Hello, welcome to the annual meeting of shareholders of First US Bancshares, Inc. Please note that today's meeting is being recorded. During the meeting, we will have a question- and- answer session. You can submit questions or comment at any time by clicking on the message icon. It is now my pleasure to turn today's meeting over to Robert Briggs. Mr. Briggs, the floor is yours.
Thank you. Good morning, ladies and gentlemen. Will the meeting please come to order? On behalf of the Board of Directors and management, it is my pleasure to welcome you to this annual meeting of shareholders of First US Bancshares, Inc. My name is Robert Stephen Briggs, and it is my privilege to serve as Chairman of the Board of the company. Joining me today are Mr. James F. House, President and Chief Executive Officer of the company, Mr. Thomas S. Elley, Chief Financial Officer of the company, and Mrs. Beverly J. Dozier, Corporate Secretary of the company, who will also serve as secretary of this meeting. At this time, I'd like to recognize Mr. Aubrey S. Miller, a member of the Board of Directors, who will open our meeting with an invocation.
Let's bow our hearts. Father, we thank you for every seat that has been filled here and for all the devices that project the faces of men and women today who are concerned with the mission of this institution. For each mind and heart that fills the presence of this room, we thank you. Only you truly know what we're setting out to accomplish today. We have an idea, a vision, hints, and daily instructions. We have talents, abilities, and time to work. However, only you can see in perfect detail the end of every beginning, every project, every season, every life. Nothing is ever in vain, for even mistakes and missteps are used for good. Your righteousness transcends all our efforts and understanding. Forgive us for our pride that puffs us up and pride that threatens to disqualify us.
Strengthen our confidence in you who have made us to be. Set us free from comparison in order to work together efficiently. Father, anoint our governmental leaders to seek, pursue, and do the greatest good to your glory. Amen.
Thank you, Mr. Miller. This annual meeting is being held for the following reasons, and these are the only items of business to come before our meeting today. One, the election of all of the nominees to serve as Directors until the 2024 annual meeting of shareholders and until their successors shall be elected and qualified. Two, the approval of the First US Bancshares, Inc. 2023 Incentive Plan. Three, the ratification of the appointment of Carr, Riggs & Ingram, LLC as the company's independent registered public accountants for the year- ending December 31, 2023. Four, the advisory approval of the company's executive compensation. Five, the advisory vote on frequency of future advisory votes on executive compensation. Our Board of Directors determined to conduct this meeting in a virtual meeting format only.
We are recording this meeting and a replay will be available on the virtual meeting website until August 1st, 2023. As the operator mentioned a few moments ago, if you are participating in the meeting as a shareholder and would like to submit a question during the meeting, you can do so at any time during the meeting by clicking on the message icon that you see on the virtual meeting website. We will review all questions submitted and plan to answer only pertinent questions relating to one of the proposals on the agenda or the presentation that you will hear on the company's fiscal year 2022 results. We will limit our discussion today to those matters. Also, you will be able to vote during the meeting by clicking on the voting link on the virtual meeting website until we close the polls for voting.
Please note, however, that if you have already voted by proxy, you do not need to vote again unless you want to change the vote that you previously provided. On behalf of the Board of Directors, let me express our appreciation not only for your attendance at this virtual meeting, but also for your interest and investment in the company. All of you are registered for the meeting upon logging in to the virtual meeting website. An agenda for the meeting and rules of conduct governing the meeting have been posted to the virtual meeting website for your reference. I would now like to ask our President and Chief Executive Officer, James F. House, to proceed with introductions.
