UMB(UMBF) - 2024 Q2 - Quarterly Results

Second Quarter 2024 Financial Highlights The second quarter of 2024 highlights key GAAP and non-GAAP financial metrics, including net income, EPS, and growth in loans and deposits Key Financial Highlights for Q2 2024 | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | GAAP Net Income (Millions USD) | 101.3 | 110.3 | 90.1 | | GAAP Diluted EPS | 2.07 | 2.25 | 1.85 | | Operating Net Income (Non-GAAP, Millions USD) | 105.9 | 120.7 | 93.8 | | Operating Diluted EPS (Non-GAAP) | 2.16 | 2.47 | 1.93 | | Average Loan Growth (QoQ Annualized) | 7.7% | - | - | | Average Deposit Growth (QoQ Annualized) | 9.7% | - | - | | Net Interest Margin | 2.51% | 2.48% | 2.44% | | Average Loan Net Charge-off Rate | 0.05% | 0.05% | (0.00%) | Second Quarter 2024 Earnings Discussion This section provides a detailed analysis of UMB Financial Corporation's Q2 2024 earnings, covering net interest income, noninterest income, noninterest expense, and income taxes Overview of Quarterly Financial Results UMB Financial Corporation reported Q2 2024 GAAP net income of $101.3 million and diluted EPS of $2.07, showing a sequential decline but year-over-year improvement, with non-GAAP metrics indicating strong underlying operations Overview of Quarterly and Half-Year Financial Results | Metric | Q2 2024 | Q1 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | GAAP | | | | | | | Net Income (Thousands USD) | 101,345 | 110,258 | 90,110 | 211,603 | 182,547 | | Diluted EPS | 2.07 | 2.25 | 1.85 | 4.32 | 3.75 | | Return on Average Assets | 0.96% | 1.06% | 0.90% | 1.01% | 0.93% | | Return on Average Equity | 12.73% | 14.11% | 12.56% | 13.41% | 13.14% | | Efficiency Ratio | 63.37% | 63.44% | 65.59% | 63.41% | 64.34% | | Non-GAAP | | | | | | | Operating Pre-Tax, Pre-Provision Income (Thousands USD) | 146,840 | 157,451 | 127,929 | 304,291 | 263,298 | | Operating Diluted EPS | 2.16 | 2.47 | 1.93 | 4.63 | 3.83 | | Operating Return on Average Assets | 1.00% | 1.16% | 0.93% | 1.08% | 0.95% | | Operating Return on Average Equity | 13.30% | 15.44% | 13.08% | 14.36% | 13.44% | | Operating Efficiency Ratio | 61.86% | 60.04% | 64.24% | 60.94% | 63.61% | Net Interest Income Net interest income for Q2 2024 increased sequentially by $5.7 million and year-over-year by $19.5 million, driven by loan growth and liquidity, with net interest margin expanding to 2.51% Net Interest Income and Net Interest Margin | Metric | Q2 2024 | Q1 2024 | Q2 2023 | QoQ Change (Thousands USD) | YoY Change (Thousands USD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income (Thousands USD) | 245,108 | 239,434 | 225,611 | 5,674 | 19,497 | | Net Interest Margin (FTE) | 2.51% | 2.48% | 2.44% | +0.03% | +0.07% | | Cost of Interest-Bearing Liabilities | 4.15% | 4.03% | 3.27% | +0.12% | +0.88% | | Average Loan Yield | 6.77% | 6.64% | 6.20% | +0.13% | +0.57% | | Yield on Earning Assets | 5.44% | 5.31% | 4.91% | +0.13% | +0.53% | Noninterest Income Noninterest income decreased sequentially by $14.3 million to $144.9 million, primarily due to reduced investment securities gains and other miscellaneous income, yet showed year-over-year growth Noninterest Income Breakdown (Thousands USD) | Item | Q2 2024 | Q1 2024 | Q2 2023 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Trust and Securities Processing | 70,010 | 69,478 | 61,589 | 532 | 8,421 | | Trading and Investment Banking | 5,461 | 5,462 | 4,800 | (1) | 661 | | Deposit Account Service Charges | 22,261 | 20,757 | 21,381 | 1,504 | 880 | | Bankcard Fees | 22,346 | 21,968 | 18,579 | 378 | 3,767 | | Net Gains (Losses) on Investment Securities | (1,867) | 9,371 | 900 | (11,238) | (2,767) | | Other | 12,421 | 18,765 | 17,004 | (6,344) | (4,583) | | Total Noninterest Income | 144,919 | 159,244 | 138,082 | (14,325) | 6,837 | - The sequential decline was primarily driven by a $11.2 million reduction in net gains on investment securities, mainly due to an $8.6 million gain from