First Quarter 2025 Earnings Presentation Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about future financial perfor ...

Financial Performance - Net income for the three months ended March 31, 2025, was $24.7 million, or $0.46 per diluted share, compared to $26.1 million, or $0.49 per diluted share for the same period in 2024, reflecting a decrease in net income [124]. - The decrease in net income was primarily due to a $2.9 million decrease in net interest income and a $791 thousand decrease in noninterest income [124]. - Noninterest expense decreased by $1.2 million and the provision for income taxes decreased by $496 thousand, partially offsetting the declines in income [124]. - Annualized returns on average assets, average equity, and efficiency ratios were 0.94%, 6.21%, and 61.93% for the three months ended March 31, 2025, compared to 0.98%, 6.88%, and 60.42% for the same period in 2024 [125]. - Net interest income before provision for credit losses decreased by $2.9 million, or 2.8%, to $99.3 million for the three months ended March 31, 2025, from $102.1 million in 2024 [126]. - Interest income was $142.3 million for the three months ended March 31, 2025, a decrease of $6.1 million, or 4.1%, compared to $148.4 million for the same period in 2024 [127]. - Interest expense decreased by $3.2 million, or 7.0%, to $43.1 million for the three months ended March 31, 2025, from $46.3 million in 2024 [128]. - Tax equivalent net interest margin was 4.20% for the three months ended March 31, 2025, a decrease of 6 basis points from 4.26% in 2024 [129]. - Noninterest income totaled $5.5 million for the three months ended March 31, 2025, a decrease of $791 thousand, or 12.6%, from $6.3 million in 2024 [138]. - Noninterest expense was $70.2 million for the three months ended March 31, 2025, a decrease of $1.2 million, or 1.7%, compared to $71.4 million in 2024 [140]. Credit Quality - The allowance for credit losses is based on estimates of expected losses in performing loans, with a 5% increase in historical loss rates potentially increasing funded reserves by $1.6 million [118]. - A 5% increase in qualitative risk factors across all segments could increase funded reserves by $2.8 million, while an overall increase in estimated loss rates by 5% would have a $3.5 million impact [118]. - Provision for credit losses was $3.6 million for the three months ended March 31, 2025, down from $4.1 million in 2024 [136]. - The provision for credit losses on loans for the first quarter of 2025 was $2.9 million, compared to $5.3 million for the same period in 2024, indicating a decrease of 46.5% [165]. - Nonperforming assets totaled $59.7 million, or 0.57% of total assets, at March 31, 2025, compared to $38.9 million, or 0.36%, at December 31, 2024 [160]. - As of March 31, 2025, total nonaccrual loans increased to $54.5 million from $37.2 million as of December 31, 2024, representing a 46.5% increase [161]. - The allowance for credit losses on loans was $83.7 million, or 1.15% of total loans, up from $81.1 million, or 1.09% of total loans, as of December 31, 2024 [164]. - Nonperforming loans to total loans ratio increased to 0.75% from 0.50% [161]. - The allowance for credit losses on loans to nonperforming loans ratio was 153.61% as of March 31, 2025, down from 168.54% [165]. - Total nonperforming assets rose to $59.7 million, up from $38.9 million, marking a 53.4% increase [161]. Loans and Deposits - Average loans decreased to $7.34 billion for the three months ended March 31, 2025, from $7.94 billion in 2024 [131]. - Total loans decreased by $156.7 million, or 2.1%, to $7.28 billion as of March 31, 2025, compared to $7.44 billion as of December 31, 2024 [147]. - Commercial real