The First Bancshares, Inc. (FBMS) 27 Apr 232023 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to the review of first quarter 2023 financial results conference call. [Operator Instructions]

I would like now to hand the conference over to your speaker today, Hoppy Cole, CEO. Please go ahead.

welcome. and everyone, morning, Good Officer. I've got morning, our with this Chief team Credit of Dee Lowery, our Lending our Dee Fletcher, Noonan, and members our Officer; us JJ several CFO; Chief George and And I'll start the it covering some of to rest then the the highlights over team. turn for by quarter

a year. are a strong and so outcome So quarter with we of the for the great the pleased quarter. It was start

Bank acquisition noted of in at we release, and There's integrated January as As Southeast we closed our X, ever. the a largest XXX. the our systems

So quarter, Atlanta, we assets Coastal about closed in and accumulated billion Jacksonville. and integrated all in the X.X in Georgia we same XX locations new bad

largest last team Bank, largest months, their our X $XXX system December the remember phenomenal acquisitions X has ever. over closed And job a integrated in was X million Beach actually, of closed -- acquisition July, we July you our a So over the little back which done closing X. X we

then again, I here closing about Southeast noted bank. to And just what

all Tampa, built in $X.X Florida opened assets new [indiscernible] [indiscernible]. in the last portfolio Savannah Atlanta, we billion growth density the up grown in that all, over organic and experienced markets in a in So significant and Jacksonville, we've loan the

appreciate So team we're and make together. come absolutely just that the our job to phenomenal that thrilled members have all done

management around of sheet the I did deposit quarter, balance liquidity. maintaining of for deposit the and our our managing job terms flows, same really pricing In nice thought we playing a discipline

deposits $XX that X.X% adjust quarter, X.X%. for But look down million we were if broker only for the you of If down deposits overall. let go were you deposits

In quarter fourth just noninterest-bearing cost, it compared improved the the the to were at XX% of of the quarter. mix in XX% as end study the of a pre Our deposits total net about at deposit end deposits fact, bit.

good a I the management only job But our we're asking us. So around with are our deposit maintaining we people flows, new bring have. done manage pleased to have margin, defend we're what can to really relationship when of matching people to money the ability doing not

people in pricing deposit feeling well. most the industry, like pressures so And we're as

is we're again, bit basis disciplined annualized, that and points, off quarter. that to second inconsistent muted last the for but XX the guidance Dee posts in up cost XX%. total million, Dee our good was offer up really we what some pipelines year. only or remain a job were where X% for probably growth points additional about X%. loan below quarter-over-quarter color X% about not still However, a our the was with going doing from XX It seen was had the back basis for And about well quarter half now of $XX expect to pipelines but we and and are quarter where

of Net certainly because sheet. the deposit job guided margins. managing quarter, heresy and addition Beach, margin, of Last but Southeast both Certainly, we we I in quarter. the we because first improvement of our asset interest again, balance of flows, the -- sensitivity some margin experienced thought did to to seasonal another also the our that seasonal added good a

up basis X.XX%. points net XX was interest our to So margin

of cost the the $X.X terms of from majority cost So our quarter-over-quarter adding effect combined saves earnings tech quarter ASPI, growth in are all XX%. the a better-than-expected of contributed saves great to earnings, getting of the scale and of million this or a in of core plus improvement core the margins in all

per was up Earnings XX% to quarter-over-quarter $X.XX. share

the well ramp, diversified, our can strong so low-cost with even So balance sheet, shareholders we we're year. capital given in competitive compete we're of like feel reward significant where Even headwinds, a feel we we have if deploy. balance we good And of spot. earnings spot really sources, position, capital economic creating sit like a the today, a to our construct is liquidity, which in good we the more funding strong really

to detail Dee give it on Dee us to of So some financials. more round with that, the turn I'll over

results as he mentioned, about And I and of going stock. again heritage to is what trying the on closing, did be X.X But close X/X noise we by in heritage are was saying shares start Thanks,. minus noise every this quarter and Great. to actually we our obviously, get common the our quarter, seems noise. to the that issued have theme operating to our million

share. reported diluted $XX.X $X.XX million For or we the ended per quarter March,

an which then and loan on initial of tax Heritage losses provision the portfolio, for million. net which charges, of operating was excludes tax acquisition credit the day X million net $X of were But basis, $X.X for

