On Tuesday, United Community Banks (NYSE:UCB) discussed first-quarter financial results during its earnings call. The full transcript is provided below.
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Summary
United Community Banks reported a net income of over $84 million for Q1 2026, with an EPS of $0.70, reflecting a 19% increase from Q1 2025.
The company experienced an annualized loan growth of 4.5% and expanded its net interest margin by 3 basis points, while maintaining strong credit performance.
United Community Banks announced the acquisition of Peach State Bank, expected to be $0.09 accretive in 2027, with a 50/50 cash-stock deal valued at about $100 million.
Customer deposits grew by $237 million, with costs of deposits reducing by 9 basis points to 1.67%. The CET1 ratio remained strong at 13.4%.
The company plans to redeem $100 million in subordinated debt and buy back $50 million in shares by year-end to offset dilution from the Peach State acquisition.
Management highlighted the company's recognition by J.D. Power for customer satisfaction and emphasized ongoing strategic focus on areas such as HELOC and CNI loan growth.
The outlook includes continued margin expansion and a focus on increasing revenue producers, with expectations of 5-6% loan growth.
Full Transcript
OPERATOR
Good morning and welcome to United Community Banks Community Bank's first quarter 2026 earnings call. Hosting the call today are Chairman and Chief Executive Officer Lynn Hartin, Chief Financial Officer Jefferson Harrelson, President and Chief Banking Officer Rich Bradshaw and Chief Risk Officer Rob Edwards. United Community Banks's presentation today includes references to operating earnings, pre tax, pre credit earnings and other non GAAP financial information. For these non GAAP financial measures, United Community Banks has provided a reconciliation to the corresponding GAAP financial measure, including in the Financial Highlights section of the earnings release as well as at the end of the investor presentation. Both are included on the website at ucbi.com Copies of the first quarter's earnings release and investor presentation were filed this morning on Form 8-K with the SEC and a replay of this call will be available in the Investor Relations section of the company's website at ucbi.com please be aware that during this call forward looking statements may be made by representatives of United. Any forward looking statement should be considered in light of risks and uncertainties described on page 5 and 6 of the company's 2025 Form 10K as well as other information provided by the Company in its filings with the SEC and included on its website.
Lynn Hartin (Chairman and Chief Executive Officer)
At this time. I will turn the call over to Lynn Hartin Good morning and thank you for joining our call today. We've got a lot to cover. I'm going to start with our quarterly earnings update and then we will close with the details of our acquisition of Peach State Bank headquartered in Gainesville, Georgia. We had a great start to 2026. For the first quarter we realized net income of a little over 84 million, translating into Earnings Per Share (EPS) of $0.69. On an operating basis, our Earnings Per Share (EPS) was $0.70, representing a 19% increase from the first quarter of 2025. Annualized loan growth of 4.5% for the quarter and an expansion of our net interest margin of 3 bps helped to drive these results. Credit also performed very well this quarter with total charge offs of 22 bps. Only 10 bps excluding Navitas loans. Non performing assets as a percentage of loans were 50 bps, down 1 basis point from Q1 2025 and special mention in substandard loans totaled only 2.9% of total loans down 2 bps from Q1 of 2025. Our operating return on assets was 122 bps, an 18 basis point improvement year over year and our operating return on tangible common equity was 13.1%. Given our high capital levels, we continued to return capital to shareholders both via a 25 cent quarterly dividend and the repurchase of 37 million of our common stock. We also announced the intention to Redeem Our remaining $100 million in sub debt in the second quarter, only 20% of which qualified as Tier 2 capital. Even with the dilution from our repurchase activity, tangible book value per share grew at an annualized rate of nearly 6% for the quarter and by 10% year over year. We were also excited to have been recognized by J.D. Power as the top ranked bank for retail client satisfaction in the Southeast during the quarter. This is the 12th time the United team has received this recognition. I'm very proud of the dedication and genuine care that our teams across the footprint demonstrate every day. It's because of them that we are the most recognized bank for customer satisfaction in the Southeast. I'll now turn it over to Jefferson to cover our first quarter's performance in more detail.
