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People's Utah Bancorp  (NASDAQ:PUB)
Q1 2019 Earnings Call
April 26, 2019, 12:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, and good afternoon. Welcome to today's First Quarter Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions) After today's presentation there will be an opportunity to ask questions. (Operator Instructions) Please also note that today's event is being recorded.

And at this time, I'd like to turn the conference call over to, Mark Olson, Executive Vice President and Chief Financial Officer. Sir, please go ahead.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Thank you, Jamie, and good morning. Thank you, for joining us today to review our first quarter 2019 financial performance. Joining me this morning on the call is Len Williams, President and Chief Executive Officer for People's Utah Bancorp.

Our comments today will refer to the financial results included in our earnings announcement released last night. To obtain a copy of our earnings release, please visit our website at www.peoplesutah.com.

Our earnings release contains forward-looking statements. All statements, other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and beyond the control of the company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied, or projected by such forward-looking statements. These forward-looking statements are intended to be covered by the safe harbor forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made, and we assume no duty to update such statements.

I'll now turn the call over to Len Williams. Len?

Len E. Williams -- President and Chief Executive Officer

Thank you, Mark. Good morning, and thank you for joining us on the call today. People's Utah Bancorp achieved another quarter of strong financial performance in the first quarter of 2019, even as we continued to position strength in the fourth quarter by our balance sheet. We've realized the return on equity of 14.4% from the first quarter after building our average equity to an average -- to average assets to 13.6% from 12.2% a year ago. We also increased our allowance for loan losses from 1.2% a year ago to 1.6% at quarter end.

While the Utah economy continues to be strong, we believe that there are beginning to be signs on the general economic slowdown, including the flattening of the treasury yield curve and the Fed comments regarding holding interest rates steady near term. We believe it's prudent for us to ensure that we are prepared for an economic slowdown, so that we're in a position to take advantage of market conditions to expand our market share either organically or through acquisitions.

We've also aggressively managed our long concentration levels, and have become more selective with type and size of construction projects we're willing to finance, given our perspective on the economy. We've reduced our acquisition development, construction portfolio to a total capital concentration ratio of 109% at the end of March compared to 149% a year ago. Excluding our ADC portfolio, the portfolio increased $63 million or 5% year-over-year, while our ADC portfolio declined $51 million or 13.9% over the same period.

It's been a long and wet winter season this year in Utah and we expect to see a pickup in construction, loan growth as it begins to warm up and dry out.

We anticipate that our annualized growth rate for the year will be in the mid single-digits for 2019, and we continue to step up our C&I business and our construction business growth during the summer months.

Looking at deposits. We achieved 5.4% or $95.2 million year-over-year average deposit growth with total average deposits ending the first quarter 2019 at $1.87 billion. Our commercial treasury management team has been successful in focusing on raising commercial deposits both from existing clients as well as the acquisition of new client relationships. We recently signed a contract for new treasury management platform that we believe will help us continue to grow our commercial deposit base and improve our fee income. We anticipate rolling out this new platform by the end of 2019. We achieved this growth despite of -- despite experiencing greater competition for deposits and competitive deposit pricing pressures from our peers.

Our cost of deposits increased 24 basis points to 0.73% for the first quarter of 2019 as we matched our competitor deposit rates and enhanced our deposit pricing programs to reward and retain high value client relationships. With the flat yield curve and the Fed pausing on rates, we expect that the rate of increase in our cost of funds will slow.

As mentioned earlier we continue to focus on diversifying our loan portfolio in particularly growing our C&I portfolio. Currently we offer two commercial banking centers that are located in Salt Lake County. We are now hiring for a previously announced third commercial banking center to be opened in Utah County and we expect this to be fully staffed this quarter.

We are continuing our efforts to automate and digitize our commercial loan origination process through the implementation of an online commercial lending application. We have begun the building phase of nCino which is an industry leader in the commercial banking loan operating system space. The goal of this project is to ensure that we continue to provide the high touch and unparalleled responsiveness, we currently offer as we grow and scale the operation. We expect to have this project complete early in the fourth quarter of 2019.

