Q2 2025 Preferred Bank Earnings Call
Operator: Second Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Good day and welcome to the preferred Bank second quarter 2025 earnings conference call.
All participants will be in a listen-only mode.
Operator: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on a touch-tone phone. To withdraw your question, please press star then 2. Please note this event is being recorded.
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After today's presentation, there will be an opportunity to ask questions.
to ask a question, you may press star then 1 on a touchtone phone,
To withdraw your question. Please. Press star. Then 2
Jeffrey Haas: I would now like to turn the conference over to Jeffrey Haas of Financial Profiles. Please go ahead. Thank you, Betsy.
Please note this event is being recorded.
Speaker Change: I would now like to turn the conference over to Jeffrey hos of financial profiles. Please go ahead.
Li Yu: Hello, everyone, and thank you for joining us to discuss Preferred Bank's financial results for the second quarter ended June 30, 2025.
Jeffrey: Thank you, Betsy.
Li Yu: With me today from management are Chairman and CEO, Li Yu, President and Chief Operating Officer, Wellington Chen, Chief Financial Officer, Edward Czajka, Chief Credit Officer, Nick Pi, and Deputy Chief Operating Officer, Johnny Hsu. Management will provide a brief summary of the results, and then we will open up the call to your questions.
Li Yu: During the course of this conference call, statements made by management may include forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions that may or may not prove correct. Forward-looking statements are also subject to known and unknown risks, uncertainties, and other factors relating to Preferred Bank's operations and business environment, all of which are difficult to predict, and many of which are beyond the control of Preferred Bank. For a detailed description of these risks and uncertainties, please refer to the SEC-required documents the bank files with the Federal Deposit Insurance Corporation, or FDIC.
Speaker Change: Hello everyone, and thank you for joining us to discuss preferred banks financial results. For the second quarter ended. June 30th 2025 with me today from management our chairman and CEO Lee. You president and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward, Jacob Chief credit Officer, Nick pi and Deputy Chief Operating Officer. Johnny Sue management will provide a brief summary of the results. And then we will open up the call to your questions during the course of this conference. Call statements made by management may include forward-looking statements within the meaning of the private Securities. Litigation Reform, Act of 1995. Such forward-looking statements are based upon specific assumptions, that may or may not prove correct but we're looking, statements are also subject to known and unknown risks, uncertainties and other factors relating.
Li Yu: If any of these uncertainties materialize, or any of these assumptions prove incorrect, Preferred Bank's results could differ materially from its expectations as set forth in these statements. Preferred Bank assumes no obligation to update such forward-looking statements.
Li Yu: At this time, I'd like to turn the call over to Mr. Li Yu. Please go ahead. Thank you. I'm very pleased to report that Preferred Bank's second quarter Net income was $32.8 million or $2.52 a share, which is a reasonable improvement from the previous quarter. This quarter we have a loan growth of roughly 7% on annualized basis. Early indication in July is that the loan demand seems to have increased. Okay. However, to the extent of which is still too early to tell. Our deposits remain flat. Perhaps one of the reasons is that we try to control our costs.
Speaker Change: Preferred Banks operations and business environment. All of which are difficult to predict and many of which are beyond the control of preferred banks for a detailed description of these risks and uncertainties, please refer to the SEC required documents, the bank files with the Federal Deposit Insurance Corporation, or FDIC. If any of these uncertainties materialize or any of these assumptions, proved incorrect, preferred Banks results could differ materially from its expectations. As set forth in these statements. Preferred Bank assumes. No obligation to update such forward-looking statements at this time, I'd like to turn the call over to Mr. Lee you, please go ahead.
Lee: Thank you.
I'm very pleased to report that the preferred Bank second quarter.
Net income was 32.8 million or $2.52 cents a share, which is a reasonable improvement from the previous quarter.
Lee: This quarter, we have a long growth of roughly 7% on annualized basis.
early indication in July is that the the long demands seem to have increased, okay, however, to the extent of which is still too early to tell
Lee: Our deposits remain flat.
perhaps 1 of the reasons is that we try to control our cost,
Li Yu: of the Deposit That interest margin this quarter was 3.85%, as compared to the 3.75% reported last quarter. During the quarter, we have continued to buy back our stock in accordance with our policy. returning access capital to our shareholders. However, this quarter's purchase is relatively large in the amount of $56 million. which may have affected net interest income, PPNR, and net interest marginality. Second quarter will show.