estate loans comprised 52.9% of the loan portfolio as of March 31, 2025, with a total amount of $3.85 billion, a decrease of $13.6 million, or 0.4%, from December 31, 2024 [149]. - Commercial real estate construction and land development loans decreased by $124 million, or 14.7%, to $721.5 million as of March 31, 2025, compared to $845.5 million as of December 31, 2024 [153]. - The consumer and other loan portfolio decreased by $12.8 million, or 14.1%, to $77.7 million as of March 31, 2025, from $90.4 million as of December 31, 2024 [157]. - Total deposits as of March 31, 2025, were $8.56 billion, a decrease of $565.7 million, or 6.2%, from $9.13 billion at December 31, 2024 [177]. - Noninterest-bearing deposits decreased by $370.6 million, or 10.4%, to $3.21 billion as of March 31, 2025 [177]. - Interest-bearing deposits decreased by $195.1 million, or 3.5%, to $5.36 billion as of March 31, 2025 [177]. - Average total deposits decreased by $28.6 million, or 0.3%, and average loans decreased by $594.5 million, or 7.5%, for the three months ended March 31, 2025 compared to the same period in 2024 [190]. Asset Management - The carrying amount of investment securities increased to $1.72 billion, a rise of $46.4 million, or 2.8%, from $1.67 billion as of December 31, 2024 [168]. - The yield on the securities portfolio increased to 3.78% for the three months ended March 31, 2025, from 2.82% in 2024 [127]. - The average yield of the securities portfolio increased to 3.78% for the three months ended March 31, 2025, compared to 2.82% for the same period in 2024 [173]. - The securities portfolio had a weighted average life of 7.3 years as of March 31, 2025 [190]. Compliance and Risk Management - The company is subject to various risks including economic disruptions, changes in interest rates, and asset quality deterioration, which could materially affect future results [105]. - Goodwill is subject to impairment testing at least annually, with potential impairment losses recognized if fair value is less than carrying value [121]. - The company has evaluated recent accounting pronouncements that may require enhanced disclosures in future financial statements [123]. - The Company maintained compliance with all debt covenants under the Loan Agreement as of March 31, 2025 [187]. - Interest rate risk simulation indicated a potential decrease in net interest income of 8.7% under a +300 basis points scenario as of March 31, 2025 [207]. - The Asset Liability Committee (ALCO) regularly reviews the sensitivity of assets and liabilities to interest rate changes [204]. Capital and Borrowing - Total shareholders' equity was $1.61 billion as of March 31, 2025, with a net income of $24.7 million during the three months ended March 31, 2025 [199]. - The total capital ratio to risk-weighted assets was 15.94%, significantly above the minimum required ratio of 8.0% as of March 31, 2025 [200]. - The Company had a total borrowing capacity of $3.04 billion, with $1.72 billion available under the Federal Home Loan Bank agreement as of March 31, 2025 [179]. - The Company had $120.0 million of FHLB short-term advances outstanding at a weighted-average rate of 4.75% as of March 31, 2025 [179]. - The Company issued $60.0 million of Fixed-to-Floating Rate Subordinated Notes due October 1, 2029, bearing interest at a floating rate equal to 3-Month SOFR plus 3.13% [184]. - The Company had outstanding commitments to extend credit of $1.81 billion as of March 31, 2025 [193]. - Total immediate contingent funding sources were $4.80 billion, or 56.0% of total deposits, as of March 31, 2025 [191]. - Estimated uninsured deposits net of collateralized deposits were 45.5% of total deposits at March 31, 2025 [191].

