First BanCorp. Q4 2023 Earnings Call Transcript

Quartr
Provided by Quartr
January 24, 2024

There are 7 speakers on the call.

Operator

Good morning, everyone, and welcome to First Bancorp's 4th Quarter and Full Year 2023 Financial Results. All lines have been placed on mute during the presentation portion of the call with an opportunity for question and answer at the end. I would now like to turn this conference call over to our host, Ramon Rodriguez, Senior Vice President of Corporate Strategy and Investment Relations. Please go ahead.

Speaker 1

Thank you, Candace. Good morning, everyone, and thank you for joining FirstBank Corp's conference call and webcast to discuss the company's financial results for the Q4 and full year 2023. Joining you today from Firstline Corp are Aurelio Aleman, President and Chief Executive Officer and Orlando Verrejes, Executive Vice President and Chief Financial Officer. Before we begin today's call, it is my responsibility to inform you This call may involve certain forward looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward looking statements made due to the important factors described in the company's latest SEC filings.

Speaker 1

The company assumes no obligation to update any forward looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, You can access them at our website at fbpinvestor.com. At this time, I'd like to turn the call over to our CEO, Aurelio Alemano.

Speaker 2

Thanks, Ramon. Good morning to everyone and thanks for joining our earnings call today. I will begin by briefly discussing our business performance for the Q4 first, then We'll move on to provide some high level highlights for the full year and then share with you some of our priorities for 2024. Our 4th quarter results were highlighted by strong profitability and loan growth. We earned $79,500,000 or $0.42 per share and generated a 1.7% return asset.

Speaker 2

Our expenses for the quarter were impacted by $6,300,000 FDIC special assessment expense. Excluding this special item, the adjusted efficiency ratio was 50 2.2% for the quarter. The quarter also reflected higher provision expense and some incremental operating expenses, which Orlando will cover both details later. The loan portfolio expanded by $233,000,000 or 7 point 8% linked quarter annualized, driven by growth across all business segment, particularly the strong commercial and auto loan origination as we continue to deepen our share in those markets. Core deposits contracted slightly by 2% as we continue to see a gradual erosion of excess liquidity towards our markets and NPA decreased again to just 67 basis points of total assets.

Speaker 2

We said for some time that credit metrics will grow gradually more closer to historical levels As the positive impact of excess liquidity related to the pandemic stimulus on the consumer decreases, We saw a little bit of that in the Q4, actually also in the Q3. With the charge off rate and loans in early delinquency for the consumer book registering a slight increase when compared to previous quarters. That said, Our NPA and classified asset levels remain at multiyear lows and our reserve coverage ratio It's also very solid and we continue to sustain and enforce our proactive risk management culture. Definitely, we're ready to withstand any additional deterioration as those rates move closer to the norm. Finally, it was a great quarter in terms of our capital position.

Speaker 2

Our tangible book value per share increased by 19% And the TCE ratio improved to 7.7%, mostly driven by the favorable variance in the value of our bond book, Given the reduction in market rates during the quarter, this was accomplished even while repurchasing $75,000,000 in common shares As we have indicated, I'm paying $24,000,000 in dividends. Let's move to slide 5 to provide some highlights on the full year. Definitely, the 2023 performance showcase our attractive profitability and improved risk profile, Even when, as we all know, operator in a challenging rate environment for our industry, Most importantly, it highlighted our capital management discipline and return flexibility. We generated 1.6 2% return on asset for the year and 41% return on equity adjusted for the impact of the AOCL. We added $628,000,000 or 5.4 percent to the loan portfolio in the year, while deposits or the broker contracted by 1 0.7%.

Speaker 2

Our strong and diversified deposit franchise is evident by still healthy non interest bearing ratio Well, 34% at the end of the year and a loan to deposit ratio of 77%. This achievement support our goal of delivering close to 100% of our annual earnings to shareholders in the form of buybacks and dividend for the 3rd consecutive year. As we mentioned before, this year marked 2023 marked our 75th anniversary and we are very pleased On how our franchise was supported businesses households and ultimately the Puerto Rico economy and our market during this period By how we continue investing in our people, upgrading our product offerings and services, investing in technology, Operations and Infrastructure and improving our operating leverage in the long run. I want to thank all my colleagues For their valuable contributions and dedication during the years, thank also our customers that we serve on a daily basis our communities and our shareholders for the support. As we look forward to 2024, We expect to continue our loan growth momentum, continue gaining market share and improving Our loan book on what we consider is a stable economy across our markets, including Miami, Puerto Rico and the Virgin Islands, our goal is to again achieve mid single digit loan growth for the year organically.

