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Provident Financial Services Inc (NYSE:PFS)
Q3 2019 Earnings Call
Oct 25, 2019, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning. Welcome to the Provident Financial Services Inc. Third Quarter Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Len Gleason, Investor Relations Officer. Please go ahead.

Leonard G. Gleason -- Senior Vice President and Investor Relations Officer

Thank you, Debbie. Good morning, ladies and gentlemen. Thank you for joining us today. The presenters for our third quarter earnings call are Chris Martin, Chairman, President and CEO; and Tom Lyons, Senior Executive Vice President and Chief Financial Officer.

Before beginning the review of our financial results, we ask that you please take note of our standard caution as to any forward-looking statements that may be made during the course of today's call. Our full disclaimer can be found in this morning's earnings release, which has been posted to the Investor Relations page on our website, provident.bank.

Now, it's my pleasure to introduce Chris Martin, who will offer his perspective on the quarter. Chris?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Thank you, Len, and good morning, everyone.

Provident's operating results were impacted by margin compression, which is being experienced by a number of financial institutions in this lower interest rate environment, as Fed policy has been supporting continued expansion in the economy and tempering the impact of possible tariffs and geopolitical challenges.

PFS' balance sheet remains strong and non-interest bearing deposit growth in the third quarter helped to ameliorate the margin compression. We have also repriced, negotiated deposit rates, while being mindful of the overall business relationships we have with these customers. As Tom will detail, core margin impacts was not as severe compared to the trailing quarter as we experienced a recovery in Q2, which had a one-time positive impact on the margin.

Earnings per share improved in Q3, and our annualized return on assets was 1.26% for the quarter, while our return on average tangible equity is 12.97%. Margin compression will be the headwind going into 2020, as it appears the Fed's policy will continue to be more accommodative. Rates have been volatile and the yield curve has flattened significantly over the past year.

As always, net interest income will be influenced by a number of factors, including loan growth, pricing spreads, the level of rates and the source of the yield curve. And because our loan portfolio leans toward a more adjustable and variable rate versus fixed, we will be impacted by lower yields.

We anticipate our net interest margin will decline by 2 basis points to 4 basis points in the fourth quarter, given the impact of the September and possible October rate cuts. Deposit pricing dynamics remain very competitive in our market, but we are now seeing less money market and special CD promotions.

Pricing discipline for deposits appears to have returned to our markets, but loan terms and conditions continue to be aggressive. We continue to maintain our credit standards and set loan pricing based on total return assessments. As for loan growth, commercial payoffs continued elevated level, with over half of refinance away and the remainder paid off from the sale of the collateral property.

The pipeline increased over the previous quarter, although we have to issue more term sheets to achieve pull-through levels. The level of private equity and insurance company, and GSE involvement has tempered our growth expectations. So, we select those opportunities that meet our return hurdles and credit criteria.

And while we don't see a recession on the horizon any time soon, we are being cautious in selected areas for new loan originations. Credit quality has been uneven, as we analyze relationship that are showing stress in particular industry sectors and will not perform well in a mature business cycle.

We are mindful that at some point the economy will experience a credit downturn and we remain disciplined in terms of our loan origination quality and our credit drivers, regardless of the competitive environment. Charge-offs were elevated during the quarter, as we wrote-off the commercial relationships that had been fully reserved for in Q2.

We are not seeing systemic issues that materially change our conservative credit perspectives for the balance of 2019 or 2020. As for CECL, we are still in the implementation phase and the ultimate effect will depend on the composition of our loan portfolio, the portfolio's credit quality and economic conditions at the time of adoption, as well as any adjustments in alterations to our models, methodology and other material assumptions. We are not yet at a point where we can disclose any impact to capital or reserve levels.

On the deposit front, average non-interest bearing deposits increased $56 million versus the trailing quarter, accompanied by increases in average time deposits, money market and brokered deposits, partially offsetting decreases in average NOW checking and savings deposits. Average borrowings increased in volume, yet costs were lower by 5 basis points, despite the impact of the repo market dislocation in September, which caused a material increase in rates for several days.

