Enterprise Finl Servs (NASDAQ:EFSC) reported first-quarter financial results on Thursday. The transcript from the company's first-quarter earnings call has been provided below.
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Summary
Enterprise Finl Servs reported earnings of $1.30 per diluted share for Q1 2026, with a return on assets of 1.16% and a pre-provision ROAA of 1.65%.
Net interest income remained stable at $166 million, and net interest margin expanded to 4.28%, supported by stable deposit balances and pricing strategies.
The company repurchased 483,000 shares for approximately $27 million and increased the dividend by $0.01 to $0.34 per share.
Total stockholders' equity stood at $2 billion, with a tangible common equity to tangible assets ratio of 9%, supporting a return on tangible common equity of 12.53%.
Loans saw a slight decline due to timing shifts and paydowns in specific portfolios, but the company remains confident in mid-single-digit balance sheet growth for 2026.
Strategic focus includes asset quality improvement, stable deposit growth, and efficiency gains through technology and automation.
Management remains cautiously optimistic about loan growth despite geopolitical uncertainties, focusing on organic growth and disciplined pricing.
Full Transcript
OPERATOR
Good day everyone and welcome to Enterprise Financial Services Corp. First quarter 2026 earnings conference call. Please note that this call is being recorded. After the Speaker's prepared remarks there will be a question and answer session. If you would like to ask a question during that time, please press STAR and then one on your telephone keypad. Thank you. I'd now like to hand the call over to Jim Lally, President and CEO. Please go ahead.
Jim Lally (President and CEO)
Thank you all very much for joining us this morning and welcome to our 2026 first quarter earnings call. Joining me this morning is Keane Turner, the FSC's chief financial officer and Chief Operating Officer and Doug Baucke, Chief Banking Officer of Enterprise bank and Trust. Before we begin, I would like to remind everybody on the call that a copy of the release and accompanying presentation can be found on our website. The presentation and earnings release were furnished on SEC Form 8-K yesterday. Please refer to Slide 2 of the presentation titled Forward looking Statements and Our most recent 10k for reasons why actual results may vary from any forward looking statements that we make today. Our financial scorecard begins on slide 3. The solid financial performance that we've generated over the past several years continued into the first quarter of 2026. For the quarter we earned $1.30 per diluted share compared to a seasonally strong $1.45 in the linked quarter and $1.31 in the first quarter of 2025. This level of performance produced a return on assets of 1.16% and a pre provisioned ROAA of 1.65%. I would characterize our performance in the quarter as solid and on plan. Net interest income was relatively stable when compared to the linked quarter at $166 million while net interest margin expanded 2 basis points to 4.28%. This reflects both better seasonal performance in our deposit balances and net interest margin expansion resulting from our relationship oriented business model where our clients receive value added service from our teams in return for a few extra basis points. When it comes to loan and deposit pricing, our well positioned balance sheet continues to be the strength of our company as it provides for great flexibility with respect to capital planning. Capital levels at quarter end remain stable and strong with total stockholders equity at $2 billion and a tangible common equity tangible assets ratio of 9%. At this level of TCE we were able to produce a return on tangible common equity of 12.53%. Our strong return profile allowed our tangible book value per share to remain level at $41.38 despite the fact that we utilized approximately $27 million of capital to repurchase 483,000 shares at an average price of $56.13. In addition to this, given the strength of our earnings and our confidence in our continued execution, we increased the dividend by $0.01 per share for the second quarter of 2026 to $0.34 per share. Turning to Slide 4, you will see that loans dipped slightly in the quarter. Three things led to this slight decrease. The first is that several significant closings that we expected to see in Q1 have slid into the second quarter and have closed or will close in the coming weeks. The second reason for this decline was a $100 million pay down in our low income housing tax credit portfolio. These paydowns happen annually and are the proceeds from successful sales that occurred in the fourth quarter of 2025. Another positive from these payoffs is the fact that the majority of these loans were made in 2021 and 2022 and the fixed rates earned on these loans are lower than what we can earn on this cash in our investment portfolio today. The final contributor was the sale of $25 million of SBA loans in the quarter which produced a gain of $1.4 million. Doug will provide much more color on the performance of our markets and businesses in his comments. Our diversified deposit base continues to be a differentiator for us. We did experience a typical first quarter deposit outflows due to our heavy concentration of commercial oriented accounts. We've worked extremely hard to blunt this trend through growth of our national deposit verticals as well as through market and business diversification within both the commercial bank and our granular business, banking and consumer relationships. The composition of deposits also remained stable as our percentage of DDA to total deposits remained at 33%. These trends were aided by a continued reduction in the overall cost of deposits to 1.52%, a 12 basis points drop in the quarter and 31 basis points when compared to the first quarter of 2025. It was on our 2025 first quarter earnings call that we first spoke of the seven Southern California loans that ultimately landed in Oreo. Our contention a year ago was that we would favorably work through these loans without a loss. Today I'm pleased to report that we continue to make progress on this and currently have