Speaker 2

However, we do continue to expect that average deposit balance will gradually come down In line with recent trends in the market, as excess liquidity in the system decreases during the year, Our top priorities for the year, number 1, will be to leverage the short duration of the investment portfolio to redeploy low yielding maturity securities cash flow into higher yielding assets, also actively proactively managing credit, particularly on the consumer lending businesses. Finally, We're continuing to be very well positioned to deploy our capital based on our healthy capital levels and our ability to consistently generate organic capital. We still have ample buyback generate organic capital. We still have ample buyback capacity with EUR 150,000,000 in buybacks left on our current authorization. We will continue to monitor the general macro outlook and continue to execute the remaining backbagged authorization during the year beginning in Q1 of this year.

Speaker 2

Now I will turn the call over to Orlando to go over the

Speaker 3

Good morning, everyone. As Aurelio mentioned at the beginning of the call, we reported a $75,500,000 gain for the 4th quarter. This is $2,500,000 lower than the 3rd quarter. However, earnings per share for the quarter were $0.46 which is the same we had on the 3rd quarter. These results include a $6,300,000 charge for the onetime FDIC assessment as well as a $3,000,000 gain on the sale of a banking facility in our Florida region.

Speaker 3

The provision expense for the quarter increased to $18,800,000 as compared to $4,400,000 last quarter. As you may recall from last quarter's earnings call, the lower provision in the 3rd quarter reflected the benefit of what we define as a less Severe economic outlook on the Q3 than the one we had forecasted on the 2nd quarter. This quarter, the outlook remains similar. So the increase was mostly related to the larger loan portfolios and the higher level of consumer charge off to some extent. The income tax expense for the quarter was $5,400,000 which compares to the $27,000,000 we had in the quarter.

Speaker 3

The effective tax rate came down from 28.2% we had as of the 3rd quarter to 23.5%. As we ended up the year conducting during the Q4 several activities that were not previously forecasted and which have tax advantages under the Puerto Rico code. Also, we had lower pretax income on the quarter, which also translated into a reduced tax. If we look forward based on the current strategies that we have, we expect that the effective tax rate for 2024 will be around that 24% range, slightly under, slightly over, but it should be somewhere in that range. For the full year, net income was full year 'twenty three, I mean, net income was 303,000,000 It was pretty much in line with the $305,000,000 we had in 2022, but earnings per share were higher at a $1.71 compared to 159, we had a prior year.

Speaker 3

This is directly a result of the benefit of the lower share count due to share buybacks we have been executing over the year and also in 2022. Also as Aurelio mentioned, we delivered strong on average assets, again, 1.62% and ROE with our average equity was 23.7%, which if we adjust to eliminate the other comprehensive loss would represent 14.1%, both solid numbers. In terms of net interest income, the quarter shows $196,700,000 of net interest income, which is $3,000,000 below 3rd quarter, the Q3 however did include $1,200,000 we collected on a construction loan that had been charged off in prior years. Therefore, the real reduction was $1,800,000 The interest income on loans increased $6,100,000 in the quarter, which was to some extent offset by $3,900,000 decrease in other earning assets, mostly cash and securities, But interest expense grew by $5,400,000 The lending side, the interest income grew $2,900,000 in consumer and $2,100,000 in commercial. Most of the growth was in those 2 portfolios.

Speaker 3

Overall, however, even though loans increased during the quarter, total average earning assets did decrease by 269,000,000 In the quarter, we continue to see funding cost pressures, the excess liquidity in the market has continued to decline, which resulted in decreases in retail and commercial core deposits that excludes public funds. We also continue to see the impact of the shift from non interest bearing deposits into interest bearing deposits. Even though When looking at the quarter, our interest bearing deposits declined only $36,000,000 In reality, the formal $100,000,000 decline we had in the 3rd quarter significantly funding costs for the Q4. These deposits have been moving into time deposits or other interest bearing options or ultimately, we have been replacing some of them with wholesale funding sources. To put in perspective, over the last 6 months of 23 time deposits grew 153,000,000 and a large portion came from these deposits.

