Q2 2025 UMB Financial Corp Earnings Call
Good morning, thank you for joining today's, um, Financial second quarter 2025 Financial results conference call. My name is jaila and I'll be your moderator for today. Online will be meeting with the representation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to our host K, Gregory with investor relations k, please receive
Good morning and Welcome to our second quarter 2025 call Mariner keer chairman and CEO and Ron choueir CFO will share a few comments about our results. And we will open the call for questions from our equity research analysts.
Jim Ryan, president of the holding company and CEO of MB bank along with Tom. Terry Chief credit officer will be available for the question and answer session.
Before we begin, let me remind you that today's presentation hands forward-looking statements, including the discussion of future financial and operating results, benefits, synergies, gains, and costs that the company expects to realize from the acquisition, as well as other opportunities management foresees.
Forward-looking statements and any pro-forma metrics are subject to assumptions, risks, and uncertainties as outlined in our FCC filings, and summarized, in our presentation on slide 50.
Absolute results may differ from those set forth, and forward-looking statements speak only as of today.
we undertake no obligation to update them, except to the extent required by Securities laws,
Reconciliations of non-gaap financial measures.
All per share metrics refer to common shares and are on a diluted share basis.
Now, I'll turn the call over to Mariner Kemper.
Thank you, Kay, and good morning, everyone. Thank you for joining us to discuss our second quarter results. We'll share some brief comments and open up for questions. Compared to 90 days ago, the business environment and economic landscape remain positive, as perceived real headwinds post Liberation Day have largely subsided.
While there are still some uncertainties and ever Brewing geopolitical tension. The sticker shock from the headlines. Seems to be wearing off.
Borrower sentiment continues to be strong especially as you consider the financial strength that our customer base.
Regardless of uncertainties, we remain focused on what we can control. Leveraging. Our business model, which is proven in all economic environments, which you can see in our strong performance in the quarter.
Our reported net income available for common shareholders of 215.4 million included, 13.5 million of acquisition expense compared to 53.2 million in the first quarter, excluding these and some smaller or non-recurring items. Our second quarter, net operating income was 225.4 million or $2.96 per share. 1 of these drivers for the borders, strong results was a 37.7 million pre-tax gain on prior Investments made through our various private investment entities, included with
The pre-tax gain of 29.4 million on an investment in Voyager Technologies, which went public in June, this equates to a multiple on invested capital of 5.8 times and an internal rate of return of 59%.
This investment made over the past 5 years, is another success story from a private investment team through this team M partners with private businesses that have strong long-term growth potential by taking Equity subordinated or mezzanine positions.
We have a successful track record of financing businesses and have invested more than 200 million across more than 50 businesses today.
Other highlights of the border include an 8 basis point expansion in our coordinate industry margins and double-digit balance sheet growth.
Solid credit metrics and strong positive operating leverage on a linked quarter basis. Average loans increased 12.7% to $36.4 billion, while average deposits increased 10.7% to $55.6 billion. This reflects solid organic growth, as well as the impact of the additional months of Heartland operations in the second quarter.
Legacy UMB average loan balances increased 15.3% on an annualized basis from the prior quarter.
Once again, outpacing, many peer Banks.
Banks that have a reported second quarter results. So far have reported a 5.2%. Median, analyze increase in average loan, balances Arland. Balances were relatively flat quarter over quarter as Topline production was offset by elevated payoff activity, as we continue to align the portfolio, to our standards, looking ahead into the third quarter, the loan pipeline remains strong, both in Legacy, and B, and in Harland markets,
Quarterly Topline production was a new record coming in at 1.9 billion. In the second quarter we saw a strong growth in cni and CRA as well as an 11% increase in Residential Mortgage balances. As we begin offering mortgage products, in our new regions, we've been encouraged by the activity and production of our new Heartland Associates.
Net charge also attributed to the Legacy UMV portfolio in the second quarter was $9 million, or just 13 basis points of average loans for the quarter, with the largest portion being credit card. Total net charge-offs for the quarter, including acquired loans, were 17 basis points. Given what we know today, we continue to expect charge-off levels to remain near or below our historical averages in the second half of the year.
Total non-performing loans to Total loans. Improved 2 basis points from the prior quarter to 26 basis, points non-performing loans related to Legacy. Um, were just 10 basis points for reference banks that have reported second quarter results. So far have reported a 0.50% median, npl ratio.
We continue to rebuild capital following the acquisition, with a CET1 ratio of 10.39%.
