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First Defiance Financial Corp (NASDAQ:FDEF)
Q3 2019 Earnings Call
Oct 22, 2019, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the First Defiance Third Quarter 2019 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Tera Murphy with First Defiance Financial Corp. Please go ahead.

Tera Murphy -- Vice President and Marketing Director

Thank you. Good morning, everyone, and thank you for joining us for today's 2019 third quarter earnings conference call. This call is also being webcast, and the audio replay will be available at the First Defiance website at fdef.com. Providing commentary this morning will be Don Hileman, President and CEO of First Defiance; Paul Nungester, Executive Vice President and Chief Financial Officer. Following their prepared comments on the company's strategy and performance, they will be available to take your questions.

Before we begin, I'd like to remind you that during the conference call today, including during the question and answer period, you may hear forward looking statements related to future financial results in business operations for First Defiance Financial Corp.

Actual results may differ materially from current management forecasts and projections as a result of factors over which the company has no control. information on these risk factors and additional information on forward looking statements are included in the news release. In the company's reports on file with the Securities and Exchange Commission

And now, I'll turn the call over to Mr. Hileman for his comments.

Donald P. Hileman -- President and Chief Executive Officer

Good morning, and welcome to the First Defiance Financial Corp. Third Quarter Conference Call. Last night, we issued our 2019 third quarter earnings release, and I would like to discuss those results and give a look into the fourth quarter and set the stage for 2020. Joining me on the call this morning to give more detail on the financial performance for the quarter is our CFO, Paul Nungester. And at the conclusion of our remarks, Paul; Vince Liuzzi, our bank President; Brent Beard, our Controller and Treasurer; and I will answer any question you might have. Overall, we had another strong quarter with sustained movement toward our financial goals and positive movement toward our strategic partnership with UCFC.

The third quarter results reflect our expected operating performance, and Paul will give more color on some of the nonrecurring items in the quarter and the challenges going forward and the anticipated interest rate environment. Net income for the quarter on a GAAP basis was $13.2 million or $0.66 per diluted common share compared with $11.3 million or $0.55 per diluted common share in the third quarter of 2018, a 20% increase in EPS.

Our overall core performance this quarter continued to drive a solid return on average assets of 1.58% compared to 1.47% in the third quarter of 2018. Loan growth remained on target in the quarter at an annualized growth rate of 6.3%. And on a year-over-year basis, our loan growth was 8.5%. Our growth expectations remain in the mid- to upper single digit level. We did see a decrease in loan yields of 8 basis points on a linked quarter basis and an increase of 19 basis points compared with the third quarter of 2018. Our net interest margin for the quarter ended up at 3.88%. This is within the range we expected as we see lower loan yields and higher cost of funds impacting the quarter.

The total deposits were up 11.9% on an annualized linked quarter basis and up 9.4% year-over-year. We continue to see competitive rates on select lending deals with more requests for longer-term fixed rates. Our noninterest income did benefit from more interest rate swap activity this quarter. We anticipate some margin compression in the fourth quarter due to -- in part to downward pressure on asset yields and some remixing of the balances on the liability side as well as more limited downward pricing of liability opportunities.

Improved credit quality metrics have been anticipated, and this quarter's improvement was evident when compared to both the third quarter of '18 and on a linked quarter basis. At the end of the quarter, we ended up with nonperforming asset ratio of 0.44% and 0 balances in OREO. Paul will provide additional details on the nonperforming assets and nonperforming loans in a few moments.

Our focused efforts must continue to turn this momentum into stable to improving asset quality trends across the board in the near term. We are also pleased to announce a 2019 third quarter dividend of $0.22 per share, representing a 29% increase over the third quarter of 2018 in -- on an annual dividend yield of approximately 3%.

I will now ask Paul to provide additional financial details for the quarter before I conclude with an overview. Paul?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Thank you, Don. Good morning, everybody. I will review our third quarter 2019 financial results and outlook for the remainder of the year. As Don noted, bottom line net income for the quarter was $13.2 million, up 16% from $11.3 million last year. Earnings per share was $0.66, up 20% from $0.55 last year. Excluding merger-related costs, EPS would have been $0.68. Overall, the year-over-year comparison reflects our continued strong core profitability growth, which I will review in more detail shortly. Starting with the balance sheet. Loan growth for third quarter 2019 was solid at $41 million, which represented over 6% annualized growth. Year-to-date, loan growth now stands at $125 million or 6.6% annualized growth.