the disposition of two non-marketable securities in Q1 and a $2.6 million decrease in the value of a non-marketable security in Q2; other miscellaneous income also decreased by $5.8 million, related to a $4.0 million legal settlement and $1.8 million land sale gain recorded in Q1[10][68] - Year-over-year growth was primarily driven by a $5.6 million increase in fund services income, a $1.5 million increase in corporate trust income, and a $1.3 million increase in trust income, all recorded within trust and securities processing; bankcard income increased by $3.8 million due to higher interchange revenue and lower rebates and rewards expense; and deposit account service charges increased by $1.0 million, related to increased healthcare revenue from client transfers and conversions[11][69][90] Noninterest Expense GAAP noninterest expense decreased sequentially by $5.7 million to $249.1 million, driven by lower regulatory fees, but increased year-over-year due to acquisition-related legal and consulting costs Noninterest Expense Breakdown (Thousands USD) | Item | Q2 2024 | Q1 2024 | Q2 2023 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Salaries and Employee Benefits | 142,861 | 143,006 | 143,312 | (145) | (451) | | Net Occupancy | 11,723 | 12,270 | 11,746 | (547) | (23) | | Equipment | 15,603 | 16,503 | 17,086 | (900) | (1,483) | | Processing Fees | 29,701 | 27,936 | 26,572 | 1,765 | 3,129 | | Legal and Consulting | 16,566 | 7,894 | 7,059 | 8,672 | 9,507 | | Bankcard | 11,818 | 10,567 | 8,307 | 1,251 | 3,511 | | Regulatory Fees | 2,568 | 19,395 | 6,123 | (16,827) | (3,555) | | Total Noninterest Expense | 249,067 | 254,804 | 240,673 | (5,737) | 8,394 | - The sequential decrease was primarily driven by a $16.8 million reduction in regulatory fees, benefiting from an industry-wide decrease in FDIC special assessment fees; this decrease was partially offset by an $8.7 million increase in legal and consulting fees related to the Heartland Financial USA, Inc. acquisition, a $1.8 million increase in processing fees, and a $1.3 million increase in bankcard expenses[13][37][70] - The year-over-year increase was primarily driven by a $9.5 million increase in legal and consulting fees, mainly related to the Heartland Financial USA, Inc. acquisition, and a $3.5 million increase in bankcard expenses[14][38][72] Income Taxes The effective tax rate for the first half of 2024 rose to 18.9% due to a lower proportion of tax-exempt income and reduced excess tax benefits from equity awards - The effective tax rate for the six months ended June 30, 2024, increased to 18.9% (compared to 17.6% for the same period in 2023), primarily due to a lower proportion of income from tax-exempt municipal securities and reduced excess tax benefits related to equity awards[15][92] Balance Sheet Analysis This section analyzes UMB Financial Corporation's balance sheet, focusing on average earning assets, loans, deposits, and the securities portfolio Average Earning Assets Average total assets grew to $42.5 billion in Q2 2024, primarily driven by increased average loans and interest-bearing bank deposits, partially offset by reduced average securities Average Assets Overview (Billions USD) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Average Total Assets | 42.5 | 42.0 | 40.4 | | Average Earning Assets | 40.2 | 39.9 | 38.2 | - Average earning assets increased sequentially by $359.7 million (0.9%), driven by a $451.8 million increase in average loans and a $182.8 million increase in interest-bearing bank deposits, partially offset by a $314.6 million decrease in average securities[5] - Compared to Q2 2023, average earning assets increased by $2.0 billion (5.2%), driven by an increase in average loans and a $779.2 million increase in interest-bearing bank deposits, partially offset by a $360.3 million decrease in average securities[88] Average Loans Average loans increased sequentially by $451.8 million and