Financial Data and Key Metrics Changes - Stellar Bancorp reported a net income of $24.7 million or $0.46 per diluted share for Q1 2025, with an annualized return on average assets of 94 basis points and an annualized return on average tangible common equity of 11.48% [8][10] - The net interest income for the quarter was $99.3 million, down from $103 million in the previous quarter, resulting in a net interest margin of 4.2% compared to 4.25% in Q4 2024 [12][10] - Noninterest expenses decreased to $70.2 million from $75.3 million in the previous quarter, reflecting effective cost management [15][10] - The total risk-based capital ratio was 15.94% at the end of Q1 2025, slightly down from 16% at the end of Q4 2024 [16] Business Line Data and Key Metrics Changes - The company experienced a reduction in loans during the quarter, with payoffs estimated between $275 million to $300 million [31][70] - Core net interest margin excluding purchase accounting accretion improved to 3.97% from 3.94% in the prior quarter [12][10] - Noninterest income increased to $5.5 million from $5 million in the previous quarter, benefiting from small gains on asset sales [14] Market Data and Key Metrics Changes - The company noted a competitive market for deposits, with a focus on acquiring new accounts, achieving a significant number of new accounts onboarded in Q1 2025 [38][39] - Approximately 40% of new accounts were from customers who were not previously with the bank, indicating successful market penetration [38] Company Strategy and Development Direction - The management emphasized a cautious approach to growth due to economic uncertainty, with expectations for growth to materialize in the latter half of 2025 [7][11] - The company plans to utilize its strong capital position for share repurchases while remaining open to growth opportunities through M&A in the future [19][50] - The focus remains on building a strong foundation and optimizing capital management to benefit shareholders [6][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty introduced by new tariff policies but remains optimistic about customer acquisition and pipeline growth [4][5][7] - The management expressed confidence in returning to a reasonable level of growth later in the year, despite current challenges [11][20] Other Important Information - The company repurchased 1.4 million shares at an average price of $27.99 per share during the first quarter, with a new share repurchase program authorized for up to $65 million [18][19] - Tangible book value per share increased by 14.3% year-over-year, from $17.23 to $19.69 [17] Q&A Session Summary Question: What is the current sentiment from clients regarding loan growth? - Management indicated cautious optimism about potential growth, noting that the pipeline is trending positively despite economic uncertainty [24][25][30] Question: Can you elaborate on the competitive landscape for deposits? - Management highlighted intense competition in the market but noted success in onboarding new accounts, particularly from new customers [35][38] Question: What are the expectations for loan paydowns and growth in the coming quarters? - Management expects payoffs to remain around $275 to $300 million per quarter, with growth anticipated in the second half of the year as the pipeline builds [70][69] Question: How is the company managing expenses moving forward? - Management expressed a commitment to managing expenses while also investing in growth, indicating that the first quarter's performance was better than planned [78][79]

Core Insights - Stellar Bancorp reported a revenue of $104.76 million for the quarter ended March 2025, reflecting a decrease of 3.4% year-over-year [1] - The earnings per share (EPS) for the quarter was $0.46, down from $0.49 in the same quarter last year, with a surprise of +4.55% compared to the consensus estimate of $0.44 [1] Financial Performance - The reported revenue was slightly below the Zacks Consensus Estimate of $105.47 million, resulting in a surprise of -0.67% [1] - The net interest margin (tax equivalent) stood at 4.2%, matching the average estimate from analysts [4] - The efficiency ratio was reported at 61.9%, significantly better than the average estimate of 68.9% [4] - Total nonperforming loans amounted to $54.52 million, exceeding the average estimate of $37.63 million [4] - Average balance of total interest-earning assets was $9.59 billion, slightly above the average estimate of $9.58 billion [4] - Net charge-offs to average loans (annualized) were reported at 0%, better than the average estimate of 0.2% [4] - Total nonperforming assets reached $59.67 million, higher than the average estimate of $38.46 million [4] - Net interest income was reported at $99.26 million, slightly below the average estimate of $100.17 million [4] - Total non-interest income was $5.51 million, surpassing the average estimate of $5.31 million [4] Stock Performance - Stellar Bancorp's shares have returned -3.4% over the past month, compared to a -4.