Jefferson Harrelson (Chief Financial Officer)
Thank you Lynn and good morning to everyone. I will start on page five and talk about our deposit results. On an end of period basis, our customer deposits grew by $237 million or 4% annualized, mostly driven by Demand Deposit Accounts (DDA) growth in the quarter. We were also very pleased that our cost of deposits moved down 9 basis points to 1.67% and that our cumulative total deposit beta stands at 39% in this down cycle, which exceeded our goal. On page six we turn to the loan portfolio where our growth continued at a 4.5% annualized pace. Our growth came primarily in the Home Equity Line of Credit (HELOC) and Commercial and Industrial (C&I) categories which are two of our current areas of focus for growth. Turning to page seven where we highlight some of the strengths of our balance sheet. We believe that our balance sheet is in good position from a liquidity and capital standpoint to be ready for any economic volatility. We have very limited broker deposits and very limited wholesale borrowings of any kind. Our loan to deposit ratio remained low and was unchanged at 82% this quarter with a solid end of period deposit growth. Our Common Equity Tier 1 (CET1) ratio was flat at 13.4% and remains a source of strength for the bank. On page eight we look at capital in more detail. As I mentioned, our Common Equity Tier 1 (CET1) ratio is 13.4% and our Tangible Common Equity (TCE) was also flat at 9.92%. We were active in our buyback again in the first quarter, buying back $37 million in shares which equated to 1.1 million shares in the quarter or just under 1% of our shares outstanding. Moving on to Spread income on page nine, spread income was down in Q1 mainly due to having two less days in the quarter. On a year over year basis our spread income was up 10%. Our net interest margin increased 3 basis points in the quarter to 3.65% and up 29 basis points compared to last year and the first quarter is the fifth quarter in a row of margin expansion. We continue to experience a margin tailwind from our back book repricing and from the mix change towards loans away from securities in the next year. Using just maturities we have about $1.4 billion of assets paying down in the 4.63% range and because of this continued impact I would expect the margin to be up between 3 and 5 basis points in the second quarter. Moving to page 10, non interest income was $43.7 million in the quarter. This included a $5.2 million gain on an interest rate cap that was hedging a sub debt issuance that we intend to redeem on April 30. Excluding the cap gain, non interest income benefited from a strong mortgage quarter and was offset by seasonally lower service charges and we opted to sell less Navitas loans loans than usual. Last quarter we sold $41.6 million in Navitas loans loans compared to $8.3 million this quarter. Our GAAP expenses were $157.3 million in the first quarter and our operating expenses were 151.6 million. We had a small amount of our normal merger charges, but we had two more unusual and offsetting non operating expenses. First, we had fully accrued for the FDIC special assessment that came after the Silicon Valley failures. That said the FDIC refilled its fund faster than expected and is not asking for the full assessment. We had taken the original assessment as a non operating loss and so the release of the assessment of $1.9 million comes through non operating as well. We also had another non operating charge in the first quarter related to a change in our payroll process necessitated by changes in legislation. We had paid our employees on a current basis and we changed this to paying our employees in arrears. As a result of the transition and payroll timing, some of our employees would have gone nearly a month without a paycheck, so we paid an additional check to bridge the gap. Besides the one timers expenses were 151.6 million relatively flat compared to the fourth quarter. Moving to credit quality on page 12, net charge offs were 22 basis points in the quarter improved from last quarter and flat to last year. We also saw relatively flat Non-performing Assets (NPAs) And a nice improvement in past dues as credit quality remains strong. I will finish on the quarterly results on page 13 with the allowance for credit losses. Our loan loss provision was $10.9 million in the quarter, which was in line with our net charge offs. With the loan growth, our allowance coverage of credit losses moved down slightly to 1.15%. With that, I'll pass it back to Lynn.
Lynn Hartin (Chairman and Chief Executive Officer)
Thank you, Jefferson. Now let's move into a discussion of our Peach State bank announcement, and I'll start with a bit of history. United began de novo in Gainesville, part of hall county, in 2005. Over the past 20 years, we've enjoyed strong organic growth there with now 827 million of deposits in the county. Peach State was founded that same year, 2005, and has also enjoyed strong organic growth. Total assets for the company are 788 million as of the end of the first quarter. With 713 million in deposits. Hall county is a rapidly growing part of the overall Atlanta Metropolitan Statistical Area (MSA). And after this transaction, the combined bank will have the number one deposit share in the county. Culturally, we fit well together. We know each other personally. We work in the community together. We go to school together. We go to church together. Peach State shares the same passion for customer service as United. There's a tremendous amount of mutual respect between the two teams, and I'm very excited to see them come together and continue to win in this market. Jefferson, let me turn it back over to you now to cover the financial aspects of the transaction.
