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FB Financial (FBK)

Participants
Chris Holmes President and CEO
James Gordon CFO
Wib Evans President, FB Ventures
Catherine Mealor KBW
Tyler Stafford Stephens Incorporated
Peter Reese Sandler O'Neil
Alex Lau JPMorgan
Call transcript
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Operator

Good morning and welcome to FB Financial Corporation's Third Quarter 2018 Earnings Conference Call. Hosting today's call from FB Financial is Chris Holmes, President and Chief Executive Officer. He is joined by James Gordon, Chief Financial Officer and Wib Evans, President of FB Ventures who will be available during the question-and-answer session. Please note FB Financial’s earnings release, supplemental financial information and this morning’s presentation are available on the Investor Relations page of the company’s website at www.firstbankonline.com. Today’s call is being recorded and will be available for replay on FB Financial’s website for the next 12 months. participants placed all mode. a time, this have in been listen-only At call questions for be the The open after will presentation.

obligation such beyond risk statements not During make result otherwise. this actual listeners are are expressed of Financial forward-looking such subject any results forward-looking put and of of or or is may such any results Financial to comments may a XX-K of ability predict and in by to to are on contained Financial’s other the factors events FB statements any which forward-looking and A constitute cautioned and or facts contained presentation new update description presentation, to detailed forward-looking forward-looking statements. cause or with FB that whether undue Many and FB to uncertainties Financial’s future as Financial FB FB filed more revise reliance differ statements. control information, achievements from this in other risks statements. SEC. performances these All implied materially or disclaims

may Financial’s reconciliation to and www.firstbankonline.com. on to FB ahead, these measures comparable to CEO. GAAP presentation like FB measures Please directly include of GAAP is most at non-GAAP and such as would President financial remarks non-GAAP defined I G. over by the addition, In comparable sir. Holmes, available Chris measures now financial Financial's website turn A presentation of measures go the SEC a the Regulation certain

Chris Holmes

of our results Financial on to then going financial third our analysis the Gordon, who for call followed I review and your highlights questions. today’s by FB XXXX. call to On all call, in and the over Officer, morning. results you this joining Chief will am very Financial. additional for James us Reilly much, All our of to provide interest on We third quarter, quarter the you I'll good turn right. Thank the appreciate your review Thank

growth delivered and the team two, profitability into and are as capital. the three, company. and give as but The mortgage; themes our deposit themes deeper quarters most growth outstanding quarter. relevant four, for this insight we’re some to loan you margin; results going These and same the growth Our outlook one, are for company; always credit;

On one you the because can't those grew of growth margin considering we conversation without growth into important about first an deposit theme three. items, one have all and one loan

three of XX.X% XX.X% has Our deposits and last the been over loans growth in months of customer outstanding.

easy ones that requires loans is year-to-date our very of quarters profitability some income, growth XX% excluding X.XX% high our growth Loan execution approximately delivering revenue and accretion the Our balance banking rate again annualized at more Since even continue three with of in and come deposit or team. interest quarter collections. What to past important for for for what margin the credit of year level the metrics be XX.X% these total most strongest. in of growth the and executed bank each team and net deposits. our are is a all impressive goes margin from interest our has makes has to in and our our growth nonaccrual X.XX% XX.X% without

for and the range for XX% loan quarter exceed to above should XX% Our we the growth rate year. is our range target of XX.X% that

the pipeline next heading continue low and and about into year year. momentum our good We feel to into

growth quarter rates lock-in customer $XXX utilized for deposit growth only part it but for quarters is hikes and for target causing for Our time benefit that rate The philosophy increase all next quarter. theme the long-term and to few not banks will thought our above interest a First come cost time would that understanding cost was interest Bank by range have deposit deposit for quarters, to the similar of is growth our profile necessary deposits quarters. in strong over additional banking and our higher to the likely million near-term customer Customer net fully coming multiple growth with time there at understanding funding to very that fund internal been grew we But the our margin cost which continues peers. net also a an margin the this impact. our some under was us would We deposits of most ours. margin last deposit opportune outperform some are that’s

at been that’s we of to range consistently collections. X.XX% target and As nonaccrual noted or interest above X.X% our earlier, accretion excluding

top near as the costs of we that and knew several we’ve the have margin range remain quarters. the anticipate margin X.XX%. our talked range would eventually Deposit about compressed We’re in We they for of the near-term. like end at upper to in

