On the left we show tier 1 capital ratios by asset size. Prior to the GFC, smaller banks, in general, tended to have higher capital ratios than their large bank counterparts. It was only after the GFC, when the increased regulation on large banks due to the introduction of Dodd Frank and Basel III, that we saw notable increases tier 1 capital ratios among the biggest banks. This dispersion further widened when President Trump rolled back Dodd Frank regulations on the smaller, regional banks. Moving to the right, we illustrate trends in the commercial real estate space, given that CRE loans, current and historically, represent an outsized percentage of smaller banks' portfolios. On the top right, we show the percentage of office leases expiring in the coming years as percent of total square feet, while on the bottom right we show office debt maturity as a percent of the current total balance. Both indicate a higher degree of risk in the in the 1-3 years ahead given the uptick in lease expirations and debt maturities; however, the downside risk could be limited by continued strength in capital ratios.