
00:03:32.400 interest margin or NIM for the industry
00:03:34.720 and for five asset size cohorts. The
00:03:37.440 industry's NIM was relatively flat, up
00:03:39.680 one basis point from the prior quarter
00:03:41.360 to 3.26%
00:03:43.200 which is above the pre-pandemic average
00:03:44.959 of 3.25%.
00:03:52.480 This next chart shows the
00:03:54.080 quarter-over-quarter changes in the
00:03:55.680 industry's average yield on earning
00:03:57.200 assets and average cost of funds. During
00:04:00.239 the quarter, the cost of funds decreased
00:04:02.000 one basis point while the yield on
00:04:04.080 earning assets remained unchanged.
00:04:13.840 I'm going to move through those um move
00:04:16.639 to this chart uh which shows the level
00:04:19.519 of unrealized losses on held to maturity
00:04:22.160 and available for sale securities
00:04:23.919 portfolios.
00:04:25.600 Total unrealized losses of 395 billion
00:04:29.040 decreased 17.9 billion or 4.3% from the
00:04:32.720 prior quarter as low yielding securities
00:04:34.880 continued to roll off the balance sheet.
00:04:42.960 The next chart shows the change in loan
00:04:44.880 balances on a quarterly and annual
00:04:46.639 basis. The industry's total loans
00:04:49.040 increased by 263.7
00:04:51.840 billion or 2.1% in the second quarter.
00:04:55.360 Loans to non-depository financial
00:04:57.280 institutions or NDFIs and loans to
00:05:00.000 purchase or carry securities including
00:05:01.680 margin loans had the largest dollar
00:05:03.759 increase among loan types reported.
00:05:05.919 Though some of this increase was due to
00:05:07.520 continued reclassifications following
00:05:09.680 the finalization of changes to the call
00:05:11.759 report to how certain loan products are
00:05:14.160 reported. In addition, credit cards,
00:05:17.440 non-farm non-residential commercial real
00:05:19.440 estate, and one to four family
00:05:21.440 residential loans also contributed to
00:05:23.360 the industry's quarterly loan growth.
00:05:30.639 This next chart shows that asset quality
00:05:32.720 metrics for the industry remained
00:05:34.000 generally favorable, though weaknesses
00:05:36.000 in certain portfolios persisted. The
00:05:38.639 overall pass due and non-accrual rate
00:05:40.720 fell nine basis points from the prior
00:05:42.560 quarter to 1.50%.
00:05:44.960 Below the pre-pandemic average of 1.94%.
00:05:48.639 While banks reported quarterly decreases
00:05:50.560 in most portfolios, the PDNA rate for
00:05:53.520 non-owner occupied CRA, multifamily CRA,
00:05:57.039 and credit card portfolios remain well
00:05:59.120 above their pre-pandemic averages.
00:06:05.759 Looking deeper into the CRA portfolio,
00:06:08.160 this chart shows that elevated PDNA
00:06:10.319 rates of non-owner occupied property
00:06:12.160 loans persisted in the second quarter,
00:06:14.479 driven by the portfolios of the larger
00:06:16.400 institutions.
00:06:18.080 Banks with greater than 250 billion in
00:06:20.319 assets reported a non-owner occupied CR
00:06:22.960 PDNA rate of 4.33%.
00:06:26.400 Down from the recent peak of 4.99% in
00:06:29.280 the third quarter of 2024, but well
00:06:31.600 above the pre-pandemic average rate of
00:06:33.440 0.59%.
00:06:35.759 However, these large banks have lower
00:06:37.919 concentrations of such loans in relation
00:06:40.000 to total assets and capital than smaller
00:06:42.000 banks do, mitigating the overall risk.
00:06:45.360 Overall, the industry's volume of PDNA
00:06:47.919 non-owner occupied CR loans decreased
00:06:50.800 387 million or 1.6% from the prior
00:06:54.319 quarter.
00:06:59.520 I skip this slide. Move on to this next
00:07:02.960 chart which shows that domestic deposits
00:07:06.720 increased for the fourth consecutive
00:07:08.240 quarter rising 101.5 billion or 0.6%
00:07:12.639 during the second quarter. Estimated
00:07:15.199 uninsured domestic deposits increased
00:07:18.160 186.6 billion, offsetting a decline in
00:07:21.120 insured domestic deposits of 87.3
00:07:23.840 billion or 0.8% during the quarter. The
00:07:27.280 industry's non-deposit liabilities
00:07:29.360 increased by 193 billion from the prior
00:07:31.840 quarter, driven by growth in reverse
00:07:33.759 repurchase agreements.