Our three mortgage the disappointing. results for months past were

less total from over have with of these guidance in pretax revised and capital. of expect we Rising We the line unprofitable end our to pieces capacity repositioning mortgage returns realities. our quarter. change quarter third rates, We over the of the to not business margins. we’re so those For stellar next and mortgage on lower to the possibly in longer, volumes on than or interest contribution our gain $X.X business markets some conditions conform million the of led lack don't produced sale quarter inventory compressed even do and with want

mortgage consistent, repositioning reputable to and deliver So more results. unpredictable is the leadership

important, X% I only that While quarter to represented mortgage you is X% remind pretax adjusted this of our and repositioning this want year-to-date. income

not Clayton the quarter of that XX% any close been higher the to transaction, time. since than in it's back Going

some and keep it represents want perspective. meaningful while So in to in to upside XXXX, us it’s we

continue reflect metrics credit, on and stable Moving our to to quality. credit credit strong

loan more to jumped result rate. nearing growth as run provision Our strong quarter and $X.X million is a a of normalize continued this

our remains of result strong. capital in generation, capital a result our and As earnings level

will through also October program has share a remain equity authorized Board Our per repurchase share and which our effect of XXXX. $XX quarterly has $X.XX dividend in million of Directors increased common to of

have the deliver. of and performance pleased to opportunistically summarize, to this they tool We’re to efficiently team To we're capital our that shareholders. return additional and our proud

Our banking and environment. fight markets, foundation build challenging profitability team continues through can with growing others. believe mortgage markets, a a demanding and our is that and exceptional we to great we team share great market some on growth We adapt have in and share through in market delivering

and M&A the a have we us taking James very foundation, call talent. geography execute to maximum some We think With workplace strong detail. us to optionality together, more our to financial I turn over want grow that's these and organically, results overview, to be to network factors on our hard to review And M&A enabling opportunities. evaluate operational to delivery replicate on and a throughout attractive potential opportunistic a more that in strategic provide

James Gordon

and Chris everyone. good Thanks, morning

X. I on First, to want our as quarter recap Slide results highlighted operating for the

per delivering on of $XX.X common assets of million net and on solid X.XX% Our average of was diluted $X.XX XX.X%. tangible on income return earnings a average equity share a return

driven to $X.X net loan Our Bank’s enacted charge tax by are and targeting. the outstanding demonstrates basis company's by acquisition that off of the net compared of the Clayton provision primarily net points fundamental consistent we X growth and illustrates of by due trends loan of Slide XX the organic year-over-year benefits losses performance year points. reform and to high for profitability reversal growth, million normalized performance was recoveries basis underlying offset of from the this six XXX,XXX quarter last driven the

of margin sustained on expense deposit of presents is slightly growth level portfolio. enables core which our in return and net year-to-date base, low-cost adjusted loan fees the challenging and driven of strong fundamental the elements deposit offset This sound consistent and low durability our by demonstrating interest average Our supported stable a franchises margin, profitability. and strong environment. been customer Slide loan by mortgage being core profitability non-interest a assets our cost X.XX% strength earning control growth, fundamental power credit while income, particular, quality healthy X yields, by has

growing As cost net we remains deposit on quarter our as at deposits but Chris X.XX%. this margin interest mentioned strong time our focused increased

XX points net was accretion As see, nonaccrual margin by collections. again of and interest about basis you our can benefited interest

Our into end X.XX% X.X%. of X.XX% guidance range core of long-term settled upper the of NIM to our

customers costs quarters be to deposit deposit and slightly flat current out interest in in order second increased from like largely remain focus we offset customer our over to production growth, rate our We growing by down CD coming customer our that banking increased rate quarter outstanding the on this yields should relationships of quarter. and loans We Federal the million coming and in our largely in deepened expect time as by front core Reserve are had to get time balances the competitive this environment adding in our of would the hikes quarters. short-term focus point anticipated XXX environment in the the rising customer NIM and on we the deposits strong campaign as those range team's a quarter to new process. deposit remain a major also future in I quarter to execution enhanced due should in during increases

basis lower to led trade quarter. total months. quarter hikes. next This deposits made for at at our of cost in rate of third the is CDs funding a short-term get to its from we passed XX in XX out second they purchasing in of by to rate the XX some points to end a million replaced in should quarter the basis anticipated and a six broker Additionally a decision increasing the ultimately therefore that three actions the at borrowings costs couple borrowings These locked of to points

is selling began quarters. over for couple loan However, next in $XXX has increases the December level million sell date balance approximately rate our combine to XXXX able our cumulative XX%. since of Also in sale

liquidity excess and of to We total well to and rate customer balance our on assets in invest assets confident XX% remain will emphasis positioned income. the element earning of for portfolio We investment likely and at is overall be currently a impact profitability. continue foundational will in net the interest rising stands mitigate sheet deposits additional our which

to Moving Slide on X.