Jefferson Harrelson (Chief Financial Officer)
Okay. Well, first, Peach State has approximately $800 million in assets, or about 3% of our assets. The deal value is about $100 million and will be a 5050 cash stock mix. We are paying 1.9 times tangible book value and 6 times cost saved earnings. Given our overlap, we are estimating 40% cost savings while the deal is 5050 stock and cash. We plan on repurchasing the $50 million in shares issued by year end as structured. We estimate the deal to be $0.09 accretive in 2027. And with the planned buybacks, we estimate the deal to be $0.12 accretive. With that, I'll pass it back to Lynn to conclude.
Lynn Hartin (Chairman and Chief Executive Officer)
Thank you, Jefferson. This is a great example of what we want to do in the M and A space. It is in market manageable size, a history of strong performance, great upside potential, and an attractive way to leverage capital and continue to grow our business and our brand. I'd like to now open the call to questions.
OPERATOR
Ladies and gentlemen, at this Time we'll begin the question and answer session. To ask a question, you may press star and then one, using a touch tone telephone to withdraw your questions, you may press star. And two, if you are using a speakerphone, we do ask that you please pick up your handset prior to pressing the keys to ensure the best sound quality. Once again, that is star and then one to ask a question. Our first question today comes from Russell Guenther from Stevens. Please go ahead with your question.
Jake Morton (Equity Analyst)
Hi, this is Jake Morton on for Russell Gunther. Jake, my first question is on deposit costs. How would you expect them to trend from here in a interest rate environment where the Fed remains on pause on a standalone basis and including Peach State, Is there room for you to bring these down further or should we expect some pressure going forward? I'll take that one. Thanks for the question. I would expect our deposit cost to be relatively flat. We have some tailwind from CD maturities, but we are seeing competition out there and we do want to grow our deposits this year. So I think if you layer in relatively flat deposit costs, that's a good place to start. And the deal doesn't, being only 3% of our assets doesn't change those numbers meaningfully. Got it. Thank you. I appreciate the color there. And my second question is for, so do you have the current cost of deposits at the end of the quarter and also can you talk to the competition that you were seeing in your market and like, where is it most aggressive? Which specific product and also competitor wise, if you could talk to that. Thank you.
Jefferson Harrelson (Chief Financial Officer)
Yep, thanks. Great question. The spot cost is relatively close to the quarterly average, so not a major difference in spot versus quarterly average. And I may pass to Rich to talk about deposit competition of what we're seeing. Yeah.
Rich Bradshaw (President and Chief Banking Officer)
Good morning, Jake. In terms of competition, in terms of past quarters, I would say it's slowed down a little bit. We're not getting a lot of special requests on pricing from the market. So I'd say it's kind of normalized and, you know, we really don't have it. We're in six states, so we have a lot of different competitors.
Jake Morton (Equity Analyst)
No single one. Awesome. Thank you.
OPERATOR
That's it for me. I'll step back. Thank you. Our next question comes from Michael Rose from Raymond James. Please go ahead with your question.
Michael Rose (Equity Analyst)
Hey, good morning, guys. Thanks for taking my questions. Just wanted to start on loan growth. Obviously, really strong results in both CNI and commercial real estate. You did have some continued pay down on the construction side. I guess my question is, you know, are we Getting towards the end of the kind of more accelerated pay downs here because it seems to me just given the growth that you've had and the momentum you've had in both CNI and cre, that loan growth could actually accelerate from here. So just wanted to just better understand that and then if you can talk to some of the competition, just given all the dislocation in and around your markets from the deal activity that we've seen. Thanks.
