CORE DEPOSITS, EXCLUDING BROKERED, INCREASED $1.1 BILLION OR 2% QUARTER-OVER-QUARTER, WHILE OVERALL DEPOSITS GREW $832 MILLION OR 1%
CREDIT QUALITY CONTINUES TO IMPROVE AS NON-ACCRUAL LOANS DECLINED 11% AND CRITICIZED/CLASSIFIED LOANS DECLINED 3% COMPARED TO PRIOR QUARTER
CRE EXPOSURE DECLINES FURTHER WITH CRE PAR PAYOFFS OF $1.1 BILLION, INCLUDING 42% IN SUBSTANDARD AND A CRE CONCENTRATION RATIO OF 367% COMPARED TO 381% IN PRIOR QUARTER
NET INTEREST MARGIN OF 2.15%, UP 1 BASIS POINT VERSUS PRIOR QUARTER; UP 10 BASIS POINTS AS ADJUSTED; COST OF FUNDS CONTINUE TO TREND LOWER
STRONG EXPENSE MANAGEMENT WITH OPERATING EXPENSES DOWN 5% COMPARED TO PRIOR QUARTER
CET1 CAPITAL RATIO INCREASED TO OVER 13%, ENDING THE QUARTER UP 40 BASIS POINTS TO 13.24%
First Quarter 2026 Summary Compared to Fourth Quarter 2025
Asset Quality
Loans and Deposits
Non-accrual loans decreased $323 million or 11%
Criticized/Classified loans declined $323 million or 3%
CRE concentration ratio improved to 367% vs. 381%
Total ACL of $1.0 billion or 1.67% of total loans HFI
NCOs to average loans was 0.52% vs. 0.30%; excluding NCO related to one borrower relationship in bankruptcy that was resolved in first quarter, NCOs were 0.29%
Total C&I loans increased $1.4 billion or 9% to $16.6 billion
Core deposits, which exclude brokered deposits, increased $1.1 billion or 2%
Strategic C&I focus areas grew $838 million or 14%; other C&I categories increased $514 million or 6%
Total MF/CRE exposure down $1.6 billion or 4%
Multi-family loans down $1.1 billion or 4%
CRE loans declined $481 million or 5%
Brokered deposits decreased $298 million or 12%
Wholesale borrowings, mainly FHLB advances, declined $1 billion or 9%
Capital
Profitability
CET1 capital ratio improved to 13.24%, at or above peer group levels
Excess capital of $1.6 billion, using low end of target CET1 range of 10.5%
Tangible book value per share of $17.42
Tangible book value per share adjusted for warrant exercise is $15.70
Adjusted PPNR of $41 million increased 4%, excluding hedge gain recognition in fourth quarter 2025
First quarter 2026 NIM was flat but, excluding hedge gain recognition in fourth quarter 2025, it increased 10 basis points to 2.15%
Adjusted operating expenses of $441 million were down 5%
HICKSVILLE, N.Y., April 24, 2026 /PRNewswire/ -- Flagstar Bank, N.A. (the "Bank") (NYSE:FLG), today reported first quarter 2026 net income of $21 million compared to net income of $29 million for fourth quarter 2025 and compared to a net loss of $100 million for first quarter 2025. First quarter 2026 net income attributable to common stockholders was $13 million, or $0.03 per diluted share, compared to net income attributable to common stockholders of $21 million, or $0.05 per diluted share in fourth quarter 2025 and compared to a net loss attributable to common stockholders of $108 million, or $0.26 per diluted share in first quarter 2025.
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS - AS ADJUSTED
On an adjusted basis, which excludes a $9 million fair value loss related to our equity investment in Figure Technology Solutions, Inc., (the "Figure Investment"), first quarter 2026 net income attributable to common stockholders was $20 million or $0.04 per diluted share compared to fourth quarter 2025 net income attributable to common stockholders of $30 million or $0.06 per diluted share, which excludes a $9 million fair value gain on the Figure Investment, $17 million of merger related expenses, and $4 million of severance expenses.