A 28 basis point, increase from March 31st. During the second quarter, we completed an offering of series B, preferred stock netting, 294 million of Tier 1 capital on July 15th, we redeemed, 115 million and outstanding series. A preferred that was acquired in the hdls deal.
Over the weekend in July 11th, we successfully executed our pilot conversion of Hartland Minnesota franchise, bringing it onto the core unb platform. This initial conversion of a small set of locations allowed us to test our conversion plans and procedures the process went smoothly and positions us. Well for the full conversion, slated for Mid October, a huge. Shout out to our teams, especially the technology product and operations teams as well as our client safety Associates that have worked tirelessly Around the Clock, enabling the seamless conversion.
Now, I'll turn it over to ROM for more details.
Thanks Mariner. I'll begin with the purchase accounting update, included on slide 9. And 10 of our materials on page 9, you can see that our second quarter results included 42.2 million in net, increase into net interest income, 13.1 million of which was related to an accelerated accretion from early payoffs of acquired loans. The net benefit to margin from total accretion was approximately 27 basis points. Our operating expenses included, 23.4 million in acquisition related, amortization of intangibles.
On slide 10, is the projected contractual accretion for the rest of 2025 as well as for full years, 26 and 27.
On slide 12 and 13. We've included some key highlights and drivers of our quarter over quarter variances as well as breaking out 1-time costs by expense categories. I hope this is helpful. Especially with all the moving pieces related to the acquisition and Market related variances.
You'll see the accretion income there, along with the investment security gains. Notable items impacting fee income in the second quarter included the $3.5 million increase in trust and security processing, led by Fund Services, which brought on several new clients. Assets Under Administration (AUA) for Fund Services and custody grew to $543 billion, while AUA for all institutional banking businesses topped $600 billion in the quarter.
Additionally, credit and debit card. Purchase volumes reached 5.6 billion with the related interchange income driving a 10.4% increase in bag card fees compared to the first quarter.
On the expense side, we had $13.5 million in merger-related costs, and we've included the line item breakdown for those costs. We remain on track with our announced acquisition-related expenses.
Excluding the impact of merger and other 1-time costs, salaries and benefits expense increased by 21.3 million largely driven by a full quarter of expenses for the new Associates from hardland. Also, as noted we met charitable contributions of 8.3 million in the quarter, compared to 524,000 in the first quarter,
Looking ahead, we would expect third quarter, operating expense to be slightly higher in the 380 to 385 million range driven primarily by the full impact of the mid-second quarter Merit increases and increased incentive approvals for strong company performance, as well as an additional day count.
Our third quarter of fee income will be impacted by changes in market value through every quarter end of our 904,000 share ownership in Voyager stock relative to the June 30th closing price of $39.25. This will continue in subsequent periods until we choose to exit our position.
Turning to the balance sheet, we had strong deposit growth both organic and related to the full quarter of htlf balances.
Interest-bearing and DDA balances increased 11.9% and 7.3%, respectively, from the first quarter.
The cost of interest bearing, deposits remains flat at 3.34%. While total deposit costs, increase 2 basis points reflecting the mix shift.
Relative to the core margin of 283 in the second quarter that excludes all accretion, we expect the third quarter margin to be essentially flat. The positive impact from fixed asset repricing on bonds and fixed-rate loans will likely be offset by increased interest expense from the strong interest-bearing deposit growth, combined with a typical third quarter low point for BDA balances.
Finally, our preferred dividend in the second quarter was $2 million on the newly issued Series B shares. Payments will commence in the third quarter with a total of $7.9 million, which includes a portion for the sub-period that spans the issue date of June 12 through the interest payment date of July 15.
Subsequent quarter. Preferred dividends will be 5.8 million.
And our effective tax rate for the full year, 2025 is expected to be between 19 and 21%.
We will now begin our Q&A session at this time. If you would like to ask a question, it is star followed by 1 on your telephone keypad. If for any reason you would like to remove that question, it is start followed by 2 again. To ask a question. It is star 1 as a reminder, if you're using a speaker-phone, please remember to pick up your headset before asking a question. All questions are limited to 1 question and 1 follow-up. I'll pause briefly, here's questions and registered.
Our first question comes from John, armed with a company RBC. John, your line is now open.
Morning. Thank you. Good morning. Good morning, everyone. Um, this all looks good. Um, I just wanted to talk a little bit about loan growth. Um, maybe Mariner and Jim, that gross loan production number jumped quite a bit. Can you just deconstruct that a little bit for us?