So increase when earnings our account, were or $X.XX. million XX%. into end mention, you previous was an from Hoppy take actual as that or $XX.X of $X.X And million those did operating quarter

included full savings Heritage of Bank cost a as the Bank. obviously as well The Beach from drivers quarter quarter for this

remember, we to locations acquisition, closed in the were December month of done and of the you If systems Beach in the following X conversion all relationship those Beach.

adjustment. mentioned, that was Our increase net the related was expand XX XXX of interest to that points an purchase of margin, XX basis XXXX, did as basis accounting Hoppy points,

higher to closing interest first we as rate percentage had And a of compared net did. from quarter, the they have quarter, if whole Heritage portfolio interest our had as as mainly recall ours, you floating due expansion than to and more did expect loans their margin a also a net of company a heritage. margin the call for we last

mentioned. portfolio loan beach Hoppy the as well as So that

XX basis core our increase NIM points So to X.XX%. did

in in of first to increase of expansion forward. We We the that going the contraction the the expecting quarter margin the indicated portfolio. addition due mainly had some Heritage are

X.X. XX points about on sous the well, So we could on. probably to I do heritage remain bring One XXX. have core contraction point better we think could the throughout year. margin of basis We a asset to XX as

as mentioned before increase that had we would well asset they that sensitivity. as So our

while net points points basis basis assets on our XX increased XX increased the cost yield during quarter. Our earning

million. our market a payoff was On kind mention, mainly of in deposits million noninterest-bearing. split of portfolio and of bookers and A million our the was then the of was $XX the interest-bearing down between of non-CD you the in total was our topic part decline did the And money that million $XX remaining X.X%. heritage million, did interest-bearing then of from that part savings And $XX related. as in $XX categories, and that

that. about good really feel we So

As I quarter. mentioned, with end noninterest-bearing of the mix the XX% our at kept we of

quarter a current. interest-bearing deposit cumulative XX%, of Our end period to and that was from 'XX beta was

beta. feel So we that, really good XX% about

feel about our our liquidity also, liquidity. mentioned, We good as Hoppy

a position. liquidity strong have We

above Our well limits. our ratios are

portfolio Our was -- billion. we is our XX%. $X.X loan-to-deposit of below unpledged. And then XX% ratio And is borrowing about our have securities capacity

So roughly about that's million. $XXX

next million is about the cash X portfolio. Over expected flow in our quarters, that $XXX of securities

of recall, well So about in paid position. million if brokered At we million end the as had in the the feel quarter. Those you the year, the liquidity CDs our were January in bank. $XXX advances from we off $XX as good really home loan throughout

brokered April. paid the Those we At were still the of end of have $XX CDs. beginning off at million March, in

the ] We those bank in We So funding good way near felt end sheet. [ that participate Federal of going balance Reserve a did off program runoff March. we good like term did with was were are look with the our a rate take look at that. and some ahead deposit advantage of where our And million. at million of kind liquidity, at and the a go $XXX $XXX of to of we the

the our Fed. So book and pledge those use we were at securities unpledged able to

or our $XXX remained with of kind think as position for forward remain borrow looking really prudent and that needs. as we a the good million. like felt to the was to same, decision So our to liquidity able liquidity far being

of to ratios. operating highlight couple a operating our results, our net want just I income

the for ROA was Our $X.XX. at quarter

Our return tangible average XX.XX. was common on equity

ratio And operating Our efficiency is XX%. was mentioned, efficiency -- our Hoppy is as good. capital capital ratio our

-- common was TCE was equity million XX.X%. Our our $X.X

leverage Our our X.X%, was total was risk XX.X%. base and

all So capital rate ratios.

that it to to think I'm going turn I So for all is Hoppy. me.

report. great the Dee a -- Thanks, would to portfolio to like Dee, little to I loan bit? dig Good in you

Hoppy. you, Thank sir. Yes,

achieved growth size first time X/X, to up people our going lot and trying those reported, of and $XX would trained As the close and effort the bank A was legacy quarter. lot for into already Hoppy on about get I and modest note HSBI HSBI with system. spent million of

within So spots continue to bank division part. market. take a be lot private our everybody's the of effort, Bright company and appreciate we the also that Tampa to and

about somewhat a start positive $XXX legacy After originations slow just in were the quarter, million million, originations $XX HSBI first overall about in from including of March momentum portfolio. for and the