00:07:41.759 This chart shows the number of banks on
00:07:43.440 the FDC's problem bank list. Banks on
00:07:46.240 this list have a camel's composite
00:07:47.919 rating of four or five. The total number
00:07:50.639 of banks on the list decreased by a net
00:07:52.400 of four in the second quarter to 59
00:07:54.720 banks. The number of problem banks is
00:07:57.360 1.3% of total banks, which is in the
00:07:59.840 middle of the normal range for
00:08:01.120 non-crisis periods of roughly 1 to 2% of
00:08:04.000 all banks. Four banks opened during the
00:08:06.639 second quarter and one failed.
00:08:14.400 And finally, this chart shows that the
00:08:16.400 deposit insurance fund balance or the
00:08:18.319 diff balance was 145 billion on June
00:08:21.360 30th, 2025, up 4.4 billion from the
00:08:24.639 first quarter. Assessment revenue
00:08:26.720 continued to be the primary driver of
00:08:28.319 the increase, adding 3.2 billion to the
00:08:30.800 diff balance. Interest earned on
00:08:33.279 investment securities, negative
00:08:35.200 provisions for insurance losses, and
00:08:37.360 unrealized gains on securities also
00:08:39.519 contributed a combined 1.9 billion to
00:08:41.839 the fund, partially offset by operating
00:08:44.240 expenses of 630 million.
00:08:47.680 Insured deposits decreased by 0.8%
00:08:50.320 during the second quarter, while
00:08:51.839 year-over-year insured deposit growth
00:08:53.680 was 0.6%.
00:08:55.760 The reserve ratio increased by five
00:08:57.680 basis points in the second quarter to
00:08:59.600 1.36%
00:09:01.200 and was 15 basis points higher than a
00:09:03.120 year earlier.
00:09:05.040 As the acting chairman mentioned, the
00:09:06.880 FDA adopted a restoration plan on
00:09:10.240 September 15, 2020 to return the reserve
00:09:12.640 ratio to the statutory minimum of 1.35%
00:09:15.920 by September 30th, 2028 as required by
00:09:18.800 law. As of June 30th, 2025, the reserve
00:09:22.720 ratio exceeded the statutory minimum and
00:09:24.959 beginning with third quarter 2025, the
00:09:27.200 FDC will no longer be operating under a
00:09:29.120 restoration plan.
00:09:31.200 That concludes my presentation of
00:09:32.640 selected highlights from the quarter and
00:09:34.560 we can now open it up for questions.
00:09:36.640 Thank you.
00:09:38.720 We'll now take questions. If you're
00:09:40.640 joining us virtually, please use the
00:09:42.399 raise your hand feature and I'll call on
00:09:44.000 you by name.
00:09:49.360 Our first question will come from Ryan
00:09:51.279 Tracy of Capital Account.
00:09:58.560 You've been in on this board for uh two
00:10:01.519 going on three years now. You've been a
00:10:02.959 regulatory staffer for many years before
00:10:05.200 that. There's something new in the
00:10:07.760 atmosphere of these jobs right now, and
00:10:10.560 that's that board members apparently can
00:10:13.200 be removed. these boards are less
00:10:15.680 bipartisan than they used to be.
00:10:18.880 What's it like doing your job in that
00:10:20.640 environment? How does how does it affect
00:10:22.160 your ability to carry out the FDI's
00:10:24.160 mission?
00:10:26.000 Well, well, thanks for the question. Um,
00:10:32.800 I would say look, from my perspective,
00:10:35.600 uh, the job is still the job. Um, there
00:10:37.920 are always changes in personnel, people
00:10:40.320 coming and going. um you know it's it's
00:10:43.360 not atypical that there are transitions
00:10:46.079 when it comes to who's on the board. Um
00:10:48.079 so from my perspective it's you know the
00:10:50.640 job is still the job and uh wouldn't say
00:10:53.279 that anything uh is significantly
00:10:55.600 different about it.
00:10:59.040 Our next question is from Katanka
00:11:01.120 Johnson at Bloomberg. Go ahead Katanka.