Thank you, Mr. Briggs. At this time, I'd like to take the opportunity to introduce the Director nominees. A biography of each nominee is included in the proxy statement. The Director nominees are Robert Stephen Briggs, Sheri S. Cook, John C. Gordon, David P. Hale, James F. House, Marlene M. McCain, J. Lee McPhearson, Jack W. Meigs, Aubrey S. Miller, Donna D. Smith, and Bruce N. Wilson. Now I'd like to introduce the members of our management team. Thomas S. Elley, Senior Executive Vice President, CFO, and Principal Accounting Officer, Treasurer and Assistant Secretary of First US Bancshares, Inc. He's also the Senior Executive Vice President, CFO, Treasurer, and Assistant Secretary for First US Bank. William C. Mitchell, Senior Executive Vice President of Consumer Lending for First US Bank and has been with us since 1997.
David McCollum, Senior Executive Vice President, Senior Commercial Lending Executive for the bank, who's been with us since 2015. Phillip R. Wheat, Senior Executive Vice President, Chief Information Officer, and Consumer Banking Officer for First US Bank. He's been with us since 2013. Eric H. Mabowitz, Senior Executive Vice President, Chief Risk Officer, Chief Compliance Officer, CRA Officer with First US Bank, has been with us since 2008. Beverly J. Dozier, Senior Vice President, Corporate Secretary, Assistant Treasurer of First US Bancshares, Inc., and Senior Vice President, Corporate Secretary, Assistant Treasurer, and Thomasville Market Executives for First US Bank, who's been with the bank since 1984. Juliette Stamper, Senior Vice President, Director of Human Resources with First US Bank since 2009.
Steven Thompson, Senior Vice President, Tennessee Market Executive, has been with us since 2019. D. Philip Mawn II, Executive Vice President, Tuscaloosa Market Executive, who's been with us since 2010. Helen G. Thrash, President and CEO of Acceptance Loan Company, our wholly owned subsidiary, been with us since 1999. William C. Scarbrough, Senior Vice President, Controller, has been with the bank since 2011. Gail P. Bagley, Senior Vice President, Chief Internal Auditor, been with First US Bank since 1988. John W. Fulton, Senior Vice President, Chief Credit Officer for First US Bank, has been with the bank since 2017. I'd like to recognize Mr. Doug Mims with Carr, Riggs & Ingram, LLC. The firm acts as the company's independent registered public accountants. I'd also like to recognize Ms.
Maggie Cornelius with Maynard Nexsen, our primary law firm. Please note for the record that Ms. Cornelius has been sworn in as the Inspector of Election for this annual meeting. I'll ask Chairman Briggs to proceed with the meeting.
At this time, I recognize Mrs. Beverly Dozier, the company's Corporate Secretary, to provide a brief report on the notice and quorum for this annual meeting.
Upon inspection and tabulation of the proxies received and on file, I hereby verify that more than 50% of the outstanding shares of the company's common stock entitled to vote are present by proxy at this meeting and that a quorum is therefore present. I further verify that proper notice of the annual meeting was mailed to shareholders, that the meeting was duly and properly called, and that a proxy statement has been furnished by the company to all shareholders of record as of March 8th, 2023. Please let the minutes reflect that the minutes of the last annual meeting of shareholders held on April 28th, 2022, are posted and available for inspection by registered shareholders during the meeting. At this time, I will ask Mr. Briggs to proceed with the meeting.
Thank you. A quorum being present and the annual meeting having been duly called and notice to the shareholders having been properly given, I now declare that this meeting is properly constituted and is open for business. As Mrs. Dozier mentioned, the minutes from the 2022 annual meeting of shareholders held on April 28th, 2022 are posted to the virtual meeting website for review. In accordance with the proxy statement, all proxies have been voted to approve the minutes from the 2022 annual meeting of shareholders and to dispense with the reading thereof. We will now proceed to the matters on the agenda for today's meeting being submitted to a vote. Proposal one. Our first item of business is the election of Directors. The nominees for election, as set forth in the proxy statement, are now before the meeting.