XX% mentioned of range. year-to-date, a strong the XXXX. long strong We loan another year performance selling we've produced back previously, had quarter XX% will As range target believe in above finish robust we that our Chris growth term that into we to before

relationship-driven profitable focusing objective hitting merely consistent, [indiscernible] quarterly not Our target. remained on in our

sale rights of announced servicing top of quarter. to right Moving regulatory benefit million concentration the our previously $XX over capital about provided we corner, mortgage this levels

putting some below the from portfolio due well We also experienced back threshold. construction permanent our migration financings, XXX% us

depending may While time-to-time closer be on on to construction to in committed regulatory thresholds. continue findings, able move servicing rely remain future, to from we to allows mortgage with this XXX% as we right

Moving to Slide X.

at particularly quarter in $X the annualized working We an customer of deposits to deposit on current within saw billion, risk customer while continue strong in XX.X% will manage rising We're few locking and that's deposit funding the pay and related maintain base growth mitigate believe margin. while quarter the in pricing were we move growth this off in XXXX. this balances to basis we year, growth and estimate funding our up XX.X% we rate is quarter portfolio. last within the in third Our the from of second comp raw current we quarter, important environment, we deposited to in us as that had rate quarters, deposit our next cost

a Slide in equates In the XXXX. Company's represents Year-to-date contribution X. that's which pre-tax XXXX. This retail Company's pre-tax our for our adjusted income quarter had from of year-to-date included. is total operations total our of turning in from in to million as down contribution XX% quarter income, $X.X approximately down the the mortgage XX.X% third pre-tax of to footprint X.X% the X.X% mortgage Now, third

billion last interest $X on the volumes and and the correspondent lock quarter Our there margin. $X.X compared the volume year. are to Competitive pressures in $X billion particularly weighing last quarter channel, rate of in pricing billion declined third to in both quarter

Our direct up to primarily our due retail mix to quarter correspondent and this in channels. was margin change due consumer from

profitability line guidance that to the We at expenses and the allows of September. during an be results, we with still unacceptable loss current streamlining and million in the between this expect We environments. - team the during our total of mortgage channels understand focused $X contribution retail quarter consistent updated on between in to million rate of $X our is achieve fourth footprint future order pre-tax provided end reducing and to year

for their the XX.X% in line from this higher prior our be interest during quarter-over-quarter staying remain of up Our books and to quarter to to of operating in primarily to can quarter increase ratio segment explained XX% efficiency term we salary have quarter with the by business in speed. get segment. above our XX.X% leverage attributable The revenue just near from banking the our recently fully goal the banking movement

above due quarter ratio positioning we third efficiency into are XXXX. will reducing to quarter-over-quarter segment capitalize These lower operations, fourth initiatives second ratios seasonably on producing of on acceptable focusing remains efficiency we mortgage head rationalizing profitability cost environments increased our cutting Our quarters as continue to the volume busier team XXXX. the levels and our during while

rate of quarter was as and lower volumes. tax the than our first to related the quarter effective Our compensation third significant XX.X% second we for had deductions equity quarter

tax As our XX.X% rate believe previously effective we will the be year range. disclosed, in full XXXX

non-credit organically for total the a continue As our and assets shown sound XX, performing slightly quarter we reserve Slide the grew strong to Company. provides foundation decreased asset environment. at for on remains to assets quality and our Non- as

by portfolio remains XX points. of loans basis solid loan non-performing evidenced as ratio Our shape in

provision As was normalized of recoveries by third XX, the net levels On our acquired growth loans for previously of growth, and net million remained points driven quarter respectively. enabling loan the charge-offs points shows organically both to linked quarter XX through the $X.X strong basis future basis largely renewals capital expected, compared loans strong and to basis of for loss to loan acquisitions. points of average as of quarter XX six our strategic through Slide XXXX and