Looking ahead, our loan pipeline remains robust and we still anticipate solid mid- to upper single digit loan growth for the full year, assuming we have no significant unexpected payoffs in the fourth quarter. Turning to deposits. We rebounded significantly in the third quarter with $80 million of growth or an annualized rate of 12%. Year-to-date, deposits are up $140 million or 7.1% annualized growth. The overall growth has been solid for the first 9 months of the year, and we remain comfortable with the strength of our balance sheet. Moving to the income statement. Our net interest income was $29 million for the third quarter of 2019, consistent with the prior quarter and up $1.4 million or 5% from the $27.5 million in the third quarter last year. The increase over the prior year is primarily driven by growth in earning assets.

Our margin this quarter was 3.88%, down 15 basis points from second quarter. As noted on our July earnings call, we did expect contraction to begin this quarter. First, we had some sizable interest recoveries in the second quarter that we did not have in the third quarter. That represents 5 basis points of margin decline on a linked quarter basis. The remaining 10 basis points of decline is primarily rate driven on both assets and liabilities. Our yield on earning assets was down 11 basis points, mostly due to our loan portfolio, where yields declined 8 basis points to 5.04%. In addition to those interest recoveries, this is directly attributable to the 2 Fed fund rate cuts and depressed yield curves for treasuries in LIBOR that happened during the third quarter.

Conversely, our cost of interest-bearing liabilities was up 6 basis points, mainly due to a 5 basis point increase in our cost of interest-bearing deposits. This is improved from the 9 basis point increase we experienced in the second quarter and is a successful reflection of our efforts to reduce deposit rates, in concert with Fed Fund rate cuts. This pattern should continue to improve as we work through the turnover of our time-based portfolio. The net impact was a 17 basis point decline in spread. However, increases in our interest-earning assets and noninterest-bearing deposits helped offset that a bit for a 15 basis point decline in margin or 10 basis points, excluding interest recoveries. We do expect further contraction in the fourth quarter, partly due to a full quarter impact of the September Fed fund rate cut and as we continue to work on reducing deposit costs.

That contraction could be exacerbated by any additional Fed fund rate cuts. Separate from addressing our funding costs, we remain focused on cost containment and revenue enhancements as evidenced by this quarter's results. Total noninterest income was $11.8 million in the third quarter of 2019, up from $10.5 million in the linked quarter and up from $9.9 million in the third quarter of 2018. The increases are primarily attributable to improvements in both mortgage banking and service fees. Regarding mortgage banking, revenues for the third quarter of 2019 were $2.8 million, up $685,000 from the linked quarter and up $945,000 from the third quarter of 2018.

Third quarter 2019 mortgage originations were $127 million, up from $85.5 million last quarter and also up significantly from $74 million in the third quarter of 2018. Gain-on-sale income was $2.6 million in the third quarter of 2019, up both from $1.8 million in the linked quarter and $1.3 million in the third quarter last year. Partly offsetting these improvements was a negative MSR valuation allowance adjustment of $155,000 after a negative adjustment of $190,000 last quarter and compared to a positive adjustment of $8,000 in the prior year. While we are understandably pleased with third quarter mortgage banking income, these results are partly seasonal and also due to the third quarter rate environment.

We do expect fourth quarter results to revert back to normal seasonality without any extra boost, assuming rates stabilize. Aside from mortgage banking, we generated service charges of $4 million, up $692,000 or 21% from last year and insurance commissions of $3.3 million, essentially flat from a year ago. Third quarter service fees included an elevated level of swap fees due to the rate environment and some refinance activity. Similar to mortgage banking, we would not expect a similar boost in the fourth quarter, assuming stabilized rates. BOLI income increased $256,000 from the linked quarter and $384,000 from the third quarter of 2018. These fluctuations primarily reflect $325,000 of death benefits received in the third quarter of 2019 compared to $93,000 in the second quarter of 2019, and no such benefits in the third quarter of 2018. Overall, we are pleased with the performance of our core fee businesses in the third quarter.