Each of the nominees currently serves as a Director of the company. Each of the nominees, if elected, will serve until the 2024 annual meeting of shareholders and until his or her successor shall be elected and qualified. For the reasons set forth in the company's proxy statement, the Board of Directors recommends that you vote for all of our nominees. Proposal two. The second item of business is the proposal to approve the First US Bancshares, Inc. 2023 Incentive Plan. The details of the proposal are set forth in the company's proxy statement. The Board recommends that you vote for the proposal. Proposal three. Our third item of business is the proposal regarding the ratification of the appointment of Carr, Riggs & Ingram, LLC as the company's independent registered public accountants for the year ending December 31, 2023.
The details of the proposal are set forth in the company's proxy statement. The Board of Directors recommends that you vote for the ratification of the appointment of Carr, Riggs, and Ingram LLC as our independent registered public accountants for the year- ending December 31, 2023. Proposal four. Our fourth item of business is the advisory approval of the company's executive compensation. The details of the proposal are set forth in the company's proxy statement. The Board of Directors recommends that you vote for the advisory approval of the company's executive compensation. Proposal five, our fifth item of business is the advisory vote on the frequency of future advisory votes on executive compensation. The Board of Directors recommends that you vote for every year as the frequency of future advisory votes on executive compensation.
At this time, we will move to the question- and- answer session relative to the five proposals being voted upon today.
The next item on our agenda is a question- and- answer session relative to the proposals on the agenda. Ms. Dozier, have there been any pertinent questions submitted on the virtual website relative to the proposals on the agenda?
Mr. House, no questions have been submitted.
Thank you, Ms. Dozier. We will now proceed to the formal voting. Please note that the polls have been open since the beginning of the meeting. Shareholders will have the opportunity to vote electronically for another minute, then the polls will be closed by the operator. If you wish to vote at the meeting today and have not done so already, please do so now on the virtual meeting website. Please note, however, that shares held by a bank, broker, or other nominee may only be voted pursuant to written directions from such bank, broker, or other nominee. If you previously voted by proxy, you do not need to vote today unless you wish to change your vote. The polls are now closed. At this time, it is my pleasure to recognize our Chief Financial Officer, Mr. Thomas S. Elley, to present financial highlights of 2022.
Thank you, Mr. Briggs. Good morning, everyone. It is my pleasure to be able to provide a summarized report of the financial results of First US Bancshares, Inc., the company or FUSB, as of and for the year ended December 31, 2022. For additional details related to these financial results, I refer you to the company's annual report on Form 10-K, which was filed with the Securities and Exchange Commission on March 10th, 2023. In addition, included in my comments today will be references to financial results for the quarter ended March 31st 2023. For additional detail related to these financial results, I refer you to the company's first quarter 2023 earnings press release and investor presentation as of March 31, 2023, both of which were furnished to the Securities and Exchange Commission on April 26th, 2023.
As I begin the discussion this morning, it is important for me to draw your attention to important legal disclosures contained in the next two slides of the presentation. These disclosures address the presentation of financial information, including certain unaudited financial measures that have been prepared other than in accordance with generally accepted accounting principles in the U.S. or non-GAAP financial measures and forward-looking statements that may be included in my presentation. First, it should be noted that my presentation this morning is solely for informational purposes and has been prepared to assist interested parties in making an evaluation of FUSB. Also, the presentation includes certain non-GAAP financial measures. For more information regarding how these non-GAAP financial measures are calculated, I refer you to the appendix of this presentation. In addition, portions of today's presentation may contain forward-looking statements as defined by federal securities laws.
Certain factors that could affect the accuracy of such forward-looking statements are identified in the public filings made by FUSB with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K. Okay. Let's move on to a discussion of financial highlights for 2022. As I discuss these financial results, I will refer to First US Bank or the bank and Acceptance Loan Company or ALC. The bank and ALC represent the company's two reporting segments. The bank is a wholly owned commercial banking subsidiary of FUSB, while ALC is a wholly owned consumer finance subsidiary of the bank. 2022 was a year of significant challenges, both economically, as we saw inflation rise to levels not seen in 40 years, and geopolitically, as unrest unfolded through Russia's invasion of Ukraine.
