Q4 2022 S&T Bancorp Inc Earnings Call
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Welcome to the S&P Bancorp fourth quarter conference call. After management's remarks, there will be a question and answer session now I would like to turn the call over to Chief Financial Officer, Mark <unk>. Please go ahead.
Well, thank you and good afternoon, everyone and thank you for participating in today's conference call. You can follow along with the slide portion of the presentation by clicking on the page advanced button at the bottom of your screen.
Before beginning the presentation I want to take time to refer you to our statement about forward looking statements and risk factors, which is on page two.
This statement provides the cautionary language required by the Securities and Exchange Commission for forward looking statements that may be included in this presentation.
A copy of the fourth quarter of 2022 earnings release as well as this earnings supplement slide deck can be obtained by clicking on the materials button in the lower right section of your screen. This should open up a panel on the right where you can download these items.
You can also contain obtain a copy of these materials by visiting our Investor Relations website at SP Bancorp Dot com.
With me today are Chris <unk>, <unk>, CEO , and David Antolik, S&P's, President I'd now like to turn the call over to Chris.
Good afternoon, everybody and Mark Thanks for the introduction and welcome everyone to the call I certainly appreciate the analyst being here with US this afternoon.
Absolutely look forward to your questions I also want to take a moment to thank our employees shareholders and others listening on the call your commitment and engagement is what drives these financial results and these results are yours and you should be very proud.
2022 was at a historic year for S&P and in many ways was an inflection point for the company both strategically and historically, we started the year by celebrating our 120th anniversary, which provided a great opportunity to not only celebrate our past, but to think strategically about our future.
Sure <unk>.
During the year, we made significant enhancements and additions to our leadership team.
All focused on building for the future, while ensuring we delivered performance today.
Our leadership team took this opportunity to also engage with all of our teammates to define our purpose for the next 120 years.
All around building our future.
People focused a people forward future.
This purpose supported our values and provided the roadmap and blueprint for our growth and our impact and differentiate differentiation as we move forward in the market.
While building for Tomorrow, we certainly stay focused on today.
Evidenced not only by the numbers, we will talk about in a few minutes.
But also by the achievement, we had in the marketplace around things critically important to us around employee engagement and customer experience. We have multiple instances of market leading recognition from third parties and we are quite proud of these results also we define them as <unk>.
Trophies and there's many of them and we look forward to.
Continuing success there as it is so foundational for everything that we're trying to do financially.
In addition, we.
We delivered a 13% shareholder return on our stock.
Which significantly outpaced our peer median.
This return was aided over the past year by three separate dividend increases equaling more than 10% growth in our dividend to the current 32 level that we announced yesterday.
Now, let me turn to page three and give you talk little bit about the quarter as well as the year and then im going to turn it over to Dave to talk about.
The balance sheet, but as you can see on page three.
We had record earnings of $1 three.
An 8% increase linked quarter. It drove a drip was driven by a 29 basis point increase in our NIM, achieving 433%, obviously aided by the higher interest rates as well as the asset sensitive nature of our balance sheet.
The return metrics.
Were extremely strong with a 23, 6%.
<unk> and <unk> of $2 36.
Number that we feel very good about what's not on here and we will talk about later is also an efficiency ratio of 49% for the quarter this efficiency ratio.
<unk> to us while youll see some expense growth that expense growth is all around investing for the future and having a started starting point and efficiency ratio like that gives us the flexibility needed to make the investments and move our company forward.
Moving to page four.
Again, a record year of $3 46 earnings per share and $136 million of net income approximately $25 million more than a year ago at this time.
<unk> very solid return metrics.
Obviously and driven by NIM expansion, while at the same time continuing to see improved credit costs will talk about those in a few minutes again. It was a heck of a year from a performance standpoint, we feel very good about the opportunities as we head into 2023 not only.
On the strength of our financial performance, but as I said the engagement level of our team the clarity of how we're moving forward together and the opportunities in the marketplace with that I'll turn it over to Dave well. Thank you, Chris and good afternoon, everyone and thank you again for your support of our company and interest in our company if I can direct you to <unk>.
Slide five which depicts our balance sheet changes for the quarter.
Total portfolio loans increased by $87 million or four 9% annually driven primarily by consumer activity. We continue to book residential mortgage production to our balance sheet versus selling which has supported the majority of this growth. We also continue to experience growth in our home equity balances.