Regarding noninterest expenses, third quarter 2019 totaled $23.2 million, down from $24.2 million in the linked quarter, but up from $22.3 million for the third quarter of 2018. The expense fluctuations are both generally attributable to compensation, FDIC premiums and merger costs. Compensation and benefits rose $1.2 million from last year, reflecting costs for our continued metro market expansion efforts, but declined 337 from last quarter due to expense control efforts. The FDIC insurance premiums were a credit of $255,000 in the third quarter of 2019 compared to a $255,000 expense last year and $258,000 expense last quarter. This is due to the small bank assessment credits being applied in September as a result of the deposit insurance fund reserve ratio exceeding 1.38%.

We'd expect that to reverse in the fourth quarter with a net expense as we return to full run rate expense by the first quarter of 2020. Lastly, we did recognize $540,000 of merger-related costs in the third quarter of 2019 compared to none in the prior quarter or prior year. The net impact of all the above contributed to a strong and improved operating profitability. Pretax pre-provision income was $17.5 million for the third quarter 2019, an increase of 15% from $15.2 million in both the linked quarter and third quarter 2018. Regarding asset quality, provision expense for the quarter was $1.3 million compared to last quarter's expense of $0.3 million in the third quarter 2018's expense of $1.4 million. The provision this quarter was more elevated and expected partly due to net loan charge-offs of $11,000 versus net recoveries of $488,000 last quarter.

Additionally, loan growth for the quarter paired with a couple of higher qualitative factors drove an increase in the allowance overall. Our allowance for loan loss at September 30, 2019, was $30.3 million, up from $28-point million at June 30 and up from $27.6 million on September 30 of last year, with the year-over-year change mostly driven by loan growth. The allowance to total loans ratio at September 30, 2019, was 1.13%, consistent with last year and up from 1.10% last quarter. The linked quarter increase reflects higher qualitative factors due to a meaningful increase in delinquencies as well as an increase in unemployment rates within our footprint back to prior year levels and a decrease in real GDP.

Nonperforming loans declined again this quarter to $14.7 million from $15.3 million last quarter and were down 30% from $20.9 million at September 30, 2018. Our OREO balance remains 0 this quarter from last quarter and was down $1.7 million from third quarter 2018. Our accruing troubled debt restructured loans this quarter remained flat at $10.3 million from last quarter and were down 18% from $12.6 million a year ago. The allowance coverage of nonperforming assets at quarter end increased to 206% compared to 189% at June 30 and 132% a year ago. We are still pleased with our overall recent trends and improvements from last year and remain confident in our asset quality as we continue to pursue our growth strategies. Looking at our capital position, total quarter end stockholders' equity was $418 million, up from $393 million at September 30, 2018.

As a reminder, during the first quarter of this year, we repurchased approximately 515,000 shares for $15.1 million. However, our capital position remains strong with the quarter end changeable equity-to-assets ratio of 9.67%, down very minimally from 9.69% last year. And a consolidated total risk-based capital ratio of approximately 12.9%. Our solid capital position continues to support our ongoing growth and shareholder value enhancement strategies. In conclusion, our positive momentum continued in the third quarter with diluted EPS up 20% from last year, return on assets of 1.58% versus 1.47% a year ago and return on equity at 12.71% versus 11.52% last year. Our balance sheet remains solid.

Our operating profitability is high and our capital position is strong. While we have indicated an expectation of additional margin contraction, we believe our continued cost containment and revenue enhancement strategies support our positive outlook for meeting our 2019 expectations. To add clarity, if you exclude the various nonrecurring items such as gains on BOLI, security sales, the FDIC credit, merger costs, etc., normalized EPS would have been closer to $0.64. And then if you consider additional NIM compression and lower seasonal income for mortgage banking and service fees, that realigns us closer to consensus. That completes my financial review.

And I'll now turn the call back over to Don.