00:11:04.399 Hi there. Thank thanks so much for
00:11:06.880 hosting this today. Um I was just
00:11:09.200 curious about uh overall the agency's
00:11:11.839 like supervision efforts or how it how
00:11:13.680 it oversees exams um um particularly
00:11:16.480 looking at the problem bank list and
00:11:17.839 that often fluctuates but how would you
00:11:19.760 describe what's happened in the second
00:11:21.760 quarter to get that number lower
00:11:23.839 broadly?
00:11:25.600 Yeah, I think um I think the the the
00:11:28.880 problem bank list is generally
00:11:31.200 consistent with um what we've generally
00:11:33.680 seen for for non-crisis periods. Um, you
00:11:37.040 know, there were a number of banks that
00:11:38.640 were added to the list, a number of
00:11:39.920 banks that were taken off. There was a a
00:11:41.920 net decrease of four, but I think
00:11:43.680 overall it was it was fairly stable with
00:11:47.120 some banks coming in, some banks going
00:11:48.800 off. Um, again, I think overall
00:11:51.600 conditions are very favorable. It was a
00:11:53.360 very strong quarter for the for the
00:11:54.959 industry. Um, and so don't think there's
00:11:57.760 really anything too too remarkable
00:11:59.200 there.
00:12:01.200 Our
00:12:03.440 next question is from Pete Schroeder at
00:12:05.200 Reuters. Go ahead, Pete.
00:12:07.680 Hi. Yeah, thanks uh so much for doing
00:12:09.360 this. Um wanted to follow up on
00:12:11.040 Katangga's question on supervision and
00:12:12.880 just ask more broadly how you're kind of
00:12:15.839 thinking about that particular aspect of
00:12:17.680 the job. There's been numerous comments
00:12:19.600 made by some of your regulatory
00:12:21.440 colleagues about the need to change
00:12:22.720 supervision. Secretary Besson has
00:12:24.399 flagged it as well. I just wanted to get
00:12:26.639 kind of maybe an update on on where
00:12:28.639 things stand with FDI supervision. how
00:12:30.720 are you thinking about approaching that
00:12:32.240 and and kind of what what efforts are
00:12:33.920 being made to uh to potentially change
00:12:35.760 how you go about doing that?
00:12:37.680 Yeah. So, um so reforming supervision is
00:12:41.279 I think one of the one of the big ticket
00:12:43.519 agenda items for for the next couple
00:12:45.760 years. Um it's something I've talked
00:12:47.920 about a couple of times in the past. Um
00:12:50.320 we have a a number of work streams
00:12:52.079 underway to um try to focus supervision
00:12:55.920 more on material financial risks. Um I
00:12:58.880 think in a lot of ways supervision has
00:13:00.720 become too process focused. Um what that
00:13:03.760 what that will mean in practice as I
00:13:05.920 said there's there's a number of
00:13:07.200 different work streams we have underway.
00:13:09.040 There'll be there'll be more to come and
00:13:10.639 more to announce there in the coming
00:13:12.880 weeks and months. Um we've we've taken
00:13:15.360 some steps already things like um
00:13:17.680 proposing a new approach to supervisory
00:13:19.600 appeals. Um but I think in terms of the
00:13:22.160 on the ground how we do supervision um
00:13:24.880 that's something that is getting a lot
00:13:26.720 of attention right now and again I think
00:13:28.959 there'll be there'll be more to come in
00:13:30.320 the near future on that.
00:13:40.160 Katanka your hand is still raised. Did
00:13:42.240 you have another question?
00:13:44.240 Um I do now. Uh I was curious about uh
00:13:48.320 so I Obviously early this year there was
00:13:51.040 an announcement around the diff balance
00:13:52.639 and there's another update today. I
00:13:54.959 wanted to take a step back and just uh
00:13:57.279 ask acting chairman Hill whether he had
00:13:59.040 a view on given that you know the
00:14:01.040 industry and thanks to the industry the
00:14:03.519 fund is ahead of schedule in terms of
00:14:05.600 the restoration balance. I mean do you
00:14:07.199 think there needs to be changes to
00:14:08.800 deposit insurance? I know there had been
00:14:11.519 previous conversations on this in terms
00:14:13.040 of whether it should cover you know a
00:14:15.600 larger larger amount of deposits uh but
00:14:19.120 maybe there are other things that you
00:14:20.320 think could happen regarding the fund in
00:14:23.120 general. What's your view on deposit
00:14:24.959 insurance where it stands?