Jefferson Harrelson (Chief Financial Officer)
Sure. I'm writing these down. Let's start with. Yes, we were pleased with Q1 loan growth. You know, it's usually a seasonally low quarter for us, so we were very pleased. And in terms of the geography, South Florida led with, so Matt Bruno's team and South Carolina, Coastal Georgia were second with North Florida was third. And in terms of the commercial lines of business that led the way was Middle Market, ABL and Navitas. And then lastly on the retail side was Helocs. In terms of pay downs, we actually saw the biggest amount of pay downs in hospitality, which we think is a good thing. So don't see a big pickup normal. We do a lot of construction CRE lending, so it's just kind of the normal flow. So I don't see a material change there. And in terms of loan growth going forward, we remain optimistic. We think it'll be in the 5 to 6% range, providing nothing else goes on unusual in Iran. And then lastly on hiring, we'll talk about that because that's influencing things. In Q1, we saw a net increase of 10 revenue producers and we're aiming for 10% annual growth on that in 2026 and we have nine more to hit the goal and we think we'll get there or get close to by the end of Q2.
Michael Rose (Equity Analyst)
All right, really, really helpful. Maybe just as a, as a follow up, just, you know, on, on expenses, you know, if I exclude kind of all the moving parts, looks like you guys had really good kind of expense control. Maybe you can just talk about, you know, some of the hiring efforts that you might, you guys might have in place as we contemplate the next couple quarters. And then if you could just touch on maybe some early investments on AI and what you guys are doing and what we could expect there from an expense build.
Jefferson Harrelson (Chief Financial Officer)
Thanks. All right. All right, great. Rich just spoke about the numbers of the new hires that we're very excited about. I think if you think about our expense growth, we're targeting this 3.5% range. But now we have these hires that you might add onto that. I think the hires could add about a million dollars to a 1.2 million a quarter. We're not factoring in the better growth that could happen later in the year, but that should happen sometime late 26, early 27. So we're excited about our ability to grow our producers and it could have a, you know, some effect on expenses in the near term. Yeah, I would agree with that in terms of, you know, you got to see a little bit of a lag with the new hires. You kind of expect it to start kicking in in five months to six months reasonably when you hire them. And so we're expecting to see late in Q2 some help from Q4, which is also a good hiring quarter. And Michael, you mentioned AI. You know, so so far I would say our AI investments have been very good and have a strong payback. For example, you know, most of our AI at this time is coming in through vendors. We've on the fraud side, all of our vendors are heavy users of AI and our fraud losses have actually dropped by 50% over the last two years. And partially because of that, and that's not even counting the benefits to our clients, which would be on top of that, our contact center where we have chatbots and other AI enabled tools, we're seeing the ability to take more calls with the same number of agents, the same in our programming. We're doing more programming work today without adding programmers as they're using AI. So you know, as we think about the next steps in generative AI, I think there are clearly possibilities for some of our kind of more mundane processes, for example flood and other things where we could get some benefit from AI. That's at just the conversational stage now, but so far I would say, you know, I wouldn't any expense build. Our history is any expense build. We come out of that, we more than have realized savings on.
Michael Rose (Equity Analyst)
Great. I appreciate you guys taking my questions and all the color.
OPERATOR
Our next question comes from Gary Tenner from DA Davidson. Please go ahead with your question.
Gary Tenner (Equity Analyst)
Thanks. Good morning. I just wanted to touch on M and A for a second. You guys have talked about being pre focused, you know, in market small banks. Obviously Peach State fits the bill there. Given the environment we're in. Do you see a pipeline of activity where you could potentially sort of announce another deal in lockstep with this one? Any reason to think that this would take you out of the market for any period of time?
Lynn Hartin (Chairman and Chief Executive Officer)
Great, thank you. Great question. No, I mean if we would not have any issue, I don't believe in doing another deal While Peach State is active. Certainly given the size, given the regulatory environment, given our history, if we saw the right deal, which would have similar metrics and conditions to Peach State, I'd be more than happy to move forward with that. And then just the comment around the accretion in 2027 kind of adjusted for share repurchase. I guess it's sort of semantics, but I mean the repurchase shares, presumably that would be over and above what you would plan to do anyway, right? So how do you kind of balance that if that question makes sense? Well, and I guess I'll start with that and the reason we presented it that way with showing the effect of repurchase, our original intent was to do the entire deal, all cash. You know, in our view, and I understand it's different than a share repurchase, but at the same time, if I'm evaluating a share repurchase at, you know, 11, 12 times earnings, versus buying a bank at six, hey, why not buy the bank at six times earnings,? So I guess that was in our mind and that's kind of the way we presented it.