Speaker 3

On the other hand, during the quarter, we saw That the trend in the pace of core deposit cost increases has slowed down as market interest rates have stabilized. The average cost of interest bearing checking and savings accounts other than public funds remained stable at 73 basis points when compared to the prior quarter. Also we have seen deposit price repricing pressures on the government deposits easing up. The cost of these deposits increased only 14 basis points in the quarter, which compares to our 54 basis points increase we had in the Q3. The increase in this quarter in reality was mostly a lag effect From last quarter repricing, since short term market interest rates on average did not increase this quarter, which is an indicator of the structure used for pricing government deposits.

Speaker 3

That said, we did have a $6,100,000 increase in interest on broker and time deposits during the quarter as we increase average broker deposits by 253,000,000 and average time deposits by $85,000,000 The yield or the cost of non broker time deposits increased 26 basis points during the quarter. A lot has to do with also with the maturing time deposits that get issue at new rates. The overall funding cost impact has been impacted by the pickup on the yields from the growth in the loan portfolios. Loans, As you saw, the release grew $233,000,000 in the 4th quarter and have grown $459,000,000 since the end of the second quarter. And looking at the specifically at the yield in the 4th quarter, the loan yields increased 7 basis points.

Speaker 3

Margin for the quarter was relatively flat at 4.14%, almost the same as last quarter, which was 4.15%. We have seen a change in the mix of earning assets, resulting in higher yields, but has been offset by the increase in the cost of funds. As we discussed last quarter with the assumption that our market interest rate would stabilize or start to come down, we expected that the inflection point for net interest margin would happen somewhere between the end of 2023 and the Q1 of 2024 And we see that happening already. And assuming no meaningful changes to deposit balances, the net interest income should improve 2024, as higher yielding loans will be funded with the cash flows that are coming From the investment portfolio, which is a much slower yielding, we see made those cash flows for 2024 to be around $1,000,000,000 throughout the year. Good chunk comes in the second half because of maturity, but it's still throughout the full year.

Speaker 3

Our interest rate forecast, it's fairly consistent with the forward yield curve. And our planning assumption is that future Fed funds rate cuts will begin in April. That's what we've been using for the assumptions in the net interest margin and in the net interest income projections. Looking at other income, we had a $3,300,000 increase to $33,600,000 during the quarter, which was driven by a $3,000,000 gain on the sale of a banking facility in Florida. If we exclude this item, the other income was essentially flat versus the prior quarter.

Speaker 3

Expenses increased $10,000,000 during the quarter, but was largely driven by that The $6,300,000 one time FDIC special assessment, excluding this item adjustment expenses were $120,300,000 which results in an efficiency ratio of $52,200,000 during the quarter. Business promotion increased $2,000,000 for the quarter, which related to year end marketing efforts and completion of some of the activities of the 75th anniversary celebration, including some customer activities. And you also saw that OREO gains decreased $1,000,000 for the quarter. In terms of expenses over the last few quarters, we have been guiding expenses to fall within $118,000,000 to $120,000,000 excluding the benefit of the OREO gains. Looking at the Q4, excluding the OREO expenses fell above that range at $121,300,000 And looking at Current space and some of the strategies accounting for some seasonality and things like payroll taxes, We believe that expenses for the 1st couple of quarters of 2024 to be in the range of $120,000,000 to 122,000,000 per quarter.

Speaker 3

And the efficiency ratio should be should hover around that 52% that we just had. In terms of asset quality, NPAs decreased $4,300,000 to $226,000,000 represents 67 basis points of total Most of the reduction relates to $7,700,000 in collections and loans returned to accrual status in the commercial loan portfolios. That includes a $2,700,000 commercial real estate loan that occurred during the quarter. This reduction was partially offset by a $3,300,000 increase in the consumer non accrual loans. Total inflows to non accrual during the quarter were $35,000,000 which is $5,000,000 less than last quarter.

Speaker 3

This net impact of some increases in consumer and decreases in the commercial portfolio. However, loans in early delinquency defined as 30 to 89 days did increase by approximately $14,000,000 It was mostly $15,000,000 increase in the consumer portfolios that we had in the quarter. In terms of the allowance, Allowance ended up at $269,000,000 which is $1,800,000 less than prior quarter. The coverage decreased slightly to 215. However, given the rise in the consumer loan delinquency and some of the charge off impact, the ACL on just consumer did increase $3,000,000 during the quarter to 3.64 percent of loans.

