RBB Bancorp (NASDAQ:RBB) reported second-quarter financial results on Tuesday. The transcript from the company's second-quarter earnings call has been provided below.
This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.
Access the full call at https://www.webcaster5.com/Webcast/Page/2947/54229
Summary
RBB Bancorp reported a net income of $10.1 million or $0.59 per share for the second quarter of 2026, marking a 13% increase year-over-year but a decrease from the prior quarter due to lower gains from REO sales.
Loan originations totaled $150 million with an average yield of 6.3%, and deposits grew by $50.8 million, improving the deposit mix with noninterest-bearing deposits rising to 17.5% of total deposits.
The company announced the opening of a loan production office in Burlingame, Northern California, to expand its commercial banking business, led by a new team with significant experience in the region.
Net interest income slightly decreased to $30.1 million, impacted by lower FHLB dividend income and higher interest expenses from subordinated debt repricing.
Noninterest income declined due to lower REO sales gains, but noninterest expenses slightly decreased, maintaining an efficiency ratio of 57.5%.
RBB Bancorp redeemed $40 million of subordinated debt, which will reduce future interest expenses, and announced a 1 million share repurchase program due to a strong capital position.
The company remains optimistic about future loan growth and maintains strong capital ratios, with efforts to enhance its deposit growth and manage interest expenses effectively.
Full Transcript
OPERATOR
Greetings. Good day, ladies and gentlemen, and welcome to the RBB Bancorp second quarter 2026 earnings conference call. At this time, all participants are placed on a listen-only mode, and a question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. And please note this conference is being recorded. I will now turn the conference over to your host, Rebecca Rico, Investor Relations.
You may begin.
Rebecca Rico, Investor Relations
Thank you, Amy. Good day, everyone, and thank you for joining us to discuss RBB Bancorp's results for the second quarter of 2026. With me today are President and CEO Johnny Lee, Chief Financial Officer Lynn Hawkins, Chief Credit Officer Jeffrey Yang, and Chief Operations Officer Gary Fan. Johnny and Lynn will briefly summarize the results, which can be found in the earnings press release and investor presentation that are available on our investor relations website, and then we'll open up the call to your questions.
I would ask that everyone please refer to the disclaimer regarding forward-looking statements in the investor presentation and the company's SEC filings. Now I'd like to turn the call over to RBB Bancorp's President and Chief Executive Officer, Johnny Lee.
Johnny Lee, President and CEO
Thank you, Rebecca. Good day, everyone, and thank you for joining us today. We are pleased to report another solid quarter of earnings and continued progress across the key metrics we have been focused on. We generated net income of $10.1 million, or $0.59 per share, which represents a 13% increase from the same quarter in 2025 as we improved credit quality, grew loans and deposits, and took capital actions, while net income decreased $1.2 million compared to prior quarter.
This decrease relates mostly to REO sales during the first half of 2026 as we resolve our nonperforming assets, and we did make further progress on credit quality during the quarter, with nonperforming assets declining 11% to 1.02% of total assets. Loan originations accelerated in the second quarter, with $150 million of new loans at an average yield of 6.3%. Our lending pipelines remain healthy across the franchise, and we expect continued progress on loan growth in the second half of the year.
On that note, I want to highlight an exciting development in our franchise expansion into Northern California. We recently announced the opening of a loan production office in Burlingame and hiring of a commercial banking team in the San Francisco Bay Area that will be led by John Curtis. John brings over 37 years of financial services experience, including serving as President and CEO of the Bank of Orange, and has a strong track record of building high-performing lending organizations.
The San Francisco Bay Area is home to one of the largest Asian American communities in the United States, and we believe this team and the loan production office will help us expand our commercial banking business in a market that is a natural fit for RBB. Deposits grew $50.8 million in the quarter, and our deposit mix continued to improve with noninterest-bearing deposits increasing to 17.5% of total deposits and continued reductions in our reliance on wholesale funding.
Our steady growth in core funding combined with our strong regulatory capital helped position us to redeem $40 million of our subordinated debt on July 1, which will reduce interest expense in future quarters. Overall, we believe the second quarter demonstrated continued progress in improving RBB's fundamental earnings power and that we are on track for a strong second half of 2026. With that, I'll hand it over to Lynn to talk about the results in more detail.