four of these properties under contract representing total balances of $46 million. With great progress on the other three properties being made, I would expect to report positive further progress in the remaining quarters of 2026. Additionally, the remainder of the portfolio continues to perform as expected. Keane will make additional comments about asset quality and provision expense in his comments. Turning to Slide 5, you will see our priorities for 2026. We made significant strides in asset quality improvement during the quarter and I'm confident that this will continue throughout 2026, highlighted by the expected sale of the seven Southern California properties that are currently in Oreo. I'm still bullish on overall mid single digit balance sheet growth for the year. Our ability to produce well priced diversified deposits has been proven over the last several years and I have a great degree of confidence that this will continue throughout 2026. However, the longer that uncertainty is the byproduct of the conflict in Iran, borrowers sentiments may be cautious which could impact future loan growth over the last few weeks I have had the opportunity to visit with many clients representing a diverse array of businesses and industries. They continue to perform well, but their confidence to make large investments in capital expenditures or to think about any type of strategic hires or M and A is truly day to day. Like I've stated on previous calls, entrepreneurs need to be able to see 90 to 120 days into the future to confidently make these strategic decisions and the recent volatility in the current environment could have an impact. Obviously a quick resolution or stabilization of the current state changes this immediately. Finally, like many of our clients, we too are focused on efficiency gains through automation and expansion of our existing technology framework. This is a daily opportunity for our company and we are excited about the progress we are making. Overall, I'm very pleased with our results for the first quarter of 2026. We are positioned extremely well for just about any environment. We have wonderful markets, a growing diversified deposit base and an extremely strong balance sheet. We have used these tools to grow tangible book value per share over 10% annually for the last 14 years and are in great shape to accomplish this again in 2026. With that, I would like to turn the call over to Doug Baucke.
Doug Baucke (Chief Banking Officer)
Doug thank you Jim and good morning everyone. Turning to Slide 6 you'll see the breakdown of our loan portfolio by asset class. Successful attraction and onboarding of new clients across our footprint drove $97 million in first quarter loan growth in our core CNI and owner occupied real estate portfolios and $21 million in loan growth from our Life Premium Finance division. Those advancements however, were largely offset by the anticipated $101 million reduction in our low income Housing Tax credit portfolio via the successful completion of affordable housing projects and sale of state tax credits. The weighted Average fixed Coupon on the $101 million in tax credit loans paid off in the quarter was 3.29%, providing us the opportunity for redeployment of that capital at higher earning yields in the current environment. Furthermore, as Jim mentioned, we executed on the sale of $25 million of SBA guaranteed loans in the quarter. The sponsor finance portfolio declined $33 million in the quarter as payoffs from the sale of sponsor owned portfolio companies exceeded new originations. Overall, I am pleased with the mix and breadth of our loan funding pipeline and I remain cautiously optimistic about our ability to achieve our loan growth objectives for the year. The elevated geopolitical risks, Iran conflict and market complexities may however result in our organic growth being more uneven over the next couple of quarters. Slide 7 demonstrates the continued strong diversity of our loan portfolio across our geographic markets and specialty business. The specialty lending portfolio at just over $4 billion inclusive of tax credit lending, sponsor finance, SBA and life insurance premium finance has remained relatively flat year over year. However, our core geographic markets in the Midwest and southwest have delivered 6% and 25% year over year growth rates respectively, which includes loans acquired in the branch acquisition that closed in the fourth quarter in the west region. Our investments in new talent in 2025 in Southern California are showing positive momentum leveraging market disruption. We are experiencing a growing pipeline of quality Commercial Real Estate (CRE) and Commercial and Industrial (C&I) holistic relationship opportunities that will translate to solid organic growth during the year. Turning to deposits on slides 8 and 9, reductions in the quarter within the core geographic portfolio reflect anticipated seasonal outflows and client balances of $272 million mainly associated with distributions, bonuses and tax payments. A material portion of this reduction was offset by continued growth within the national deposit verticals which grew by $187 million or roughly 20% annualized in first quarter on a year over year basis. Total client deposits excluding brokered funds are up 10%. The national deposit verticals profiled on slide 10 continue to provide differentiated and attractive sources of funding while also diversifying our overall deposit base and somewhat softening the seasonality of our other channels. With over $4 billion in deposits across our property management, community association and legal and escrow businesses. The average earnings credit is an attractive 2.59% considering no incremental expenses in branches or branch personnel. Lastly, slide 11 profiles the mix of our core deposit base which continues to be well diversified and highly relationship oriented with just over 33% of these accounts being non interest bearing and 80% of them using some form of treasury management or online banking. They offer operational stability and a solid base from which to expand other fee generating revenue streams including card and merchant services. Now I'll turn the call over to King Turner for his comments.