Speaker 3

Overall charge off for the quarter were 69 basis points as you saw in the release. The AC, the allowance for credit losses consistently with prior quarter is estimated using a combination of a baseline In a downside economic scenario, therefore we see they're providing very adequate coverage for any possible losses. In terms of capital, our ratios remain very strong, significantly well capitalized with Most of the ratios either had a small decrease or a small increase as the earnings generated during the quarter Mostly compensated for the $75,000,000 in share buybacks we executed during the Q4 and the $24,000,000 in common dividends that were paid. Total GAAP equity increased to $1,500,000,000 Basically the improvement in interest rates and overall environment resulted in a $212,000,000 increase in the fair value of available for sale securities and therefore reduce the other comprehensive loss adjustment. And tangible book value per share as a result increased by 19% to $8.54 and the tangible common equity ratio increased to 7.7%.

Speaker 3

Still when you look at the remaining other comprehensive loss adjustment, it represents approximately $3.74 in tangible value per share and over 300 basis in the intangible common equity ratio. Assuming rates remain stable, we will continue to recover this other comprehensive loss based on the short duration of our investment portfolio. And as we have mentioned in prior calls, we continue to reiterate our intention and our ability to retain this investment through maturity. With that, I would like to open the call for questions. Thanks.

Operator

Thank you. And you'd like to withdraw it, it's star followed by 2. And as a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. So our first question comes from the line of Timur Braziler of Wells Fargo. Your line is now open.

Operator

Please go ahead.

Speaker 4

Hi, good morning. Starting on the deposit side, I'm just wondering how cost trend now that the lag effect of public funds is in the rearview. You mentioned excess liquidity in your prepared comments a couple of times. I'm just wondering, can you frame what you consider excess liquidity remaining on your deposit base? As that exits, is the expectation that it's backfilled with broker deposits?

Speaker 4

And then all in, kind of what does that mean for deposit pricing and costs as we

Speaker 1

go through the 1st couple of quarters of 2024?

Speaker 3

Well, in terms of cost, clearly, what I mentioned in the call in the remarks, it's that With rates being stable as we have seen over the last couple of months and the possibility of rates coming down, We believe that we're going to start seeing cost reductions in the market in terms of deposits. The only questions continues to be still there could be some shift. We have a strong 34% non interest bearing ratio to total deposits, non interest bearing deposits to total deposits and we could still see a little bit, although that's slowed down a lot in the quarter that migrates to higher cost. Not all the time deposit portfolio As repriced, still some of the other things are coming due and that should be some of the Other side of impact of the impact on the cost, but clearly on the most of the non interest bearing I'm sorry, Savings and checking accounts were there and government repricing shouldn't change much based on these rates. In terms of the liquidity of the excess liquidity, it's obviously what we have seen is the market

Speaker 4

Yes,

Speaker 2

market contracted overall market, Puerto Rico main market, contracted about 3% in the 1st 3 quarters overall market of About 3% of the overall deposit about 7 contract level 7% in the Florida market. So when we say excess liquidity, we really talk about there was a significant incremental liquidity that took place during the pandemic In 2021 and 2022, actually started in 2020, that started Obviously normalizing in 2023 and we probably expect a few more quarters of that normalization on the deposit, which is customers using That liquidity that they had in the accounts and they've been buying more or consuming more and well, those is based on that data that we do expect that liquidity to be utilized. It was larger, the contraction in the U. S. Than in Puerto Rico.

Speaker 2

But also if on a per capita basis, the pandemic brought more money to Puerto Rico residents than in actually the U. S. On a per capita basis, yes.

Speaker 4

Okay. Thanks for that. And then Maybe pulling it all together and looking at NII trajectory in anticipation of a forward in anticipation of kind of modeling in the forward yield curve, forward rate curve. We have inflection in 1Q. You're assuming rate cuts begin in 2Q.

Speaker 4

Can you give us a sense of what NII trajectory looks like as we go through the year?

Speaker 3

Well, in terms of ag board percentages, we haven't given some specific guidance. But Yes, we're assuming that there is going to be a pickup on the margin going up with those assumptions on the way the market rates move. Again, it goes back to the $1,000,000,000 in securities that will cash flows would come in, in 2024. Those securities are yielding less than 1.5%. That would be replaced with the lending side.