increased relatively after accretive or per needed our add by Bank's quarter, strong flexibility equity our capital Our has financial XX.X% potentially during to by book sources. simple IPO, $X.XX remains the structure us to the value giving the acquisition. as first results share tangible XX.XX% in Since quarter driven our non-common Clayton

a we approximately servicing we sold our as rights. As mentioned mortgage previously, of received of $XX relief million portion regulatory

portions We impact the selling appropriate. to its on the MSRs as will time-to-time and our continue to seek capital monitor from optimize assets we'll of

share, equity return payout portion our the approximately $X.XX to XX% are dividend of ratio increase of able We pleased which the quarterly to in of a quarter. of per continued be form shareholder's in a XX% and represents last

our to book Buyback previously against accretion. of while our opportunities also EPS $XX Chris the closing M&A we discussed, Board seek capital back repurchase minimizing a that of With open capital overview, over call Chris questions. key the that value in the program achieve and we'll evaluated our to comments will coming will for opportunities deployment as As dilution periods. objectives authorized million maximizing we manage to going to share turn I'm for then tangible your be call

Chris Holmes

and Thank please. FB interest of you, We your James. Overall, we did remarks deliver would proud open strong completes we're investment in this we for morning and to Financial. that like performance our prepared call questions this and appreciate Operator, team. our

Operator

Mealor we'll Catherine [Operator take question Instructions] go with And ahead. KBW. from our Please first

Catherine Mealor

of CDs also us of that mentioned you each on CD you discussed quarter a the We added cost there of added on first some past quarter? is CDs incremental James, deposits, you brokerage then campaign and you that this give Could this the that about on. talked you those

James Gordon

had campaign, at then an X.XX%, month CD so X%. XX months CD we The a at CD XX

So of X.XX% of took portfolio. from after which bulk kind Fed is right the during for side middle funds yields was the at hike of there. The the was piece on impacted We the the rate borrowing broker that, say the comment range of came the LIBOR the other quarter. advantage kind in the about quarter. in of the end loan the rate the the fund reverse of at One rate disconnect slightly of the X.XX%, that which below now average in

and we by we growth federal mean, it our loan and through the - this that's get what brought so bank case to strictly customer I traditionally lower team the funded the to by our broker deposits. financial move our our funds growth brokered home growth, utilizing swapping to had not haven't that we brokers for year and that's cost good in time. that side, so we year full obviously On chance brokerage We customer be had best a table did. out was

used usually - brokerage buy you So, you banks it's you see when than size. our time what some different to

Catherine Mealor

CD And CD this market? that would beta rates ahead is kind so to reality do get the up high at do or being indicative look catch a weight of try of aggressive cost the of expect the saw of a on you beta customer your side, of you of and more maybe opposite the of as forward to we as in deposit higher that or feel more like we quarter just move you this of

James Gordon

Catherine. a was all it think little bit of that of I

had of go hoped up position some also rate part side accumulative. had the beta the was low it higher - I then for it to since and moving We we a allowed but to on since catch-up future. that pretty that and started think of is cumulative good that for

Our and cumulative in still with to some able relationships for think probably for than nearly into going customer's borrowing elsewhere less out four out be higher future. leading well say but but rates to and going strategic customer it back that. at it plan range was we’re than and We to this will that a us we and XX% ourselves quarter the quarter will it that be deepen really doing forward the those do this or beta is versus overall to position again it maturity in it higher of line chose we’re levels costs all We were three was this in proud quarters strategically. down last run get

Chris Holmes

to have comes particularly on and the balancing so a the in cost the the as the act side get deposit balance get to that with days. growth between these know we is fortunate there and position Yes, and a always be we're and you it’s growth Catherine growth

I that we James described it think and acknowledge well. And so

Catherine Mealor

to range. the And one the - even you’re still higher point of questions your the important ahead. I'm at And an point? of Do to you end your beta, then with mortgage moving it's think sorry top go just

Chris Holmes

exactly the that’s balance. No, exactly of part that’s right you’re

Catherine Mealor

other And thing that what you then ratio as be an one next about year would - business? mortgage think mortgage what write just on acceptable you specialty as

Chris Holmes

XX% of about good like especially kind that's we'd where to think and about than be Yes, in that’s that is better us. XX% times for about we threshold frankly

Catherine Mealor

Okay, that’s great.