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Stellar Bancorp reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.44 per share, but down from $0.49 per share a year ago, representing an earnings surprise of 4.55% [1] - The company posted revenues of $104.76 million for the quarter, missing the Zacks Consensus Estimate by 0.67% and down from $108.41 million year-over-year [2] - The stock has lost approximately 4.8% year-to-date, compared to a decline of 6.8% in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44, with expected revenues of $106.8 million, and for the current fiscal year, the EPS estimate is $1.83 on revenues of $437.9 million [7] - The estimate revisions trend for Stellar Bancorp is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Banks - Southeast industry, to which Stellar Bancorp belongs, is currently ranked in the top 17% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Net income for Q1 2025 was $24.7 million, or diluted earnings per share of $0.46, compared to $25.2 million, or $0.47 per share in Q4 2024[3] - Net income for Q1 2025 was $24,702,000, a decrease of 2.02% from $25,212,000 in Q4 2024[41] - Adjusted net income for Q1 2025 was $29,085,000, compared to $29,621,000 in Q4 2024, a decrease of 1.81%[41] - Basic earnings per share for Q1 2025 were $0.46, consistent with $0.47 in Q4 2024[30] - Earnings per share (EPS) for the same period was $0.46, down from $0.47 in the previous quarter, reflecting a decline of 2.13%[32] Income and Expenses - Net interest income decreased by $3.7 million, or 3.6%, to $99.3 million in Q1 2025 from $103.0 million in Q4 2024, with a net interest margin of 4.20%[8] - Total interest income for Q1 2025 was $142.32 million, a decrease of 5.8% from $150.02 million in Q4 2024[30] - Net interest income after provision for credit losses was $95.63 million, down from $102.02 million in the previous quarter, reflecting a decrease of 6.3%[30] - Noninterest income increased by $473 thousand, or 9.4%, to $5.5 million in Q1 2025 compared to $5.0 million in Q4 2024, primarily due to a gain on asset sales[11] - Noninterest expense decreased by $5.1 million, or 6.8%, to $70.2 million in Q1 2025 from $75.3 million in Q4 2024[12] - Total noninterest expense was $70.17 million, down from $75.27 million in the previous quarter, reflecting a decrease of 6.9%[30] Assets and Liabilities - Total assets decreased by $470.9 million to $10.43 billion as of March 31, 2025, primarily due to seasonality in government deposits[13] - Total liabilities stood at $8.82 billion, down from $9.30 billion in the previous quarter, indicating a decrease of 5.1%[28] - Total deposits decreased by $565.7 million to $8.56 billion as of March 31, 2025, driven by reductions in noninterest-bearing and time deposits[15] - Total deposits decreased to $8.56 billion in Q1 2025 from $9.13 billion in Q4 2024, representing a decline of 6.3%[28] - Total loans decreased by $156.7 million to $7.28 billion as of March 31, 2025, compared to $7.44 billion at the end of Q4 2024[14] Credit Quality - Nonperforming assets increased to $59.7 million, or 0.57% of total assets, compared to $38.9 million, or 0.36%, at the end of Q4 2024[16] - The provision for credit losses was $3.6 million in Q1 2025, up from $942 thousand in Q4 2024, reflecting an increase in nonperforming loans[17] - Nonperforming loans to total loans rose to 0.75%, up from 0.50% in the prior quarter[38] - Allowance for credit losses on loans to nonperforming loans decreased to 153.61% from 217.83% in the previous quarter[38] - Net charge-offs were reported at $163 thousand, significantly lower than $2,016 thousand in the prior quarter[38] Capital Ratios - Total risk-based capital ratio increased to 15.94% as of March 31, 2025, while book value per share rose to $30.89 from $30.09 at the end of Q4 2024[9] - The estimated Tier 1 capital ratio to risk-weighted assets was 14.15%, slightly down from 14.26% in the previous quarter[32] - Tangible equity to tangible assets ratio increased to 10.42% in Q1 2025 from 9.87% in Q4 2024, showing a stronger capital position[41] Operational Efficiency - The efficiency ratio improved to 61.93% from 64.46% in the previous quarter, indicating better cost management[32] - Efficiency ratio improved to 61.93% in Q1 2025 from 64.46% in Q4 2024, indicating better operational efficiency[43] Workforce - The number of full-time equivalent employees rose to 1,054 from 1,037 in the previous quarter, indicating growth in workforce[32] Non-GAAP Measures - The company emphasizes the use of non-GAAP financial measures for performance evaluation, including pre-tax, pre-provision income and tangible book value per share[40] - Stellar's management believes non-GAAP measures provide meaningful supplemental information for assessing performance[40] - The company’s tangible equity to tangible assets ratio is a key focus for internal planning and forecasting[40]