Speaker 3

The consumer lending portfolio, it's a fixed rate portfolio, as well as most of the CRE portfolio. So those will continue to be there. But assuming rates move as expected, conversations of 4 to 5 Rate cuts in the year should also lower the cost of deposits that would compensate for that and the wholesale funding components are term nature, so they would be replaced with shorter I mean lower rates. Therefore, we're assuming that net interest margin should start picking up going forward. The one Caveat on the deposits is that obviously the non interest bearing component, we saw more stability in the 4th quarter.

Speaker 3

But if it changes a lot, changes a little bit the dynamics, but still the overall, I believe, trend would be, as I just mentioned, with some improvements in margin. I think and

Speaker 2

the other component, we have a larger portfolio starting the quarter than we had the prior quarter in terms of the loan portfolio size.

Speaker 4

Got it. That's good color. Thank you. And then just last for me, looking at credit, we're continuing to see a normalization of the consumer, it seems like from a charge off standpoint, I guess, A, how close are we to reaching what you ultimately expect to be a normalization in net charge offs? And then Looking at the allowance ratio that's moved lower every quarter in 2023, is that a sign of confidence around broader And could it ultimately get back to a level pre pandemic in the 1.7s again?

Speaker 2

Yes, yes. First, I think we probably have a couple of more quarters of this consumer normalization, closer to midyear, we'll guess. On the other hand, remember that charge off on consumers, they don't accumulate. So they move to charge off very quickly. So they cycle pretty quickly.

Speaker 2

So the ACL, the allowance that you state is a function of What remains on the portfolio and obviously the coverage you see on the provision every quarter, we have to increase the coverage or not to absorb the losses. So we haven't done a projection on that matter. But as of today, obviously, if you take it by product, obviously, the mortgage business, It's showing much better metrics than pre pandemic, as you mentioned, commercial also. And consumers still Now getting there in most of the products, which we manage the book as a one large book, which is now 3 $3,600,000,000 So under that auto is the primary and it's still registering much better performance in terms of charge off rate than we had pre pandemic.

Speaker 3

What you're seeing is the commercial side is behaving very well. So we have seen some of that reduction coming on the commercial Portfolios as you have seen on the release, the consumer side has increased in the allowance coverage only because of this trend. You mentioned a 1.7 or something in the call. I don't remember what you What you're referring to, but we can discuss more. We were above 1.7 if you were talking at ACL Pre pandemic, so we can discuss later if you want a little bit of those ratios.

Speaker 4

Great. Thank you. Thank

Operator

you. Our next question comes from the line of Alex of Piper Sandler. Your line is now open. Please go ahead.

Speaker 5

Hey, good morning.

Speaker 2

Good morning, Alex. Good morning, Alex.

Speaker 5

Orlando, with respect to your NII and your NIM guidance, which I think you said is inclusive of rate cuts. What if we don't get rate cuts? Is the repricing on the asset side you think sufficient to fully offset Deposit, I guess, continued deposit pressure?

Speaker 3

I believe so, Alex. Remember that a significant portion of the pressure came on the way Pricing in the market was foregoing deposits. If rates stay where we are, it shouldn't be similar That repricing shouldn't be similar to what we faced in the past. The only repricing on the deposit side would definitely come from the maturity and time deposits, still that is a manageable one. But once you consider that the lending portfolio is larger, It has a yield of 7%, meaning on the commercial side, it's going to be a little bit Less combined, but it's still a very ample yield.

Speaker 3

And the fact that the investment portfolio, as I mentioned, continues to run off and it's a very low yielding, we should definitely be able to still increase the margins assuming those components.

Speaker 5

Okay. And then you kind of Alluded a little bit to sort of the yield on commercial loans. Can you just give us a sense for like what sort of spreads are like Down there right now, we've seen a pretty big pullback in the 5 year. And I think some bank managements are saying that customers are demanding that and others are saying that they've got pricing power. I'm Just kind of curious, where you're able to put on new production in Puerto Rico?

Speaker 3

The overall yields on the commercial portfolio on the portfolio on the general loan portfolio, it's about 773 In as of the for the Q3, the spreads, We continue to price similarly, which are based on market rates. So we try to sustain a spread according to Internal profitability models that we want to achieve on each case considering operating expenses and things like that. So you'll see depending on the kind of loan and the kind of pricing somewhere between 2.5% and 3.5% spreads, but It all depends on the terms and the nature of the facility. So Over market terms, I'm assuming over market rates. So the consumer side, We continue to see on the auto yields above 8%.