Looking at our asset quality metrics, non-performing assets were $4.7 million or 0.21% at March 31st compared with $7.4 million or 0.34% a year earlier. Our annualized net charge-off for the first quarter of 2019 was 0.21% compared with 0.29% for the fourth quarter of 2018 and 0.10% for all of 2018.

Allowance for loan losses increased $5.2 million 25% at March 31st, 2019 compared with the same period a year ago. In addition to our allowance for loan losses, we have $8.3 million in discounts remaining on our acquired loan portfolio. The allowance for loan losses plus total amount of accretible discounts to loans held for investments was 1.71% at March 31st, 2019. We believe it is prudent for us to continue to build our overall allowance for credit losses given that we believe we are nearing the end of an overall credit cycle.

On a retail banking front, we mentioned on the last call, we are planning to build a new business oriented branch in the fast-growing Pleasant Grove area, where a number of technology firms have recently build only corporate offices. The branch will focus predominantly on small to medium sized commercial clients, and we expect to have our office opened this quarter. The manager has already been hired and he is actively soliciting and booking new business accounts.

We're also rebuilding our Alpine branch with an expected completion date of sometime in the fourth quarter of 2019. The Alpine branch is one of our oldest and largest branches with $120 million in deposits. We've recently hired an outside marketing research firm to evaluate our overall brand strategy as we completed two acquisition transactions and added another branding to our organization. Research firm provided us with enlightening information about our organization. The research indicated that our existing plants are extremely satisfied with the relationship with us and are loyal to our people inside the business. They believe that we provide excellent client service, deliver customized financial solutions, our responsive to their needs and are quick to complete financial transaction. This confirmed our belief and direction.

We also discovered that non-clients are not highly aware of this or if they are aware then we would choose smalls to making these, even our brand names. we were too small to meet up making needs. Given our brand names. This use of multiple brand name is causing confusion both internally and externally, it has for a period of time and diluting our brand awareness. As a result, we decided to simplify our branding strategy and come together in all respects as one unit to the new Bank. We hired a new Marketing Director and the process of hiring a new outside marketing agency.

We have begun the process of identifying a single name for our bank, a new logo and more contemporary look, and to formally define our brand from the store clients. We expect to roll out of this single brand strategy around the end of the year. We've had some ongoing expenses associated with this brand realignment for the past year and expect them to -- at the current -- to continue at the current rate throughout the remainder of 2019.

We continue to actively evaluate potential acquisition opportunities both in Utah and states contiguous to Utah particularly along the I-15 corridor. I'm also pleased to announce the Board of Directors declared an increase in the quarterly dividend $0.12 per common share. The dividend will be payable on May 13, 2019 to shareholders of record as of May 6, 2019.

I will now turn the call back over to Mark to discuss our financial performance. Mark?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Thank you Len. Net income was $10.5 million or $0.55 per diluted common share for the first quarter of 2019 compared with $10.7 million or $0.56 per diluted common share for the fourth quarter of 2018, and $9 million or $0.48 for the diluted common share for the first quarter a year ago. As a result of strong financial performance, our return on average assets improved 14.7% to 1.95% for the first quarter of 2019 compared with 1.7% a year ago.

For the first quarter of 2019 net interest income grew 3.7% or $1 million to $26.9 million compared with $25.9 million for the same period a year earlier. The increase is primarily the result of average interest earning assets growing 2.3% or $46.1 million and yield on the interest earning assets increasing 21 basis points to 5.73% for the same comparable period.

Our yield on interest earning assets were primarily the result of yields on loans increasing 24 basis points to 6.53% for the same comparable periods offset by the percentage of loans to total interest earning assets declining to 81.2% for the first quarter of 2019 compared with 82.4% in the first quarter of 2018.

For the first quarter of 2019 total cost of interest bearing liabilities increased 24 basis points to 0.73% over the same period a year ago, and as a result of cost of interest bearing deposits increasing 34 basis points to 0.72% for the same comparable period, while short-term borrowings declined $19.7 million or 19.2%, the $9.8 million for the borrowing rate increasing 90 basis points to 2.63% for the first quarter of 2019 compared with the same period a year earlier. As a result our net interest margins widened 7 basis points to 5.29% for the first quarter of 2019 compared with 5.22% for the same period a year earlier.