Core deposits represent 87.9% of total deposits as of quarter end. Non-interest income improved during the quarter, with the majority coming from fees on low-level swap transactions and loan prepayment fees. And our costs remain well contained, with increases in comp and benefit costs, largely offset by decreased FDIC insurance expense and data processing costs.

Our efficiency ratio for the quarter at September 30, 2019 was 54.31%, and annualized net interest expense to average assets was 1.99% for the same time period. We continue to manage our expenses, mindful, that we will be required by regulators to further build upon our risk and compliance theories [Phonetic] as we approach $10 billion in assets.

We have also invested time and treasury and employing box to performed repetitive processes along with operational decision-making improvements. We are investing in our digital channels to upgrade the customer experience and the ability to self-serve, along with enhanced access to alternate payment channels. Customer behaviors continue to evolve, and we must adapt to compete with the large money center banks and financial intermediaries.

As for M&A, we have been involved, but if you are not first, you are last. Our disciplined approach to acquisitions has always been about the enhancement of the combined entity, including management, culture and franchise value, while ensuring accretion of earnings and a reasonable earn-back of the tangible book value dilution.

We invest in ourselves by repurchasing over 670,000 shares of our stock this quarter during periods of market weakness. We evaluate the best use of our capital on a daily basis and continue to selectively look at many deal opportunities. We listen to and read our commercial clients and retail customers who continue to see moderate demand and no widespread issues related to trade uncertainty and interest rate movements. Not that optimism reigns supreme, but the core economy continues to perform above the expectations of many. And we feel our balance sheet is well positioned and will continue to grow within the limits of the economy and consumer confidence.

With that, Tom will go over more details on the quarter. Tom?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

Thank you, Chris, and good morning everyone.

Our net income was $31.4 million, or $0.49 per diluted share, compared with $35.5 million, or $0.54 per diluted share for the third quarter of 2018, and $24.4 million, or $0.38 per diluted share in the trailing quarter. Third quarter revenue was consistent with last year's third quarter at $92 million. Our net interest margin contracted 19 basis points versus the trailing quarter and 15 basis point versus the same period last year.

Recall that the trailing quarter margin was increased 10 basis points due to the recognition of $2.2 million in interest income from previously non-accruing loans. Excluding the impact of the receipt of this non-accrual loan interest in the trailing quarter, our core margin, which also excludes loan prepayment fees contracted 9 basis points versus trailing quarter.

Combat this [Phonetic] margin compression, we've begun repricing deposit accounts with negotiated exception rates, with roughly $60 million reduced by 25 basis points effective August 1st and another $300 million reduced by 25 basis points effective October 1st.

We will continue to manage liability costs, as the rate environment evolves and competition becomes more rational. In addition, we continue to emphasize the acquisition of non-interest bearing deposits, which grew $56 million on average and earnings wise [Phonetic] 15% versus the trailing quarter to $1.5 billion.

Quarter end loan totals decreased $27 million from June 30th, as growth in CRE and construction loans was outpaced by net reductions in C&I, multifamily, consumer and residential mortgage loans. Loan originations, excluding line of credit advances fell $56 million versus the trailing quarter to $354 million and payoffs remained elevated with $37 million more paying off in the current quarter than in the trailing quarter.

The pipeline at September 30 increased to $1.1 billion from $979 million at the trailing quarter end. The pipeline rate, however, has decreased 45 basis points since last quarter to 4.11%. The lower pipeline rate reflects current market conditions and the decline in treasury rates.

We intend to manage the balance sheet through December 31st to stay below the $10 billion asset threshold to avoid the Durbin impact on interchange revenues in 2020. Our provision for loan losses was $500,000 for the current quarter, compared with $9.5 million in the trailing quarter. Last quarter's elevated provisions was largely driven by a $5.7 million credit to a commercial contractor that was fully reserved. The deterioration in that credit appears to have been a result of the borrower taking on larger projects, slow payments from customers and an apparent employees defalcation.

That balance was charged-off in the current quarter, driving our quarterly annualized net charge-offs as a percentage of average loans to 33 basis points. Overall, credit metrics were stable this quarter, with non-performing assets totaling 42 basis points of total assets at quarter end.