Lee: Of the deposits.
That interest margin this quarter was of 3.85%.
As compared to the 3.75% reported last quarter.
Lee: During the quarter, we have continued to buy back our stock in accordance of policy of returning Access Capital to our shareholders.
Lee: However, this quarter is purchased
Lee: Is relatively large in the amount of 56 million.
Lee: And that interest margin a little bit.
Li Yu: Good Improvement in Assets Quality. Criticized Loans and past students. or decreased reasonably from the previous quarter. And we believe the trend should continue into the second half. of this year. At this time, We have not identified any additional lost contents on these loans. We believe that our Loan Loss Reserve is sufficient to cover any exposure. There's still a lot of uncertainty in our economy, the tariffs. Interest Rate and the Inflation. I just hope these matters will clear up very soon so we can have a and better operating environment to work in.
Lee: Second quarter will show.
Lee: Good Improvement.
Lee: In assets, quality.
Managers.
Criticize loans.
Lee: And past due loans.
Lee: Or.
Lee: Decrease reasonably from the previous quarter.
and we believe the trend should continue into the
Lee: second half.
Lee: Of the year.
Lee: At this time.
We have not, I I identify any additional loss contents on these loans.
Lee: We believe our
Lee: loan loss Reserve is sufficient to cover.
Any exposure.
Lee: There's still a lot of uncertainty in our economy, the Tariff.
The interest rate and the inflation.
I just hope these matter will clear up very soon.
Lee: so, we can have a
Clearer and better operating environment.
Li Yu: Thank you very much, and I'm ready for your questions.
Lee: To work.
Lee: Thank you very much.
Lee: And I'm ready for your questions.
Operator: We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing. If at any time your questions have been addressed and you would like to withdraw your question, Please press star then 2. At this time, we will pause momentarily to assemble our roster.
We will now begin the question and answer.
to ask a question, you may press star then 1 on your touchtone phone,
If you are using a speaker-phone, please pick up your handset before pressing the keys.
Lee: if at any time your questions have been addressed and you would like to withdraw your question,
Lee: Please press star. Then 2
At this time, we will pause momentarily to assemble our roster.
Matthew Clark: Operator The first question today comes from Matthew Clark with Piper Sandler. Please go ahead. Thanks and good morning. Morning. on the on the margin. If you had the average margin in the month of June and the cost of deposits as well. Yeah, hi, Matthew, the margin for June was 383, cost of deposits 341. And as a side note to that, those have been relatively consistent through the quarter, there's not been much change either on the asset yield side or on the cost of deposit side, it's been fairly steady.
Lee: The first question today comes from Matthew Clark with Piper Sandler, please go ahead.
Hey, thanks and good morning.
Speaker Change: Good morning.
Speaker Change: Um, on the, on the margin. Um,
If you had the, the average margin of the month of June and and the cost of deposits as well.
Matthew Clark: Okay.
Matthew Clark: Yeah. Hi Matthew. The uh margin for June was 383 cost of deposits 341 and um, as a side note to that those have been relatively consistent through the quarter. There's not been much change either on the asset yield side or on the cost of deposit side, it's been fairly steady.
Matthew Clark: And can you remind us what you have coming due on the CD side? The rate that it's rolling off on and what you're offering currently. We have $1.4 billion that's going to roll off in Q3 at a weighted average rate of $4.21. Current offered rate is right around $4.00, maybe a touch above $4.00, and then some slightly below $4.00. So on average, probably just under 4%.
Okay.
Matthew Clark: And can you remind us what you have coming due? Um, on the Seedy side and
the rate that it's rolling off on and what you're offering currently?
Matthew Clark: We have, uh, 1.4 billion that's going to roll off in Q3 at a weighted average rate of 421. Current offered rate is right around 4. Uh, maybe a Touch Above 4 and then some slightly below 4 so on average, uh, probably just under 4%
Matthew Clark: Got it. Okay.
Matthew Clark: And then on the expense side, a little bit higher this quarter with the The Oreo Coff. What are your thoughts on the kind of run rate going forward in the second half? Yeah, so looking forward, Matthew, you know, we hit 22 and a half this quarter. I'm looking at about anywhere from 21-8 to, say, 22-6. Going out in the next couple of quarters, we did receive some insurance reimbursement on some legal matters related to a non-accrual loan that was resolved in earlier quarters. So we did have some lightening up on professional services costs, and then of course obviously we wouldn't expect the REO right down in future quarters.