CEO COMMENTARY
Commenting on the Bank's first quarter performance, Chairman, President, and Chief Executive Officer, Joseph M. Otting stated, "We are pleased to report another quarter of solid progress, highlighted by our second consecutive quarter of profitability and continued momentum across our core banking franchise. We reported net income attributable to common stockholders of $13 million, or $0.03 per diluted share on a GAAP basis and net income attributable to common stockholders of $20 million or $0.04 per diluted share on an adjusted basis. Our first quarter 2026 performance reflects the disciplined execution of our strategic plan and improving fundamentals, including strong C&I loan growth, a higher level of deposits, additional progress in reducing the level of non-accrual and criticized/classified loans, further expansion of our net interest margin, and a strong capital position.
"Our strategy to diversify our loan portfolio by increasing our C&I lending is gaining momentum. During the quarter, we delivered strong growth in C&I lending, as demand from business customers remained healthy and our bankers continued to deepen relationships across our footprint. Overall, C&I loans grew $1.4 billion or 9%, with growth becoming more broad based - resulting from our two strategic growth areas - Specialized Lending and Corporate and Regional Commercial Banking, along with growth in secured lending and Mortgage Finance lending. This growth reflects our emphasis on relationship banking, expanding our core commercial banking capabilities and supporting clients with the capital and solutions they need to operate and grow.
"We saw meaningful improvement in asset quality, driven by proactive credit management, prudent underwriting and ongoing portfolio monitoring. Credit metrics improved across several key categories, and we remain focused on maintaining a strong risk profile as we grow. Non-accrual loans declined 11% compared to the prior quarter while criticized/classified loans decreased 3%.
"We continued to experience elevated par payoff activity in the CRE portfolio, which totaled $1.1 billion in the first quarter, 42% of which were rated substandard. In addition, our CRE concentration ratio continues to show marked improvement, decreasing to 367% from 381% last quarter resulting from lower multi-family and CRE balances and higher capital.
"Importantly, our balance sheet continued to strengthen with good core deposit growth, underscoring the value of our customer relationships and the confidence clients place in our franchise. We remain committed to building a stable and diversified funding base while maintaining disciplined pricing and strong liquidity.
"We posted another quarter of solid net interest margin expansion with the NIM up one basis point compared to the prior quarter and up 10 basis points compared to the prior quarter when excluding the impact of a one-time benefit from a hedging gain last quarter. This was largely driven by our funding costs continuing to decline.
"In addition, we had another quarterly improvement in our expense base with operating expenses down 5% during the first quarter, while we invested in our franchise.
"Finally, we ended the quarter with very strong levels of capital, with our CET1 capital ratio exceeding 13%, providing significant flexibility to support continued growth.
"The progress we made during the quarter has not gone unnoticed by the investment community and the credit rating agencies. We were very pleased, when earlier in the quarter, both Fitch and Moody's reviewed the Bank and upgraded several of the Bank's ratings, including raising both long-term and short-term deposits to investment grade.
"Overall, we are encouraged by the progress we made in the first quarter and remain focused on driving sustainable profitability, improving returns, and delivering long-term value for shareholders. With continued improvement in credit trends, solid loan and deposit growth, and a strong capital foundation, we believe Flagstar is well-positioned for continued success in 2026."
BALANCE SHEET SUMMARY AS OF MARCH 31, 2026
At March 31, 2026, total assets of $87.1 billion were relatively flat compared to December 31, 2025, down a modest 0.44% or $0.4 billion. However, total assets declined 11% or $10.5 billion compared to March 31, 2025. The year-over-year decline is due to the Bank's strategy to reduce its multi-family and commercial real estate ("CRE") exposure and balance sheet deleveraging. While the CRE reduction strategy continued during the first quarter, this was partially offset by strong growth in the commercial and industrial ("C&I") portfolio.