Lynn Hawkins, CFO
Thank you, Johnny. Please feel free to refer to the investor presentation we have provided as I discuss the company's second quarter of 2026 financial performance. Net income for the second quarter was $10.1 million, or $0.59 per diluted share. This compares to $11.3 million, or $0.66 per diluted share, in the first quarter, and $9.3 million, or $0.52 per diluted share, in the second quarter of 2025. The decline in net income from the first quarter was due primarily to $1.1 million in lower gains from REO sales as we continued to resolve our nonperforming assets.
The year-over-year improvement of approximately 13% in earnings per share reflects the impact of share repurchases and the sustained progress we have made in growing net interest income and reducing credit costs over the past year. Net interest income was $30.1 million for the second quarter compared to $30.5 million in the first quarter. The decrease was primarily due to lower FHLB dividend income and higher subordinated debt service, offset in part by a lower cost of deposits.
We received a special FHLB dividend of $430,000 in the first quarter versus no special dividend in the current quarter. Our $120 million in subordinated debt repriced from its fixed 4% rate to a floating rate of 6.98% effective April 1, which added approximately $830,000 of incremental interest expense in the second quarter. At the same time, deposits have repriced lower and the cost of average interest-bearing deposits declined 5 basis points to 3.34%.
Our net interest margin was 3.06% for the second quarter, down 9 basis points from 3.15% in the first quarter. The primary drivers were the sub debt repricing in the second quarter and the FHLB special dividend we received in the first quarter. On a year-over-year basis, our net interest margin improved 14 basis points, reflecting the cumulative benefit of our deposit repricing efforts and improved earning asset yields. On July 1st, we completed the partial redemption of $40 million of our subordinated notes at 100% of par plus accrued interest for a total payment of approximately $40.7 million.
The redemption, combined with the new 1 million share repurchase program announced in June, reflects our strong capital position and commitment to optimizing our capital structure. As a side note, our cash balances at June 30 were elevated compared to prior quarter-end levels as we had accumulated cash in advance of the sub debt redemption. Noninterest income was $3.0 million for the second quarter compared to $4.3 million in the first quarter. The $1.3 million decrease was due mainly to the lower gains on sale of REO.
In addition, the first quarter included a $484,000 recovery on a previously charged-off, acquired loan and $360,000 of interest income on tax refunds related to purchased federal tax credits. There were no similar items in the second quarter. These decreases in noninterest income were offset in part by higher gains on sale of loans of $640,000. Noninterest expense was $19.0 million for the second quarter, a modest decrease from $19.3 million in the first quarter.
We expect our expense base will continue to track within the $18 to $19 million range we have mentioned in the past. The efficiency ratio was 57.5% for the second quarter compared to 55.4% in the first quarter, with the increase driven primarily by lower noninterest income. Second quarter new loan originations increased 21% from the first quarter. Loans held for investment of $3.3 billion at June 30 were stable quarter over quarter. Our loan-to-deposit ratio ended the quarter at 98% as strong deposit growth supported loan originations.
Total deposits grew $51 million to $3.4 billion, with retail deposits increasing $94 million and wholesale deposits declining $44 million. Noninterest-bearing deposits increased to $592 million, representing 17.5% of total deposits, up from 15.8% at the end of the first quarter. We recorded zero provision for credit losses in the second quarter compared to a $200,000 reversal in the first quarter and a $2.4 million provision in this same quarter last year.
Net charge-offs totaled just $83,000 in the second quarter, or essentially 0% of loans on an annualized basis. Nonperforming loans declined $20.8 million, or 47%, from the prior quarter to $23.8 million. The primary driver was the transfer of a $19.4 million credit to REO. This credit is our largest nonperforming asset, and we continue to move it through the resolution process. Special mention and substandard loans declined 16% to $82 million from $97 million at March 31.
Criticized and classified assets have improved meaningfully over the past year, and we believe the portfolio continues to trend in the right direction. Our allowance for credit losses remained essentially flat at $43.7 million, and as a result of the decline in nonperforming loans, the allowance coverage of nonperforming loans improved significantly to 184% at June 30. The allowance represents 1.32% of loans held for investment, which we believe is appropriate given the improving credit trends.