Matthew Clark: Got it. Okay. And then on the expense side a little bit higher this quarter with the
The Oreo cost. Um,
Matthew Clark: What are your thoughts on the kind of run rate going forward in the second half?
Speaker Change: Yeah, so, looking forward, Matthew, um, you know, we had 22 and a half this quarter. Um, I'm looking at about uh, anywhere from
Matthew Clark: 218 to say 226.
Uh, going out in the next couple of quarters. Um, we did receive some, um, insurance reimbursement on some legal, legal matters related to a uh um a non-accrual loan that uh was resolved in in earlier quarters. So we did have some lightening up on Professional Services costs.
Matthew Clark: Yep. Okay, great.
um, and then, of course, obviously we wouldn't expect the, uh, the Oro write down in future quarters, so,
Matthew Clark: And then last for me, just on the buyback, sounds like you bought back $56 million worth into Q. But can you also just give us either the number of shares or the price at which you bought it back and what's left what's left in the remaining authorization? I think the price right now is higher than we have experienced in the past couple quarters. So we're continually evaluating the overall situation and we'll decide on the extent of buyback that will come in. The, yeah, Matthew, the $56 million we did was right around $80 a share, $80, $81 a share on average.
Matthew Clark: yep.
Okay, great. And then last for me, just on the buyback. Um, sounds like you bought back 56 Million worth in 2 Q.
Matthew Clark: But can you also just give us either the number of shares or the price at which you bought it back and what's left, what's left in the remaining authorization.
I think the price right now is is is higher than we have experienced in that past couple quarters. So we're continually evaluating, the
Matthew Clark: the the the the overall situation and would decide on, uh,
Matthew Clark: The extent of buyback will come into.
Matthew Clark: At the shareholder meeting in May, and we renounced that, we got approval for another $125 million repurchase. We have really not started to execute on that simply because the price per share relative to book value right now is at a much higher spread than it has been, so we're, as Mr. Yu said, being cautious on buying back at a higher Understood.
6 million repurchase. We have really not started to execute on that simply because the price per share relative to book value right now is uh uh, at a much higher spread than it has been. So we're as Mr. You said being cautious on on buying back at a high price?
Matthew Clark: Thank you.
Speaker Change: Understood, thank you.
Gary Tenner: The next question comes from Gary Tenner with D.A. Davidson. Please go ahead. Thanks. Good morning. So I was curious about Lone Girth. You made the comment that, you know, seems to have picked up a bit in July. But, you know, just looking at the second quarter girth, obviously a lot stronger than it was in the prior period, you know, particularly in the CNI side and some commercial construction. So wondering if you could provide some color on kind of what occurred there in the second quarter and kind of the pipeline.
The next question comes from Gary tener with da Davidson, please go ahead.
Gary Tener: Uh, thanks. Good morning.
So I was curious about long growth, you made the comment that, uh, you know, seems to have picked up a bit in July. But, you know, just looking at the second quarter growth, obviously a lot stronger than it was in the prior period. Uh, you know, particularly in the cni side and some commercial construction. So wondering if you could provide some color on on, kind of what our current
Li Yu: Speaker 1 – Okay, do you want to answer that first? Yeah, I think that the The loan growth, as you can see, the first quarter, because of the tear up and everything, so our C&I clients kind of held back on a lot of uncertainty in the second quarter. Courses combination. Usage of their line of credit to upsize their business as well as find new customers. So going forward, as Mr. Yu mentioned, it looks like a demands of an actual service.
Gary Tener: Uh, there in the second quarter and uh, kind of the pipeline.
Gary Tener: Into the third quarter.
Speaker Change: You want to answer the first?
yeah, I think that, uh,
The loan growth, as you can see the first quarter because of the chair of everything. So our cni clients kind of held back on the, a lot of uncertainty and, uh, second quarter, you know, of course, those combination of, uh, uh, usage of their line of credit line of credit to, uh, um, upsized their business in Sy as a buying new customer.