January, mentioned, pipelines also in from Hoppy XX% previous As about the had compressed reported quarter. we

then And pretty they $XX end the in heritage, to line there, QX pipeline those excluded end the with up course, However, QX in levels of XXXX back of had numbers at QX numbers. XXXX. at were much on the of about million but previous XXXX,

diligent and opportunities On all in loans and new pricing, repricing remain renewals spreads continue maximize and to production. on we modifying

to overall quarter. -- commitments million commitments yield and about I also in lines in unfunded see think million. about the $XXX in were average $XXX million for production an XX-month first the first $XXX was new unfunded the unfunded, weighted the augment quarter you'll loans and Trailing release continue XX-month

optimistic unfunded forward So going summary production commitments. on side pipeline, from as the our cautiously to current is loan funding based and

team time in to then being integration the at and new We the this HSBI system. teams full forward Thank right. members into All our you several have of lending onboarded currently different look markets all.

George? Thanks,

of numbers. Thank metrics to credit basis the on the very acquisition for some our some through XX remained moderate about stable Delinquencies adding manageable, points benefiting quarter, the you. averaging with performance the quarter. through results quarter very their to improvement continued Generally, showing remain our first from categories

a percentage of ACL and Our saw total points. a under as improved basis basis capital C&C. capital of as loans X likely. of decline a improvement And We criticized decline of NPAs a showed percentage with in plus points plus X ACL just classified

from generally, side. credit good the So metrics all

will, you're deck, starting the you next the on at chart the comments, if Page XX. track If looking with pie

these can comments there. you see So depicted

to when very loan occupied and portfolio. nonowner-occupied subcategories, of overall continues at XX XX% of family balance overall, onto owner composition loan the XX you that divide XXX big run among C&D, our But balanced a about CRE remain at XX% between represents the and portfolio loan XX%, Our portfolio.

don't other categories of exceed loan the really X% total. of All

XX category the can HSB see can retail at and you subdivisions C&D and center, commercial are there about XX some predominant to good with balance Drilling XX%. our the in at XX%. hotel, the In categories professional and across XX% CRE. drivers at post is lots space, and So predominant of whole acquisition, retail vision X -- -- XX the subcategory residential stand-alone the office down portfolio. largest B, CRE

of category and categories. undeveloped X% the So other exceeds land multifamily again, no

nonowner-occupied X.X% particularly our Moving space a office we portfolio, lot little space, for thought with heightened of as percentage nonowner-occupied on reference, sit to on Page focus XX, kind as of total mind, a we're office far folks' about show where just on loans. more of total we a as office -- of

So XX% office total about $XXX in space the or nonowner-occupied give million, office of that our comprises about lines. take,

has million. owner-occupied does both see Florida and imagine, little traditional is us the the And So our in about nonowner you majority Georgia, in as holds office with the the for Georgia, larger recent we as occupied. Florida that might non-owner XX% been by of that $XX in about a a state, category acquisitions

average bank loan a than national community a typical so for large bank. our is And probably size more

on $XXX,XXX. Our office side, average the nonowner-occupied loan it's size

maturities. portfolio. So big overall got on lot we've a of size

end and about X% Our total X-year of pretty in 'XX XX%, year balance subcategory the of even comprise each X% loans run. the through that a to maturing just nonowner-occupied that's over of under

coming and in owner orderly XXXX beyond. pretty in occupied schedule up matures XX% of a portfolio So the and maturity

forward. feel like loans trend takeaway the gets XXXX through So moving be kind in what hope we rates is the due as we there of us in will that downward those

over As space continued stable see. the the loans several running in of performance our have occupancies X.X%. And remain most in of [ equity is as the are for with just to credit quality more years. by has last newer we put this remained owner acceptable to ranges. portfolio won't in very newer X them we under those nonowner-occupied office Class ratios typified -- in credits injected credits, are ] in our

through So that again, good continuing quality credit to portfolio. see

first come, Just answer could quarter. good XX, and of referring overview if we Pages is the we sit Credit those pretty you generally as to the end that questions through those, any 'XX, 'XX you certainly a on but have of

Thank you, concludes That prepared George. Appreciate those our comments. remarks.

open now it for questions. up And so we'd

from Our be Catherine Instructions] question [Operator first will with KBW. Mealor

of deposit the Dee the rest course year? Dee, you your NIM how over of your the thinking guidance, are thinking in about betas