Keane Turner (Chief Financial Officer and Chief Operating Officer)
Thanks Doug and good morning everyone. Turning to slide 12 we reported earnings per share of $1.30 in the first quarter on net income of $49 million excluding certain non recurring items. Earnings per share on an adjusted basis was $1.31 compared to adjusted earnings per share of $1.36 in the linked quarter. Pre provision earnings were $70 million, a decline of $4 million from the linked quarter. The 5 cent decrease in adjusted earnings per share and the $4 million decrease in pre provision earnings was primarily due to lower tax credit income and the impact of two fewer days on net interest income. The decline in tax credit income was expected as it is typically highest in the fourth quarter of the year. The provision for credit losses decreased from the linked quarter due to the decline in both net charge off and total loans. The primary driver of the provision this quarter was a qualitative factor that was added to recognize the potential impact on credit losses from the conflict in Iran. The increase in non interest expense in the period was mainly due to typical seasonal increase in compensation and benefits and to a lesser extent the first full quarter of run rate expenses from the branch acquisition that closed last October. These increases were partially offset by a decline in one time acquisition costs related to the acquisition. Turning to Slide 13 and with mOther Real Estate Owned (OREO) details to follow on Slide 14, net interest income for the first quarter was $166 million, a decrease of $2 million from the fourth quarter which was largely attributable to fewer days in the first quarter. Interest income declined $7 million from the prior period. The largest contributor was an $8 million decrease in loan interest as our yields fell 13 basis points on variable rate resets amid Fed easing along with a $17 million decline in average loan balances. This was partially offset by $1.9 million of additional earnings in the investment portfolio with average balances higher by $159 million and an 11 basis point improvement in the securities yield. The rate on loans booked in the quarter was 6.58% and the average tax equivalent purchase yield on Investments was 4.51%, both of which are additive to their respective portfolios. Interest expense declined $5 million compared to the linked quarter as a result of lower funding costs. Interest expense on deposits decreased by $5.5 million as average interest bearing balances declined $89 million and the rate on interest bearing deposits moved 15 basis points lower. This was partially offset by higher interest expense on customer repo accounts due to seasonally higher balances. Our net interest margin for the first quarter was 4.28%, an increase of 2 basis points in the quarter. Our cost of interest bearing liabilities declined 15 basis points, led by lower rates on non maturity deposits and borrowings which mOther Real Estate Owned (OREO) than offset the 9 basis point reduction in yield on earning assets. Net interest income remains slightly asset sensitive primarily in parallel interest rate simulations with each quarter point cut in rates reducing net interest income $1 to $2 million per quarter or a couple of basis points of net interest margin including deposit related non interest expense. In this analysis we modeled that we are effectively neutral, modestly liability sensitive. As we continue to have success growing the related deposit balances, we anticipate the recent steepening of the yield curve will favorably impact pricing on fixed rate loans and the reinvestment of cash flows in the investment portfolio. With the Fed seemingly on hold, we expect our net interest margin to remain in the low to mid 4.2% as we execute on our growth plans for 2026 and remain committed to disciplined pricing on both loans and deposits. We look for net interest margin to be stable in this range with consistent growth in net interest income over the next few quarters. Slide 15 reflects our credit trends. Net charge offs totaled $4.4 million in the first quarter compared to $20.7 million in the linked quarter. We made progress in the quarter reducing non performing assets with the full repayment of two loans and total principal repayments of $21 million on non accrual loans. We also fOther Real Estate Owned (OREO)closed on the last property related to our largest non performing relationship and are actively working out these properties. As Jim noted, four of the seven properties in this relationship are under contract and we expect contracts for the other three properties in the near future. Net charge offs totaled 15 basis points points of average loans compared to 21 basis points for 2025. The provision for credit losses was $7.2 million in the period compared to $9.2 million in the linked quarter. The provision in the quarter was mainly due to net charge offs and a qualitative adjustment to the allowance for potential impact of the Iran