Donald P. Hileman -- President and Chief Executive Officer

Thank you, Paul. I'm very pleased with the results this quarter and the increase in our core earnings. Improvement in asset quality, a steady loan pipeline and strong deposit growth give us confidence that our solid performance will continue for the remainder of '19. I'm pleased with the diversification of our growth as our leadership team is focused on execution of our market strategy with special attention to loan and deposit growth, expense control and improved asset quality. As expected, we see stronger activity in our metro markets and I'm proud to announce our expansion plans in Dublin, Ohio.

We'll support this growth as part of our Columbus market area. In early 2020, we will be opening a new office in the retail banking space in Dublin's Bridge Park area. These will be our first offices designed with our branch of the future models developed in 2018. Our rapidly increase in commercial and personal client base have been very encouraging. We look forward to continued success to match Columbus' economic growth. Our strategic community approach to Columbus will be reinforced through hires of longtime residents, development of emerging leaders and growing branch network and powerful relationships with business and community members.

While we continue to expand our physical branch network that offers more personal interaction for our clients, we are committed to optimizing our digital channels to improve our client experience to build customer retention and attract new relationships.

As previously noted, we will implement our new digital banking platform that will enhance digital banking capabilities for our personal and business clients. The same platform will create a uniformed user experience for clients and employees that will allow us to deliver even greater levels of customer service. This enhancement is anticipated -- is on the anticipated pace of implementation. As we look to provide our clients with in-person and digital banking experience that enhance our lives, we also actively seek opportunities to have positive impacts on the communities we call home. This is the premise of our annual Pay It Forward campaign. This year's campaign marks 5 years of beginning the cycle of giving and boost the distinct message of It Starts Here that putting the power of philanthropy into the hands of our bank and insurance agency employees.

We will invest $10,000 in the nonprofit organizations that our employees are most passionate about as part of the celebration. Community members are asked to visit first-fed.com/payitforward to go daily from now until November 6, '19, for more -- for which employee candidate they would like to support. The 4 employees receiving the most will receive a $2,500 donation for their chosen charity. On November 13, we will announce the selected donation winners, and every employee will fulfill our commitment to start this cycle by giving nearly 700 random acts of kindness. Pay It Forward is one of the many ways we give our employees a voice in our charitable giving. By keeping decisions that impact our communities local, we are better able to understand and support the needs of our communities.

And by empowering our employees to give back, we are able to build happier communities and fill our employees will positivity. These types of initiatives keep us focused on the communities we serve and are the foundation of us as a community bank. As previously announced, in early September, First Defiance and United Community Financial Corp. anticipating merging in the first quarter of 2020 with core system conversions following. We recently filled -- filed our regulatory applications and believe we are on schedule with that time line. Integration teams composed of experienced employees from both organizations have already been established and are identifying and addressing key issues concerning people, process and technology. With several layers of management oversight and key integration roles and responsibilities and process, we are confident we will build upon our collective strengths and minimize employee and customer impact.

I'm very pleased with the progress to date on our strategic partnership and feel we are well positioned for successful integration. Our strong performance, client-focused values and engaged employees consistently come together to deliver exceptional results for our shareholders. First Defiance will strengthen these principles to keep moving us forward, and we appreciate the confidence you have placed in us as we work to make First Defiance a company known for providing smart solutions to our customers and community. Thank you for your interest in First Defiance Financial Corp, and we thank you for joining us this morning.

We now would be glad to take your questions.

Questions and Answers:

Operator

[Operator Instructions] The first question comes from Nick Cucharale with Sandler O'Neill and Partners.

Nick Cucharale -- Sandler O'Neill and Partners -- Analyst

Morning guys,I wanted to start with the expenses. A very significant reduction this quarter with every line item improving from 2Q. Certainly, the deal complicates the outlook a little bit, but could you help us think about the expense run rate in the fourth quarter?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Sure. So obviously, right off the top at FDIC item, that will reverse. I'm not sure exactly of the -- how much of a net expense, but definitely closer to the normal run rate, and for sure, by 1Q, will be at the run rate. So that's one item there. You don't need to worry about merger costs over items that will expenses incurred, but would exclude for core purposes. The rest of the items for the most part are -- would be run rate type items at this point. We've implemented some cost-saving strategies throughout the organization and have those in place now. So those should be good numbers to use to go forward with some growth as we continue into the future.