Interest rates rose at unprecedented levels with the federal funds rate increasing by 475 basis points from March of 2022, March of 2023 and fears of economic recession emerged. Despite this uncertainty, the company experienced significant improvement in most financial measures in 2022. If you participated in this meeting last year, you would have heard us discuss the strategic initiatives launched by the company in September of 2021 that were aimed at improving operating efficiency and focusing the company's loan growth activities while fortifying the company's asset quality. In summary, these initiatives included, one, the cessation of new business development at ALC and the permanent closure of its branch locations in Alabama and Mississippi to the public, and two, the permanent closure of four of the bank's previously existing banking centers.
The third initiative that became operational in January of 2022 was the reorganization of the Bank's retail banking technology and deposit operations functions under a single organizational structure. This initiative was aimed at improving the efficiency of the retail banking operation while also improving the promotion and deployment of the Bank's digital products and services. These initiatives collectively resulted in reductions of non-interest expense totaling $4.7 million or 14.3% comparing 2022 to 2021. The expense reductions were the primary driver in improving the Company's earnings in 2022, as net income for the year totaled $6.9 million, compared to $4.5 million in 2021. This translated into an improvement in diluted earnings per share of $0.40 from $0.66 in 2021 to $1.06 in 2022, a 60.6% year-over-year increase.
The improvement in diluted earnings per share was also assisted by the repurchase of 412,400 shares of the company's common stock in 2022. The company's loan portfolio grew by $64.2 million in 2022, or an increase of 9%, while deposits grew by $31.9 million, or an increase of 3.8%. Amid the rising interest rate environment, the company's tangible book value decreased as a percentage of tangible assets to 7.84% as of December 31st 2022, primarily due to decreases in the valuation of the company's available-for-sale investment securities. Although the company experienced net unrealized losses in both its available-for-sale and held-to-maturity portfolios during 2022, the losses were mitigated by the relatively short duration of the portfolio.
In the two portfolios combined, net unrealized losses totaled $11.2 million as of December 31st 2022, representing 7.8% of the book value of the portfolio and 12% of Tier 1 capital. The expected average lives of securities in the portfolio as of December 31st 2022 was 3.5 years. The charts on this slide provide a view of key profitability metrics over the past five years. They underscore the significant improvements made by the company in 2022 from a profitability standpoint. Return on average tangible equity improved to 8.8% in 2022 compared to 5.52% in 2021. Return on average assets improved to 70 basis points in 2022 compared to 47 basis points in 2021.
Return on equity and the efficiency ratio have also seen nice improvements comparing 2022 to 2021, as well as versus the previous three years. The company's strategy with respect to the cessation of business at ALC was expected and did result in decreased loan volume at ALC. ALC's loans totaled $20.2 million as of December 31st 2022, representing a 57.9% reduction in ALC's loans compared to September 30th of 2021, immediately following implementation of the strategy. Despite these reductions, the company was able to continue an upward trajectory in loan volume during 2022 through growth in the bank's other loan categories. This continues a positive growth trend for the company over the past several years.
The charts on this slide provide information on the company's growth in key balance sheet measurements over the course of the past five years, including loans, deposits, and assets. This growth in size and scale and more efficient deployment of funding through growth in the loans-to-deposits ratio, combined with expense reductions, led to the significant earnings improvement in 2022 that we looked at a moment ago. As you can see, the company's total assets grew to just below $1 billion as of December 31, 2022, with a loans-to-deposits ratio approaching 90%. While the company's management team has been focused on growth over the past several years, a key component of that strategy has been to build the company's balance sheet in a diversified manner.