conflict. While we have not seen a direct impact on credit quality from the conflict that started at the end of February, we have recognized the impact that oil prices and market uncertainty can have on economic factors used to fOther Real Estate Owned (OREO)cast losses in the loan portfolio. Slide 16 shows the allowance for credit losses. The ratio of allowance to total loans increased to 1.21% compared to 1.19% at the end of 2025. When adjusting for government guaranteed loans, the ratio increases to 1.32% of total loans which shows the strength of our reserve coverage on slide 17. First quarter non interest income was $19.1 million. This was a $6.3 million reduction compared to the linked quarter. The decrease was primarily due to other real estate owned gains and seasonally strong tax credit income during the fourth quarter of 2025. The first quarter included two mitigants from higher income from private equity fund distributions and a gain on the sale of guaranteed SBA loans. Turning to Slide 18, first quarter non interest expense of $115 million was relatively comparable to the linked quarter as it included a full quarter of operating expenses related to the branch acquisition that closed in the fourth quarter. Non interest expense in the fourth quarter included $2.5 million of one time branch acquisition costs and a reversal of accrued FDIC special assessments excluding the impact of these non recurring items. Non interest expenses were $2.5 million higher than the linked quarter which includes the first full quarter run rate of expenses from the acquisition. First quarter non interest expense included seasonal impacts in compensation and benefits. Deposit costs were lower than the linked quarter by $1.5 million which was largely driven by the expiration of certain allowances that were not utilized. Other expenses decreased from the linked quarter primarily due to a recovery of a credit card loss event that was incurred in the fourth quarter. The cOther Real Estate Owned (OREO) efficiency ratio was 60.2% for the quarter compared to 58.3% in the linked quarter. Our capital metrics are shown on slide 19. Tangible book value per share of $41.38 was relatively stable with the linked quarter. Strong first quarter earnings effectively offset the fair value reduction from the impact of higher interest rates on our available for sale securities portfolio. We continue to proactively manage excess capital, repurchasing 483,000 shares of common stock for approximately $27 million at an average price of $56.13 per share. This was an attractive multiple of tangible book value. Our tangible common equity ratio was 9% stable with the linked quarter. The quarterly dividend was increased by $0.01 to $0.34 per share for the second quarter of 2026, continuing our record of increasing the dividend nine consecutive quarters. This was a strong start to the year. The 1.2% return on average assets and a 13% return on average tangible common equity. We're well positioned with A strong earnings profile, balance sheet and capital position to support further organic growth across our markets. I appreciate your attention today and will now open the line for questions.
OPERATOR
We are now opening the floor for question and answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. Our first question comes from the line of Jeff Rauls of DA Davidson. Your line is now open.
Jeff Rauls (Equity Analyst)
Thanks. Good morning, Jeff. I'll tread lightly on the credit side. I know it's been exercise in patience, but just to kind of go along. The four properties that are under contract, I guess if you could, if you could touch on potential timing for sale and then I, you know, as we recall, I think those were pretty attractive. The real estate was really never questioned on the valuation. It's just a fight to get to them. And I guess so that the question that second piece is any anticipated gains with.
Jim Lally (President and CEO)
With those sales. Yeah, I'll, I'll take that one. Jeff. Jeff. So. So three of the four should transact yet here in the second quarter and the fourth one later this year. And as it relates to the contracts we have in hand, they support how we've identified them in our financial statements.
Jeff Rauls (Equity Analyst)
Okay. And gains and losses, little early to kind of. It is early, but we feel confident about how we recognize things in the fourth quarter of last year and how things should settle out. And on the other three properties, it sounded optimistic on those as well.
Jim Lally (President and CEO)
Any sort of differences in those or. It's just sort of again, it's timing of the contracts and potential sales. There's nothing, I guess different from the 4 versus the 3. Still the maybe be dealt with. It's timing. You're right, it's timing. You remember one we had to wait a little while to get our hands on, which we have now identified several different potential buyers. So now it's a bit of a, you know, let them fight that out to get the best outcome we can.