Book value per share increased to $31.15, and tangible book value per share increased to $27.23, or approximately 1.5% higher when compared to March 31. Our capital ratios remain strong, with a CET1 ratio of approximately 18% and a TCE to tangible assets ratio of approximately 11%. We were pleased to announce that our board authorized the repurchase of up to 1 million shares of our common stock, representing 6% of shares outstanding. Our board's decision was due to the company's strong capital position and reflects the work we've done resolving nonperforming assets and returning the bank to higher profitability.
This concludes my prepared remarks. Operator, we are now ready to take questions. Thank you.
OPERATOR
Thank you. Ladies and gentlemen, at this time we will be conducting our question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
One moment, please, while we poll for questions. Thank you. Our first question is coming from Brendan Nosell with Hovde Group. Your line is live.
Brendan Nosell, Analyst at Hovde Group
Hey, good morning, folks. Hope you're doing well.
Lynn Hawkins, CFO
Hi, Brendan.
Brendan Nosell, Analyst at Hovde Group
Just starting off here on the net interest margin, I guess sequential pressure this quarter, as expected given the sub debt move from fixed to floating. Looking ahead to kind of the third quarter and I guess the tail end of this year, can you just walk through margin dynamics and where you think margin will land in the third quarter, just given the partial repayment of the debt issuance?
Lynn Hawkins, CFO
So I think the net interest margin still has an opportunity to improve based on opportunities for loan growth. Also, retiring a portion of the sub debt should also bias back a portion of our margin, and we continue to monitor our deposit costs very closely. The average cost of deposits for the quarter were higher than the spot rate at the end of the quarter, so I think costs will continue to be relatively the same or slightly improved. I think that there's an expectation that the loan production that we talk about in our materials will come through as net loan growth in the second half of the year.
So I think we've talked about in the past that we've been liability sensitive; rates are probably higher for longer. So I think it'll have a little bit of a neutral impact on our funding sources, and then the earning asset side probably has a chance to come up. So I think just around where we were able to achieve in the first quarter, and above where we are in the second quarter.
Brendan Nosell, Analyst at Hovde Group
All right, that's really helpful, Lynn. Maybe on a related note, can you just talk about the competitive backdrop for core funding and how it's evolved over the past couple of months across your footprint?
Lynn Hawkins, CFO
So I'll start with a couple comments and then, from a competitive landscape, if I leave anything out others can chime in. I think we all recognize that the market has moved up. I think we started the quarter with deposit rates being at the high end around the 3.75% mark and ended the quarter with wholesale funding being closer to 4%, maybe even 4.15%. And we've seen that reflected in our competitors' pricing as well. When you go out and look at different specials, I think that we've been successful inside our marketplace with our customers at the higher end between those 3.75% to 4%, and also in bringing in some non-maturity, and we did grow noninterest-bearing deposits as well. So it remains very competitive. I think it moved up towards the end of the quarter compared to the beginning of the quarter, and our biggest opportunity continues to be how we grow noninterest-bearing deposits from a competitive perspective.
Johnny Lee, President and CEO
The market is still obviously very competitive as far as deposits are concerned. But what we launched a couple months ago in Q2 with the Flex Savings—that's been helping us retain much of the customer base at lower costs.
Brendan Nosell, Analyst at Hovde Group
Okay, perfect. I'm going to sneak one more in there. Just on the new LPO and new lending team in Northern California, how should those of us on the outside benchmark breakeven times and the portfolio size that you think can be achieved in the medium term from the group that you've added there?
Johnny Lee, President and CEO
Right. What I would say is this team brings a lot of relationships to RBB in the Northern California region—having a team with a combined over 80 years of experience up there, with a very strong network of relationships within the communities. So with this team on board, I would expect, hopefully during the second half of the year, to contribute to our commercial loan growth particularly, and hopefully that will move up through the mid- to higher-single-digit marks, if you will.
So that's what I would be expecting of them.
Lynn Hawkins, CFO
I do think the addition of the loan production office and the team—we definitely had strong originations and production. It's just been more than, or equally, offset by, call it, land sale activity; but payoffs and paydowns, which has included, I'm going to say, strategic decisions to allow certain credits to refinance away. I think there was at one point an idea that rates might come down; now we see higher for longer, so we definitely let some loan activity go to others.
