Seacoast Reports Second Quarter 2024 Results

Well-Positioned Balance Sheet with Strong Capital and Liquidity

Continued Build in Loan Originations and Pipeline, Cost of Deposits Stabilizing

Growth in Noninterest Income, and Well-Managed Noninterest Expense

STUART, Fla., July 25, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2024 of $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the first quarter of 2024 and $31.2 million, or $0.37 per diluted share in the second quarter of 2023.

Adjusted net income1 for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31.1 million, or $0.37 per diluted share in the first quarter of 2024 and $43.5 million, or $0.51 per diluted share in the second quarter of 2023.

Pre-tax pre-provision earnings1 were $44.6 million in the second quarter of 2024, an increase of 25% compared to the first quarter of 2024 and an increase of 9% compared to the second quarter of 2023. Adjusted pre-tax pre-provision earnings1 were $44.5 million in the second quarter of 2024, an increase of 5% compared to the first quarter of 2024 and a decrease of 22% compared to the second quarter of 2023.

For the second quarter of 2024, return on average tangible assets was 1.00% and return on average tangible shareholders' equity was 10.75%, compared to 0.89% and 9.55%, respectively, in the prior quarter, and 1.06% and 12.08%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the second quarter of 2024 was 1.00% and adjusted return on average tangible shareholders' equity1 was 10.76%, compared to 1.04% and 11.15%, respectively, in the prior quarter, and 1.41% and 16.08%, respectively, in the prior year quarter.

Charles M. Shaffer, Chairman and CEO of Seacoast, stated, "This quarter marks the beginning of the shift we anticipated for mid-year 2024. We have seen emerging loan growth and stabilizing deposit costs, supporting an improved outlook for net interest income. We are also experiencing growth in noninterest income while managing our expenses carefully. Our investments in revenue-producing bankers across the state have led to stronger loan production and pipeline growth, and consistent positive results in service charges on deposits, including treasury management fees, wealth management revenue, and insurance agency income. I am very optimistic about the direction we are heading as our competitive transformation continues to take effect. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods."

Shaffer concluded, "We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8% as of June 30, 2024. The ratio of tangible common equity to tangible assets has increased to 9.30%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we work towards stronger earnings in the coming periods."