00:14:27.279 Yeah, so um so certainly there's um
00:14:30.880 there's been a lot of conversation about
00:14:32.639 deposit insurance reform around fund
00:14:35.040 management and other related topics. Um
00:14:38.000 there's been a there have been a number
00:14:39.680 of uh of bills introduced in Congress.
00:14:42.720 Um you know I think from our perspective
00:14:45.360 at least when it comes to deposit
00:14:46.639 insurance reform um you know we've been
00:14:49.279 engaged to the extent that Hill offices
00:14:51.680 have asked for our feedback. Um we're
00:14:54.079 not taking any formal positions on any
00:14:56.399 specific pieces of legislation. Um but
00:14:58.959 generally trying to to be constructive
00:15:01.600 which is which is our typical approach
00:15:03.279 if um if members of Congress have have
00:15:06.800 questions. Um I think otherwise with
00:15:09.279 respect to um our own management of the
00:15:12.800 fund um I think there's a lot of things
00:15:15.600 that we continue to consider um but
00:15:18.800 don't have any uh don't have any
00:15:20.959 announcements to make right now.
00:15:26.399 Our next question is from David
00:15:27.920 Hollerith at Yahoo Finance. Go ahead,
00:15:30.560 David.
00:15:34.000 Hi, Acting Chairman Hill. Um, thank you
00:15:36.560 for doing the call. I wanted to ask
00:15:38.320 about um the quarter's loan growth. Um,
00:15:41.760 I think last quarter you guys described
00:15:44.240 loan growth as as tepid and this quarter
00:15:47.680 you're describing it as accelerating. Um
00:15:50.880 and uh generally I I was just curious
00:15:53.360 about what is d what drove that growth
00:15:55.839 during the quarter. Um and sort of the
00:15:58.320 topic of uh how lending in general
00:16:02.079 across the banking industry has been uh
00:16:04.480 below pre pandemic standards has kind of
00:16:07.199 been a relevant one for a while. So just
00:16:09.600 generally how you're thinking about that
00:16:11.600 moving forward. Thanks.
00:16:14.240 You want to take that?
00:16:15.199 Sure. Thank you.
00:16:17.199 Um so uh the the largest single uh
00:16:20.560 contributor of loan categories to the
00:16:22.720 growth this quarter uh was as as I
00:16:25.199 mentioned the loans to non-depository
00:16:27.120 financial institutions or NDFIS that's
00:16:29.759 been the uh fastest growing category
00:16:32.880 since the 2008 great financial crisis.
00:16:36.160 Um, part of which is due to some changes
00:16:38.959 in how we ask the banks to categorize
00:16:40.880 loans on the call report and and part of
00:16:42.720 it is due to organic growth. That's a a
00:16:45.920 story that that has been covered pretty
00:16:47.360 extensively. Um, however, uh, we've also
00:16:50.959 seen uh this quarter increase in growth
00:16:52.959 in in credit cards, in commercial real
00:16:55.519 estate, and in one to four family
00:16:57.360 residential loans. So, I would say it
00:16:59.040 was a a pretty broad-based uh growth
00:17:01.279 across across the different types of
00:17:03.279 loan portfolios.
00:17:06.319 Thanks. And just to follow up on that on
00:17:08.480 the NDFIS uh lending, um any idea about
00:17:14.000 um when that will be officially uh
00:17:16.959 reclassified? There won't be sort of
00:17:18.640 that question about whether or not
00:17:20.480 there's loan growth or or it's more of a
00:17:23.599 just a filing change.
00:17:26.559 We think that that's mostly complete at
00:17:28.480 this point. there. Uh we are always
00:17:30.559 working with banks to uh there are
00:17:32.960 always a lot of questions about how you
00:17:34.640 have to interpret and and slot different
00:17:36.559 different types of loans. But um they
00:17:39.280 had we we made some changes to the call
00:17:41.200 report a couple of quarters ago. They
00:17:42.799 had a couple of quarters to um on a sort
00:17:45.679 of best efforts basis to to adhere to
00:17:48.240 those new instructions and uh and and as
00:17:51.679 of this quarter that should be mostly
00:17:53.120 final.