Speaker 3

The credit card, it's price out of a prime rate, so it's on the 16% to 18% range. And obviously, residential, we do exactly the same as you see in the marketing in the U. S. But we are not adding too much in terms portfolio on the residential side, so the average yields on that portfolio are about 5.70 or 5.80 on the overall portfolio And that should stay somewhere in there because of the movement of the new cases. The repayments are upsetting A lot of what we put in and the new things we put in.

Speaker 5

Great, thanks. And then I guess just final question for me, just as I think about capital and capital generation and really you I think mentioned in your prepared remarks, 3rd year of 100% payout. And You think about the growth down in Puerto Rico, it seems like the growth that's available even though it's picked up a lot is probably still not sufficient to utilize the full amount of capital that you guys generate every year. So is it fair to assume 100% payout with respect to dividend buyback in the near term should continue?

Speaker 2

Yes, it's a fair assumption, yes. That's correct.

Speaker 5

Perfect. Thanks for

Speaker 2

taking my questions. Okay. Thank you.

Operator

Thank you. Our next question comes from the line of Kelly Motor of KBW. Your line is now open. Please go ahead.

Speaker 6

Hi, good morning. Thanks for the question. I might circle back to the loan growth side of things. I appreciate the color that you are budgeting or looking for mid And to what where do you see could you see opportunities to do better? Or conversely, where might there be more pressure?

Speaker 2

Yes, obviously the mix, if you look at the 3 prior years, we have achieved double digit growth in the consumer. We expect that demand to reduce a little bit. Obviously, the larger the portfolios, The repayments are larger too. So when you combine demand and repayment, So we don't see double digit growth in the consumer world this year. On the other hand, we do have the construction portfolio.

Speaker 2

So we see we experienced mid single digit in the commercial overall when we add The disbursement that we expect this year in the construction, so that should actually be larger than that. And then mortgage, we see basically Almost flat year we have achieved in the most recent quarter. So definitely there are we look for opportunities To do better than that, but obviously when we look at all the noise around the world And rates, I think rates could improve that. So we'll see how markets move and how The rate cuts motivate that incremental investments for us to continue to participate. So that Well, obviously, we're sticking with our guidance on mid single.

Speaker 2

Obviously, we like to do better.

Speaker 6

Got it. That's helpful. And clearly, this quarter, growth was impacted by MetroPCS. Just wondering, Appreciate the color overall about where new commercial production yields are coming on. Just wondering if that kind of larger loan was noticeably different than where commercial loans are being typically priced right now just to be mindful of modeling it as we head into 1Q?

Speaker 3

No, it was on the same. It was in fact, I think that's probably you can get that on the

Speaker 2

high side of the range that Orlando mentioned. Yes. Yes. Got it. Yes.

Speaker 2

And then the pilot mix, I have

Speaker 3

to tell you the commercial pilot

Speaker 2

mix is very healthy. Definitely, some projects on the reconstruction side for housing, supported by CDBG, Some acquisition of businesses, expansion of businesses, so we Today, we see the pipeline as a healthy one if we compare to what we saw in the last quarter. So obviously, as we said always, the 150 loan was a one off loan, the usual loan that we do every quarter. But what we see enough volume additionally to continue sustaining the developed commercials that we did last year.

Speaker 6

Got it. Maybe a last housekeeping question for me. It seems like the repricing of the securities is going to be A big part of the story as we head through this year, can you remind us what the about where those securities are rolling off at? Is it just similar to where average security yields are now?

Speaker 3

Well, the average yield on those securities are not on a non taxable equivalent basis is about 1.5%. So that's basically the average of what's rolling off should be close to that.

Speaker 6

Appreciate it. I'll step back. Thank you so much for the color.

Speaker 2

Thank you, Kelly.

Operator

Thank you. As there are no Additional questions waiting at this time. I'd like to hand the conference call back over to Ramon Rodriguez for closing remarks.

Speaker 1

Thanks to everyone for participating in today's call. We will be attending KBW's Financial Services Conference in Boca on February 15, of America's Conference in Miami on February 21, Raymond James Institutional Investor Conference in Orlando on March 5. We look forward to seeing a number of you at these events We greatly appreciate your continued support. Have a great day. Thank you.

Speaker 2

Thank you. Thank you all.

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