For the linked-quarters our net interest margin declined 12 basis points while the cost of interest bearing liabilities increased 9 basis points and our yield and interest bearing assets declined 7 basis points. The declining yield on interest bearing assets is primarily the result of percentage of loans to total interest earning assets declined to 81.2% for the first quarter compared with 83% for the linked fourth quarter. The decline in average loans is primarily the result of our average ADC loan portfolio declining 11.8% for the first quarter to the linked fourth quarter.

As Len mentioned we expect our ADC loan portfolio to grow as we enter into the spring and summer months. Acquisition accounting adjustments including the accretion of loan discounts and amortization of certificate of deposit premiums added 11 basis points to the net -- to our net interest margin for the first quarter of 2019, compared to the 14 basis points in the fourth quarter of 2018 and 24 basis points in the first quarter a year earlier. The positive impact of acquisition accounting adjustments will continue to decline going forward.

The first quarter of 2019 provision for loan losses was $1.6 million compared with $2.1 million for the same period a year earlier. The decrease in provision for loan losses in the first quarter of 2019 is primarily due to a decline in loans held for investment from the fourth quarter of 2018 to the first quarter of 2019, compared with an increase in loans held for investment for the same comparable period a year earlier. For the first quarter of 2019, the company incurred net charge-offs of $0.9 million compared with net recoveries of $0.4 million for the same period a year ago.

For the first quarter of 2019 noninterest income was $3.3 million compared with $3.7 million for the same period a year ago. The decrease was primarily due to $0.2 million decline in mortgage banking income resulting from lower loan originations for the same comparable periods and $0.1 million decline in card processing fees due primarily to conversion related costs.

In the first quarter of 2019 noninterest expense was $14.9 million compared with $16.1 million for the same period a year earlier, as primarily the result of $0.5 million lower in salaries and employee benefits, $0.3 million in lower acquisition related costs incurred in 2018, and $0.3 million in lower marketing and advertising, and $0.2 million in lower FDIC premiums.

As Len mentioned, we've begun our rebranding initiative and we have discontinued many of our current marketing and advertising campaigns to prepare roll out a new brand later in the year. We anticipate higher marketing and advertising costs over the next several quarters resulting from the rebrand. The first quarter of 2019 the company's effective -- pardon me, efficiency ratio was 49.3% compared with 54.1% for the same period a year ago.

The first quarter of 2019 income tax expense was $3.3 million compared with $2.6 million for the same period a year earlier. For the same quarter -- for the first quarter of 2019, the effective tax rate was 23.8% compared with 22.1% for the same period a year ago.

I'll now turn the call back over to Len.

Len E. Williams -- President and Chief Executive Officer

Thank you, Mark. I appreciate it. We're pleased with our financial performance for the first quarter of 2019 particularly regarding our deposit momentum and expense management. We continue to focus on taking advantage of the outstanding economic prospects in the market we serve. We believe we can continue to grow our business organically, diversify our loan portfolio and expand our low cost core deposit base. We're passionate and enthusiastic about our prospects to expand our commercial and industrial lending to small and medium sized businesses, with our commercial banking centers, and increased emphasis on growing our commercial deposits with the expansion of our treasury management services team and through improving the products and services we offer.

As I mentioned earlier we continue to actively pursue potential acquisition opportunities throughout the Intermountain West, which we believe is a crucial component to our business strategy and shareholder value creation model going forward.

Thank you so much for joining us on the call today. At this point, I will now turn it back to Jamie to open the line for questions.

Questions and Answers:

Operator

Ladies and gentlemen at this time we will begin the question-and-answer session. (Operator Instructions) And our first question today comes from Jeff Rulis from D.A. Davidson. Please go ahead with your question.

Jeffrey Rulis -- D.A. Davidson -- Analyst

Thanks. Good morning guys.

Len E. Williams -- President and Chief Executive Officer

Good morning, Jeff.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Hi, Jeff.

