Jared David Shaw
Barclays Bank PLC, Research Division

Ready? Great. Well, thanks, everybody. Good afternoon. Thanks for joining us. We're excited to have Flagstar Bank, NA. No longer Flagstar Financial.

Joining us today, we have Joseph Otting, the Chairman and CEO; and Lee Smith, the CFO. Thanks very much for joining us here.

Joseph Otting
President, CEO & Executive Chairman

Thank you, Jared.

Lee Smith
Senior Executive VP & CFO

Thanks for having us, Jared.

Joseph Otting
President, CEO & Executive Chairman

Honored to be here. Phenomenal conference. So thank you very much.

Jared David Shaw
Barclays Bank PLC, Research Division

Great. Thanks. Glad that you're having a good day.

Jared David Shaw
Barclays Bank PLC, Research Division

Maybe just to start off at a little bit of a higher level. You all have come in to a franchise that needed some dramatic transformation. You've executed on that. Maybe just spend a few minutes at the beginning here sharing with us where you are in that transformation journey, what some of the bigger challenges were and what we should expect in the near to midterm from that?

Joseph Otting
President, CEO & Executive Chairman

Great. Well, thank you, Jared, and thanks for people that are here to hear our story. So when we came into the Bank in March of 2024, the Bank really was experiencing capital issues, liquidity issues, credit issues and regulatory issues. And if I, like a kid, it made the Bermuda Triangle look like an amusement park, from where we started.