You know, how much of it is Heartland and how much of it is a rebound from 90 days ago?
And how do you expect that to trend generally going forward?
Yeah I um I I I think uh what I'd say about it is it's kind of in line with our expectations. Um and uh and and the next quarter looks very similar, um, on a combined basis. Um,
you know, we're seeing strong production at a Heartland and just as strong as we ever have been with our own team,
so uh, you know,
It was a nearly 2 billion dollar quarter on Topline and we expect a similar number in the second quarter is coming across all categories. All verticals all regions. It's just, uh, you know, the solid same story we've been telling for 20 years,
And we've seen nice activity from the Heartland, the team as well. It's not just Legacy B. So yeah, their their activity is is very solid uh coming through um, across across the board. So we're really excited about we're seeing from from their team. I think there were some pent-up demand and obviously also you have uh they hire hold limits Etc.
So, um, to open the door for them quite a bit.
Okay, very good. Um, and then just to follow up, Mariner, you made a comment about continuing to align the two portfolios.
Curious, how much of that is left to do and then, if you could comment a little bit on payoffs and pay Downs, if you feel like they're still a little bit elevated, thank you.
Yeah. Um, so you know that we do expect uh, without being able to identify any particular number or credit for you, uh, to to, to continue to, um, you know, align being sort of there are some credits, uh, that aren't done the way ours are. And that, that may be a few, uh, that may or may not be here at the end of the year, but, uh, the payoffs
On a combined basis, it should be immaterial to the balance sheet on whatever happens. So, I guess that's really the key. I would tell you that whatever does come from that realignment will not materially change our payoff levels on a combined basis.
Our next question comes from Jared Shaw with the company, Barclays, Jared Ilana is that open?
Morning, Jared. Thanks, good morning. Hey, um, maybe, uh, first question: have you given any thought to the impact of the HSA?
Changes under the new budget bill and what that could potentially do for a longer-term growth rate, deposits, and fees.
Jim, why don't you take that? Yeah. Hi. Hi Jared. Um, we have, we've been monitoring it closely as you know, the originally it was going to be much more, uh, sweeping and would open it up to roughly 20 million.
Uh, folks that had not previously been eligible right now, we anticipate that number to be around 7 million, while we do view it as an opportunity as, uh, it would be more marginal. There'll be a lot of Education that will go along with, uh, uh, the folks that are newly eligible but we don't anticipate it being a huge windfall for HSA business. We feel it will be more on the margin. We do have the sales teams and uh folks who would be able to provide that education as needed. But uh we do feel like it would be just more marginal.
Does my follow-up? It's on the expenses, you know, if we look at, um,
If we look at expenses, excluding merger costs as we go into 26, after the after the integration, how should we think about sort of a longer term expense growth rate? Um,
Waves from the deal with an offsetting that with some of the investments as you build out commercial, how should we think about sort of a longer-term expense?
Yeah, without getting specific guidance Jared, I would say, you know uh we'll get the second slug of costs, a transaction in the fourth and first quarters as we consolidate vendors and we complete our conversion process. And then I know we don't specifically, give guidance on expense growth rate because of our business model, it's all about positive operating leverage and we want to keep improving operating leverage based on what the revenue Market is. Um, so you know, we have giving specific numbers. I would just say, you know, we're going to achieve all the cost savings that we targeted generally from uh the hardland transaction. And then in terms of Investments, I mean, we have a pretty robust process in terms of how we intake projects. So, there's not a big pipeline of Investments, and if there are investments, they always have a revenue component, or an Roi associated with it. So, it's not a lot of, uh,
uh, pent up demand in that fashion for us to be spending and investing
Okay, but maybe the way to think, then, is to consider it from this perspective.
Continued positive operating leverage from the...
Operations as we absolutely absolutely yes. Yeah.
And ultimately improved operating leverage, right? Yeah,
Our next question comes from Chris McGrady with a company, KBW. Chris, Yolanda's not open.
Great morning.