Jeffrey Rulis -- D.A. Davidson -- Analyst

I guess the first question I had was on the expense base you talk about this -- the marketing and brand efforts as well as some of the branch openings and you've alluded to some of these expenses have been feathered into the run rate but that's a lot of moving pieces, you're at 49 base this quarter. Thoughts on the remainder of the year with a little more specifics about how that grows or some inputs to think about. Thanks.

Len E. Williams -- President and Chief Executive Officer

Yes, Jeff. I'll take the first part of it and then to some of the specific dollar amount back to Mark on the run rate. But this is a project, the branding projects is a project we undertook a year ago when we had a lot of research and consulting fees involved with us throughout the past year and they continue. Our attempts to cover as much as that through reduced standard marketing expense and putting in this rebrand type of marketing expense which is really kind of a shift in the use of a look on lot of the funds, that we've budgeted at the end.

Regarding the new branch location, it's an existing facility that just requires some modest leasehold improvements to get it open and we're doing it with existing staff. So again that's something that's not going to show up in a big way in the numbers.

I'll turn it back to Mark for any further comment on that.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Yes, sure, You bet. Marketing average had been -- obviously is lower than what our historically run rate has been and we would expect that to be a little bit higher actually than our normal run rate. We would anticipate marketing and advertising being around $1.5 million for the year something in than that area. We don't know all the cost yet related to rebranding but that's probably a good round number what we expect there. Also we will have some additional depreciation with the new service center. So our occupancy costs will go up a little bit. Salary and employee benefits were down a bit. Part of that has to do with adjusting some accruals, but we also paid lower quarterly commissions to loan officers based on loan lines. So as the volume increases we'd expect that our costs that would increase as well. So if you're looking at the numbers, I would expect them to be kind of in that 15 to 15.5 range for the next couple of quarters.

Jeffrey Rulis -- D.A. Davidson -- Analyst

That's 15 to 15.5 for the remainder of the year on a quarterly basis?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Yes roughly. I mean, it will go higher as we finalize what all the rebranding costs are going to be.

Jeffrey Rulis -- D.A. Davidson -- Analyst

Yes. No, I appreciate it. And then Mark, while I have you the accretion benefit last quarter versus this quarter is a 11 basis points?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Yes. That's correct.

Jeffrey Rulis -- D.A. Davidson -- Analyst

Got it. And then on the credit quality side just the charge-offs have been in the 20 to 30 basis points for the last several quarters. What's -- where is that coming from and is that a portion of Len, kind of your comments on being cautious in this part of the cycle. But what are those charge-offs largely coming from?

Len E. Williams -- President and Chief Executive Officer

Yes. It's an area that we -- as you know Jeff has paid a lot of attention to forever. As we've got a new Chief Credit Officer on hand, going through the portfolios, spending time in the non-performing and we've been a little more aggressive than we historically have been. As a matter of fact every one this quarter that we charge the whole thing off even before completing the recovery process which is now under way. So we do expect some return over time on the charge-offs we have this quarter. That pipeline today looks pretty good going forward over the next period as far as continuing to charge-off have been pretty good about where we are.

Jeffrey Rulis -- D.A. Davidson -- Analyst

Actually, I'll step back. Thank you, guys.

Len E. Williams -- President and Chief Executive Officer

Thank you.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Thanks Jeff.

Operator

Our next question comes from Andrew Liesch from Sandler O'Neill. Please go ahead with your question.

Andrew Liesch -- Sandler O'Neill -- Analyst

Hey guys. Nice job on the deposit growth, the Treasury Management Group, say it's doing a really nice job. Just curious what was the rate that these funds were added during the quarter?

Len E. Williams -- President and Chief Executive Officer

It's mixed as you guys will look at and what we did with our treasury report is we actually instituted new products or corporate investment with a little higher than market rate. It actually brought in close to $100 million in new business. On that new business we're also now reaping the benefits of operating accounts which I think over time will reduce that cost. So it was a strategic move to bump it through what's normally a down quarter for us. We've got some momentum with that group and are pretty encouraged on the deposits side right now.

Andrew Liesch -- Sandler O'Neill -- Analyst

How is the pipeline for further inflows, look from this team?