00:17:55.039 Got it. Thanks.
00:18:00.480 Katanga Johnson
00:18:02.720 at Bloomberg. Go ahead.
00:18:07.039 That was an oversight. Pardon me.
00:18:08.799 Oh, we'll turn to Ryan Tracy at Capital
00:18:11.280 Account.
00:18:12.720 Thanks for another opportunity. What's
00:18:14.720 at the top of your regulatory agenda for
00:18:16.720 the fall?
00:18:18.880 Um, so we have uh we have a pretty
00:18:20.960 pretty busy agenda. Um, the first thing
00:18:23.200 I'll mention is um Genius Act
00:18:25.520 implementation. Um so the the regulators
00:18:28.480 have a have a long list of tasks to
00:18:31.440 complete. Um so I think that will be at
00:18:33.600 the top of the list given that it's
00:18:35.039 mandated by statute. Um we also have
00:18:37.520 some recommendations related to digital
00:18:39.360 assets coming out of the the president's
00:18:41.760 report um that um that we're taking a
00:18:44.640 close look at. Um I mentioned earlier
00:18:47.760 reforms to supervision. Um as I said
00:18:50.240 there's a there's a number of work
00:18:51.520 streams there. Um, with respect to
00:18:54.000 capital, um, you know, Vice Chair Bowman
00:18:56.880 has talked about wanting to implement
00:18:59.120 the the international Basil Agreement
00:19:01.360 either by the end of this year or early
00:19:03.280 next year, um, which we're prepared to
00:19:06.240 prepared to to meet. Um, so I think that
00:19:08.960 will that will there will be a lot of
00:19:11.280 work going into that in the in the fall.
00:19:13.919 Um, we have a number of proposals from
00:19:16.480 earlier this year, the ESLR one for
00:19:18.320 example, um, that I think there'll
00:19:20.080 there'll be an effort to finalize. Um,
00:19:22.559 with respect to to applications, um,
00:19:25.679 we're we're looking pretty closely at
00:19:27.440 potential changes to our our bank merger
00:19:30.000 statement of policy, our approach to
00:19:31.679 denovos. Um, we had a proposal related
00:19:34.080 to to branch applications. Um, we are
00:19:37.840 continuing to to work on improvements to
00:19:40.080 our resolution and resolution planning
00:19:42.480 functions. Um, so I think those are
00:19:45.120 those are a few of the highlights, but
00:19:46.799 um, but definitely a busy agenda for the
00:19:49.200 for the fall and the winter.
00:20:02.480 did we have any other questions for the
00:20:04.799 acting chairman
00:20:08.400 or director Felton?
00:20:14.960 Sure.
00:20:16.080 Go ahead. Ryan,
00:20:17.840 you mentioned the Genius Act. What what
00:20:19.360 is the FDIC's to-do list there? What's
00:20:22.720 the I I know OC is going to create the
00:20:26.240 regulatory regime for issuers, I think.
00:20:28.320 Right.
00:20:29.039 So, there are depending on the type of
00:20:31.200 issuer, who the primary regulator are
00:20:34.320 will vary. Um, so the there are several
00:20:38.720 different uh potential federal stable
00:20:41.679 coin regulators. So depending on who the
00:20:43.840 issuer is, it could be the OC, the Fed,
00:20:46.480 the FDIC, or the NCUA. Um I think it's
00:20:50.320 fair to say that the OC has the longest
00:20:53.440 list of tasks given its um given its
00:20:57.679 role of overseeing non-bank stable coin
00:21:00.159 issuers. Um but the FDIC also has also
00:21:03.280 will have a role in in overseeing stable
00:21:05.600 coin issuers too. And then there are
00:21:07.200 some specific um specific tasks
00:21:10.320 specifically to the FDIC. And then there
00:21:12.080 are some other things for the um the
00:21:14.080 certification committee that that will
00:21:15.919 be a member of
00:21:27.600 time for one more question.
00:21:36.159 Seeing none, uh we will conclude our
00:21:38.720 press briefing. Uh if you have
00:21:40.880 additional questions uh please reach out
00:21:43.200 to our office of communications at media
00:21:45.600 requestsfdic.gov
00:21:48.559 and uh thank you for joining us today.
00:21:52.640 Thanks everyone.