Um, good morning, Ron. I'm I'm a 124 million cost savings that you identified at the time of the announcement, uh, where I guess how much have you realized so far and then
Uh to Jared's question or your answer, q1, you'll be through most of it. I'm just trying to get a sense of where that expense level drawers before you start. Yeah, going. So last quarter that I noted that on a run rate basis, we got 17 million on a quarterly basis, out of the Run rate, uh, which was higher than what we had planned when we announced the transaction. And then uh, as I said, last quarter, also in the second and third quarter, though it's not a lot of opportunity of additional cost synergies. Just because you know, the next big slug as I said earlier, is comes from conversion and consolidation of vendors, so the big slug of cost saves will be more in the fourth quarter. So there was some cost Savings in the second and some in the third, but not Material, I would say, so yeah, the 124th. Um, we got on a quarterly basis 17 of that so far and then we'll get the rest of it, in the fourth and first quarters. Uh, and then on the uh, and then in 2026, we will have some nominal growth in, you know, both the Legacy and the, uh, Legacy MB and hardland franchises again with
Without giving any specific numbers we're going to shoot for uh improved operating leverage but but we do expect to get this. We do expect to get the full saves that we projected and uh at announcement. Yeah. Absolutely.
Yeah.
Okay, and then, um, just on the balance sheet. Um, you talked about the DDA hitting the trough in the third quarter, I think. Um, can you just remind us of the pro forma seasonality with your deposit base and then also what you plan to do with the investment portfolio? You know, growing the portfolio to fund organic growth. Just trying to put a finer point on that. Thanks.
Yeah, if you look at the last couple of years, that's a good uh, barometer for what might happen with ddas, we've had, you know, mid single digit contraction and DDA balances in the third quarter. So that's probably something that happens very seasonally again with ddas. Uh, there's a lot of interest in bond payments that go out. So that's why it's very predictable from that standpoint. Um, and then there's no other big seasonal items in the third quarter, public funds really starts building up in the fourth and first quarter. So there's not a lot of other things, but as you saw in our third quarter results, and as you guys rightly recap, we saw some strong interest bearing deposit growth in the second quarter, right? So so, um, most of that is business related and we'll stick you on. Um, and then on the bond portfolio side, uh, on a combined basis, you know? So at the quarter end, we had about 10 billion dollars of cash sitting on our balance sheet, earning 4.
40. Uh we've sent deployed a lot of that and today if I you know it's around 5 billion dollars. Uh so we have continued our overbuy and prebby activities as part of our bond portfolio purchases. So we'd expect our bond portfolio to be about 17 billion and then the excess liquidity could be another, you know, 6 7 billion dollars so that kind of rounds out what our earning asset base might look like in the third quarter.
Our next question comes from Ben gerlinger with the company City.
Then your line is now open.
To just the front and back book of deposit pricing itself, given that Heartland was added in kind of its called the middle of Q1 and Q2. So it's kind of apples and oranges. When you look at the core margin of Ram, I know you said it was going to be flat length quarter, but I was just kind of curious. What was like, the June core margin? I'm just trying to get a sense of the overall kind of run rate throughout the quarter.
Um I I don't know if I have it uh handy or I don't know if that's material, but in terms of what June was a lot of things that happened in terms of cruel obviously purchase accounting adjustments can happen. I know you asked for core margin um I you know my guidance for flat Nim you know as I explained in my prepared comments it's pretty good. And a lot of Tailwinds and a couple of headwinds including the ddac seasonality that I talked about.
Um,
So, I'm not sure what else I can add there.
Gotcha. Okay. Um and then I know you've had some larger
Let's call it comments scheduled, uh, purchase accounting or early payoffs. I should say, is there something that's causing that? Because we haven't seen much rate movement. I know it's usual with deals, uh, just kind of curious is, is there an underlying driver?
Yeah, we just are just, uh, we talked about the alignment on the Heartland portfolio. So just, uh, moving out a couple of credits, uh, that year, or, you know, earlier in the year than, uh, than.
Predicted.
Our next question comes from Nathan Race with a company, Piper Sandler. Nathan, go ahead.
Hey everyone. Good morning. Thanks for taking the time.
Back to the emergency discussion, um, you know, I appreciate the Flag Guide for the third quarter but you know, just given that it seemed like both loan and deposit growth is somewhat, marginally creative. I know you had the benefit from Heartland as well in the quarter, but assuming the FED remains on pause, do you think there is an upward bias, uh, to the margin, the fourth quarter and maybe thereafter again assuming the FED remains on pause. But even if we got some Cuts, I imagine the margin could still expand. Just given what you have repricing on the deposit side.