year-over-year by $1.6 billion to $23.8 billion in Q2 2024, with growth across commercial real estate, consumer real estate, and credit card categories Average Loans and Leases Overview (Thousands USD) | Loan Category | Q2 2024 | Q1 2024 | Q2 2023 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial and Industrial | 9,926,855 | 9,942,457 | 9,724,300 | (15,602) | 202,555 | | Specialty Loans | 502,646 | 485,989 | 574,220 | 16,657 | (71,574) | | Commercial Real Estate | 9,360,991 | 9,026,511 | 8,178,463 | 334,480 | 1,182,528 | | Consumer Real Estate | 2,998,560 | 2,968,320 | 2,833,739 | 30,240 | 164,821 | | Consumer | 159,743 | 154,062 | 139,705 | 5,681 | 20,038 | | Credit Card | 617,502 | 489,546 | 485,749 | 127,956 | 131,753 | | Leases and Other | 239,532 | 287,158 | 255,425 | (47,626) | (15,893) | | Total Loans | 23,805,829 | 23,354,043 | 22,191,601 | 451,786 | 1,614,228 | Average Deposits Average deposits grew sequentially by $814.6 million and year-over-year by $2.9 billion to $34.3 billion in Q2 2024, reflecting a shift towards interest-bearing categories Average Deposits Overview (Thousands USD) | Deposit Category | Q2 2024 | Q1 2024 | Q2 2023 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Noninterest-Bearing Demand Deposits | 10,103,035 | 10,066,409 | 10,535,325 | 36,626 | (432,290) | | Interest-Bearing Demand and Savings | 21,914,116 | 20,701,659 | 17,463,022 | 1,212,457 | 4,451,094 | | Time Deposits | 2,323,610 | 2,758,064 | 3,476,616 | (434,454) | (1,153,006) | | Total Deposits | 34,340,761 | 33,526,132 | 31,474,963 | 814,629 | 2,865,798 | | Noninterest-Bearing Deposits as % of Total Deposits | 29.4% | 30.0% | 33.5% | -0.6% | -4.1% | - Average noninterest-bearing demand deposit balances decreased by 4.1% year-over-year, primarily due to the continued shift of funds to interest-bearing deposit categories in a higher interest rate environment[9] - Average interest-bearing liabilities increased sequentially by $375.9 million (1.3%), driven by a $778.0 million increase in interest-bearing deposits, partially offset by a $439.0 million decrease in borrowed funds[60] Securities Portfolio Average total securities decreased sequentially by $314.6 million and year-over-year by $360.3 million, with significant pre-tax unrealized net losses in both available-for-sale and held-to-maturity portfolios Average Securities Overview (Thousands USD) | Securities Category | Q2 2024 | Q1 2024 | Q2 2023 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Available-for-Sale Securities | 6,650,812 | 6,865,302 | 6,816,223 | (214,490) | (165,411) | | Total Held-to-Maturity Securities | 5,575,030 | 5,652,804 | 5,824,010 | (77,774) | (248,980) | | Trading Securities | 26,381 | 17,893 | 12,538 | 8,488 | 13,843 | | Other Securities | 448,015 | 478,805 | 407,754 | (30,790) | 40,261 | | Total Securities | 12,700,238 | 13,014,804 | 13,060,525 | (314,566) | (360,287) | - As of June 30, 2024, the available-for-sale securities portfolio had a pre-tax unrealized net loss of $678.7 million, representing 8.7% of amortized cost, while the held-to-maturity securities portfolio had a pre-tax unrealized net loss of $636.2 million, representing 11.5% of amortized cost[94] Asset Quality Credit quality remained strong in Q2 2024 with an average loan net charge-off rate of 0.05%, nonperforming loans decreasing to 0.06% of total loans, and an increased provision for credit losses Credit Quality Metrics (Thousands USD) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Net Charge-offs (Recoveries) on Loans | 2,856 | 3,017 | (139) | | Net Charge-offs (Recoveries) on Loans as % of Average Loans | 0.05% | 0.05% | (0.00%) | | Loans 90 Days or More Past Due | 5,644 | 3,076 | 10,675 | | Loans 90 Days or More Past Due as % of Total Loans | 0.02% | 0.01% | 0.05% | | Nonperforming and Restructured Loans | 13,743 | 17,756 | 19,347 | | Nonperforming and Restructured Loans as % of Total Loans | 0.06% | 0.08% | 0.09% | | Provision