In the home equity space, we have seen consistent growth through the year that continued into Q4. This includes increases in the number of customer commitments total commitments and Outstandings, we've seen very consistent utilization from this customer base at 47% and growing the home equity customer segment is incredibly important.
To us as it represents the manifestation of our focus on customer relationship banking and is clearly focused on growing the value of our deposit franchise.
Moving forward, our pipelines indicate the ability to maintain home equity growth.
And some moderate pressure on our residential mortgage activity turning to the commercial book total balances increased slightly in our C&I and commercial real estate construction categories, we've seen commercial revolving utilization rates stabilize at 46% calling activities in both CRE and C&I space.
<unk> have increased during Q4, and we anticipate growth to remain stable for the first half of 'twenty three in the low to mid single digit <unk>.
Area, our commercial banking efforts are focused on growing with and supporting our existing customer base and continuing to improve and develop more consistent asset quality results, particularly given the current economic pressures that exist.
<unk> for the quarter were down $191 million as we continue to experience runoff due primarily to competitive rate environment and we are focused on building upon our strong legacy as a consumer relationship driven bank and recently, we hired a consumer deposit product manager to help lead our strategy and go to market efforts.
Turning to page six we are very happy with the progress being made in reducing our npls both in Q4 and for the full year.
At the bottom of the page illustrates the outcomes of our efforts in support of our desire to reduce problem assets.
We're also very pleased that much of this reduction came via the execution of individual customer exit strategies and not as a result of access charges.
We continue to closely monitor all of our portfolios for potential economic impacts that could result in future credit losses and added to the qualitative segment of our reserve during the quarter, we feel that our level of level of reserve supports our business strategy and positions us well to manage through any potential downturn I will now turn the program over to Mark.
<unk>.
Well, thanks, Dave Slide seven shows that net interest income increased by $5 3 million or six 3% compared to the third quarter. The net interest margin rate in the fourth quarter was 433% is up 29 basis points from the third quarter and is up 130 basis points ex PPP compared to the fourth quarter of 'twenty one.
Before this rate cycle began.
Loan yields improved this quarter by 69 basis points and the cost of total deposits, including DDA increased by 33 basis points to 60 basis points interest bearing deposits increased by 50 basis points compared to the last quarter.
We have seen an increased interest in short term Cds, especially in the one to two year area.
Half of our loan portfolio is tied to short term rates, which continues to be a big driver of the net interest income and net interest margin improvement.
As part of our Alco strategy to protect the net interest income and margin in declining rate environment, we have hedged that floating rate loan concentration to approximately 42% with receive fixed swaps we.
We continue to evaluate the right level of hedging.
Which will depend on the rate environment in our deposit pricing experience.
Our funding base is very different now than it was during the last rates up cycle with a much better mix, including over $1 billion more in DDA and money market product that no longer reprice immediately with fed rate changes and lower wholesale borrowing levels.
We do expect that net interest margin improvement to moderate in the first half of 'twenty three as deposit betas catch up and the fed increases slowdown.
And with the fed pause, we would expect some NIM compression in the back half of 'twenty three.
However, based on the better funding mix I described earlier, we expect to see lower through the cycle deposit betas compared to the prior and most importantly for us better net interest margin basis.
On slide eight noninterest income increased by about 883000 in the fourth quarter compared to the third largest item is a gain on the sale of an Oreo property for $2 million, which shows up in the other line. We also had an Oreo gain in the third quarter of about $6 million as we have had some success in resolving some credit issue.
So net debt accounts for most of the favorable variance in fees.
Mortgage banking was essentially flat compared to third quarter as Dave mentioned, almost all of our production went to the portfolio contributed to the loan growth we had in that category.
Quarterly fee outlook is approximately $14 million.
On page nine expenses were up $1 7 million compared to the third quarter salary and benefits increased primarily due to higher incentives of about $1 million related to our performance.
Also within salaries and benefits pension expense was higher by $1 6 million due to settlement accounting from lump sum payments for some retirees.
Crude revenue drove the efficiency ratio to below 50%, our quarterly expense expectations going into 'twenty three are in the $52 million to $53 million range as we invest in people and infrastructure.
Page 10 shows our capital levels, which are strong and well positioned for the environment. We extended our buyback authorization through March of 2024, and that has $29 $8 million remaining we'll continue to look for opportunities to hang on economic conditions, our financial performance in the price of our stock.