Li Yu: Owner Normal Owner Microsoft Office Word Microsoft Office Word Microsoft, Inc It's Okay, and how about on the commercial construction side? Is that just a function of is that is that new transactions or just, you know, existing commitments? I'm Gary with Majority of Assisting Commitments. I think both loans that were put there earlier are funding as construction progress. But we do see more new requests, right? Yes. Okay, appreciate that.
Speaker Change: So going forward as Mr. You mentioned that it looks like a demands off of, you know, actual is uncertain. We never know, you never know, depends on the market.
Okay. And how about on the commercial construction side is that, uh, just a function of
Is that is that new? Uh,
Speaker Change: Transactions or just you know, existing commitments funding.
um, well Gary, with majority of that existing commitments, I think, um,
Speaker Change: both loans that were put there are funding on the as
Speaker Change: Construction progressed.
Speaker Change: But we do see new more new requests right? Yes. Okay.
Li Yu: And then last thing for me, just in terms of the $200 million of borrowings that you put into the bond portfolio, it looks like that was pretty well in the mid part of the quarter. Just kind of take a look at the average balance sheet. Any thoughts about doing any more of that in the back half of the year? Is it dependent more on the pace of loan growth? Maybe just talk about the thought process around that. I think it was just an opportunity that we saw relative to the funding and then the assets that we invested in.
Okay, appreciate that. And then last last thing for me, just in terms of uh the $200 million of uh borrowings that you put into the bond portfolio, it looks like that was pretty well in the mid part of the quarter, uh, it just kind of taking a look at the average balance sheet. Um, any thoughts about doing any more of that in the back half of the year? Is it dependent more on the pace of loan growth? Maybe just talk about the thought process around that.
Li Yu: Obviously, it's going to dilute the margin a little bit, but obviously increase EPS. And we felt the 10-year was at a very good level, especially from a long-term perspective, to put quite a bit of money there. So that's what we ended up doing. And we funded at about 80 basis points cheaper. Okay, thank you.
No, I think it was just an opportunity that we saw uh, relative to the funding. And then the assets that we invested in, obviously it's going to dilute the margin a little bit, but obviously increase. Uh, Epps and uh, we felt the 10 year was at a very good level, especially from a long-term perspective, uh, to put quite a bit of money there. So that's what we ended up doing, uh, and we funded at about 80 basis points cheaper. So
Speaker Change: Okay, thank you.
Andrew Terrell: The next question comes from Andrew Terrell with Stevens. Please go ahead. Hey, good morning. Hey, I want to go back to the the loan growth a little bit, you know, it sounds like you know, July a little bit better. And you have really good growth in the second quarter. Just wanted to hear from you guys, maybe your thoughts on on competition right now and kind of where new loans are coming on. Excuse me coming on at rate wise.
The next question comes from Andrew Terrell with Stevens. Please go ahead.
Hey, good morning. Um hey I want to go back to the the loan growth, a little bit. You know, it it sounds like you know, July a little bit better and you obviously had really good growth in the second quarter.
Speaker Change: Just wanted to hear from you guys. Maybe your thoughts on on on competition right now and and kind of where new loans are are coming off.
Excuse me, coming on at um, Ray Wise.
Li Yu: Okay, you want to try that again? Competition. I mean, we have, there are lenders out there continue to offer very low fixed rate loans, all that and that has Consistent. I mean, you know, we always compete with the lenders out there in that market, but I think that we are a relationship-driven bank and we always consistently provide quick and excellent service to our existing good customer to help them continue growth. So, that's it.
Speaker Change: Okay, you want to try that again?
Speaker Change: Complications.
Speaker Change: Yeah, I mean, we have, uh, there are lenders out there continue to offer very low, uh, fixed rate, loans, all that and that has been uh, consistent. I mean, you know, we always compete with the lenders out there in that market, but, uh, I think that, uh, we are a relationship driven bank and, uh, we always, uh, consistently provide, uh, quick and excellent service to our existing, uh, good customer to help them continue growth. So, uh,
Li Yu: That's pretty much what we have. Okay. Okay, thank you.
Speaker Change: um,
Speaker Change: That's, that's pretty much what we have.
Okay.
Li Yu: And then I wanted to ask on the on the deposit side, just some rotation out of the interest bearing demand and non interest bearing categories. This quarter, you know, anything specific driving that and maybe just a little more expectations around deposit growth. This will be our goal is to continue to grow deposits. Obviously, one of those situations, conditions is that we have to keep the cost in control, okay? And we have worked on that for about four or five months now and it seems to be that it's a reasonable situation. And depending on the funding needs or the loan growth, we may be livable aggressive on the deposit.