Nick Cucharale -- Sandler O'Neill and Partners -- Analyst

Okay. Great. And then secondly, I heard your commentary that you expect the NIM to compress a little bit in the fourth quarter. Could you update us on deposit pricing in your markets? And have you seen an abatement in the competitive landscape given the interest rate environment?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Yes. Yes, I'll give some and then may be Vince can add some color to that. But yes, we have seen deposit rates come in quite significantly throughout the course of 3Q and here even in October. So we've been reducing those in line with the Fed cuts and so on and as the competitors out there cut as well. And so the biggest item here in terms of the impact on our financials is just working through that CD portfolio. It just takes a little time for those items to rollover to lower rates and have an impact on the margin. So we're hopeful that, that will start here in 4Q, 1Q for sure and be a -- start to become a contributor after this quarter. Vince?

Vince Liuzzi -- President

I would just add, Paul, that we're very disciplined in managing the deposit portfolio. And when we are making rate adjustments from a community bank standpoint, we're reaching out to clients and it's a high-touch scenario. It's not where somebody wakes up and their interest rates changed. There's a lot of communication and some very focused retention activity that go up, so customers understand the rate changes near what's happening with the Fed. And so we enjoyed some pretty good retention as a result of it.

Nick Cucharale -- Sandler O'Neill and Partners -- Analyst

Okay. Great. And then lastly, I just saw a jump in early stage delinquency this quarter. So any thing out of the ordinary there? Do you expect most of those to get resolved in the following quarter?

Donald P. Hileman -- President and Chief Executive Officer

We would expect most of that get to resolved. That's primarily one large credit that we've been monitoring for quite a while in -- if there's any loss in that, but just due to some timing the near-stage delinquencies jumped up there substantially.

Nick Cucharale -- Sandler O'Neill and Partners -- Analyst

Terrific. Thanks for taking my questions.

Donald P. Hileman -- President and Chief Executive Officer

All right, thank you.

Operator

Our next question comes from Damon DelMonte with KBW.

Damon DelMonte -- KBW -- Analyst

Good morning, guys.I guess just with regards to the deposit growth this quarter, could you talk a little bit about what drove the increase in the balances?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Good rates. We were sensitive to cutting too much too fast in some areas because we did want to support our loan growth, which did. But by the end of the quarter, we had done a very strong job on deposit growth, so those are up very good and allowed us to implement some additional cuts here recently because of that. I mean at this point, we're overfunded into 4Q on the loan side, which is good. But, yes, it was primarily rate driven.

Damon DelMonte -- KBW -- Analyst

So that kind of led to the -- like the 5 basis point uptick in interest-bearing deposits?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Partly. Partly. But also, again, it takes time to work through that CD pool. So while some areas, checking and money market and commercial rates whatever, those are immediate. But the CD pool, which is obviously sizable, those need time to rollover each quarter and start to tick down. But -- yes, the -- in terms of the impact on the NIM, that average cost was partly driven because we got better-than-expected volumes in the quarter at those rates.

Donald P. Hileman -- President and Chief Executive Officer

That gives us some flexibility too, Damon, for downward pricing because of the growth we have experienced.

Damon DelMonte -- KBW -- Analyst

Got it. Okay. And then from a pricing perspective on loans, have you guys been talking with customers about instituting floors to try to help protect yourself a little bit?

Donald P. Hileman -- President and Chief Executive Officer

Yes, we are.

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Yes. Go ahead.

Damon DelMonte -- KBW -- Analyst

Are you able to quantify kind of -- when you look across the commercial portfolio, how many loans have floors and kind of at what rates?

Donald P. Hileman -- President and Chief Executive Officer

No. We don't have that readily available, but we still have quite a few loans that do have floors that have triggered in this drop. We're having the conversations, and I think that's a competitive discussion we're having with our lenders in the markets right now that it's a little challenging. But that's something we're focused on trying to institute.

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Yes. I mean, generally -- well, I can't give you a number on what the average floor might be. Just think it through some of the recent ones, in some cases, depending on the credit and the situation, we're putting the floor at the starting rate. In some cases, we're -- if we expect another cut in the Fed funds, so it might be another 0.25 basis point from the starting rate and things like that, but nothing significant. We're not talking 100 basis points from starting rates or anything like that. It's probably on average, I'd say around 25 basis points current.