James Gordon

be to like would or of Chris period particular added some that efficiency production kind in able to be over of quarter get of just to We any it not and the the said year ratio. better higher XX

Operator

question And go we'll Please next our take Stafford from Incorporated. ahead. Stephens Tyler with

Tyler Stafford

So guys just you in follow-up last on waste. pretax the Catherine's thinking rather can mortgage that a a question about about talk as income business

So, generate the expect the mortgage business a to in loss at is guess quarter. pretax I fourth

So guess big run what on that pretax rate question be. put does could I exiting a mortgage XXXX mark income

you So year cost pretax know next expense about, or think or for any that you initiatives as mortgage you expectations initiatives, thoughts able realize? are just the as status to

Chris Holmes

Tyler market. comments a hard that and forecast as rate is mortgage because couple the Yes know the there, of is lot business reading just of you a so dependent one

XXXX keep said on in mind us then in things so market to be and repositioning business, that's we’re next down a a When during that you our have so the done we in some expect would have slightly of this similar that going get about upside some will it with if but I of we year business a for But did we difficult you we XXXX maybe it’s think for to so there and if But out or hopefully will. do And in as what's those. like down. volumes we revise to at us we really And to business some there down forecasting forecast slightly so couple to of similar mortgage on to don’t to but repositioning look be and to about. want year year, - slightly for forecast. similar be the and there out volumes we’ve moving some we forecasted specific terms had kind too look forecast

much to want we said into debt from forecasting current away I stay to like so getting there. the business too And

Tyler Stafford

- Understood. sorry ahead go I’m Maybe Chris.

Chris Holmes

that did help. No,

Tyler Stafford

Yes, I understood.

consolidated why tied the mortgage there pressured like right looks the have and on compensation given volumes. for So that quarter expenses to the it wouldn’t the Is variable quarter-over-quarter relief were despite volumes? been they expense flat

Chris Holmes

caused change and the servicing revenue revenues of was market slightly higher by Some value higher mortgage the by servicing one fair rates. - on lower

were revenues slightly So for basis same-store on the up a quarter.

be the baked So, of on of the the and the in will adjustments we’re largely by that doing most year. expense end side

Tyler Stafford

the just total of Do what to just and at you exiting deposit happen costs? thinking deposit about quarter the were end very so have cost

Chris Holmes

have a in they end in so basis about our say or since quarter pretty moved I our yields. will the Yes, loan up seen rate movement we've loan XX X but good and contractual points after hike

about little prime based of and We XX% about about over the is LIBOR loans. of based portfolio of XXX which have XXX loans million million

seen we’ve movements good So on as that well. front

in it of the and of going the campaign is call XXs into or the movement CDs So basis around the the of points broker in cost that. kind XX upper cumulative which

Operator

our question O'Neil. Please Peter And we’ll Reese next go with Sandler ahead. take from

Peter Reese

Most on of been pressure. buyback obviously just lot answered the a some has here but the color have questions stocks been wanted get under maybe to my of

could with thinking use it terms something be you just here get your actually just aggressive buyback, price? on what I how to thoughts is you’re the your or you actively of wanted to in So stock maybe planned

Chris Holmes

tool market, to what’s bank we stocks especially happen authorization to don’t Yes, going the what’s and to wanted in because the know it’s we get going happen a and don’t we know stocks. with

tool a really the very it's and we got on not dependent price. aggressive whether or So is

would we because We’re we EPS dilution of dilution, value are accretion book of two love those we’re balance. also but conscious things conscious

continue if deploy. would we drop certainly the so probably And to prices

thing balancing is that acquisition other opportunities. we’re The

to continue those. evaluate We

position on pull to in strategic. it's we're something trigger we opportunistic to the or sure continue whether We make want a to

doesn’t have asset those tangible or opportunities, from so, that ratio. would and impact common on months tangible our so big an to be And equity we issuing it of stock

the viable we for tool opportunities so it's out And acquisition with have. us think to think even there, we

James Gordon

- in at from has would make be and have that opportunity we dependent. of that the also wouldn't the if rest it significant that likely be shares would And definitely would have executing would a phase plans bit a could be level little a component levels we of that outstanding equity these we on sense creep see a as minimum