We believe strongly that diversification is a key component of any growth strategy on both the asset and liability sides of the balance sheet. It underpins the way we seek to grow. The charts on this slide reflect the diversification of both our loan portfolio and our deposits as of December 31, 2022. As you can see from the chart on the left, our loan book is diversified around the indirect consumer, non-residential, commercial real estate, one-to-four family, and multifamily loan portfolios, with a fair amount of C&I lending as well. This provides solid diversification in both commercial and consumer lending.
As a reminder for those of you who have heard us discuss this before, our indirect consumer portfolio is diversified across a number of collateral types, including recreational vehicles, campers, boats, horse trailers, and cargo trailers, as well as geographically diversified, now doing business in 17 states. On the deposit side of the balance sheet, we are diversified among various product types aimed at serving our deposit customers well. We have approximately 29,000 deposit accounts with an average balance of approximately $27,000 per account. In addition, we offer a full suite of digital management capabilities with our deposit products and have been focused on enhancing and streamlining our online capabilities. As the company's balance sheet grows, our management team also remains focused on maintaining capital at an appropriate level.
The graphs on this next slide provide a summary of three key capital measurements for the bank over the five-quarter period ending December 31, 2022. As you can see, capital levels were maintained at a consistent level, ending the year with the Tier 1 capital ratio at 11.07%, a total risk-based capital level of 12.19%, and a Tier 1 leverage ratio of 9.39%. It should be noted that these capital levels were maintained while the company was also able to reduce shareholder dilution through the repurchase of 412,400 common shares during the year. In addition, in the fourth quarter of 2022, the company's quarterly dividend was increased by 67% to $0.05 per share.
This dividend, which was also paid in the first quarter of 2023, is reflective of the company's improved profitability levels and stable capital base. The fourth ratio in the bottom right quadrant of the slide represents the trend in tangible common equity to tangible assets, a measure I discussed a few moments ago. The decrease in the ratio reflects increases in other comprehensive income in the company's equity section of the balance sheet, a measure that was driven by decreases in the fair value, as I discussed earlier, of the company's available-for-sale investment portfolio. Amid the rising interest rate environment, investment valuations have decreased throughout the banking industry. Although FUSB is not an exception to this, we believe the company's valuations are in a strong position relatives to much of the industry.
Management intentionally kept durations in our securities portfolio relatively short, with an average life of 3.5 years as of December 31st, 2022. The year-end tangible common equity to tangible assets ratio of 7.84% is in line with peer banks that maintained shorter durations. I'd like to also touch on the company's financial results for the first quarter of 2023. My comments regarding the first quarter will be brief today. For more detailed information, I invite you to read our first quarter 2023 earnings press release and investor presentation, both of which were furnished to the Securities and Exchange Commission yesterday. I'll note a few items here. During the first quarter of 2023, the company recorded net income of $0.33 per diluted share, a 65% improvement over $0.20 per share during the first quarter of 2022.
twnNet interest margin declined in the first quarter of 2023 by 14 basis points compared to the fourth quarter of 2022, but remains 16 basis points higher than the first quarter of 2022. Compared to the first quarter of 2022, earnings improvement in the first quarter of 2023 were driven primarily by improvement in net interest income and a decrease in the provision for credit losses, partially driven by reduced net charge-offs at ALC. From a balance sheet perspective, the company experienced modest loan growth during the first quarter of $2 million, centered around commercial construction and consumer indirect. Amid the liquidity crisis that significantly impacted the banking industry during March of this year, the company added $35 million in wholesale brokered deposits to fortify the company's on-balance sheet liquidity levels.
Excluding these wholesale fundings, the company continued to experience stable core deposit levels, experiencing a reduction in total deposits of only 0.9% over the quarter. Effective January 1st 2023, the company adopted the Current Expected Credit Loss accounting model, or CECL. This bolstered the company's allowance for loan and lease losses by $2.1 million upon adoption and should enhance the company's resiliency in the event of credit deterioration from declining economic conditions down the road. A trend worth noting as we move forward in 2023 is the impact that the ALC cessation of business strategy is beginning to have on the company's asset quality. While we experienced a significant reduction in non-interest expense in 2022 as a result of the strategy, we also saw an uptick in loan charge-offs at ALC in the months following ALC's branch closures.