Total loans and leases held for investment ("HFI") at March 31, 2026 were $60.4 billion, down a modest $0.3 billion or 1% on a linked-quarter basis and down $6.2 billion or 9% on a year-over-year basis. Both the year-over-year and linked-quarter decreases were driven by the Bank's ongoing strategy to reduce CRE exposure and de-risk a portion of the C&I portfolio. However, the modest linked-quarter decline was partially offset by growth in overall C&I loan balances. During first quarter 2026, C&I loans increased $1.4 billion to $16.6 billion, up 9% compared to December 31, 2025 and rose $1.8 billion or 12% compared to March 31, 2025. Both the linked-quarter and year-over-year C&I loan growth was driven by continued solid production within the Bank's two strategic growth areas - Specialized Industries Lending and Corporate and Regional Commercial Banking. In addition, both the secured lending and Mortgage Finance verticals experienced growth during the first quarter after declining throughout most of 2025 due to our de-risking efforts.
During first quarter, we delivered broad-based growth across our C&I portfolio, with the exception of equipment finance, which declined as part of our de-risking efforts. On a linked-quarter basis:
Specialized Industries Lending increased $595 million or 14%;
Corporate and Regional Commercial Banking increased $243 million or 13%;
Equipment Finance decreased $184 million or 4%
Asset Based Lending increased $136 million or 6%;
Mortgage Finance rose $395 million or 60%; and
Public Finance/Other rose $169 million or 10%.
On the CRE side, we continued to experience decreases within the combined multi-family and CRE portfolios which declined $1.6 billion or 4% on a linked-quarter basis and $8.3 billion or 18% on a year-over-year basis, with the majority of the decline driven by strong par payoff activity. During the first quarter, par payoffs totaled $1.1 billion compared to $1.8 billion in the previous quarter.
Total deposits at March 31, 2026 were $66.8 billion, a $0.8 billion or 1% linked-quarter increase, but decreased $7.1 billion or 10% year-over-year. The linked-quarter improvement was due to growth in interest-bearing checking and money market accounts, while the year-over-year decrease was driven by a decrease in certificates of deposit, primarily brokered CDs, and non-interest bearing accounts partially offset by growth in savings accounts.
Wholesale borrowings, consisting primarily of Federal Home Loan Bank of New York ("FHLB-NY") advances declined $1.0 billion or 9% to $10.2 billion on a linked-quarter basis and $3.0 billion or 23% on a year-over-year basis. This decrease is due to our continued strategy of reducing higher cost funding.
EARNINGS SUMMARY FOR THE THREE MONTHS ENDED MARCH 31, 2026
Net Interest Income, Net Interest Margin, and Average Balance Sheet
Net Interest Income
First quarter 2026 net interest income totaled $443 million compared to $467 million, down $24 million or 5% compared to fourth quarter 2025 but rose $33 million or 8% compared to first quarter 2025.
Linked-Quarter Comparison
Fourth quarter 2025 included the recognition of a $20.5 million hedge gain related to the accelerated repayment of certain FHLB-NY advances; excluding this item, first quarter net interest income was relatively unchanged, down $4 million or 0.8%
Average interest-earnings assets decreased $3.3 billion or 4% to $83.3 billion as a result of lower multi-family and CRE loan balances and lower average cash balances due to balance sheet deleveraging
Average interest-bearing liabilities declined $2.9 billion or 4% to $65.6 billion as a result of lower average interest-bearing deposits and wholesale borrowings
The net interest margin increased 1 basis point to 2.15%, but excluding the impact of the hedge gain recognition in the fourth quarter, it was up 10 basis points, due to a lower cost of deposits, partially offset by lower earning asset yields
Year-Over-Year Comparison
Average interest-earning assets decreased 13% to $83.3 billion, driven by a combination of run-off in the multi-family and CRE portfolios and balance sheet deleveraging
Average loans and average cash balances both declined, offset by growth in the investment securities portfolio
Average interest-bearing liabilities decreased 14% or $11 billion to $65.6 billion with average deposits declining 12% to $54.2 billion as the Bank significantly reduced brokered deposits during 2025
Average borrowings declined 21% or $3 billion to $11.4 billion
The net interest margin increased 41 basis points driven by a lower cost of deposits and borrowings, partially offset by lower earning asset yields
Provision for Credit Losses
For the first quarter 2026, we reported a provision for credit losses of zero compared to $3 million in fourth quarter 2025 and $79 million in first quarter 2025. Both the linked-quarter and year-over-year decrease in the provision for credit losses is primarily due to the continued decline in multi-family and CRE loan balances and the resolution of the one borrower relationship that was in bankruptcy.