So when we think about loan growth in the second half of the year relative to, I'm going to say, a flattish growth in the first half of the year, production might be mildly higher than what we saw, but we're expecting refinancing and payoffs to be lower. So maybe we are at that mid-single-digit range on an annualized basis—it might be a little bit higher than that—but we expect it to contribute. I don't know that we're prepared to say specifically that LPO's portfolio size.
Brendan Nosell, Analyst at Hovde Group
Yes, that's helpful.
Johnny Lee, President and CEO
I can just comment that their pipeline is very healthy.
Lynn Hawkins, CFO
Their pipeline's healthy, and all of our other pipelines have remained strong, which is why I think the origination levels have come through at the levels they have.
OPERATOR
Thank you. Our next question is coming from Kelly Mota with KBW. Your line is live.
Kelly Mota, Analyst at KBW
Good morning. Thanks for the question. Congrats on getting the capital plan out there back in June. Just wondering—I think you have about 6% of your shares authorized as part of that repurchase program. You guys obviously have a ton of capital and have been making progress on the credit front. Wondering the appetite and pace we should be expecting now that this is out. Thank you.
Lynn Hawkins, CFO
Thanks, Kelly. As far as the appetite, I think we've demonstrated—and we still believe—investing in ourselves is a good use of our capital. So our appetite is healthy. We have traded a little bit below tangible book, and we're kind of right around that level now with second-quarter results out there. So I think that we'll pay attention to opportunities relative to our stock price.
Kelly Mota, Analyst at KBW
Okay, great. And then you noted the move to REO; that's, I think, one of your larger or largest problem assets out there. Can you help us—presumably there'll be some sort of workout on that—any updated thoughts on the cadence? Obviously progress has been made, but I'm sure you want to get that off your books ASAP. Thank you.
Lynn Hawkins, CFO
Yes, ASAP is a good way to think about it. So as the loan moved from a nonperforming loan to REO, we did view the REO value as appropriate. It is supported by a recent as-is appraisal. But we also recognize that this is a large, partially completed construction project, and it will require the right buyer. And we also appreciate that time is a factor. So, all of those items together—we would be looking for a resolution in the second half of this year, but appreciate it is still complicated.
Kelly Mota, Analyst at KBW
Okay, got it. I guess lastly for me, clearly you have the new team coming on and a new location in Northern California. Wondering, as you look ahead and think about where you stand now, any other additional areas that you're looking to build out in terms of the footprint in order to support growth, and vis-à-vis how we should be thinking about that in the expense base. Thanks.
Johnny Lee, President and CEO
Well, I think more immediate—obviously, since we just hired this team—the focus is on making this team successful. And given the very healthy pipeline they have, we're not looking beyond that at this time, Kelly. Really, we just want to make sure we can be well established in the California region with this commercial team. And, yeah, so nothing on the horizon other than putting some attention on making sure this team is getting the support that they need.
Kelly Mota, Analyst at KBW
Got it. And Lynn, do you have any color or commentary on the expense run rate? It has been pretty consistent the past couple quarters now. Any kind of gives and takes here?
Lynn Hawkins, CFO
Sure. I think the run rate has been consistent, and I think that for now it should remain at a fairly consistent level. I think there are some opportunities down the road as we make some technology decisions and credit continues to work itself out. But I think in the near term, we're probably right about this level.
Kelly Mota, Analyst at KBW
Got it. I'll step back.
OPERATOR
Thank you so much.
Johnny Lee, President and CEO
Thank you, Kelly.
OPERATOR
Thank you. Our next question is coming from Matthew Clark with Piper Sandler. Your line is live.
Matthew Clark, Analyst at Piper Sandler
Good morning, everyone. Hi Ben. Could you just update us on the CDs coming due over the next couple of quarters here, and the roll-on, roll-off rates?
Ben
Sure. So for CDs, we introduced a Flex Savings, so the percent of CDs as a part of our balance sheet is a little bit lower. As we ended the quarter, we had about $1.5 billion in CDs that would mature within the next 12 months, and they have an average price of about 3.60%. And just shy of 40% are able to mature or reprice in the third quarter. The ones that are coming due in the near term are around a 3.70% cost, so they have an opportunity to reprice into the current environment to the extent that we replace them with retail funding.