Financial Results

Income Statement

• Net income in the second quarter of 2024 was $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the prior quarter and $31.2 million, or $0.37 per diluted share in the prior year quarter. For the six months ended June 30, 2024, net income was $56.3 million, or $0.66 per diluted share, compared to $43.1 million, or $0.52 per diluted share, for the six months ended June 30, 2023. Adjusted net income1 for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31.1 million, or $0.37 per diluted share, for the prior quarter, and $43.5 million, or $0.51 per diluted share, for the prior year quarter. For the six months ended June 30, 2024, adjusted net income1 was $61.4 million, or $0.72 per diluted share, compared to $67.7 million, or $0.81 per diluted share, for the six months ended June 30, 2023.
• Net revenues were $126.6 million in the second quarter of 2024, an increase of $1.0 million, or 1%, compared to the prior quarter, and a decrease of $21.9 million, or 15%, compared to the prior year quarter. For the six months ended June 30, 2024, net revenues were $252.2 million, a decrease of $50.0 million, or 17%, compared to the six months ended June 30, 2023. Adjusted net revenues1 were $126.9 million in the second quarter of 2024, an increase of $1.3 million, or 1%, compared to the prior quarter, and a decrease of $22.0 million, or 15%, compared to the prior year quarter. For the six months ended June 30, 2024, adjusted net revenues1 were $252.5 million, a decrease of $48.0 million, or 16%, compared to the six months ended June 30, 2023.
• Pre-tax pre-provision earnings1 were $44.6 million in the second quarter of 2024, an increase of $8.9 million, or 25%, compared to the first quarter of 2024 and an increase of $3.7 million, or 9%, compared to the second quarter of 2023. For the six months ended June 30, 2024, pre-tax pre-provision earnings1 were $80.2 million, a decrease of $8.2 million, or 9%, compared to the six months ended June 30, 2023. Adjusted pre-tax pre-provision earnings1 were $44.5 million in the second quarter of 2024, an increase of $2.0 million, or 5%, compared to the first quarter of 2024 and a decrease of $12.7 million, or 22%, compared to the second quarter of 2023. For the six months ended June 30, 2024, adjusted pre-tax pre-provision earnings1 were $87.0 million, a decrease of $34.6 million, or 28%, compared to the six months ended June 30, 2023.
• Net interest income totaled $104.4 million in the second quarter of 2024, a modest decrease of $0.7 million, or 1%, compared to the prior quarter, and a decrease of $22.5 million, or 18%, compared to the prior year quarter. For the six months ended June 30, 2024, net interest income was $209.5 million, a decrease of $48.6 million, or 19%, compared to the six months ended June 30, 2023. The declines reflect higher interest expense on deposits resulting from growth in deposit balances and the impact of the continuing elevated rate environment. Included in loan interest income is accretion on acquired loans of $10.2 million in the second quarter of 2024, $10.6 million in the first quarter of 2024, and $14.6 million in the second quarter of 2023. For the six months ended June 30, 2024, accretion on acquired loans totaled $20.8 million, compared to $30.5 million for the six months ended June 30, 2023.
• Net interest margin decreased six basis points to 3.18% in the second quarter of 2024 compared to 3.24% in the first quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin decreased four basis points to 2.87% in the second quarter of 2024 compared to 2.91% in the first quarter of 2024. Loan yields were 5.93%, an increase of three basis points from the prior quarter. Securities yields increased 22 basis points to 3.69%, compared to 3.47% in the prior quarter. The cost of deposits increased 12 basis points from 2.19% in the prior quarter, to 2.31% in the second quarter of 2024.
• Noninterest income totaled $22.2 million in the second quarter of 2024, an increase of $1.7 million, or 8%, compared to the prior quarter, and an increase of $0.6 million, or 3%, compared to the prior year quarter. For the six months ended June 30, 2024, noninterest income totaled $42.7 million, a decrease of $1.3 million, or 3%, compared to the six months ended June 30, 2023. The Durbin amendment became effective for Seacoast on July 1, 2023, limiting network interchange fees earned on debit card transactions. Results in the second quarter of 2024 included:
  • Service charges on deposits increased $0.4 million, or 8%, compared to the prior quarter and $0.8 million, or 17%, compared to the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
  • Wealth management income increased $0.2 million, or 6%, compared to the prior quarter and $0.4 million, or 14%, compared to the prior year quarter. The wealth management division continues to demonstrate success in building relationships, with assets under management reaching $1.9 billion at June 30, 2024.
  • Insurance agency income increased $0.1 million, or 5%, compared to the prior quarter and $0.2 million, or 17%, compared to the prior year quarter, reflecting continued growth and expansion of services.
  • BOLI income increased $0.3 million, or 15%, compared to the prior quarter and $0.5 million, or 26%, compared to the prior year quarter, with policy exchanges executed in the first quarter of 2024 resulting in improved ongoing yields.
  • Other income increased $0.7 million, or 14%, compared to the prior quarter and $1.2 million, or 25% compared to the prior year quarter. The second quarter of 2024 includes a gain on the sale of a single nonperforming commercial real estate loan.
• The provision for credit losses was $4.9 million in the second quarter of 2024, compared to $1.4 million in the first quarter of 2024 and a net benefit of $0.8 million in the second quarter of 2023.
• Noninterest expense was $82.5 million in the second quarter of 2024, a decrease of $7.8 million, or 9%, compared to the prior quarter, and a decrease of $25.3 million, or 23%, compared to the prior year quarter. Noninterest expense for the six months ended June 30, 2024, totaled $172.9 million, a decrease of $42.4 million, or 20% compared to the six months ended June 30, 2023. With significant cost-saving initiatives now complete, Seacoast has prudently managed expenses while strategically investing to support continued growth. Changes compared to the first quarter of 2024 included:
  • Salaries and wages decreased $1.4 million, or 3%, to $38.9 million. The first quarter of 2024 included $2.1 million in severance-related expenses arising from a reduction in the workforce.
  • Employee benefits decreased $1.0 million, or 13%, to $6.9 million as a result of higher seasonal payroll taxes and 401(k) contributions impacting the first quarter of 2024.
  • Outsourced data processing costs decreased $3.9 million, or 32%, to $8.2 million, with the first quarter reflecting $4.1 million in charges associated with contract terminations and modifications to consolidate systems.
  • Occupancy costs decreased $0.9 million, or 11%, to $7.2 million in the second quarter of 2024. The first quarter of 2024 included $0.8 million in charges associated with early lease terminations and consolidation of locations completed during the first quarter.
  • Marketing expenses increased $0.6 million, or 23%, to $3.3 million, the result of a focused effort on branding across all of our markets, supporting strong results in customer acquisition.
  • Other noninterest expenses decreased $0.7 million or 10%, to $5.9 million, benefiting from ongoing expense discipline.
• Seacoast recorded $8.9 million of income tax expense in the second quarter of 2024, compared to $7.8 million in the first quarter of 2024, and $10.2 million in the second quarter of 2023. Tax expense related to stock-based compensation was $0.2 million in the second quarter of 2024, nominal in the first quarter of 2024 and $0.3 million in the second quarter of 2023.
• The efficiency ratio was 60.21% in the second quarter of 2024, compared to 66.78% in the first quarter of 2024 and 67.34% in the prior year quarter. The adjusted efficiency ratio1 was 60.21% in the second quarter of 2024, compared to 61.13% in the first quarter of 2024 and 56.44% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