Net charge-offs for the first quarter 2026 totaled $78 million, up $32 million or 70% compared to fourth quarter 2025 and down $37 million or 32% compared to first quarter 2025. First quarter 2026 net charge-offs on an annualized basis represented 0.52% of average loans outstanding, compared to 0.30% for fourth quarter 2025 and compared to 0.68% for first quarter 2025.
First quarter 2026 net charge-offs include $34 million related to the one borrower relationship that was in bankruptcy. All but $4 million of the amount had been previously reserved. Excluding this item, net charge-offs to average loans were 0.29% on an annualized basis.
Pre-Provision Net Revenue
The table below details the Bank's pre-provision net revenue ("PPNR") and PPNR, as adjusted, which are non-GAAP measures, for the periods noted:
March 31, 2026
For the Three Months Ended
compared to:
(dollars in millions)
March 31, 2026
December 31, 2025
March 31, 2025
December 31, 2025
March 31, 2025
Net interest income
$ 443
$ 467
$ 410
-5 %
8 %
Non-interest income
55
90
80
-39 %
-31 %
Total revenues
$ 498
$ 557
$ 490
-11 %
2 %
Total non-interest expense
466
509
532
-8 %
-12 %
Pre - provision net revenue/(loss) (non-GAAP)
$ 32
$ 48
$ (42)
-33 %
NM
Merger-related expenses
—
17
8
NM
NM
Severance
—
4
—
NM
NM
Lease cost acceleration related to closing branches
—
—
6
NM
NM
Trailing mortgage sale costs with Mr. Cooper
—
—
5
NM
NM
Net loss (gain) on investment security
9
(9)
—
NM
NM
Pre - provision net revenue/(loss), as adjusted (non-GAAP)(1)
$ 41
$ 60
$ (23)
-32 %
NM
(1) Amounts may not foot as a result of rounding.
For first quarter 2026, PPNR totaled $32 million compared to PPNR of $48 million for fourth quarter 2025 and a pre-provision net loss of $42 million for first quarter 2025.
Linked-Quarter Comparison
First quarter 2026 PPNR would have increased $4 million or 14%, excluding the aforementioned $20.5 million one-time hedge gain recognition in fourth quarter 2025
The first quarter also included a $9 million fair value loss related to the Figure Investment compared to a $9 million fair value gain during fourth quarter 2025 for a quarterly difference of $18 million related to this investment
PPNR, as adjusted for the Figure Investment fair value adjustment and other notable items in fourth quarter 2025, as well as the $20.5 million one-time hedge gain recognition, increased $2 million or 4%
Year-Over-Year Comparison
First quarter 2026 PPNR, excluding the Figure Investment fair value loss during the first quarter, increased $64 million to $41 million
The majority of the improvement was driven by a $66 million or 12% decline in total non-interest expenses
Non-Interest Income
March 31, 2026
For the Three Months Ended
compared to:
(dollars in millions)
March 31, 2026
December 31, 2025
March 31, 2025
December 31, 2025
March 31,2025
Fee income
$23
$22
$22
5 %
5 %
Bank-owned life insurance
10
17
10
-41 %
— %
Net gain on investment securities
(9)
9
—
NM
NM
Net gain on loan sales and securitizations
5
8
13
-38 %
-62 %
Other income
26
34
35
-24 %
-26 %
Total non-interest income
$55
$90
$80
-39 %
-31 %
Impact of Adjustments:
Net loss (gain) on investment security
9
(9)
—
NM
NM
Adjusted noninterest income (non-GAAP)
$64
$81
$80
-21 %
-20 %
Non-interest income in first quarter 2026 was $55 million, down $35 million or 39% compared to $90 million in fourth quarter 2025 and down $25 million or 31% compared to first quarter 2025.