As other that which Chris opportunities our measuring bit said, opportunities growth yield because one the and versus and little become other returns use is for acquisition capital will best stick will buybacks the of and of overall

Peter Reese

And with your and comments is still an expectations think changed? on have M&A at actually, have bit obviously for evaluations and out is conversations you are but guys opportunity that maybe you changing maybe seller a there little something there all changed

Chris Holmes

think for times opportunity an may often we for you is at thinking. an it hit especially it have their time still private what to depending for takes - We're changed it on them you're opportunity while points, some are but kind I some companies. There evaluations it think us. public relevant is - yes some adjust Yes, take partner time to of especially companies potential still talking

we'll relevant to continue We to on we looking. take and it still suspect be would a we way that weeks, we two may those have the know. valuation a may And more it that's of the opportunities still a get that so everybody's little may But they something down time difficult over those. market so little valuations don't move think And adjust. down I when and want last bit compared be because basis, takes obviously or to be three for

Operator

JPMorgan. we'll [Operator our next from Lau take Instructions] go ahead. question Please with Alex And

Alex Lau

quarter now from moving back with are XX%. deposits extent Going in some seeing saw the the start markets to of bearing or rates? quarter. higher And we lower deposits, growth XX% you what trending to also attractive bearing the in interest over checking in was while non accounts the the cost of time year the flat to lower from To noninterest migrate in these

Chris Holmes

been major out see some do that, that. discussion, going something going of all that discussion it we of a industry some most some expected is able you've some been the fewer to for gets some as of and been do but But balances case. you to are we be that not bearing - that, we balances of of would those We think a move of some see I it best seen I we that of by but the some those but saw Yes, move, hasn't It's think and some also actually that's has significant. the And about and it's and we of relationships. is because governed Alex, the will. think records of it track I it non-interest campaign, had with do do that saw some of when I the see again that. lot we there track our industry not do manageable and of there's us, most that that a there's it frankly think be I to whether think - in case we've

customer If that a not service you it would - didn't expect have have of be of you good and and a good some where you some relationships would you that. if very

you say, there. that see So most what of explains I'd

James Gordon

of interest non of part MSRs bearing the decreases bearing when we category. on the we escrow the non-interest is And lost some sold the which

think it's it's I $XX down but that. of growth actually now than million point-to-point the seasonal probably more offset some

escrow the lose as expected So, was from the when settlement. corresponding that. would that MSRs that we balances we announced

Alex Lau

but color are kind both are on rates, to that? pretty longer And term term. the I any from attractive of any CD seeing from on you short shift know preferences consumer campaigns,

James Gordon

We of a little bit can't a offer mix.

consistent think it of depends there's position I what shorter life or a think in don't view on I different your your loan. are. outlook things or

to have longer the so is they don't they market I think like the shorter some view whatever view and doing. that loans some like do to the opportunity as about worry it, have the

particular individual or And it's any at outlook needs mixed time. so cash on I think what their based maybe

So call would really on view it I'll think no that, I basis. consistent overall

Alex Lau

update My pipeline? year, of hiring question give like back quarter in last on producers how that a called the is on an in are back revenue hires out tracking the second and in can more any the the dozen half there with you're you - potential you

Chris Holmes

an thought. also the our along, particularly little We've Yes. and I'll what of production. We we see and talk so we the a didn't you have that's really Again, bit production the seeing we're metropolitan most - are growth expected because come We've if update around through good markets right give folks the had Again, numbers numbers. fully actually that line. seen did not first on that of of coming this those on those expense the look part some through footprint. significant. about come

We had continue, just our there have a we or out not to continue is world like and whether pass in. competitive conversations some to on going loan come of deposit conversations live part parties the We additional and various pipelines. various that and with they little it’s

about come I - maybe And of be of again talked ones so bigger to couple the that a there loans I'll But then are a all that just deposits. been say out it's part a pass, of like adding our normal there. others handful we've of have and - have to consider potential there growth ones and

Operator

are no appears this further And questions there it time. that at

Chris Holmes

in have questions. joining interest for your we much Everybody for very FBK. day. you investment We call. appreciate you us your FBK Thank great your and thank Well, on in Okay. the Thanks. a appreciate

Operator

call. concludes this today's And for your participation. Thank you

now disconnect. may You