for Credit Losses | 14,050 | 10,000 | 13,000 | - Nonperforming loans decreased to 0.06% of total loans in the second quarter[57] - The provision for credit losses increased sequentially by $4.1 million and year-over-year by $1.1 million in the second quarter; these changes were primarily driven by the ongoing recalibration of the economic loss model and macroeconomic drivers for certain loan portfolios, as well as a $600 million increase in period-end loans from March 31, 2024[96] Capital and Dividends Regulatory capital ratios exceeded 'well-capitalized' thresholds as of June 30, 2024, with the board declaring a quarterly cash dividend of $0.39 per share Capital and Dividends Overview (Thousands USD, except per share data) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Quarterly Dividend (Per Share) | 0.39 | 0.39 | 0.38 | | Total Shareholders' Equity (GAAP) | 3,227,347 | 3,152,816 | 2,831,628 | | Tangible Shareholders' Equity (Non-GAAP) | 2,952,821 | 2,878,247 | 2,549,059 | | Book Value Per Share (GAAP) | 66.21 | 64.68 | 58.36 | | Tangible Book Value Per Share (Non-GAAP) | 60.58 | 59.01 | 52.54 | - As of June 30, 2024, all regulatory capital ratios exceeded all "well-capitalized" regulatory thresholds[18] - The Board of Directors declared a quarterly cash dividend of $0.39 per share, payable on October 1, 2024, to shareholders of record at the close of business on September 10, 2024[44] Non-GAAP Financial Information This section provides definitions and reconciliation tables for non-GAAP financial measures used by UMB Financial Corporation to offer insights into underlying operational performance Non-GAAP Financial Information Definitions This section defines UMB Financial Corporation's non-GAAP financial metrics, including operating net income, operating EPS, and tangible shareholders' equity, adjusted for specific acquisition, severance, and FDIC assessment items - Operating net income is defined as GAAP net income, adjusted to exclude expenses related to acquisitions, severance, and FDIC special assessments, along with the cumulative tax impact of these adjustments[45] - Operating pre-tax, pre-provision income (Operating PTPP) is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to exclude the impact of expenses related to acquisitions, severance, and FDIC special assessments[22] - Tangible shareholders' equity is defined as GAAP shareholders' equity less intangible assets, and tangible book value per share is defined as tangible shareholders' equity divided by the company's total common shares outstanding[46] Non-GAAP Reconciliations Detailed reconciliation tables are provided for GAAP to non-GAAP financial metrics, including operating net income and tangible book value, highlighting the impact of acquisition, severance, and FDIC special assessment adjustments Non-GAAP Financial Measures Reconciliations (Thousands USD, except per share data) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Operating Net Income Reconciliation | | | | | | Net Income (GAAP) | 101,345 | 90,110 | 211,603 | 182,547 | | Adjustments (Net of Tax) | 4,528 | 3,731 | 14,982 | 4,130 | | Operating Net Income (Non-GAAP) | 105,873 | 93,841 | 226,585 | 186,677 | | Operating Pre-Tax, Pre-Provision Income Reconciliation | | | | | | Net Interest Income (GAAP) | 245,108 | 225,611 | 484,542 | 467,307 | | Noninterest Income (GAAP) | 144,919 | 138,082 | 304,163 | 268,282 | | Noninterest Expense (GAAP) | (249,067) | (240,673) | (503,871) | (477,725) | | Adjustments (Pre-Tax) | 5,880 | 4,909 | 19,457 | 5,434 | | Operating Pre-Tax, Pre-Provision Income (Non-GAAP) | 146,840 | 127,929 | 304,291 | 263,298 | | Tangible Shareholders' Equity Reconciliation | | | | | | Total Shareholders' Equity (GAAP) | 3,227,347 | 2,831,628 | - | - | | Less: Intangible Assets | (274,526) | (282,569) | - | - | | Tangible Shareholders' Equity (Non-GAAP) | 2,952,821 | 2,549,059 | - | - | Consolidated Financial Statements This section