With a smaller securities portfolio as a percent of assets that strong earnings and a more efficient balance sheet, we have seen stability in our TCE ratio or the.
Over the course of the year, despite a OCI adjustments.
Thanks, very much at this time I would like to turn the call over to the operator to provide instructions for asking questions.
The floor is now open for questions. Thank you have any questions. Please press star one on your phone and we ask that will asking your question. Please pickup your handset and turn off speakerphone for enhanced audio quality. Please hold while we poll for questions.
Your first question will come from the line of Daniel Tamayo with Raymond James. Please go ahead.
Okay.
Good afternoon, everyone.
Okay.
Just wanted to start just a clarification on the on the NIM.
And then deposit beta assumptions you mentioned.
Still expecting lower than prior cycle I think last quarter, you talked about mid to late mid to high <unk> is that still the thought there.
Yes.
Okay.
Okay.
And then another just clarification on.
Yeah.
Noninterest expense.
Income guidance.
The $14 million and then the 62 to 63 is that is that to be taken as kind of first quarter guidance guidance to build off of or is that.
More of a range.
Youre looking at for the year.
More of the latter a range for the year.
Okay.
Not too much growth throughout the year.
Essentially okay.
Terrific and then.
I guess, just if we could dig into the.
Sorry to bounce around here, but back on the margin if you could.
If you have any more color on kind of how you think that.
The margin might play in terms of when it when it would be kind of you mentioned pressure in the back half of the peak in the first or the second quarter, and and and where that level may be and then kind of the.
Degree of compression Youre looking at in your budget.
Sure.
These are all a lot of assumptions a lot of modeling going on but.
Given the expectations from the third of maybe one maybe two more smaller increases in the in the <unk>.
First quarter to maybe early second quarter.
We would look for maybe just slight expansion in the margin in the first half of the year sort of a leveling off liked.
Likely peak margin in the second quarter, and then with the fed maybe being on the sidelines.
Expect continued.
Some continued deposit pressure offset some by a better replacement rate on loan maturity.
And also on the on the liability side some of that growth there that might offset some of our <unk> are up offset some of our higher cost borrowings.
We would expect maybe the five basis point per quarter range of of compression if all those assumptions.
That happens we would expect.
Okay, So maybe a little bit lower than then.
And we are here.
Fourth quarter level or <unk> 33.
The fourth quarter of 2023.
Yes.
And the same but in the same place approximately by the time, we get to the end of the year, it's just going to sort of rise from here the early.
In the fall or fall late yet.
Alright terrific. Thanks for taking my questions I appreciate it.
Thank you. Thank you.
Your next question will come from the line of Michael Perito with <unk>. Please go ahead.
Hey, good afternoon, guys. Thanks for taking my questions.
Hi, Mike.
Chris I wanted to start you really productive year cutting back to held for you for you guys.
Kind of like Dawn curious whats your checked it looked like for 'twenty three here I mean, obviously, the macro backdrops with certainty, but we.
Charge off anyway curious, where you guys are focused.
Just what we should be mindful of as the year progresses from a strategic standpoint.
Sure Mike Thanks, a lot for asking that question I could talk for a long time about it because it's the work that we've been doing as a team as I.
So I tried to allude to.
As I said, we really took advantage of this past year of all centered around this 120th year celebration.
Distinctive and unique things about this company and what it's what engage me and excited me to come here 18 months ago and it all starts with this employee engagement.
In customer experience engagement and reputation of the company in the marketplace and that's a great place to grow from.
And so we've spent a lot of time.
Dialing back understanding where does all that come from and where is it is highly focused on our people and our people relationships and the fact that this whole idea that we have around being people forward. The industry changes, what we do how we deliver for customer changes customers changed right digitally and so forth, but theres a relation.
Chip aspect and there is an emotional tie that people have to their bank.
And so we've been able to kind of extract that and simplify it for all of us to say who are we how are we going to win and differentiate.
In the marketplace and then what is the what is willing to buy how do we define winning.
And we reinvested reinvigorated you may say, it's resolve the rate environment, but I will tell you. We were talking about this a year ago before rates started increasing and that is the whole health of our deposit franchise and the focus of.
That deposit franchise, our customer relationships. So we built out.