-- had We've think every the the feel have we're maintain competitors products. our we're we is continuing that of up I Well, trying with pressure with little we of bit quarter, was kind -- Hoppy kind day thing go some matching in we've just I a just I some with think going to to like and have. last of mentioned same been what fighting it because

see and increase to And there put the of you can so little guidance just of bit forward. cost, slide to that little try kind continuing. February I in a the from show that March showed see a to can We going

I they So kind not mean [ lose but it's we have continuing like of every some it's daily. ] day,

see do going I So that up some.

on noted be aggressive from to out building. a little more here are have We because pipelines

the out be little book. ability the so or And got in a put deposit aggressive more to the but side loan we've

more aggressive. a So little we to have be

but at so only just beta at XX%. cumulative amazing I you look your far so Yes. low is total it's mean, if still

is factor I here or is from your been think to below averages. so you -- it just have sure. think as it you as I I far? for deposit will still, the -- increase But what keep we'll able of you mean, been if a data -- understand is be do So it have driving low industry

deck, are relatively well-diversified, XX% And a you consumer look in at the slide base got I it accounts. We've if of rural the across deposit accounts the our like that shows Southeast. think

guess. -- So sticky a concentration to little commercial in I lot less be a tend a little [ accounts, we don't of ], have more large which

highly think it's average that's granular. I it. size $XX,XXX. The accounts So

the So a highly deposit older Southeast. granular seasoned across it's base retail

just And on But into year? bit. And like our kind the the big the noninterest-bearing you've how industry, what a the several for then because you noninterest-bearing, we're last rest the little merger It's hard seeing Great. remix, a we see For got missing Catherine, XX%. across same of were in you kind seeing remix from interest-bearing. of expect to mix -- the we've that been shift? quarters, are what in do of that numbers

the were XX.X%. September, end And at somewhere think of there. here in we think year, the XX, were I we X.X%, over I

maintain to noninterest-bearing percentage. we've that So continued kind of

So I think...

No.

to to able maintain right. you're constant... hope think I pretty We be a

cost expense at Great. And the outlook then savings side, next through? which we'll run expense how the just do flow for any rate about of on the pace on and couple the quarters see

Catherine. Yes, I do,

cost another little down I'm X%, some the a X.X%, more of to under quarter, quarter. next think X%, savings I so I kind quarter. And in we should X.X% this to probably see XX% fourth for this next and -- probably the then X.X%, then showing quarter. going constant think third

were with for think acquisition, folks the have, with January. that I folks. remaining those -- left So will that at that lot heritage Beach end then of the And a those we'll the that the of May of of were end be some

be we'll the think I to by So quarter. more even able of third see that

giving can you're mean? exactly you be the that you -- clear And -- to what just percentage specific

Yes.

is acquisition like expenses $XX.X our actual for without quarter million. on like charges first the So

down like $XX.X So to it's XX.X% about next quarter. that I'm in million the showing

Our with Matthew from next question Stephens. comes Olney

core I what around liquidity the want to to Dee, discussion deployment. I'm margin. And that assumes curious go back for Dee the

still security a cash very have and some flow loan-to-deposit You mentioned expectations. low the of you ratio,

is kind year. for Just of the curious deploying liquidity plan this what

the about talked deposits. us. mean, deploy keeping might securities [indiscernible] Obviously, ratio what we XX% those good loan book, deposit that as that the portfolio runoff really as But be aggressive been I be. XXX, to considering saying XX% talked loan the and being about continue for we've would to be in think obviously, able we'll deposit to in I the remixing coming into

kind year that's for of this talking was big so we've what a been opportunity. about remix And

helpful, loan this months growth hopefully balance for Dee. for kind ago. That's the on quickly. they few now are pretty And expectations Okay. Dee mentioned pipelines onboard the JJ means Curious are side, the new like of so what a few loan a then lending maybe growth they than I that of year... think better were being teams

in the feeling our new we've and Jacksonville digits, I really quickly. between high then Pahala that and pipelines given markets single like think got pretty Tampa, we're building digit, mid-single Atlanta

loan kind Matt. between feel out is to year, like somewhere the X% come of our So X.X% growth internally we for will what

one And the on back, quarter. to think, Okay. guess, the then I expectations on from helpful. the margin, the just That's accretion one this going level, accretion I last million -- the the here? What's scheduled $X.X for

