Strong loan underwriting and historically lower loan losses than peers' Strong market positions in less-volatile U.S. regions Successful acquisition history Elevated exposure to higher-risk loan categories such as investor real estate (IRE) and construction loans, which could produce higher loan losses Funding and liquidity profile marginally weaker than peers' though improved over the years The stable outlook reflects our expectation that the company will maintain its stable financial performance, good asset quality metrics, and conservative underwriting standards. We also expect that its concentration in investor commercial real estate (CRE) will not increase substantially and that growth within that portfolio will decelerate. In addition, we expect that construction loans will not sustainably exceed 10% of total loans. Lastly, we expect that