Started with building teams and building talent. We've hired ahead of commercial deposits that came out of a very significant national bank Thats running running that business for US. We've recently hired ahead of our consumer deposit business.
And that also came out came out of a very large bank all very interested in being part of this company and what we have to do to deliver going forward. So a lot of work around the people.
And understanding where the opportunities are within our customer base as well as our prospects. We're working on product capability. So from a treasury management standpoint, our digital banking offerings all of those things understanding the importance of ensuring that we have the product to deliver to our customers and then.
We're doing things that are important like ensuring incentive plans are aligned around around things that are that are important like that deposit franchise and why is it important because thats, our customer define who defines who their bankers as where that deposit businesses and.
And so we're highly focused on it I would say the intensity of that focuses.
It's different than it had been here at S&P.
<unk> historically been a asset growth oriented company and we're never going to stop making loans and loan growth is important to us, but we know the health of that deposit franchise gives us every opportunity to put capital in the market and deploy it that way.
Have you seen the improvement in credit quality and Thats, an intense focus around the things that Dave talked about making clear on what we think where we want to play how we want to win.
And then are attacking things strategically that way.
$4 33.
Net interest margin is something that we're really proud of but to give it back on with inferior credit quality does not represent moving forward and so we're very focused there obviously the efficiency ratio and the way we drive profitability of this company is something that I'm really proud of.
By inherited and we're going to continue to stay in that range, but we also know that we need to invest well, but all of that Mike is underpinned by the engagement level and the talent level of our team.
So those four big pillars are the things, where we're focused and we're spending a lot of time.
Individually with our 1100 employees talking about those things.
Interesting. Thanks, Thanks for squeezing me in on that Chris and then just a couple of financial questions follow up for me Mark on the efficiency ratio being sub 50% actually asked us to another one of my banks. This morning, I mean is that.
It feels like.
We invest in technology to try to get more efficient here at branches become less necessary that that's almost become a kind of table Stakes pro curious, how you're thinking about it.
Kind of arbitrarily low just given the debit where it is kind of structurally DRP Kaiser.
Or are you guys hopeful that thats.
This range of efficiency is suitable for you guys as we move forward.
I mean, we think we think it is.
A sustainable part of that though is we're much more focused on.
<unk> maintained the margin stability and thats going to be the key to maintaining that.
That that type of efficiency ratio.
Yes.
Okay.
And then just on fees I think it was $14 billion of quarterly outlook is that correct.
Yes, yes, yes.
So basically not much growth from where you were on a core basis. This quarter. So I'm curious what do.
Can you break that out another layer would be that that is too big.
Pretty stable mortgage environment pretty stable.
<unk> investment environment, because because of market volatility.
Let me take where you maybe could be too conservative is that bucket as you think through next year.
Yes, I mean, the one thing that could potentially change is on the mortgage side. If we were to see that kind of pricing and just the way Fannie Fanny pricing relative to what we think is a fair fair value for their mortgage production that we could see some additional sales in the in the secondary market on the mortgage side right.
Now that $14 million assumes.
Pretty low level of sales, so we're kind of assuming that the.
But that market looks the same so that that could change that number but it would have.
And impact on the potential on the balance sheet.
Growth as well, especially to kind of the first in the first half.
<unk> does not assume a big increase in the in the market in the stock market, which would which would help us out as well.
Bob.
AUM.
Internationally grew just because the market's up that would be beneficial for us as well, we do see some some pressure that we need to overcome on the on the overdraft side as we look at that product and how it's positioned for the year. So those are the things that I can think of that would yes.
I would say on the commercial side of the Treasury management business.
It's a growth focus for us.
And we're going to be intensely focused on that as we move forward.
Calendar, the offset to that is there is the earnings credit rate and environment as earnings credits.
Rates increase through the year, there is an offset to some of that on your service charge. So we're trying to measure it in absolute terms of growth.
Not so much look at the net relative to the earnings credit.
Mike on a year on year over year basis, we had some.
We had about $3 million worth of Oreo gains.
This year.
We don't expect that to repeat itself next year got it.
The one area, where we do have opportunities within our business banking segment, where we have not actively sold treasury products. We have a dedicated group who is focusing on mining that customer segment in order to drive.
Product into that customer, who can provide a service that they desperately need so designing the product supporting it with the people that we believe is going to drive some better Treasury management results.
Great very helpful guys. Thanks for all the color.
Thank you thanks, Mike.