presents the consolidated financial statements of UMB Financial Corporation, including statements of income, shareholders' equity, comprehensive income, and balance sheets Consolidated Statements of Income The consolidated statements of income for Q2 2024 show total interest income of $538.3 million, total interest expense of $293.2 million, resulting in net interest income of $245.1 million and net income of $101.3 million Consolidated Statements of Income (Thousands USD) | Item | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | 538,282 | 461,380 | 1,058,347 | 870,127 | | Total Interest Expense | 293,174 | 235,769 | 573,805 | 402,820 | | Net Interest Income | 245,108 | 225,611 | 484,542 | 467,307 | | Provision for Credit Losses | 14,050 | 13,000 | 24,050 | 36,250 | | Total Noninterest Income | 144,919 | 138,082 | 304,163 | 268,282 | | Total Noninterest Expense | 249,067 | 240,673 | 503,871 | 477,725 | | Income Tax Expense | 25,565 | 19,910 | 49,181 | 39,067 | | Net Income | 101,345 | 90,110 | 211,603 | 182,547 | | Diluted EPS | 2.07 | 1.85 | 4.32 | 3.75 | Consolidated Statements of Shareholders' Equity The consolidated statements of shareholders' equity detail changes in common stock, capital surplus, retained earnings, and other components, with total equity reaching $3.227 billion as of June 30, 2024 Consolidated Statements of Shareholders' Equity (Thousands USD) | Item | Balance as of January 1, 2024 | Balance as of June 30, 2024 | | :--- | :--- | :--- | | Common Stock | 55,057 | 55,057 | | Capital Surplus | 1,134,363 | 1,132,301 | | Retained Earnings | 2,810,824 | 2,984,152 | | Accumulated Other Comprehensive Loss, Net | (556,935) | (605,634) | | Treasury Stock | (342,890) | (338,529) | | Total Shareholders' Equity | 3,100,419 | 3,227,347 | Consolidated Statements of Comprehensive Income The consolidated statements of comprehensive income show total comprehensive income of $162.9 million for the first half of 2024, comprising net income offset by other comprehensive losses Consolidated Statements of Comprehensive Income (Thousands USD) | Item | Q2 2024 | Q1 2024 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | 101,345 | 110,258 | 211,603 | 182,547 | | Other Comprehensive (Loss) Income, Net | (11,096) | (59,055) | (48,699) | 16,904 | | Comprehensive Income | 90,249 | 31,055 | 162,904 | 199,451 | Consolidated Balance Sheets The consolidated balance sheets as of June 30, 2024, report total assets of $44.5 billion, total liabilities of $41.2 billion, with key assets including loans and securities, and total deposits of $36.5 billion Consolidated Balance Sheets (Thousands USD) | Item | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Assets | | | | Net Loans | 23,958,295 | 22,261,381 | | Total Securities | 13,130,638 | 12,933,414 | | Interest-Bearing Bank Deposits | 4,640,418 | 3,369,911 | | Total Assets | 44,469,414 | 41,243,042 | | Liabilities | | | | Total Deposits | 36,517,570 | 33,520,461 | | Federal Funds Purchased and Repurchase Agreements | 2,217,033 | 2,050,583 | | Short-Term Borrowings | 1,300,000 | 1,800,000 | | Total Liabilities | 41,242,067 | 38,411,414 | | Shareholders' Equity | | | | Total Shareholders' Equity | 3,227,347 | 2,831,628 | Average Balances and Rates This section details average balances and corresponding yields/rates for earning assets and interest-bearing liabilities for Q2 2024 and Q2 2023, highlighting increases in earning assets and deposits, and expanded yields and rates Average Balances and Rates (Thousands USD, except percentages) | Item | 2024 Average Balance | 2024 Average Yield/Rate | 2023 Average Balance | 2023 Average Yield/Rate | | :--- | :--- | :--- | :--- | :--- | | Assets | | | | | | Net Loans | 23,805,829 | 6.77% | 22,191,601 | 6.20% | | Total Securities | 12,673,857 | 2.95% | 13,047,987 | 2.66% | | Interest-Bearing Bank Deposits | 3,486,907 | 5.44% | 2,707,740 | 5.07% | | Total Earning Assets | 40,239,106 | 5.44% | 38,236,325 | 4.91% | | Liabilities | | | | | | Interest-Bearing Deposits | 24,237,726 | 3.99% | 20,939,638 | 3.27% | | Federal Funds and Repurchase Agreements | 2,421,727 | 4.66% | 2,336,929 | 4.25% | | Borrowed Funds | 1,744,448 | 5.66% | 3,137,267 | 5.17% | | Total Interest-Bearing Liabilities | 28,403,901 | 4.15% | 26,413,834 | 3.58% | | Net Interest Spread | | 1.29% | | 1.33% | Segment Information UMB Financial Corporation operates through Commercial Banking, Institutional Banking, and Personal Banking segments, with Commercial Banking being the largest net income contributor in Q2 2024 Segment Performance Overview (Thousands USD) | Item | Commercial Banking | Institutional Banking | Personal Banking | Total | | :--- | :--- | :--- | :--- | :--- | | Q2 2024 | | | | | | Net Interest Income | 160,487 | 51,502 | 33,119 | 245,108 | | Noninterest Income | 27,720 | 95,092 | 22,107 | 144,919 | | Noninterest Expense | 85,780 | 95,531 | 67,756 | 249,067 | | Net Income (Loss) | 73,089 | 40,920 | (12,664) | 101,345 | | YTD 2024 | | | | | | Net Interest Income | 317,734 | 101,362 | 65,446 | 484,542 | | Noninterest Income | 70,686 | 187,808 | 45,669 | 304,163 | | Noninterest Expense | 178,199 | 195,907 | 129,765 | 503,871 | | Net Income (Loss) | 156,068 | 75,110 | (19,575) | 211,603 | - The company has strategically divided its business into three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking; senior management regularly assesses the financial performance of these business segments to determine resource allocation and evaluate performance[104] About UMB UMB Financial Corporation, based in Kansas City, Missouri, provides commercial, personal, and institutional banking services across multiple states and globally, focusing on client relationships and growth - UMB Financial Corporation is a financial services company headquartered in Kansas City, Missouri, offering commercial banking, personal banking, and institutional banking services; the company operates across several U.S. states and serves commercial clients nationwide and institutional clients globally, committed to building strong client relationships and planning for continued growth through initiatives like the Heartland Financial acquisition[2][7][47] UMB Financial Q2 2024 Conference Call UMB Financial Corporation will host a conference call on July 31, 2024, to discuss its Q2 2024 earnings, with participation and replay details provided - UMB Financial Corporation will host a conference call on Wednesday, July 31, 2024, at 8:30 a.m. Central Time, to discuss its second-quarter 2024 earnings results; participants can join by dialing toll-free 833-470-1428 or international 404-975-4839 and entering access code 944750; a live webcast of the call will also be accessible via investorrelations.umb.com, with a replay service available until August 14, 2024[20][78][97] Forward-Looking Statements This press release contains forward-looking statements subject to assumptions, risks, and uncertainties beyond the company's control, where actual results may differ materially, with no obligation to update - This press release contains forward-looking statements that involve expectations, intentions, or projections about future events, circumstances, or results; these statements are subject to assumptions, risks, and uncertainties, many of which are beyond the company's control, and investors should not consider any forward-looking statement as a prediction or guarantee of future performance; actual results may differ materially from forward-looking statements, and readers are advised to consult the company's filings with the U.S. Securities and Exchange Commission (SEC), such as annual reports on Form 10-K, quarterly reports on Form 10-Q, or current reports on Form 8-K, for more detailed disclosures of risk factors; the company undertakes no obligation to update any forward-looking statements unless required by applicable securities laws[23][100]