] predict [ to our we difficult accretion is Matt, until books, that, Heritage. Heritage for quarter on first took to straight-line of Part the a approach was the because

will a be will on, average individual loans those added the it loan. be based life will on added the on on basis be each creating quarter, this and During off of loan-by-loan accretion

So it could fluctuate.

hard for kind it's predict. I about my basis. of really I budgeting think, pays of but quarter. So just have And or down, one head across kind this kind I it's to if you more would of pays of million, we very internally off obviously, X think that say get on that year, for

So...

for remainder the And just which recognized $X full to already the clarify, year you've X.X%? of the million or year of

that part that Well, was of all heritage. not of was

So about million what year over book. for of about the I additional the really for last, the was kind $X accretion heritage was talking this

was million that $X for heritage. a little -- think I our So over there

in there. have still other We acquisitions still some some quarter. This those of generating accretion

next be Montgomery Marinac question Our will Christopher of from LLC. Janney Scott

we talk those as acquisition company to we Should of that credit. expect Hoppy, maybe some the is normalization look modest Do the how it And the continues state. see of in to resolved just has this think cycles? the And integration Or out will just as get now a and months, mention to of XX completed environment think been about different? the special have same you be the steady past kind if compared any resolution of kind would next wanted past. and I I loans. kind substandard credit I'm curious now

had haven't I would much different. be that about any -- That's

that of and think is, all, keep I thought, -- Chris, credit looking. first my cracks, we we're not initial seeing

there's up, to the You the rates gone believe some somewhere. that going box cracks that have got be interest to

I Now resolution credit my resolution the changing and taking in loss. problem our career, quick your terms always it's -- approach see in of quick limits identification don't of been us our to resolution,

likely loss first is your Your smallest your loss.

I about we've conservative grading think So very been credits.

exams then from our external downgrade material have reviews And remember time loan last our can't an had think and proved -- any we out. that I I auditor. we

a pretty here. so we're And diligent. We've got culture credit prudent

or So resolution I be a do you quick have would it? on would quick strategy. say our our continued resolution any George, thoughts

officer that I credit in we has regional also up an our have beefed And agree, each of market regional officer. officer senior the with capacity regional Hoppy. special assets our credit to works regions end

So certainly, on problems our identify they're don't cycle. to more strategy additional and addition work XX-month but able folks working on will the of change will resolution. total benefit next early the think over [indiscernible], very us that resources from some together I thing

point. with that along a when Chris, you answer. your thought this great goes made I think said Well, and I And back you

special As we've seasoned grown, we we've very our never about took and vision ago we until X she had started form a credit assets special division. assets officer time up to months a

lot the X, headwinds fact that to larger a the more bank. And So problem and that lot collection footprint it's now process department have credits ] in economic preparation sand [ manage. a for just a those larger a we the being one formal manages with

So good George. point, a that's

future, [ protection stay that All guess well. modest in feeds kind I stable also of obvious the growth the and ] right. just that That's feels pre-provision with but have the growing, into is as credit the Great. it pretax that helpful. you still more base And in

from Hovde question comes next Rabatin Our from the Group. Brett

opportunities talk loan And if in this perspective there's put do or new or are cetera. of curious you just pullback, I just from pulling to pipeline about the on stuff be may seeing credit And et is in enhanced Wanted you're to looking that the hear providing pipeline. if things? might guess others being just I'm a equity, credit to the a to rebuilding market still with existing able experience your up if be back customers originate

So this is JJ.

a year, a of up rate So late couple happened I pullback from think think When saw I went last demand. in just things. contraction we the interest

sure. of our were not Some customers

knew it was so was. that And the we at of the going year be and end to down

in think aggressive got I a we more those our I months, getting it's so X just think just combination clients ready. little a but And of rebuilding

will We find we're deal. some it that are not I at tell getting we is to excited seeing looking feels place are in things past now because some George new the coming about we're think that to that us the weren't but looks, like everybody trying you,

market. just good from So year. still I remains quality the the pickup looking limitations some you core meetings, But for and our credit recent last the there's in fill do credit in think can we're think opportunities. our what the at and of I of same, committee business end saw And we

of we've me I most that people the at front that in I thing it session. projects looked equity put the first last required on in all amaze one the the going is the year in the end the and pipeline, That's equity essentially since look more have in. done at we in

and equity they're still because of of it. still of customers the core have more equity, we're liquidity, lot a lot requiring doing our environment, just and So a rate

wanted of betas low. helpful. that maybe in more I sure money And Would paid then I the end your got been pay have is spot make really at you deposit the CDs, ] you're deposits for accounts the the to -- quarter? rate have Okay. everybody market having [ just guys That's to type you and

we believe our came of XX at CD was if wrong, but towards for of X% That X X the one we and I months. of out for for X% months think quarter our -- X.XX% end kind specials, the care specials. I'm of I

