“That is going to have a bigger impact for next year than this year.”

In context

“making come through with both loans and deposits up, and even better, new clients added to the platform are up substantially from prior years. These things take time. We are not claiming victory. We have a lot more to do to improve performance across each of these businesses, but a lot of that organic activity is coming through in the numbers, and you can see it in many of the metrics we put out. Operator: The next question comes from Chris McGratty of KBW. Your line is open. Chris McGratty: Good morning. Thank you. Mike, on the NII, when you talk about the fluidity of the cuts in the forward curve—two to three cuts last quarter and maybe nothing now—how much of an impact does it have on the fourth quarter exit run rate? It is more of a jumping-off question for 2027. Michael Santomassimo: That is going to have a bigger impact for next year than this year. Where we end the year will matter a lot more as we go into 2027. You can annualize it. When you look at our 10-Q and see the sensitivities there, that is a good way to start to dimension what it means for a full year, particularly coming out of the fourth quarter. I would start there with your modeling. Any changes in the forward curve will have a little bit of an impact this year, but not super big because they were all back-weighted. Chris McGratty: Thanks for that. And the 7% reduction in risk-weighted assets—was that better or worse than you thought you might see from the proposals? Michael Santomassimo: It is hard. We had a bunch of stuff we made up anticipating what we might see, but as others have put it, it is like a 1,200-page proposal, so any of those estimates we had going in w”