The lower-costing CDs are maturing in the fourth quarter and into next year, so that's when we may see a little bit of impact to the cost of funds. At the same time, that's when we would probably see the impact to the earning assets coming in at a higher yield as well. So that's the CDs and the cadence. And then, as far as the Flex Savings, that product has some attractive qualities to it, and we've been very successful at pricing that in the high 3s and not necessarily moving into the wholesale funding rate level.
Matthew Clark, Analyst at Piper Sandler
Got it. Okay. And then on the retail deposit growth this quarter—really strong. Can you give us a sense for how much of that you would attribute to seasonality, and also how much of that was from new versus existing customers?
Lynn Hawkins, CFO
Sure. Thanks for that question. We did have some really attractive noninterest-bearing deposit growth in the quarter. I think a large portion of it has some seasonality to it. I think some balances were included at June 30, and some of those dollars were used directly after quarter end. I think a portion of the growth is staying in noninterest-bearing, and then a portion of it is moving over to a non-maturity interest-bearing product. So noninterest-bearing deposits will likely moderate—I think the period-end balance was just a little bit on the high side.
But we have customers that have large balances and they're doing business, so we'd expect kind of in and out and the average to migrate up. So I think that we're going to be higher—just probably not the full $65 million that came through quarter end to quarter end.
Matthew Clark, Analyst at Piper Sandler
Okay. And on gain on sale, you sold more loans than I think most of us probably expected. Is that maybe a pull-forward? How should we think about the volume of loan sales going forward and whether or not that gain-on-sale revenue might reset here in the back half?
Lynn Hawkins, CFO
Sure. I'm going to answer it in two parts, and Johnny might add some information as well. So on SBA, I think that we have a regular cadence there. There's a good pipeline and production, there's a strong secondary market, the premiums are attractive—so I think that the volume in the first place and second quarter is an indication, and maybe some consistency. I think on the mortgage portfolio, obviously the volumes are higher and the premiums are lower, so that is a little bit more—we're happy to keep the mortgages on the books; they have some attractive yields. But we've also tried to manage the balance sheet to keep mortgage and our commercial portfolio kind of a 50/50 split. So to the extent that we have really strong production, it gives us an opportunity to package up more of them and sell them. So probably less of a pull-through than maybe more just an opportunity. But it was probably on the larger side relative to what maybe quarterly loan sales would look like.
Matthew Clark, Analyst at Piper Sandler
Okay, and then just back to the expense guide—you reiterated the $18 to $19 million—but it sounded like you're guiding more toward the higher end of that range. Is that fair? Or, I guess, what I'm trying to get at is what would get you closer to $18 million? Where's the source of relief here? Or should we not expect any?
Lynn Hawkins, CFO
Sure, I'll start with the "fair" comment. I think the opportunities in the future relate to our technology—related to our core system and other investments—that has an opportunity to maybe lower our run rate while at the same time investing in technology. And the other opportunity lies in our professional service fees as we continue to resolve credit. So those are our two opportunities in the future. At the same time, we're adding folks to try to increase production—quality of production.
But for now, I think we're probably at the higher end of the range.
Matthew Clark, Analyst at Piper Sandler
Got it. Okay. And the last one for me—just on the share buyback this quarter—can you give us the weighted average price at which you bought shares back?
Lynn Hawkins, CFO
I apologize, I do not have that with me.
Matthew Clark, Analyst at Piper Sandler
Or, if not, the number of shares you bought back—we can back into it, sure.
Lynn Hawkins, CFO
So it's around—so it's just around the $4 million. We apologize. I think I left that note on my desk, so we'll follow up here in a moment with your question. I would just share that the majority of the shares that were repurchased in the second quarter related to the authorization that was outstanding from last year, and that leaves the majority of the program that we just announced that remains outstanding as of June 30th. And I will pull those other pieces of information while we're on the call.
Matthew Clark, Analyst at Piper Sandler
Okay, no worries. Thank you.
OPERATOR
Thank you. Our next question is coming from Jackson Laurent from Stevens. Your line is live.