Financial Position - As of December 31, 2024, the company had total assets of $10.91 billion, total loans of $7.44 billion, total deposits of $9.13 billion, and total shareholders' equity of $1.61 billion[17]. - As of December 31, 2024, the Company's Common Equity Tier 1 (CET1) ratio to risk-weighted assets was 14.16%, significantly above the minimum requirement of 7.00%[64]. - The Company is required to maintain a Tier 1 capital to risk-weighted assets ratio of at least 8.50%, and its current ratio stands at 14.28%[64]. - Total capital to risk-weighted assets ratio is reported at 16.03%, exceeding the minimum requirement of 10.50%[64]. - The leverage ratio, which is Tier 1 capital to average quarterly assets, is at 11.31%, well above the minimum of 4.00%[64]. - The Company must comply with the Basel III Capital Rules, which include maintaining a capital conservation buffer of 2.50%[64]. - As of December 31, 2024, the Bank met the requirements to be classified as "well capitalized" under prompt corrective action regulations[72]. Merger and Growth Strategy - The merger between Allegiance Bancshares, Inc. and CBTX, Inc. on October 1, 2022, resulted in CBTX being renamed Stellar Bancorp, Inc., with each share of Allegiance common stock converted into 1.4184 shares of the new company[12]. - Following the merger, Stellar Bank became one of the largest banks based in Houston, Texas, with 54 full-service banking centers as of December 31, 2024[15]. - The company intends to continue expanding its presence through organic growth and a disciplined acquisition strategy, focusing on like-minded community banks in Texas[20]. Community Banking and Employee Engagement - The company's community banking strategy focuses on providing customized commercial banking services to small- to medium-sized businesses, enhancing customer relationships and operational efficiency[16]. - The average funded loan size as of December 31, 2024, was approximately $510 thousand, reflecting a focus on small- to medium-sized business lending[26]. - Employee engagement improved to 82% in 2024, up from 69% in 2023, following the implementation of new employee programs[37]. - As of December 31, 2024, the workforce consisted of 1,023 employees, with 49% identifying as non-white and 71% as women[34]. Regulatory Compliance and Oversight - The Company is subject to ongoing supervision and regulation by the Texas Department of Banking and the FDIC[48]. - The Federal Reserve's rules provide a framework for determining control over bank holding companies, with ownership thresholds set at 25% for control[57]. - The Company has not elected to pursue financial holding company status, which would allow for expanded financial activities[59]. - The Company is subject to significant regulatory oversight regarding compliance with consumer protection laws, which can result in substantial liabilities if violated[96]. - Federal bank regulatory agencies have adopted guidelines for establishing information security standards and cybersecurity programs, focusing on risk management[105]. - The Company must notify its primary banking regulator within 36 hours of determining a "computer-security incident" that materially disrupts operations[108]. Capital Distribution and Restrictions - Banking institutions failing to meet capital ratios may face constraints on capital distributions, including dividends and share repurchases[65]. - The FDIA prohibits capital distributions, including dividends, if such distributions would render the institution "undercapitalized"[76]. - The Dodd-Frank Act and Basel III impose additional restrictions on the ability of banking institutions to pay dividends[74]. - The Bank's ability to pay dividends is primarily derived from dividends received from the Bank, which are subject to federal and state regulations[75]. - The FDIC may restrict dividend payments if it deems them unsafe or unsound banking practices[76]. - Institutions classified as "undercapitalized" are prohibited from accepting brokered deposits[82]. Market Risks and Economic Factors - The principal market risk exposure for the Company is to changes in interest rates[367]. - The Federal Reserve's monetary policies significantly affect the operating results of bank holding companies and their subsidiaries[110]. Compliance and Regulatory Changes - The Anti-Money Laundering Act of 2020 codifies a risk-based approach to compliance and expands enforcement authority[93]. - The Company received an overall CRA rating of "satisfactory" on its most recent CRA examination[100]. - The final rule amending CRA regulations will be effective on April 1, 2024, with new data reporting requirements applicable from January 1, 2027[101]. - The Dodd-Frank Act mandates that financial institutions must make a "reasonable and good faith determination" of a borrower's ability to repay a residential mortgage loan[98]. - The CFPB has examination and enforcement authority over all banks with more than $10 billion in assets, impacting their ability to engage in mergers or acquisitions[97]. - Changes in laws and regulations could adversely affect the Company's operating environment and profitability[109].