Okay, thank you. Um, and then I wanted to ask on the, on the deposit side. Just some rotation out of the interest. Bearing demand. Um, and non-interest bearing categories.
Speaker Change: This quarter, you know, anything specific driving that, and um, maybe just a little more on expectations around deposit growth.
This will be our goal is to continue to grow deposits.
And uh, seems to be now. It's a reasonable situation.
Speaker Change: and depending on the funding funding needs or the long, long long growth, we may be livable aggressive farmer deposits,
Li Yu: Got it. Okay. Thank you for taking the question. Thank you.
Got it. Okay, uh, thank you for taking the questions.
David Feaster: The next question comes from David Fester with Raymond James. Please go ahead. Hey, good morning, everybody. Morning, everyone.
Speaker Change: Thank you.
The next question comes from David Fester, with Raymond James, please go ahead.
Hi, good morning everybody.
Li Yu: I just wanted to maybe start with, you know, getting an update on the Oreo that you've still got remaining. You know, glad to see one of those non-accruals get resolved. You know, obviously, we took the write-down, it sounds like you had a contract that maybe fell through. Just kind of curious your thoughts on the timeline for resolution of that and just anything broadly, you know, credit exclusive of those two, it seems like it's held up really well, but just kind of curious your thoughts on the credit side.
Hi.
Li Yu: Once in a while in our corporate life, we have some... Unlucky situation and only one thing, and this is obviously the one, the property started off with very high valuation, and it has been continuously valued downward. Every time we get into an escrow, it seems to be, it's automatically fall out in the future. So we obviously want to get rid of that.
Um, I just wanted to uh, maybe start with, you know, the getting an update on on the Oreo, uh, that you've still got remaining, you know, glad to see 1 of those, uh, non across get resolved, you know? Obviously we took the right down. It sounds like you had a contract that maybe fell through. Just kind of curious, your thoughts on the timeline for resolution of that and just anything broadly at you know credit exclusive to those 2. It seems like it's held up really well but just kind of curious your thoughts on on the credit side.
once in a while, in a couple of life, we have some
Li Yu: Okay. But we don't want to fire sales. So we'll continue to try to market it. And when it gets too close to what we want, we get rid of it then. So obviously, if a good offer comes in next month, we will be selling it. selling it. We thought this thing was resolved about... last year, but it's still going out there.
Unlucky situation where only 1 thing and this is obvious, the 1, the property side that I was very high valuation and that has been continuously validated downward. Every time we get into a school and seems to be it's automatically fall out in the, in the, in the future. So we obviously want to get rid of that. Okay, but we don't
Speaker Change: Want to file it.
so we'll continue to try to Market it and when it gets to close to what we want, we we get rid of it,
so obviously, if if a good offer comes in next month, we will be selling it at
Speaker Change: selling we thought this thing is resolved about
Speaker Change: last year but it's still hanging out there.
Li Yu: Yeah, okay. So, so no real updated timeline on on resolution. Unknown Speaker Okay.
Yeah, okay, so so no real updated timeline on on resolution.
Li Yu: And then, you know, one of the initiatives I know you guys have been working on, we have the new branch that came on online in Manhattan. I was just hoping you could get a kind of an update on on how things are going there. And any, any other plans for the Novo's or organic expansion opportunities? Yes, Manhattan is one of our most promising, promising branch. Right now, they're very, very vibrant in their loan generations, okay. So we're very happy with the progress they're making so far, okay.
Speaker Change: Okay, okay and then um, you know, 1 of the initiatives, I I know you guys have been working on. We have the uh, the new branch that came on online in Manhattan. I was just hoping you could get it kind of an update on on how things are going there. And, uh, any any any other plans for denovos or organic expansion opportunities?
Yes, may Hampton is uh, 1 of the most promising. You promising Branch right now, the uh the very, very vibrant in their long. Uh uh Generations. Okay.
Li Yu: And then, yes, there will be new branches open, that we will open up our Silicon Valley branch in the second half of the year. Okay, perfect.
