We like the deal, as it gives AX additional deposit funding without adding a branch footprint. In addition, we expect the influx of deposits will help ease potential NIM pressure in a falling rate environment, and help AX continue to maintain ~90%+ downward deposit betas while still being able to fund the accelerating core loan growth across multiple business lines. We remain constructive on shares of AX, and we continue to expect AX to be able to generate above-trend loan and deposit growth without negatively impacting credit performance. We are reiterating our BUY rating and $110 target.