Yeah, potentially Nate. And and as you know, we have, you know, 45% of our deposits are indexed in the short term, the FED actually cutting is a positive to margin because these index deposits re-priced down, right, internally right now and it might be subject to change. We have 2 more rate Cuts 1 in September and 1 in December. But it sounds like there's more uh, uh, reasons for pausing that. Um, so so I would say at the margin not having rate Cuts can be
Uh neutral to slightly uh down for for margin expectations. Because deposit costs won't move, right? And then, as we said in the call before our deposit, pricing doesn't change unless the FED starts cutting rates.
Um, and then in terms of, you know, the other positive head, head, uh, Tailwind, if you will, for the margin, we've talked about fixed apps that are repricing. Uh, if you look at our treasury uh, waterfall that we say, and the page 20, we have $1.8 billion of uh, cash flows coming from our bond portfolio that are being reinvested, you know, 120 basis points higher. We have a similar phenomenon going on with the fixed rate loans that can also go up 200 basis points. And then as we look at Q3, the only Tailwind besides, uh, the day effect, the other day effect on an average can impact our margins by 2 to 3 basis points because we have a lot of 3360 products. And then the only thing that can, uh, act negatively or positively is the level of DDAs, which uh, I talked about could be down with single digits.
Right? Uh, that's very helpful. Maybe switching to the income, uh, specifically in Fund Services. You know, that revenue line has grown, you know, at least at a high single-digit pace over the last handful of years. Just curious, you know, with the law of large numbers maybe catching up with you guys, if you think, you know that rate of growth is still sustainable going forward within Fund Services.
Yeah, I think absolutely, that's really great. Tailwind for that business. Um, we, you know, have exceptional service. Uh,
Ratings from from our client base and the and and the industry. And uh, the technology stack is great. There's a lot of disruption stuff that I've been saying, you know, in the calls, for sometimes continues to persist uh, the environment for our team, on the alternative side, there's a lot of product being built and a lot of uh, of our current. So we're bringing on a lot of business. We're also benefiting from, um,
Almost everything that, uh, we bid on and um, it's it's uh, the Tailwinds are excellent.
Very helpful. I appreciate all the color. Thanks guys. Thanks.
Our next question comes from Brian Wenske with Morgan Stanley. Brian, your line is not open.
Morning. Hi. Good morning.
Hey, I was wondering if we could Circle back to credit quality at Heartland. So good to see non-performing arounds down Q on Q. I was wondering if you could just elaborate on what you're seeing in that portfolio and
How are you thinking about the path for NCOS as you work through that? Thanks.
Yeah, so uh, I'll take you. You, you hit npl then and charge us. I'll start with npls. Uh, you'll see on a link quarter basis. They they've already started coming down. We expect month over month, quarter over a quarter of that number to continue to come down as we work, the portfolio, um, charge offs. Uh, I would just point you back to the overall statement. I said about the company
On a combined basis.
As we've gotten our arms around their portfolio and ours continues to perform, we expect the second half of the year to perform at or near our historic averages.
Uh with with what we know. So we feel very good about getting our arms around their portfolio and um
And our, our pleased with the path we're on, and the team that they have is fantastic. So, we're really excited about the production that we're getting out of the team. So, across the board, really good, and the direction we feel pretty good about the direction, just kind of month over month, quarter over quarter improvement from kind of where we are on the MPL side.
That's really helpful. Thank you. And then I was wondering if you could comment on what you're seeing in terms of deposit competition across your markets as the macro environment gets better. Maybe industry-wide loan growth picks up. Just wondering what you're seeing and what you're expecting from a deposit pricing perspective.
Well, um, so you know, you've got our, there's, we'll put it in 2 minutes and our institutional, and then you've got our consumer business. The consumer, the commercial and institutional for us, uh, very easy for us to build. Uh, but it comes with pretty much straight down the middle of the fairway competitive pricing, so we can bring on as much of that as we want as long as we pay.
Basically, uh, institutional money market like rates. So that's kind of what corporate and institutional looks like. So that's kind of ever, uh, can we can have that grow whatever rate we want that to grow at. Um, and then on the on the small business and consumer, uh, you know, we we've, we've seen kind of 1 to 2% growth rate there. That's obviously we can control that, uh, a bit better and, uh, now that we've doubled our Branch Network and, uh, we've picked up all the Heartland team and we're doing, um, a complete refresh of the branches. We're in the market. Now, on a regular basis with campaigns, uh, we, we think we can, um,
You know, uh, get our share of the consumer deposits in the markets that we're in. Now, now that we've increased, you know, we're in 6 new States uh, with double the branch Network. So we're excited about
What we're able to do, it's a little early to tell you what those results would look like.