Financial Data and Key Metrics Changes - The company reported a fourth quarter net income of $27.8 million or $0.52 per diluted share, with an annualized ROAA of 1.04% and an annualized ROATCE of 10.82% [12] - For the full year 2024, net income was $117.6 million or $2.20 per diluted share, representing an ROAA of 1.1% and an ROATCE of 12.18% [12] - Net interest income for the fourth quarter was $103 million, slightly up from $101.5 million in the third quarter, translating to a net interest margin of 4.25% compared to 4.19% in the previous quarter [14] Business Line Data and Key Metrics Changes - The commercial real estate portfolio remains well within regulatory guidelines, allowing for a full spectrum of loan offerings [10] - Non-interest income for the fourth quarter was $5 million, down from $6.3 million in the third quarter, which had benefited from one-time income [17] - Non-interest expense for the fourth quarter was $72 million, up from $71.1 million in the third quarter, with full year expenses at $285.7 million, slightly lower than the previous year [18] Market Data and Key Metrics Changes - The company noted positive trends in job growth, population increase, and limited housing inventories, which are expected to serve as tailwinds entering 2025 [9] - The company reported a strong deposit base, with non-interest bearing deposits representing 39% of the deposit base at year-end [15] Company Strategy and Development Direction - The company aims to expand its low-cost core funding base while broadening loan offerings, focusing on customer relationships in 2025 [10][11] - The strategy includes evaluating share repurchases and potential partnerships, with a clear focus on organic growth [21][22] - The company plans to maintain a straightforward approach to grow existing relationships and cultivate new ones [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business environment, citing stabilized interest rates and a favorable economic backdrop [8] - The company remains vigilant about inflation but is encouraged by job growth and increased oil and gas production [9] - Management expects modest growth in non-interest expenses in line with inflation for 2025 [19] Other Important Information - The total risk-based capital ratio was reported at 16.06% at the end of the fourth quarter, up from 14.02% at the end of 2023 [20] - The company did not repurchase any shares in the fourth quarter but redeemed $40 million of bank-level subordinated debt [21] Q&A Session Summary Question: Inquiry about higher professional fees - The increase in professional fees was attributed to timing related to certain outsourced auditing engagements [29] Question: Operating leverage and M&A role - Management indicated that while organic growth is possible, M&A could accelerate the process, but they are cautious about potential mistakes [32] Question: Loan growth outlook for 2025 - Management reaffirmed a mid-single-digit growth target for loans in 2025, supported by strong fourth quarter loan originations [44][45] Question: Deposit growth expectations - Management noted that leading indicators for deposit growth are positive, with a significant portion of new accounts coming from new customers [47] Question: Positive operating leverage guidance - Management expects revenue growth to match or exceed the low to mid-single-digit growth in non-interest expenses to achieve positive operating leverage [50] Question: Securities portfolio trends - The company aims to maintain its securities portfolio at around 15% to 16% of the balance sheet while seeking to drive the right return profile [72] Question: Provisioning and normalized charge-off rates - Management anticipates a normalization in credit conditions and expects mid-teens net charge-off rates moving forward [76][79] Question: Economic outlook and competition - Management expressed confidence in the Houston market's resilience and noted competitive pressures from larger banks, emphasizing the need to build their brand [91][95]

Core Viewpoint - Stellar Bancorp, Inc. is conducting its Q4 2024 earnings conference call, indicating a focus on financial performance and strategic insights for the quarter [1]. Group 1: Company Overview - The earnings call is led by key executives including CEO Bob Franklin and CFO Paul Egge, highlighting the leadership team's involvement in discussing financial results [3]. - Other notable participants include the Executive Chairman Steve Retzloff and President Ray Vitulli, indicating a strong executive presence during the call [3]. Group 2: Call Structure - The call begins with an operator introduction, followed by a reminder that the lines are muted to minimize background noise, ensuring a clear communication environment [2]. - After the initial remarks, a question-and-answer session is scheduled, allowing for interaction and clarification on the discussed topics [2].

Fourth Quarter 2024 Earnings Presentation Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about the benefits of the me ...