United Community Banks, Inc. (NASDAQ:UCBI) Q2 2023 Earnings Call Transcript

Lynn Harton: And I’ll add one more thing with that rule change of lens of how we’re thinking about it. But I look at our net new ratios every month and our year-over-year net new and look at every market and our new customers are well ahead of the customers that we lose. And then when you see the deposits growth or shrinkage is usually within our existing customers that are continuing as existing customers. It’s just that maybe they’ve moved some money to treasuries or into other non-bank things. So, from a customer life standpoint, it’s very long and hasn’t changed and we’re adding a lot of new customers.

Christopher Marinac: Good stuff. Thank you both for that background. It’s really helpful. I just had a quick follow-up kind of a joint question for Rob and Rich, which is just to maybe delineate the difference between senior care and senior housing and are there still opportunities in senior housing down the road?

Rob Edwards: So, I think we don’t have a separate category for senior housing. You’re talking about 55 plus, Chris?

Christopher Marinac: Exactly, yes. Yes.

Rob Edwards: We have I think two multifamily — we would put senior housing in the multifamily category in our reporting and I’m not sure I have a breakout of that. So, senior care would in — as a way we have it listed in the Investor deck would include independent living, assisted-living, and memory care.

Christopher Marinac: Got it.

Rich Bradshaw: And on the over 55, we have started to see those for that product, but it’s probably limited to a handful.

Rob Edwards: Yes, I would say less than five.

Rich Bradshaw: In the whole footprint. So, we are interested in it, but cautiously.

Rob Edwards: Yes, that’s good.

Christopher Marinac: Got it. Great. Good stuff. Thanks again.

Rich Bradshaw: Thank you, Chris.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Lynn Harton for closing remarks.

Lynn Harton: Well, once again, many thanks for being on the call. Great questions. Be glad to follow-up with anything that you need, just give us give us a call and hope you have a great rest of your day. Thank you.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.