But, uh, being in the market doing campaigns with double the branch network, we feel pretty good about, uh, getting some lift out of our consumer business.
Our next question comes from David long with the company. Raymond, James, David, the line is not open.
Morning, David, thank you. Good morning everyone. Good morning. Um, with the with the HCL acquisition, you talked about some of the the credit and the loan loan demand and what have you? But what's going on in the fee, Revenue side are, are you realizing any synergies there from the HCL franchise at this point?
It's, uh, we're starting to see, uh, the, the energy it's going to be a while before we really realize that, but we are, we we have, uh, started selling credit cards. Um, do you have that committed to your memory? Credit credit cards. Uh, we've had uh, additional 270 and mortgage loan applications throughout the htlf network. We also feel like it's going to be a great opportunity for corporate trust referrals. So again, as Mariner said more to come but we're already seeing
Place not a lot to report on on the results yet but feeling good about the activity levels in the direction.
Great. Appreciate the color. That's all that I have. Thanks.
Thanks, dude.
Our next question comes from CMA, Brasília, with the company Wells Fargo. Timur, your line is now open.
Up team. Hi. Good morning.
Yeah. Yeah, good morning. Um, keeping on the Heartland theme, just the contribution to balance sheet growth. This quarter was a little surprising as to how fast it came online. I'm just wondering, are they at capacity here? Is there additional ramp in terms of that growth rate? And ultimately, when it is at full capacity, how much more contribution are you expecting for the balance sheet growth rate from Holland relative to the 2022 levels.
Yeah, I think that's probably a bit of a Miss on on, maybe how we've talked about that or what that looks like. I think there's a growth at the very beginning of what that that can look like. Um, they're uh,
um,
We're we're just beginning to see what, what can come out of those guys? To be honest. So, um,
That’s so, yeah. I mean, we're barely seeing what's possible there. They had a good quarter, but...
um,
we're just at the beginning. I mean, there's there's a, a huge potential out of the, the whole, the whole franchise great team. And, um,
I guess, that's what I say is, I think I think we we we that's a bit of a Miss on, kind of where we are with with with they're able to contribute, they're on, they're on the front end to what they're going to be able to contribute.
Okay, got it. And then I I guess going back to the deposit pricing competition. Um, just looking at the the link quarter change in interest. Bearing, deposit costs. I would have thought the added contribution or the full contribution from Partland would have brought that down maybe a little bit more. Can you just talk to what core kind of IB deposit? Um, costs increased in 2q? And as we head into the third quarter, what that expectation is for deposit, costs, and going higher, given the seasonality and DDA plus the competition on the commercial deposit side.
Yeah, they do more on the cost. Didn't go up or they were stable right about 334 quarter or quarter, you're right with the additional hardland. It should have maybe gone down a couple of basis points, but as I noted in my prepared comments, we had some wheelie robust. Uh, interest bearing deposit growth both in the Middle Market and institutional space, and those tend to come uh, as slightly priced higher.
Than where our current portfolio yield of 334 is um, and and versus, you know, the the new new money rates are more like 4. So it's not like the costs are increasing. It's just a mix of getting more of these deposits coming in that changed the trajectory of our interest, bearing deposit costs, more growth of balance sheet than it is, yeah. Yeah, the competition. I mean, yeah, it's not, yeah, it's not driven by competition, right? Yeah. We, we're not those, those, those rates are not up because we're defending our book. It just, it's just pure growth.
Again, if you like to ask a question, it is star followed by 1 or your telephone keypad.
Again, that is star followed by 1 to ask a question.
At this time, the number of questions registered in the queue. I like to pass the conference over to our management team for closing remarks.
Thanks everybody for, uh, getting on a call with us. We're really excited about the quarter, and, uh, results from our perspective were strong across the board, really, uh, on on every level. And, um, the acquisition, we're very excited about the team, the results, uh, we didn't end up really talking about Capital markets. Um, so want to make sure everybody understands that that, that, uh, the Voyager.
Gain is is um while we can't predict when these things are going to come, we do have a very strong private Investments team and we're excited about continuing to report on things that will come out of that group for you. And, um,
Uh otherwise uh, thanks for listening. And um, we're uh, we're we're really excited about how things are coming together with with Harland.
Thanks Mariner, and thanks everyone for joining us today. If you have follow-up questions, you can always reach us at 816-860-7106. Thank you. And have a great day.
That will conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.