The increase can be seen in the chart on the next slide. The dark blue shaded portion of the graph represent net charge-offs at ALC, while the light blue shaded area represents the bank's indirect portfolio, and the gray shading, which is not really visible to the naked eye, represents the remainder of the bank's portfolio. ALC's charge-offs have historically represented the highest level of non-performing loans and charge-offs, and that remained true in 2022. Charge-off levels spiked at ALC in the second quarter of 2022 and then reduced modestly during the last two quarters of the year. As you can see in the chart, we saw relatively dramatic improvement in net charge-off levels at ALC during the first quarter of 2023, reducing the company's overall net charge-off levels to 0.11% of average loans during the quarter.
Over time, as ALC's loans continue to pay down, we expect charge-offs to continue to decline. This is ultimately expected to drive further improvement in the company's asset credit quality and reduce provisions for loan losses. The timing of future charge-offs is, of course, not something that we can fully predict and is subject to a number of other factors, including economic conditions and their impact on borrowers. Nonetheless, we were encouraged to see this trend, which was a significant component of our decision to embark on this strategy begin to emerge in the first quarter. Before we wrap things up for today, I think it makes sense to focus a bit on liquidity, given the stressed environment that the banking industry has seen over the past month.
I mentioned briefly that in response to the bank failures that occurred in March, our bank bolstered its on-balance sheet liquidity significantly during the days following those closures. This effort was largely precautionary, given the environment at the time. In this context, it is worth noting that our bank has historically benefited from a very stable deposit base. As of March 31st 2023, we estimated that our total uninsured deposit levels were approximately $165.9 million or 18.5% of total deposits. As I mentioned earlier, our average deposit balance per account is less than $30,000. Further, we maintain the ability to access significant amounts of liquidity within a short time frame.
The table on the left of this slide details the various forms of liquidity that we define as readily available, meaning it's cash already on our balance sheet, or it can be converted to cash very quickly through the pledging of unencumbered investment securities or eligible loans with either the Federal Reserve or the Federal Home Loan Bank of Atlanta. We also maintain agreements with certain other larger banks allowing us to obtain unsecured funding. The table on the right ties in with the liquidity table by providing a bit more detail on the nature of our investment securities portfolio, how much was pledged, and how much remained unencumbered as of March 31 of 2023.
As you can see, going back to the bottom line in the table on the right, readily available liquidity calculated by management totaled nearly $182 million as of March 31st 2023. This amount compares favorably to our level of uninsured deposits as of March 31, approximately $166 million. Management believes this is helpful in analyzing the overall safety and soundness of the bank's liquidity position. I will not spend any time on them, but the next few slides provide non-GAAP reconciliations of certain key metrics mentioned in my presentation today. The first slide includes computations of tangible assets and common equity, along with tangible book value per share and certain key ratios over the five quarters, as well as the years ended December 31, 2022 and December 31, 2021.
The second slide of the appendix contains similar non-GAAP measurements for the five quarters ending March 31st, 2023. In my final comments today, I'll touch briefly on our ongoing strategic focus. Although the environments in which we operate ebb and flow over time, the goals and initiatives that you see outlined on this slide are goals that our organization consistently strives for in every environment. Today, we once again find ourselves in an uncertain environment. We have seen interest rates rise at unprecedented levels over the past year. There may be continued rate increases in the future. The economic environment appears challenging for sure. However, our goals remain the same, and we believe that they can be achieved in any environment through diligent effort. Primary tenets of those goals include continued growth in earnings through a commitment to growth in a diversified manner.