Keane Turner (Chief Financial Officer and Chief Operating Officer)
Thank you. And then hopping over to the margin. Keen. You know, I think our prior conversations were more of a margin to step down toward, you know, to 420, I think as the rate environment is altered and sounds like you've got some pretty good earning asset repricing opportunities within the book. But you pointed to the yield curve as well. Just want to check on the low to mid-420. What kind of the timeline of that is that. Is that just through the end of the year and I don't know if you Talked about your positioning there thereafter. Any additional color on the margin? Yeah, Jeff, margin in March was
Jeff Rauls (Equity Analyst)
a little bit of a step down from the what we reported here in the first quarter. So our guide is, I would say today's run rate and I think we see it holding stable through the end of the year. I think we had a little bit of balance sheet contraction here in the first quarter and then with the shorter days you get a little bit of a false positive in terms of margin popping. But we feel good about day count in our favor now. Really how the shape of the curve and where intermediate term rates are for reinvestment both on the loan and securities portfolio. And I think any amount of growth from a loan perspective that we can get an overall balance sheet growth, which we anticipate will happen here starting in the second quarter. I think we feel really, really good and optimistic and I think we see margin being reasonably stable for that timeframe. So you know, we're positioned to defend it if necessary. We've been able to reprice deposits extremely well when the short end of the curve has come down. I think we continue to feel good about that if that's the case. But right now it's status quo. And what I would say is historically status quo is good for us because it allows us to just go play offense, you know, bring clients on, expand the balance sheet and not have to worry about, you know, doing as much repricing activity when, when that arises. So it's business as usual from a growth perspective. Got it. Yeah. And I heard your message of a stable margin but. But consistent NII growth is probably more important. Appreciate it. I'll step back.
OPERATOR
Thanks. Jeff. Your next question comes from the line of Damon Del Monte of kbw. Your line is now open.
Damon Del Monte (Equity Analyst)
Hey, good morning guys. Hope everybody's doing well. Keane, just looking for a little commentary around the outlook for expenses over the coming quarters here in 26. Do you expect much growth off of first quarter's level and any insight in there would be great.
Keane Turner (Chief Financial Officer and Chief Operating Officer)
Yeah, I think the first quarter is always seasonally heavy on compensation. We do expect that to alleviate slightly, albeit we will have a full run rate in the second quarter of merit that occurred in March and take count also moves against us there a little bit. So I think there's a little relief there sequentially on the comp piece and then you know, we did have a benefit on the deposit expense line item so that, that we expect to step up back to more that that $27 million level. So you know, the way I'M thinking about it is that, you know, from a pre. Pre perspective with, with day count and
Damon Del Monte (Equity Analyst)
that reversal, we're sort of on the same run rate here to start the second quarter and then whatever growth and other items we can get will accrue to our benefit. But I think the sequential change in expenses will be paid for in net interest income and then maybe some other items. So that's sort of how I'm thinking about the expenses here moving into the two Q and beyond. Okay, so a step up from this quarter's 1:15.1 million, but then that's kind of offset by NAI growth.
Keane Turner (Chief Financial Officer and Chief Operating Officer)
Yeah, that's essentially how I'm thinking about it. I think this is like a very base kind of earnings quarter where we can have mostly positive progress here for second, third, fourth quarter as we get more days, more growth, maybe some more contribution from some of the episodic fee items, things like that. Got it.
Damon Del Monte (Equity Analyst)
Okay, great. And then could you help us think a little bit about the provision going forward? Nice to see the NPLs come down this quarter. I'm assuming you're still making progress on the remaining ones and you're going to
Keane Turner (Chief Financial Officer and Chief Operating Officer)
have some loan growth. So is the provision kind of going to be driven by similar level of net charge offs of this quarter and kind of maintaining the loan loss reserve in that north of 120 basis points? Yeah, I think charge off wise charge offs are sort of on from a basis point perspective what we'd think about on a recurring basis. And then, you know, we just, we took the opportunity with some of the uncertainty that's, that's around the economic forecast, but really wasn't in the base yet to provide some additional reserves for that uncertainty. So I think again back to my comments, I think that positions us well both with some of the progress we're making on credit as well as just having some of the economic data, whether it was in the underlying forecast or whether we put it on top, just absorbed into what we're thinking here. And then to the extent that we have growth and charge offs, that'll drive provisioning. But I think it can abate a little bit just given we took some of the bad news here in the
Damon Del Monte (Equity Analyst)
first quarter and put it in a spot where it's there for reserves. If we have businesses that are stressed by oil prices or whatever other items are caused by what's going on. Got it. Okay, great. And then I guess just one more quick one on capital in your view, on capital management. You know, things are going well, strong capital levels Bought back some stock this quarter. Can we assume that you guys will remain, you know, active in the market given current levels of stock price?