Linked-Quarter Comparison
First quarter 2026 adjusted non-interest income declined $17 million or 21%, excluding the impact from the Figure Investment
Fourth quarter 2025 non-interest income was elevated by approximately $10 million due to $7 million from BOLI death benefit receipts and $3 million from a gain on the sale of a bank-owned property
Year-Over-Year Comparison
First quarter 2026 adjusted non-interest income declined $16 million or 20%, excluding the impact from the Figure Investment
The year-over-year comparisons were impacted by the sale of the Bank's mortgage servicing/subservicing business, which lowered various non-interest income categories in the current year, including fee income, through lower loan origination fees, and loan administration income
Non-Interest Expense
March 31, 2026
For the Three Months Ended
compared to:
(dollars in millions)
March 31, 2026
December 31, 2025
March 31, 2025
December 31, 2025
March 31, 2025
Operating expenses:
Compensation and benefits
$228
$253
$244
-10 %
-7 %
Occupancy and equipment
50
47
55
6 %
-9 %
Software expenses
47
46
42
2 %
12 %
FDIC insurance
30
33
50
-9 %
-40 %
Professional services
22
17
26
29 %
-15 %
General and administrative
64
70
79
-9 %
-19 %
Total operating expenses
441
466
496
-5 %
-11 %
Intangible asset amortization
25
26
28
-4 %
-11 %
Merger-related expense
—
17
8
NM
NM
Total non-interest expense
$466
$509
$532
-8 %
-12 %
Impact of Adjustments:
Total operating expenses
$441
$466
$496
-5 %
-11 %
Severance
—
(4)
—
NM
NM
Lease cost acceleration related to closing branches
—
—
(6)
NM
NM
Trailing mortgage sale costs with Mr. Cooper
—
—
(5)
NM
NM
Adjusted operating expenses (non-GAAP)
$441
$462
$485
-5 %
-9 %
First quarter 2026 operating expenses were $441 million compared to $466 million in fourth quarter 2025, down $25 million or 5%, and they declined $55 million or 11% compared to first quarter 2025.
Linked-Quarter Comparison
Adjusted operating expenses decreased $21 million or 5%
Main drivers of the decline were decreases in compensation and benefits expense of $25 million, general and administrative expense of $6 million, and FDIC insurance expense of $3 million
Year-Over-Year Comparison
Adjusted operating expenses decreased $44 million or 9%
Main drivers were decreases in FDIC insurance expense of $20 million, compensation and benefits expense of $16 million, and general and administrative expense of $15 million
Income Taxes
For the first quarter 2026, the Bank reported income tax expense of $11 million compared to a tax expense of $16 million for the fourth quarter 2025 and a benefit of $21 million for the first quarter 2025. The effective tax rate for the first quarter 2026 was 34.9% compared to 35.3% for the fourth quarter 2025, and 17.8% for the first quarter 2025.
CREDIT QUALITY
March 31, 2026
As of
compared to:
(dollars in millions)
March 31, 2026
December 31, 2025
March 31, 2025
December 31, 2025
March 31, 2025
Total non-accrual loans held for investment
$2,675
$2,975
$3,280
-10 %
-18 %
Non-accrual loans held for sale
$7
$30
$21
-77 %
-67 %
Non-accrual held for investment loans to total loans held for investment
4.43 %
4.90 %
4.93 %
-10 %
-10 %
Non-accrual held for investment loans and repossessed assets ("NPAs") to total assets
3.08 %
3.41 %
3.37 %
-10 %
-9 %
Allowance for credit losses on loans and leases
$954
$1,030
$1,168
-7 %
-18 %
Total ACL, including on unfunded commitments
$1,007
$1,085
$1,215
-7 %
-17 %
ACL % of total loans held for investment
1.58 %
1.70 %
1.75 %
-12 bps
-18 bps
Total ACL % of total loans held for investment
1.67 %
1.79 %
1.82 %
-12 bps
-16 bps
ACL on loans and leases % of NPLs
36 %
35 %
36 %
3 %
— %
Total ACL % of NPLs
38 %
36 %
37 %
3 %
2 %
Non-Accrual Loans
At March 31, 2026, total non-accrual loans, including held-for-sale, were $2,682 million, down $323 million or 11% compared to $3,005 million at December 31, 2025, and down $619 million or 19% compared to March 31, 2025. Total non-accrual loans HFI to total loans HFI were 4.43% at March 31, 2026 compared to 4.90% at December 31, 2025 and 4.93% at March 31, 2025.