Len E. Williams -- President and Chief Executive Officer

It's looking pretty good actually. Again we had a pretty good pickup this past quarter. And I would expect, I don't believe we'll be at the same level next quarter, but the pipeline is strong and we're really excited about what that team is doing and the value that they are adding to the program overall.

Andrew Liesch -- Sandler O'Neill -- Analyst

Right. Certainly. And then does it sounds like overall though you do with the Fed pausing the rate of the increase in cost of funds is going to slow. Will that still be the same case with this group with the deposits they bring in?

Len E. Williams -- President and Chief Executive Officer

Yes.

Andrew Liesch -- Sandler O'Neill -- Analyst

Okay. And then just on the yield side. You mentioned typically have stronger commercial growth here in the spring and summer. I mean, I'm sorry construction growth in the spring and summer months and this tend to be a little higher yielding? So should we see the loan yield rise as well, even though the Fed may be on pause?

Len E. Williams -- President and Chief Executive Officer

Well, we'll certainly get the benefit from the construction side of things. But having said that we're also expanding the the C&I business and that is a little bit lower yielding loans as well. So, I would expect, as we've talked earlier, kind of north of 5% is probably where we are going to be overall.

Just to add a point and I might even pre-empt some of the other questions that will be coming on this Andrew. But we've talked about the rate differential, the volume is the area we're spending a ton of time on right now as well building those pipelines for construction growth. But also kind of increasing the ramp rate into the C&I. We've mentioned a couple of quarters that we're opening a new center Utah County, which is where we're housed and we're starting to get some momentum there. We gave some guidance which is something we rarely do on loan growth rates for the year.

We sure like to make that look conservative as we push along, but, now that's internal focus we are pushing pretty hard on right now. The loan growth and margins of function of it, but the volumes as or more important right now. We don't have an issue with margins.

Andrew Liesch -- Sandler O'Neill -- Analyst

Got you. You guys have covered all my other questions, I'll step back.

Len E. Williams -- President and Chief Executive Officer

Thank you.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Thank you Andrew.

Operator

Our next question comes from John Rodis from FIG Partners. Please go ahead with your question.

John Rodis -- FIG Partners -- Analyst

Good morning, guys.

Len E. Williams -- President and Chief Executive Officer

Hi. Good morning.

John Rodis -- FIG Partners -- Analyst

Len, maybe just your comment -- you said -- on the reserve you said we need to continue to build the reserve. Can you maybe try to quantify that a little bit for us going forward?

Len E. Williams -- President and Chief Executive Officer

I think we're pretty close to a total reserve percentage for where we're comfortable. And we want to hold around that, I don't think there's a whole lot of additional build on that other than we just want to make sure we're prepared to not dilute things as we go into the seasonal requirements next year.

John Rodis -- FIG Partners -- Analyst

Okay. Fair enough. So just -- so at 1.55% of loans plus or minus that level you don't see it going substantially higher from here?

Len E. Williams -- President and Chief Executive Officer

We're pretty comfortable where we are.

John Rodis -- FIG Partners -- Analyst

Okay. And I apologize, I had to jump off for a second. But on the margin -- the core margin was down what 9 basis points to 5.18% in the quarter. Where do you sort of see that over the next couple of quarters if you addressed that I'm sorry I had to jump off a second?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Yes. I think It was -- I just want to confirm the number. I think it 11 basis points in the first quarter, it was 14 basis points in the quarter before and 24 basis points a year ago. So I would expect that kind of same decline trend to continue on.

John Rodis -- FIG Partners -- Analyst

Well yes. So that's the yield accretion right. But I mean if you strip that out the core margin was down 9 basis points. Do you -- what sort of -- do you still think you're going to have some compression in the core margin going forward or do you think you can hold it around 5.18ish?

Len E. Williams -- President and Chief Executive Officer

As we have said earlier, we're looking at kind of 5% is where we feel like that that core margin will be overall. I mean obviously as we said construction loans into the next couple of quarters are going to help with yield. But as we grow that C&I portfolio that's the lower yield as well, so 5% is a pretty robust net interest margin and we will be happy with that.

