Hello, I am wondering if anyone has any insight into how come there are 23 regional banks that have a 15% or higher ROE, 3 of which (First Savings Financial, Merchants Bancorp, and Meridian Corp) even have a 20% or higher ROE, while most major banks (such as Bank of America, Citigroup, Wells Fargo, JP Morgan, etc.) are struggling to even get to a 10% ROE right now. Is this a result of these regional banks facing less competition? Is it because these regional banks are smaller so they have less regulations and capital requirements forced upon them? Thanks in advance for your insights! Also do you think that these high ROE regional banks that are trading at below 10x P/E are possibly an attractive investment. Thanks in advance!