Jackson Laurent, Analyst at Stevens
Hey, good morning. This is Jackson on for Andrew Terrell. Most of my questions have already been asked, but just one for me on origination yields. I know you guys have talked pretty consistently about staying disciplined on pricing and it was good to see yields stay pretty flat quarter over quarter. Just wondering if you'd give us some updated color on how competition has been shaping up for credit in your markets and if any of the dynamics have changed since we last spoke in April.
Johnny Lee, President and CEO
I think generally it hasn't changed that much, Jackson. I think it's still fairly intensive on the commercial side. You know, five-year fixed loans, for example, for around five and a quarter to five and a half on average is what we're competing against. I think we are last couple quarters, or at least past quarters, we've been trying to stay consistently disciplined as far as our commercial pricing is concerned. We look at each deal from a more relationship standpoint.
If it's just a single transaction without any potential ancillary depository opportunities or fee income opportunities, we certainly want to stay above that six mark rather than competing at sub-market rates.
Jackson Laurent, Analyst at Stevens
Got it. Thank you. That's all I had. Thank you for taking the questions.
Johnny Lee, President and CEO
Thank you.
OPERATOR
Thank you. Our next question is coming from Tim Coffey with Breen Capital. Your line is live.
Tim Coffey, Analyst at Breen Capital
Thank you. Morning, everybody. Just in the kind of conversations we've been having today about the competitiveness of the deposit price as well as kind of your loan outlook. As we think about the loan or deposit ratio, are we kind of bumping up against that kind of level you feel most comfortable at?
Johnny Lee, President and CEO
Thanks, Tim. So we have run the balance sheet in the high 90% loan-to-deposit ratio range, and we are comfortable as far as bumping up against it. I think there's been some talk of how, as long as there's appropriate risk management, you can be above 100% now. But I think, given our balance sheet, lower reliance on wholesale funding, some of the growth opportunities, I think that there's still an opportunity to operate in the kind of high 90% loan-to-deposit ratio range.
So I'm not sure if it's going to change materially, but we're comfortable here.
Tim Coffey, Analyst at Breen Capital
Okay. Yeah. I asked because the last time we did see interest rates move higher, the loan-deposit ratio did move above 100%. So I'm trying to get an idea of whether or not, if we do see rates go higher, there's more opportunity to book higher yields on earning assets or loans. That was something that you could consider going above 100, or if that was just a hard ceiling.
Johnny Lee, President and CEO
Okay, yeah, no, good question. I don't know that it's a hard ceiling, but we also want to be mindful of the marketplace and sort of the perception there. So we did deleverage at one point to bring us down. But there may be opportunity there, as you're pointing out. And then just to circle back on the repurchase question, looks like we had repurchased about 181,000 shares. The average price was, I think, around $24.65, $24.75.
Tim Coffey, Analyst at Breen Capital
Speaking on capital returns, any thoughts on increasing the quarterly cash dividend?
Johnny Lee, President and CEO
Yeah, I think we're looking at it. I think we needed to prioritize getting these capital actions in place. But as we look forward, it is something we would consider.
Tim Coffey, Analyst at Breen Capital
And then, Lynn, can you remind me about the tax rate again? Is it permanently going to be kind of at this level it's been at the last couple quarters?
Lynn Hawkins, CFO
We are looking at opportunities that are out there. But until there's something more definitive, our effective tax rate is around the 28% level.
Tim Coffey, Analyst at Breen Capital
Okay, great. Those are my questions. Thank you.
Johnny Lee, President and CEO
Thanks, Tim.
Lynn Hawkins, CFO
Thanks, Tim.
OPERATOR
Thank you. We have a question from Kelly Mota with KBW. Your line is live.
Kelly Mota, Analyst at KBW
Hi, I apologize. Matt Clark took my question on the movement on NIBDs, so I'm good. Thank you.
Johnny Lee, President and CEO
Thanks, Kelly.
OPERATOR
Thank you, ma'am. As we have no further questions in the queue at this time, I would like to turn the call back over to Mr. Johnny Lee for any closing remarks.
Johnny Lee, President and CEO
Thank you once again. Thank you for joining us today. We look forward to speaking to many of you in the coming days and weeks. Have a great day, everyone.
OPERATOR
Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation.
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.
Login to comment