Jim Lally (President and CEO)
David, this is Jim. Absolutely. We'll continue evaluating the merits of further repurchases and our other levers with respect to dividends, we'll continue to evaluate, but really it's about growth. And you know, as it relates to M and A still remains a low priority for us. So you're looking at repurchases and growth as the priorities for capital.
Damon Del Monte (Equity Analyst)
Got it. Great. Thanks for all the color and commentary.
OPERATOR
Thank you. Your next question comes from the line of Nathan Race and Piper Sandler. Your line is now open.
Nathan Race (Equity Analyst)
Hey guys, good morning. Thanks for taking the questions. Maybe for Jim or Doug, curious if you can just comment on what you're seeing from a pricing perspective on new loan production on a blended basis and if you're seeing kind of new loan production and kind of incremental deposit growth being margin accretive and relative to the overall loan portfolio yield as well. Yeah. Nathan, good morning. It's Doug here. Thanks for the question. We are clearly seeing competitive pressures, kind of squeezing spreads and credit across all of the footprints today. You know, we look at loan yields, I think at the end of Q1, yields were 6.2, 6.3% somewhere in that range. And given the current environment. Right. We think we can continue to originate credit and that load mid 6% range. And as we talked about, you know, just some redeployment of capital from payoffs in the LIHTC portfolio that provides us some real advantage there of probably 200 to 300 basis points of additional margin on that $100 million portfolio that paid off. So, you know, it's tough out there. Right. But our team does a good job to price both to win and yet to work to protect our margin with every basis point that we can. Okay, got it. That's helpful. And then just the expectation that, you know, loan growth in that mid single digit range for this year is going to be funded by deposit gathering or maybe can you just comment on kind of, you know, excess liquidity that you have coming off the bond portfolio and just kind of other sources of funds to loan growth.
Keane Turner (Chief Financial Officer and Chief Operating Officer)
Yeah, I think we expect to keep the securities portfolio at a similar proportion. So I think our expectation is that we'll continue to grow it over the course of the year. That means that we're going to outfund loan growth with deposit growth both in the commercial bank and the specialty and consumer bank. So that's our plan. I Think that's the thing we're probably most confident about is our ability to grow deposits. We like the environment for deployment, whether that's in the securities or loans. And I think you heard from Doug, we'll continue to be disciplined on the loan side, both on credit and pricing. And I think we think that sets up for a good performance in 20, 26 and beyond. So that's. That's the playbook we've been running for the last few years. And I think that's. That's the playbook for 26.
Jim Lally (President and CEO)
Okay, great. Maybe one last one for Jim. You know, just curious if you can comment on any M and A appetite these days. You know, obviously you guys have a nice organic trajectory in front of you and, you know, some nice earnings tailwinds over the balance of this year. But, you know, just curious if, you know, there's any opportunities on the M and A front that are interesting for you guys these days or it's just kind of the focus on organic growth, buying back the stock, just given where the currency is today. Yeah, Nate, we're laser focused on this, executing the plan. You know, we've got some work to do relative to growth, and certainly we have to execute on the plans relative to sales of these assets that we have and what have you. But it's a low priority, you know, and we just got to keep focused on making sure that the plan we put forth is executed perfectly. And that's where our Fort United associates are focused on today and tomorrow and into the future.
Nathan Race (Equity Analyst)
Okay, sounds good. I appreciate all the color. Thanks, guys.
OPERATOR
Thank you. If you'd like to ask a question, please press star followed by one on your telephone keypad. Again, that star followed by one on your telephone keypad. We will pause for a brief moment to wait for the questions to come in. We don't have any further questions in the conference line. I would now like to hand the call back to Jim Lally, president and CEO, for closing remarks.
Jim Lally (President and CEO)
Thank you, Ellie. And thank you all for joining us this morning and for your continued interest in our company. We look forward to talking to you at the end of the second quarter, if not sooner. 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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