The allowance for loan losses to total loans decreased to 79 basis points from 86 basis points in the trailing quarter as a result of the aforementioned charge-off of a fully reserved balance. Non-interest income increased by $2.2 million versus the trailing quarter to $18 million. Loan level swap income increased $1.8 million and loan prepayment fees increased $644,000 versus the trailing quarter.

Non-interest expenses were an annualized 1.99% of average assets for the quarter. Expenses were flat at $49.7 million versus the trailing quarter, helped by the recognition of the small bank assessment credit on FDIC insurance of $660,000 for the quarter. Our total remaining credit potentially realizable in future quarters is $1.8 million.

Our effective tax rate decreased to 24% from 26.5% in the trailing quarter. Prior quarter tax rate was elevated as a result of increased provisioning related to the publication of a technical bulletin that specifies the treatment of real estate investment trusts in connection with combined reporting for New Jersey corporate business tax purposes. We are currently projecting an effective tax rate of approximately 24% for the remainder of 2019 and thereafter.

That concludes our prepared remarks. We'd be happy to respond to questions.

Questions and Answers:

Operator

We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Mark Fitzgibbon with Sandler O'Neill & Partners. Please go ahead.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Hey, guys. Happy Friday.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Good morning. You, also.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Thanks. Tom, just to clarify, did you say there was $1.8 million in remaining FDIC assessment credits?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

That's correct.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Okay. Super. And then secondly, I wondered if you could kind of breakout some of the major items in the fee and other income lines from the linked quarter. What were some of the big deltas there ?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

Sure. Really just driving in two categories, Mark, two of the volatile categories. Prepayment fees on loans were up to $1.5 million from $873,000 in the trailing quarter. So that's $644,000 of it. And then the big piece was in the profit on swaps, $2.7 million for the current quarter versus $896,000 in the trailing quarter, so a $1.8 million of improvement there.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

I know they're volatile items, but how are you thinking about them for the fourth quarter? I mean are we...

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

No, when I look at it -- other income, overall, I'd say probably $16 million to $17 million is kind of the midpoint kind of range of where we expect to be going forward.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Okay. And then you said you're going to keep the balance sheet under $10 billion for the rest of this year, which makes sense. Will you grow through it organically in the first quarter do you think, assuming you don't find an acquisition?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

I do believe by the end of the first quarter, we should be there. Yeah.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Mark, this is Chris. We have modeled it. Looks like in the first quarter toward the end of that, absent any extreme level of payoffs that we would go through in that first quarter. Timing of acquisitions, as you know, is serendipity. We don't know when that will happen. And if there is anything that there would make sense.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Okay. And then, I apologize if I missed it, but did you indicate how much 25 basis point cut would mean to your margin?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

I think that's just what Chris covered when he said probably 2 basis points to 4 basis points in the back half of the year and that's expecting a cut in the next week and potentially one at the end of the period.

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Got you. Great. Thank you.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Thank you.

Operator

The next question is from Russell Gunther with D.A. Davidson. Please go ahead.

Russell Gunther -- D.A. Davidson & Co. -- Analyst

Hey. Good morning, guys.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Good morning.

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

Good morning.

Russell Gunther -- D.A. Davidson & Co. -- Analyst

Chris, could you elaborate a little bit on what you're referring to in terms of some of the selective areas where you've become a little bit more cautious?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Sure. We certainly have looked at the contractor area. Subcontractors, we are -- we have pulled back over the last several months and some of them are doing fine. We just don't think the exposure make sense in this late business cycle. And then also in the hospitality industry, specifically hotels, watching that market a little bit. So the economy may start to get a little struggle. That's one area we want to be heading up. So, those are the two areas that we are pretty much looking at reducing and we are keeping our exposure limited in the way of new originations.

Russell Gunther -- D.A. Davidson & Co. -- Analyst

Got it. Okay. I appreciate your thoughts there. And then, I guess the flip side of that, obviously, it's been a bit of a challenging environment for growth, but sounds like you'll -- again, you said cross organically in the first quarter. Maybe just share a little bit about what the opportunities are in the loan growth outlook, be it an asset class or geography?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Well, we're still seeing pretty good growth in the industrial space and especially in the warehouse area as that continue to grow. We don't get a lot of the permanents on the multifamily construction deals that we've been doing, so we try. The agencies are giving up a lot more of interest-only periods that we just don't think is prudent. And we don't have that capacity. Those are the two main areas, I think, that we have been focusing in on, if there is opportunities in those spaces. And other than that, retail a little bit and limited like in self-storage areas. But I think we kind of look at every package on its own merits and how it's structured from a credit perspective.