John Rodis -- FIG Partners -- Analyst

Okay. And it would take a couple of -- a few quarters to get there. Correct?

Len E. Williams -- President and Chief Executive Officer

Yes. It will and volume is going to drive a little bit too or at least mix of volume we'll drive it. We are right now heading into a little bit more of the construction season. That's we tend to get pretty good yields on those, but as we continue to crank up the C&I at lower yields, it's kind of a mix and timing overtime long term guidance. I think as Mark stated that 5% number is a core where we're working to try to hold as close to as we can, but the quarterly ups and downs are really mix driven and combined with volume. I would say if we have a type of volume that we hope to have it would be probably down a little bit from where it is today still over 5%.

If we have low volume and more in the construction season than we currently anticipate, I don't think you'd see it drop much.

John Rodis -- FIG Partners -- Analyst

But, obviously that's the margin you talk about loan growth and you provided some guidance. Like you said that you don't rarely you don't typically do a mid single digits and you hope to do better. So obviously even with some margin compression you're still going to grow net interest income dollars correct?

Len E. Williams -- President and Chief Executive Officer

Exactly, John

John Rodis -- FIG Partners -- Analyst

And do you think as far as net interest income dollar growth. do you think that sort of low to mid single digit growth year-over-year is that achievable?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

We hope so. We knew we were stepping out of giving the guidance on the growth, and this is normally a place we don't go, but you can make your assumptions from it.

John Rodis -- FIG Partners -- Analyst

Okay. Okay. Thank you guys.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

You bet. Thank you.

Len E. Williams -- President and Chief Executive Officer

Thank you.

Operator

(Operator Instructions) Our next question comes from Don Worthington from Raymond James. Please go ahead with your question.

Donald Worthington -- Raymond James -- Analyst

Thank you. Good morning.

Len E. Williams -- President and Chief Executive Officer

Good morning, Don.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Hi, Don.

Donald Worthington -- Raymond James -- Analyst

Couple of things. One mortgage banking income looks like it's holding at about $1.4 million in the last couple of quarters. Do you kind of see that continuing that level?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Yes. The mortgage income this quarter, we actually were a little bit disappointed with the results. I would check as recently as this week on the pipeline, we're a little more bullish for Q2. We're actually doing some internal structuring issues to try to drive that a little harder than we hope to see over the next couple of quarters. So yeah I don't see it going down.

Donald Worthington -- Raymond James -- Analyst

Okay. All right. And then a couple of lines in the noninterest income. Mark you mentioned, I guess the card processing was impacted this quarter by I guess some offset costs. Do you see that rebounding more into the $700,000 level or?

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Yes.

Donald Worthington -- Raymond James -- Analyst

Okay. And then service charges on deposit accounts those were down this quarter or maybe they were elevated last quarter. I don't know. But...

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Don its elevate. It is elevated in the fourth quarter, but we would expect that would grow as well assuming with the Treasury Management team, we would expect there would be some seasonal growth going on there.

Donald Worthington -- Raymond James -- Analyst

Okay. Great. All right. Thank you.

Len E. Williams -- President and Chief Executive Officer

Thanks Don.

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Thank you.

Operator

And ladies and gentlemen, at this time I'm showing no additional questions. I'd like to turn the conference call back over to management for any closing remarks.

Len E. Williams -- President and Chief Executive Officer

Okay. Thank you all again for joining us. We appreciate the questions and as always if you have any additional questions, feel free to give Mark and myself a call and we'll do our best to find the information that you're looking for. Thank you for your support. We appreciate you joining in the call. Have a great weekend everyone.

Operator

Ladies and gentlemen that does conclude today's conference call. We do thank you for attending today's presentation. You may now disconnect your lines.

Duration: 31 minutes

Call participants:

Mark K. Olson -- Executive Vice President and Chief Financial Officer

Len E. Williams -- President and Chief Executive Officer

Jeffrey Rulis -- D.A. Davidson -- Analyst

Andrew Liesch -- Sandler O'Neill -- Analyst

John Rodis -- FIG Partners -- Analyst

Donald Worthington -- Raymond James -- Analyst

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