Your next question will come from the line of Matthew Breese with Stephens. Please go ahead.
Hey, good afternoon.
Hey, Matt I was hoping to hone in on the noninterest bearing deposit.
A line item.
Look your deposit beta cycle, the data and your ability to hold the mixed shift of deposits together, it's been far better than I would've thought at this point in the cycle and just given some of the results.
In the fourth quarter.
Maybe give us a better sense for what's what's within the noninterest bearing deposit bucket how much of it is retail versus business.
How of account growth, how was account growth gone versus kind of balanced growth and just give us some flavor for how how structurally that might be maintained or some outlook as to where it might drift down too.
Although they.
Consumer.
But that.
It's about 60 60 40.
So we can and thats in the business side is where we've seen a lot of the growth over the past several years.
So in essence, we are sort of doubling down on that business side, we think that's where allowed the opportunity is.
We look at some other banks that have similar low mixes too heavily on the commercial side they have even greater.
A greater mix towards the commercial side. So we think theres some opportunity as Dave talked about and Chris talked about focusing on the on the Treasury management both from the for the commercial book, but also for the small business.
I think even though there might be some kind of run off of existing customers, but theres a lot of opportunity with customers that we have their loan, but we have not proactively and effectively gotten their deposit relationships and we think theres a lot of upside there.
Understood and do you have the the <unk>.
Cost of online deposits at quarter end just for frame of reference of what we're doing with going into the first quarter.
In a quarter at quarter end I don't have for the for the full quarter was it was 60 basis points. All in I don't have that ranked pardon me for the for the quarter and Okay No worries.
Last one for me just thoughts the other.
The other thing on the on the consumer side to remember.
Very much a mass market consumer bank. So we don't have if you look at kind of average average mix, it's kind of in the median of what you would see which which therefore doesn't it doesn't create huge gains or significant declines kind of a kind of through the cycle and in that rep.
Presents some stability.
Got it Okay last one is just thoughts around the projected outlook.
And then the $10 billion threshold timing on crossing $10 billion.
Potential expenses from from crossing it in the updated.
Most urban amount.
Okay.
I'll, let mark speak to the timing, but this is something I've been focused on over the last 18 months that I've been here and if you look at the <unk> level that we've elevated in the organization and talent. We've brought in is all in preparation for that so.
And so there's a fair amount of this expense or from a people standpoint is embedded in our run rate today, because we're building for the future.
And we're setting ourselves up for that process and recognizing even when and if we when we go over $10 billion. There is still some evolutionary time to work through there. So it's everything from spending diamond seminars talking to peers that have gone through it working with.
<unk> advisors and others as well as talented in the industry that have been through this sort of work. So it's important to us, but it's really.
Whether it's 10 or 15 or it's all about building a foundation for growth and ensuring that we're not only.
Generating the growth from a top line standpoint, but we're but we're doing things in a compliant way in line with the regulations.
And then from a from a timing perspective.
We're just right around $9 billion now.
Based on sort of a.
Mid single digit or a little bit higher loan growth.
Probably a couple of years away from sort of an organic cross on the $10 billion.
And then when it comes to the Durban.
No.
We look at it was the last time, we looked at I looked at it it's about half of our debit card, which is about ends up being about $7 million.
On a full year basis.
Got it okay.
That's all I had thank you for taking my questions. Okay. Thank you Amit.
As a reminder, you ask a question press star one on your telephone keypad.
Okay.
Operator, we did have one question in the queue with regarding outlook for loan growth for 2023.
And the simple answer is mid single digit loan growth.
You look at kind of what I described in my prepared comments regarding consumer activity.
As I said, we continue to expect that to perform as it has.
On the commercial side kind of back half of the year focus growth and we do understand and as Mark and Chris described and we expect the NIM expansion to temper and stop at some point. So we do understand that growth in terms of revenue, we will have to be driven by some asset growth and we're building the teams up.
We have the infrastructure in place to do that where we're very comfortable executing on that strategy.
Our next question comes from the line of Daniel Cardenas with Janney Montgomery Scott. Please go ahead.
Hey, good afternoon guys.
Could you give me a little bit of color as to again maybe breakdown.
On a monthly basis, how the loan yields when we are looking.
For the fourth quarter and then.
What's current production yields.
Are you seeing in current production and what kind of yields are rolling off.