Balance Sheet

• At June 30, 2024, the Company had total assets of $15.0 billion and totalshareholders' equity of $2.1 billion. Book value per share was $24.98 as of June 30, 2024, compared to $24.93 as of March 31, 2024, and $24.14 as of June 30, 2023. Tangible book value per share increased to $15.41 as of June 30, 2024, compared to $15.26 as of March 31, 2024, and $14.24 as of June 30, 2023.
• Debt securities totaled $2.6 billion as of June 30, 2024, an increase of $5.9 million compared to March 31, 2024. Debt securities include approximately $2.0 billion in securities classified as available for sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $658.1 million in securities classified as held to maturity with a fair value of $527.3 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
• Loans increased $60.5 million, or 2.4% annualized from the first quarter of 2024, totaling $10.0 billion as of June 30, 2024. Loan originations increased 37% to $538.0 million in the second quarter of 2024, compared to $394.0 million in the first quarter of 2024. The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines and setting high expectations for risk adjusted returns.
• Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $834.4 million as of June 30, 2024, an increase of 46% from March 31, 2024, and an increase of 193% from June 30, 2023.
  • Commercial pipelines were $743.8 million as of June 30, 2024, an increase of 49% from $498.6 million at March 31, 2024, and an increase of 274% from $199.0 million at June 30, 2023. The Company is benefiting from the investment made in recent years to attract talent from regional banks across its markets. This talent is onboarding significant new relationships, resulting in growing pipelines.
  • SBA pipelines were $29.3 million as of June 30, 2024, an increase of 87% from $15.6 million at March 31, 2024, and an increase of 58% from $18.6 million at June 30, 2023.
  • Consumer pipelines were $24.5 million as of June 30, 2024, a decrease of $0.5 million, or 2%, from $25.1 million at March 31, 2024, and a decrease of $3.9 million, or 14%, from $28.4 million at June 30, 2023.
  • Residential saleable pipelines were $12.1 million as of June 30, 2024, an increase of 30% from $9.3 million at March 31, 2024, and an increase of 5% from $11.5 million at June 30, 2023. Retained residential pipelines were $24.7 million as of June 30, 2024, an increase of 1% from $24.4 million at March 31, 2024, and a decrease of 9% from $27.1 million at June 30, 2023.
• Total deposits were $12.1 billion as of June 30, 2024, an increase of $100.3 million, or 3.4% annualized, when compared to March 31, 2024. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise and serves as a significant source of strength.
  • At June 30, 2024, customer transaction account balances represented 50% of total deposits.
  • The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 4% of total deposits.
  • Average deposits per banking center were $157 million at June 30, 2024, compared to $156 million at March 31, 2024.
  • Uninsured deposits represented only 34% of overall deposit accounts as of June 30, 2024. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 29% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 154% of uninsured deposits, and 181% of uninsured and uncollateralized deposits.
  • Consumer deposits represent 42% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 58% of overall deposit funding with an average business customer balance of $109 thousand.
  • Federal Home Loan Bank advances totaled $180.0 million at June 30, 2024 with a weighted average interest rate of 4.18%.

Asset Quality

• Nonperforming loans were $59.9 million at June 30, 2024, compared to $77.2 million at March 31, 2024, and $48.3 million at June 30, 2023. Nonperforming loans to total loans outstanding were 0.60% at June 30, 2024, 0.77% at March 31, 2024, and 0.48% at June 30, 2023.
• Nonperforming assets to total assets were 0.45% at June 30, 2024, compared to 0.57% at March 31, 2024, and 0.37% at June 30, 2023.
• Theratio of allowance for credit losses to total loans was 1.41% at June 30, 2024, 1.47% at March 31, 2024, and 1.58% at June 30, 2023.
• Net charge-offs were $9.9 million in the second quarter of 2024, compared to $3.6 million in the first quarter of 2024 and $0.7 million in the second quarter of 2023. Charge-offs during the quarter primarily reflect reserves previously established in the allowance for credit losses.
• Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $345 thousand, and the average commercial loan size is $758 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
• Construction and land development and commercial real estate loans remain well below regulatory guidance at 36% and 235% of total bank-level risk-based capital, respectively, compared to 39% and 236%, respectively, at March 31, 2024. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 222%, respectively, of total consolidated risk-based capital.

Capital and Liquidity

• The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at June 30, 2024 of 14.8% compared to 14.7% at March 31, 2024, and 13.5% at June 30, 2023. The Total capital ratio was 16.2%, the Common Equity Tier 1 capital ratio was 14.1%, and the Tier 1 leverage ratio was 11.1% at June 30, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
• Cash and cash equivalents at June 30, 2024 totaled $749.5 million.
• The Company’s loan to deposit ratio was 82.9% at June 30, 2024, which should provide liquidity and flexibility moving forward.
• Tangible common equity to tangible assets was 9.30% at June 30, 2024, compared to 9.25% at March 31, 2024, and 8.53% at June 30, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 8.64%.
• At June 30, 2024, in addition to $749.5 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.3 billion in available collateralized lines of credit, $944.3 million of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of June 30, 2024, represented 181% of uninsured and uncollateralized deposits.
• Our Board of Directors has approved a share repurchase program of up to $100 million in shares of the Company’s common stock. During the second quarter of 2024, 39,892 shares of the Company’s common stock were repurchased under the program.

1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.

OTHER INFORMATION

Conference Call Information
Seacoast will host a conference call July 26, 2024, at 10:00 a.m. (Eastern Time) to discuss the second quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 5967990). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.0 billion in assets and $12.1 billion in deposits as of June 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.