X% when kind X, on X% numbers whether markets CD a short just the the we at quarter, from X were competitors CDs mostly was in that and the around money seeing term, markets money February, some our months up of been market, end or in of X%. range Now our some put some on probably money place, it of until We've that, on at we March, from ago, really of of markets. I we the was that but out, kind rate March, obviously, you money specials in that the range requests in really February increase to on CD we more of a mentioned where deck the put hike, -- which into X% increased see March, can went some for while our with money then last our hadn't and some markets. we it

So our XX points all-in cost is of deposits basis system.

March. For

March.

then And higher Okay. here a tax number? from rate move XX% that lower? is just lastly, the good Does or any

quarter. -- -- generally of right around it's It's say We pinion were on accrual this are. I we top would our for that, where

So in I range. think we'll be that

Great. appreciate the congrats quarter. all the I and color on Okay.

Our from Davidson. next Fitzsimmons from D.A. Kevin question comes

rear wanted about today, granted you How given in the bit feeling deal uncertain are have environment. is capital to the guys -- view, and in buybacks healthy just the it's Hoppy? I that you now levels, but a

Kevin, of these part capital, and certainly our shareholders. capital it use still And I tool tool our got -- to we'll can I it's and use plenty point, think your attract. for I to prices it's shareholders, reward of our we and we've reward another think think

remind is. can authorization And you me what's what in the current the -- place

$XX billion. I saw

it. Got

checklist being write left, long ]? go billion the in the [ that or that things M&A billion base? how in Or towards you're whether with $XX are terms us I getting approach, And said $XX update on it about thinking Because of of then -- that generally regulatory and expected whether start are more your can well Okay. on expense amount over in done, -- however advance remind whether maybe or is billion, us that deals is takes Hoppy they there this required you much of or the $X attitude assets, how in being that you changes already strategy to you've your now in of ready. that guys for think that past you're

our terms calls "Hey, state federal Reserve the very Federal compliance sure monthly They've keep both having our said, of we us continues be been make -- And systems. to They -- And you're with of here way the are levels to working and to expectation their kind our information BSA, for just systems, us. have are done because audit have. at okay, in to ready expectation if you that in management they management say, we proactive Reserve out Federal actually our be ready to look, that with it levels we want and of like honest it. they to pacing with don't do they examine

that appreciate be want I ready. to out because So I

for terms we're just that, X -- going of digest now right M&A, we In to completed acquisitions. big

give we opportunities, growth on very focused above think which integrating So but markets much us always We've remain some Kevin, average nimble we we for acquisitions. are these added organic opportunities.

We that But formed we'll So focused we're started committee management an meets We've very XXB committee. it. internal remain opportunistic. of our much on the piece organic growth quarterly.

we what our at at GAAP a now billion. of have our terms between billion versus $XX $X we need support analysis the to $XX started look in We what we GAAP to have third-party billion where systems

some go. a good approach process that as in required built to $XX going but company, and that get $XX going we we we've we good more And across be to billion billion. expense closer to more There's of think to So procedure got people as terms got platforms software start be is there's platforms, we've the threshold.

to think you'll that. So with that, we expenses get the maybe see associated I increased some closer

most assume I the compliance for part? folks that's really And

from changed areas being the are bank community Those space materially in regional banking audit. that BSA, really Compliance, to organization. a all

I Please like turn remarks. closing would Hoppy stand it Instructions] by this [Operator to while to we At can Q&A the roster. back Cole for tie time,

us joining economic we the feel really with for even a like Well, position in go good everyone, set, thanks, headwinds. thrilled competitive our from we're and quarterly today. given to Again, we're results, forward a really

forward appreciate So visiting and it to we attending, with quarter. look you next by

Thank in your does today's conclude you participation for This conference. the program.

may You disconnect. now

may good a have You day.