Yes, so in total in total for Q4 are.
Kind of start our new loan yields were around six and a quarter range.
The range and that compared to the kind of roll off both payments and payoffs of about a $5 60. So we had about a 60 65 basis points.
Improvement based on that.
Okay.
And what were Paydowns and payoffs like this quarter.
They were in line, we didn't see heavy passed by any stretch so they were kind of more normal.
What we would expect both on the consumer and the commercial side.
And then maybe for Chris.
Thoughts on M&A, what's the environment looking like right now for you guys.
Well as I said.
Said.
But my job from the day I got here was to prepare for growth and build a foundation for growth.
We control we have a lot more control over the organic growth and we do the inorganic growth, but we are we believe in.
Actual results would would tell us that we should we should be a participant in.
Future consolidations, when where and if and how that happens.
It is.
It will happen in the future, but it's certainly something again that we're very focused on from a prep.
Preparation standpoint.
So the foundations laid I mean, what kind of.
In terms of parameters, what kind of what size of institution here are you guys most interested in.
Yes.
Some of it is whether it's size or makeup is probably a better answer.
We talk about the health of the deposit franchise and the importance for that being a foundation for our growth.
The geographies that we're in and the adjacent markets our culture.
Culturally are very attractive to us.
We don't see ourselves doing something kind of in that billion dollar and below range makes a lot of work for not a lot of gain.
But.
That being said, it's all of this is really well aware is very event driven so it's about building relationships and understanding that they're the right strategic and cultural fit.
While at the same time.
The financial opportunity is there for growth.
Okay Fair enough one last question for me then.
How should we be thinking about deposit growth in 2023 for you guys.
Yes, I mean, our expectations for growth are pretty modest on the deposit side.
We're going to be focusing a lot on on mix.
In developing the relationships that David and Chris were talking about so we would expect especially on the business side.
Decent improvement in the in the DDA.
Quality.
Not cede our largest increase in the balances, but the quality of that DDA should be better but.
A lot a lot of shifting we would expect to see some higher CD balances by the by the end of the year, but some of that is going to come just from migration from other other areas of the bank. So so net net we're not looking for huge deposit increases we consider that sets will given that the rate pressure that we expect.
And very focused on as we've talked about the quality of the franchise and the mix and tying it back to customer relationships.
Got it okay. Thanks, guys.
Okay. Thank you.
Your next question will come from the line of Manuel Novice with D. A Davidson. Please go ahead.
Hey.
Good afternoon can you add a little bit more color around how youre thinking about protecting the margin.
You said you brought down the <unk>.
Floating rate like 42% and generally.
Where could that go.
Is it kind of operating opportunistic and.
What level are you trying to protect.
Yes, so we're trend when we look at the protection and Theres kind of two pieces. One is on the just on rates right down protection should the fed reversed course, so that's primarily the.
The hedging that we've done is more meant to protect that so we have certain internal parameters that we look at too.
Just shop type analysis and ramp type analysis.
Turning to limit that net income.
Klein two percentage, we can live with and so that that additional.
Hedging combined with the structure of the deposit book and the borrowings that we have factored into that so the fact that we're actually borrowing a little bit now on the short end works in some ways as some additional breakdown protection.
No.
If rates move down actually on the fed side, we would expect to see.
A little bit larger or some of the larger compression than if rates don't go so we limit.
To limit that on the maintenance side.
It's more about this back to the deposit franchise and trying to maintain higher quality. So that at the end of the day, we have customers that are rate a little bit less rate sensitive.
That arent as demanding four toward the top of the market rates in our hot money. So that is something that we'll continue to work on over the course of the year for that hopefully we can tell you at the end of the year that our deposit franchises is of higher quality and that will help support.
<unk> the amount of margin compression that we can see.
Great.
Create that.
Yes.
Sure thing.
I'd now like to turn the call over to Chief Executive Officer, Chris Mccormick for closing remarks.
Okay.
Thanks to all of the analysts on the call and your engagement and your questions. We greatly appreciate your interest in the company and help make us better and.
We thank you for that so we're off into the new year and again very proud of 'twenty, two and we're moving forward into 'twenty. Three so thanks look forward to talking to you again soon.
That does conclude today's meeting. Thank you all for joining you may now disconnect.
Uh huh.
Yes.
Yes.
Yes.
Thanks.
Yes.
Yes.
Okay.