Speaker Change: So we're very happy with the progress. They're making so far, okay.
and then, yes, there will be new branches open that we will open up our citizen Valley branch in the in the second half of the
Li Yu: And then maybe last one, you know, just kind of following up on on, you know, some of the commentary you've already made. And, you know, reading the release, I thought the commentary was was pretty encouraging about maybe some of the uncertainty clearing up and increased clarity, you know, in the prepared remarks, maybe it sounded like that uncertainty is still kind of an overhang. I'm just, I was hoping you could maybe touch on the pulse of your clients. and you know just kind of what what you're hearing from them and at what point do you think you know growth can really start to accelerate?
Okay, perfect. And then maybe last 1, you know, just kind of following up on on, you know, some of the commentary you've already made and, you know, reading the release it. I I thought the commentary was was pretty encouraging about maybe some of the uncertainty clearing up and um increased Clarity you know in the prepared remarks maybe it sounded like that uncertainty is still um kind of an overhang. I'm just I was hoping you could maybe touch on the pulse of your clients. Um
Speaker Change: And you know, just kind of what what you're hearing from them and and at what point do you think, you know, growth can really start to accelerate?
Li Yu: Well, growth to accelerate is not necessarily a condition of clearing up of the uncertainties, okay? We may have the tariff clearing up, but the question is the aftershock effect is not known. Because when the tariff is being levied on other people, there are definitely the suppliers internationally that will not be able to meet the tariff requirement today. And definitely there will be some shifting and changes in supply chains from geographically or company within that. Because from my knowledge, many of the product that was imported to this country is operating at less than 20% profit margin, total profit margin.
Speaker Change: well, uh,
growth with
not necessarily conditioning of cleaning up of the of the uncertainties. Okay. We may have to tear of clearing up, but the question is the, the After Shock effect is not known because when the, when the, when the task is it, it it is being levied on other people that are definitely the suppliers internationally that will not be able to Leading the pair of requirement today and definitely there will be some 1650 and changes in Supply chains from the geographic geographically. All all uh uh company be within that because for my knowledge is many of the product that was imported to this country is operating at the less than 20%.
Li Yu: Needless to say, if somebody can't do that and the market cannot absorb it here, then we're going to have changes. So we're waiting for the results of these things to gradually come in, how many are affecting our customers or the market in general. It's still unknown right now. Internally, we are keeping monthly tracking of all the borrowers that has a supply situation or affected by tariff situation. We evaluate them monthly and we're in contact with our customers monthly, knowing what their plan is. If you know that every country has their numbers, for the countries to get their numbers, not everybody is agreeing to that.
Margin total profit. Margin. Okay, so
All uh affected by tariff situation here. We've added mostly and we can contact with our customer monthly knowing what their plan is.
Li Yu: Okay, that makes sense.
Speaker Change: Okay, if you know that not every country that their numbers for the countries, get their numbers. Not everybody is is agreeing to that.
Li Yu: And so don't don't so you're kind of just reading between the lines, don't get too excited about the drawdowns on the CNI lines. Still a lot of uncertainty. Yes. We were, we are keeping our eyes very close on that.
Okay.
That makes sense and so don't don't. So you're kind of just reading between the lines. Don't get too excited about the, the draw Downs, on the cni lines, um, still a lot of uncertainty.
Speaker Change: Yes.
Li Yu: We are not a big bank. So we have a lot of, we're very close contact with our customers. That's great. Thanks, everybody.
We were, we are keeping our eyes very close on that. We are not a big bank so we have a lot of we're very close contact with our customers.
Yeah.
Speaker Change: That's great. Thanks everybody.
Operator: This concludes our question and answer session.
Li Yu: I would like to turn the conference back over to Mr. Li Yu for any closing Thank you so very much. Okay. And yeah, we hope that we were able to handle the turbulence in the past few, few months we Certainly fear that we can continue to do that. Okay. But we do hope that the overall condition of the economy is Thank you.
Question, answer session, I would like to turn the conference back over to Mr. Lee, you for any closing remarks?
Speaker Change: Thank you so very much. Okay. And, uh,
Yeah, we hope that we we able to handle the turbulence in the past few few few months. We
Speaker Change: Certainly feel that we can continue to do that. Okay, but we do hope.
Speaker Change: The overall technician of the economy is clear.
Thank you.
Operator: This conference is now concluded. Thank you for attending today's presentation.
Thank you for attending today's presentation. You may now disconnect