Damon DelMonte -- KBW -- Analyst

Got you. Okay. And then when you look at your outlook for the margin, would you guys factoring in for additional cuts by the Fed?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Well, at least one, possibly next week. At least that's what The Street indication is for sure, and then possibly another one by the end of the year. That one -- if it did happen at the end of December, it wouldn't really have an impact on the 4Q NIM at the end of the day. So it's more about next week as well as factoring in and again a full quarter impact for the one that happened at the end of September. You can call it 2 for the quarter essentially.

Damon DelMonte -- KBW -- Analyst

Okay. Great. And then just lastly on -- are you guys progressing along with CECL implementation? And have you quantified the potential impact from billing to the reserve? Like how big of an increase are you expecting in your loan loss reserve?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Yes. We are progressing very well on CECL. We continue to run our parallel runs each quarter. And each quarter, we have been able to knock off open items on the list. So things like -- we picked our loan segments, we picked our models for each segment. We're working on the drivers within each of those models and so on. So we're getting closer and closer. We're not prepared to provide an estimate. But consistent with what we've been saying, we don't expect it to be significant to us at the end of the day that -- while the parallel runs and the final CECL number will be higher than today's reserve, we don't expect a meaningful uptick at the end of the day and no significant impact on our equity ratios.

Damon DelMonte -- KBW -- Analyst

Got it. Okay. That's all I had for now. Thank you very much. Thanks.

Operator

[Operator Instructions] Our next question comes from Christopher Marinac with Janney Montgomery Scott.

Christopher Marinac -- Janney Montgomery Scott -- Analyst

Morning. I wanted to ask about the credit mark that you talked -- excuse me, the interest rate mark that you talked about in September. Do you revisit that before year-end, or does that simply just get deferred until you close in the first quarter and just kind of revisit where rates are?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Yes. No, that will get deferred until close. That was -- we used an estimate of what the rate environment looked at the time that we were teeing up announcement there, but it doesn't matter until we actually close. So come first quarter, we'll have to revisit what the rates are at that time in comparison to in-place rates in the portfolio and then work through that market at the end of the day and put that up.

Christopher Marinac -- Janney Montgomery Scott -- Analyst

Got you. And so if rates are higher as they are a little bit now versus September, that -- if I remember correctly, actually helps you from an earnings perspective, the accretion gets better just directionally?

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Yes.

Donald P. Hileman -- President and Chief Executive Officer

Yes.

Christopher Marinac -- Janney Montgomery Scott -- Analyst

Great. Just wanted to clarify that. And then just from a broader perspective, what are you seeing in terms of new hires into the market, whether it's Columbus in the fastest growth market or really anywhere else in the First Defiance footprint? Just curious on sort of new hires on the lending team or elsewhere?

Donald P. Hileman -- President and Chief Executive Officer

Yes. We're pretty well in place right now and already have the commitments on our new hires to staff the growth in Columbus. So we're pretty well set with that team there that might be one -- adds there. We're after experienced lenders to move the needle more quickly than other types of hires for theircareers. And then we're adding another lender up in Ann Arbor LPO as well, and got that commitment. So these are all experienced lenders that we expect to contribute fairly quickly to our pipeline.

Christopher Marinac -- Janney Montgomery Scott -- Analyst

Great. Thanks for taking my questions. Thank you.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Tera Murphy for any closing remarks.

Tera Murphy -- Vice President and Marketing Director

Thank you for joining us today as we discussed our quarterly results. We appreciate your time and interest in First Defiance Financial Corp. Have a great day.

Operator

[Operator Closing Remarks]

Duration: 32 minutes

Call participants:

Tera Murphy -- Vice President and Marketing Director

Donald P. Hileman -- President and Chief Executive Officer

Paul D. Nungester -- Executive Vice President, Chief Financial Officer

Vince Liuzzi -- President

Nick Cucharale -- Sandler O'Neill and Partners -- Analyst

Damon DelMonte -- KBW -- Analyst

Christopher Marinac -- Janney Montgomery Scott -- Analyst

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