Jefferson Harrelson (Chief Financial Officer)
I think that's well said. Don't have a lot to add to that. But I will say we have $63 million left on our authorization. We have been active in the buyback already with $67 million over the last two quarters. So it's a great question, but I think Lynn hit it on how we're thinking about the deal as a use of capital. Makes sense.
Gary Tenner (Equity Analyst)
Thank you.
OPERATOR
And our next question comes from Kathryn Meiler from kbw. Please go ahead with your question.
Hannah Winn
Hi, this is Hannah Winn stepping in for Kathryn Mueller. Thanks for taking my question and congratulations on the acquisition. Thanks. Thanks, Hannah. So my first question is kind of a follow up on the buyback activity. You've bought back around 30 million shares in the past two quarters and with the merger announcement you mentioned that repurchasing shares could offset the dilution. I was just wondering if you could talk a little bit about the timing and the amount of buybacks we can expect moving forward from here.
Jefferson Harrelson (Chief Financial Officer)
That's a great question. And I do think we will buy back the $50 million by year end. We are somewhat price sensitive, so I cannot, I don't want to guarantee that we're buying back shares in any given quarter. So I don't know if I would put that in the model for Q2. But I do think we are creating about $30 million of excess capital every quarter. That is the amount that we'll be contemplating purchasing on a given quarter, but depends on the price and some other things we might have going on. It might not be an every quarter thing so can't help you so much on the modeling there, but I think by year end we will get the 50 in.
Hannah Winn
That's great. Thank you. And then my other question is about your fee outlook. Your fees came in strong this quarter and I was kind of wondering where you expect these to go from here.
Jefferson Harrelson (Chief Financial Officer)
Right. I expect a modest growth rate in our fee income. We have some nice growth businesses within here. Our treasury services has been growing well. We've made relatively significant investments in our wealth area that we're very excited about. Our mortgage business has been going really strongly. We also have seasonal strength coming in mortgage and Navitas as we go into the second quarter and SBA. So I think you will see a nice growth rate off of this seasonally low first quarter.
Hannah Winn
Great, thank you so much.
OPERATOR
Our next question comes from Steven Skelton from Piper Sandler. Please go ahead with your question.
Steven Skelton
Hey everyone, thanks for the time. A couple of follow ups maybe to some conversations that have already been covered to some degree. But Lynn, you said this was kind of like the exact type of deal you guys would look for given culture and deposits and so forth. How about like from a size perspective? I mean would you guys lean towards these smaller types of deals moving forward still or would you like to do something a little more sizable if that were available, what would be your preference there?
Lynn Hartin (Chairman and Chief Executive Officer)
Yeah, you know, we have typically done deals 10%, probably at the most 15% or less of our size. We just find that the institutions that size, they tend to align with us better on employee experience, client experience, community involvement and we can be more additive. So yes, you know, if Peach State had been twice as large, would we be excited about it? Absolutely. You know, there's just limited number of those larger, you know, call them two and a half to $3.5 billion banks. But certainly we would be interested in those as well. You know, this one is I think really unique again given the history of the two companies together. The growth in hall, it was really rapidly growing. County number one job creating county I believe in Georgia. And so to be able to have that kind of team together and the share together made it really attractive.
Steven Skelton
Makes sense. I appreciate that. And then on the hiring target, I think if I heard Rick correctly, you guys might actually kind of hit your stated target for the year by the end of two. Q. So would you anticipate ramping up that plan further or would it more Be hey, let's let these people ramp up over that five to six month timeline before we add incremental expenses on continual hiring.
Lynn Hartin (Chairman and Chief Executive Officer)
Steve, that's a great question. I mean certainly we want to hit goal, but we would be opportunistic if we saw the right people out there with the right experience and the right size portfolio. We would certainly look to do that. Yeah. And I would just say too the seasonality as you get in the year just with bonuses, those kinds of things, first quarter, second quarter are strong. Starts to slow down in the third and fourth quarter, it's more difficult. So I think, you know, Rich getting out to an early start, it's been a great thing.
Steven Skelton
Yeah, that cadence makes a lot of sense. Okay. And then maybe this last thing for me would be kind of overall NIM trajectory from here maybe for Jefferson. I know you said spot cost deposits was kind of the same as the quarterly average and maybe expect them to stay flat from here. So would you expect a little bit of incremental upside on the loan repricing? I think he called out 1.4 billion in fixed rate assets.