Continued adherence to a strong credit culture, including the avoidance of speculative commercial lending. Consumer lending is focused on strong credit quality along with geographic and collateral diversification. Maintenance and growth of the company's strong core deposit franchise. Continued expansion of the use of digital deposit offerings. Long-term growth through loan production offices with conversion to branches after appropriate growth is achieved and consideration and evaluation of acquisitions to enter new growth markets. That concludes my remarks for today. Thank you for your time and attention. I will now turn the meeting back over to Mr. Briggs.
Thank you, Mr. Elley. I will now ask for a report from the Inspector of Election regarding the voting results on each of the proposals, which report will be read by the Corporate Secretary.
Thank you. Based on the preliminary tabulation of the votes on each of the proposals, the Inspector of Election has verified the following. Proposal one, on the proposal for the election of Directors, the inspector has verified that a plurality of the company's shares voting in the election have been voted in favor of each of the 11 nominees for Director. Proposal two, on the proposal for the approval of the First US Bancshares, Inc. 2023 Incentive Plan, the inspector has verified that the proposal has received the affirmative vote of a majority of the shares represented at this meeting and entitled to vote on the proposal.
Proposal three, on the proposal regarding the ratification of the appointment of Carr, Riggs & Ingram, LLC as independent registered public accountants for the year ended December 31, 2023, the inspector has verified that the proposal has received the affirmative vote of a majority of the shares represented at this meeting and entitled to vote on the proposal. Proposal four, on the proposal regarding the advisory approval of the company's executive compensation, the inspector has verified that the proposal has received the affirmative vote of a majority of the shares represented at this meeting and entitled to vote on the proposal. Proposal five, on the proposal regarding the advisory vote on frequency of future advisory votes on executive compensation. The inspector has verified that every year has received the highest number of votes cast. At this time, Mr. Briggs, I ask that you proceed with the meeting.
Thank you. Based on such report, I hereby declare and let the record show that subject to final verification of the voting results by the Inspector of Election, the 11 individuals nominated for the Board of Directors have been duly elected by a plurality of the company's shares voting in the election, such individuals to serve as Directors of the company for the ensuing year until their successors are otherwise elected and qualified. I further declare and let the record show that subject to the final verification of the voting results by the Inspector of Election, the proposal regarding the approval of the First US Bancshares, Inc. 2023 Incentive Plan has received the required approval of the shareholders.
I further declare and let the record show that subject to final verification of the voting results by the Inspector of Election, the proposal regarding ratification of the appointment of Carr, Riggs & Ingram, LLC as the company's independent registered public accountants for the year- ending December 31, 2023, has received the required approval of the shareholders. I further declare and let the record show that subject to final verification of the voting results by the Inspector of Election, the proposal regarding the advisory approval of the company's executive compensation has received the required approval of the shareholders.
I further declare and let the record show that subject to the final verification of the voting results by the Inspector of Election, with respect to the proposal regarding the frequency of the future advisory votes on executive compensation, the option for such votes to be held every year has received the approval of the shareholders. I direct that the minutes of this meeting reflect the voting results as verified by the Inspector of Election. Further, within four business days after today's meeting, the company will report the final voting results in a Form 8-K to be filed with the Securities and Exchange Commission.
That was the last item on our agenda. In closing today's annual meeting, I invite you to watch for our quarterly report on Form 10-Q, which we expect to file the week of May 8, 2023. We appreciate your interest in our company and look forward to the year ahead. I'll ask Chairman Briggs to proceed to adjournment, and if any other relevant questions have been submitted, we will address them following adjournment.
I wanna thank all of you for attending today's meeting and for the interest that you've shown in our company. We stand adjourned.
We will now answer additional relevant questions, that may have been submitted relative to our 2022 financials. Ms. Dozier, have any questions been submitted on the virtual meeting website that relate to the presentation of the company's fiscal year 2022 results?
Mr. House, there have been no questions submitted.
Thank you, Ms. Dozier. I now request that the operator close the meeting.
This concludes the meeting. You may now disconnect.