Linked-Quarter Comparison
Broad-based improvement with declines across all major loan categories
Both multi-family and CRE non-accrual loans declined 10%, continuing a downward trend in non-accrual loans since peaking in first quarter 2025
NPAs to total assets improved 33 basis points
Year-Over-Year Comparison
The decrease reflects ongoing proactive loan workout strategies
All major loan categories improved with multi-family down 14% and CRE down 25%
Majority of the improvement in multi-family non-accrual loans stems from the resolution of the previously disclosed relationship that was in bankruptcy during first quarter 2026
NPAs to total assets improved 29 basis points
Total Allowance for Credit Losses
The total allowance for credit losses including the allowance for unfunded commitments was $1,007 million at March 31, 2026 compared to $1,085 million at December 31, 2025 and $1,215 million at March 31, 2025. The total allowance for credit losses on loans and leases at March 31, 2026 was $954 million compared to $1,030 million at December 31, 2025 and $1,168 million at March 31, 2025.
The total allowance for credit losses to total loans HFI at March 31, 2026 was 1.67% compared to 1.79% at December 31, 2025 and 1.82% at March 31, 2025. The total allowance for credit losses on loans and leases to total loans HFI was 1.58% at March 31, 2026 compared to 1.70% at December 31, 2025 and 1.75% at March 31, 2025.
CAPITAL POSITION
The Bank's regulatory capital ratios continue to exceed regulatory minimums to be classified as "Well Capitalized," the highest regulatory classification. The table below depicts the Bank's regulatory capital ratios at those respective periods.
March 31, 2026
December 31, 2025
March 31, 2025
REGULATORY CAPITAL RATIOS: (1)
Common equity tier 1 ratio
13.24 %
12.83 %
11.90 %
Tier 1 risk-based capital ratio
14.08 %
13.66 %
12.65 %
Total risk-based capital ratio
16.69 %
16.23 %
15.25 %
Leverage capital ratio
9.61 %
9.22 %
8.45 %
(1)
The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio of 6.5%; a tier one risk-based capital ratio of 8.00%; a total risk-based capital ratio of 10.00%; and a leverage capital ratio of 5.00%.
Flagstar Bank, N.A.
Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At March 31, 2026, the Bank had $87.1 billion of assets, $60.7 billion of loans, deposits of $66.8 billion, and total stockholders' equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.
Post-Earnings Release Conference Call
The Bank will host a conference call on April 24, 2026 at 8:00 a.m. (Eastern Time) to discuss its first quarter 2026 performance. The conference call may be accessed by dialing (888) 596-4144 (for domestic calls) or (646) 968-2525 (for international calls) and providing the following conference ID: 5857240. The live webcast will be available at ir.flagstar.com under Events.
A replay will be available approximately three hours following completion of the call through 11:59 p.m. on April 28, 2026 and may be accessed by calling (800) 770-2030 (domestic) or (609) 800-9909 (international) and providing the following conference ID: 5857240. In addition, the conference call will be webcast at ir.flagstar.com and archived through 5:00 p.m. on May 22, 2026.
Investor/Media Contact: Salvatore J. DiMartino (516) 683-4286
Cautionary Statements Regarding Forward-Looking Language
This earnings release and the associated conference call may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (g) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the "Reorganization"), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (h) the impact of the $1.05 billion capital raise we completed in March 2024; (i) our previously disclosed material weaknesses in internal control over financial reporting; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on ...