Jefferson Harrelson (Chief Financial Officer)
Yeah, I do. I think I had mentioned that. I think we'll get three to five basis points of margin expansion in the second quarter. I think that we are slightly asset sensitive in the outlook for no rate cuts. Doesn't really hurt us. We're relatively flat but slightly asset sensitive. But I think this back book repricing story continues. I think this mix change towards loans away from securities continues. So we do have a wider margin in our in our model throughout the year. But we do have a nice 3 to 5 expectation in the second quarter.
Steven Skelton
Got it. Thanks. Sorry if I missed that earlier. Appreciate the time guys.
OPERATOR
And our next question comes from Christopher Marinak from Brin Capital. Please go with your question.
Christopher Marinak
Hey, thanks. Good morning. Wanted to go back to Peach State bank for a second.
Jefferson Harrelson (Chief Financial Officer)
Would you only buy banks that have excess deposits? And that seems like an attractive feature of this transaction. And is that something that will guide your MA interests going forward? I would say no to that question. We like that it had a low loan to deposit ratio. We think we can put those deposits to work. But that's the one good thing about having a of many of having an 82% loan to deposit ratio is that we can also buy banks, small banks that are loaned up as well and give them some more capacity for growth. So that was nice to have in this acquisition. But we also think we can help out high loans and deposit ratio banks as well if that type of bank came about.
Christopher Marinak
Thanks for that, Jefferson. And then for the new hires that you have, is there a deposit mandate with these folks and how will that play out as 27 comes into focus?
Jefferson Harrelson (Chief Financial Officer)
Certainly on the loan side, we are requiring a depository relationship whenever we do a loan, so we'll start there. But these people all have existing clients and so we're hoping that the first thing they can bring over is the deposits. It's easier than the loans. So we see that pretty fast and
Christopher Marinak
that's all part of the package. Sounds great. Thank you all very much. Appreciate the information this morning.
OPERATOR
Thanks, Chris. Thanks. And our next question comes from Kyle Geerman from Hobdi Group. Please go ahead with your question.
Kyle Geerman (Equity Analyst)
Hi, this is Kyle on for Dave Bishop. Thanks for taking my question. Just wanted to follow up back on fee income. Wanted to go into mortgage banking. Saw some nice trends there. I was wondering how sustainable that might be going forward and any initiatives in place to enhance that line item.
Jefferson Harrelson (Chief Financial Officer)
So I'll start maybe and then pass it to rich on the initiatives. We have one thing working for us and one thing working against us as we go into the second quarter for mortgage first rates, you had rates dipped to. Mortgage rates dipped to the 6% range at the end of February, which helped promote a little mini refi boom that helped out this quarter. But also we're going into the second and third quarters, which are the strongest seasonal quarters for mortgage. So you get a little bit of an offset as you go into Q2. I'll pass the rich for initiatives.
Rich Bradshaw (President and Chief Banking Officer)
I'd say the on the mortgage side, obviously we're expecting, as Jefferson said, a stronger Q2. You know, the challenge in the challenge in mortgage is interest rates drive so much of it. And so that's a little bit, it's a little bit hard to say. We do have a few more short-term on balance sheet products that have driven some interest. So we'll continue looking at that.
Kyle Geerman (Equity Analyst)
Thank you. There may be a final question. Saw a slight uptick in NPAs this quarter. I was wondering if you could provide some color on what drove that and then maybe just a broad view of the credit quality trends.
Rob Edwards (Chief Risk Officer)
Yeah, this is Rob. Thanks Kyle, for the question. So I sort of anticipate asset quality to be stable and I would expect NPAs to kind of fluctuate up and down. If you look back, you know, maybe 10 basis points up or down over time. Not there wasn't any one credit that moved into NPA this quarter that's a highlight or anything. It's just standard movement in and out of non accrual.
Kyle Geerman (Equity Analyst)
Awesome. Thank you. That's all I have. I'll step back
OPERATOR
and. Ladies and gentlemen, with that, we'll be concluding our question and answer session. I would like to turn the floor back over to Lynn Hartin for any closing remarks.
Lynn Hartin (Chairman and Chief Executive Officer)
Great. Thank you and appreciate everybody joining the call. And again, any further questions, reach out to Jefferson or myself. And we look forward to talking to you again soon. Have a great day.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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