Russell Gunther -- D.A. Davidson & Co. -- Analyst

Very good. Okay. Got it. And then switching gears quickly. The release mentioned continued tech investments as well as around compliance, just give us a sense for kind of what the franchise investment relates to there and how that may impact the expense run rate going forward?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

I can comment to the run rate, I think we're going to tick up a little bit in Q4 with some final CECL implementation-related costs. So probably in the 15 to 15.5 [Phonetic] kind of range for Q4. Expect to sustain that to a degree going forward. I think we're going to be able to offset with some of the in-house improvements, efficiency improvements we've made to largely offset some of the increases for the technology spend.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Yeah, I think -- this is Chris again. We look at -- we've been spending money and hiring people. They've been adapting to already being a $10 billion company. The regulators are here and they've already worked along with us to make sure that we are trying to do it here everything that they're expecting. And at that point, we have hired in the risk area, compliance area, certainly some scale.

So, they're already in some of our numbers to begin with. As Tom alluded to, it's going to be a little bit more CECL. And then perfecting all these items and making sure we're in a right place on the back end. As I spoke to in my comments, using, again, some robotics to do some rudimentary things that are being done with a lot of people. We're able to do the better decisioning through our use of analytics and AI. And those are the expenses we like to actually put in because we think they're going to result in operational efficiencies going forward.

Russell Gunther -- D.A. Davidson & Co. -- Analyst

Very helpful. Thank you, guys. I appreciate it.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Thank you.

Operator

The next question is from Collyn Gilbert with KBW. Please go ahead.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Thanks. Good morning, guys.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Good morning

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

So, Chris, just back to the comment you made on kind of loan growth and appetite. Along those lines of the pipeline that you're -- that you've got currently and you indicated kind of a 4 point, I think you said 4.11% loan yield. Can you just talk about sort of the mix of that, the structure of that and sort of how you see loan pricing trending as we kind of move into the next couple of quarters if rates hold where they are?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Sure. I'll start and then I'll let Tom talk about the yields. But it's a pretty good mix and we like diversification. So, you're talking about CRE approximately $345 million in the pipeline. Our middle market is about $218 million in the pipeline, business banking, meaning smaller type of C&I loans of $255 million. Our Pennsylvania area, which has a blend of both of the C&I areas of $176 million and then resi and consumer approximately $100 million. So it goes about a $1 billion -- $1.1 billion, but the rate coming in is definitely lower as we look at continuing to originate variable rate loans.

Tom, maybe you can give some color on the rate and return?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

Yeah. And we go to our return on equity targets. We use the loan pricing models. It's very competitive out there. And I think that's been one of the reasons why we've struggled a little bit. Maybe we're a little bit more disciplined than some other folks. We will compete on price. We've always tried to maintain a structure though. So, that's why you saw the loan yields come in. The on [Phonetic] rates for the quarter were 4.22. That's down from 4.60 to last quarter. So it's really reflecting current market conditions. I think the tenor was down 66 basis points on average and the one month LIBOR was down, I think 44 basis points, something like that over the quarter.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Okay. Okay. Are you seeing much, I mean, big variations among those loans segments as it relates to pricing? I mean, where you are kind of seeing your best pricing and where you're seeing some of the lowest pricing?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

In terms of just the highest yield, consumer would be the highest and commercial real estate is probably the best after that. In terms of return, I guess, middle market and CRE are probably the best returns.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Okay. Okay. And then just in terms of the comment about the pull-through rate has declined. What -- just maybe talk a little bit about what's driving that or why that's the case?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Well, we -- I certainly think that in our commercial real estate area, most of time that we've gone down our path on a term sheet, we have it pretty much baked that we're going to get. And our clients know that they go down a path, we're pretty competitive. It's more on the C&I space. And it's geographically indiscriminate, meaning Pennsylvania and New Jersey.

There are levels in the C&I space that we just can't figure out how people would do a deal just to, for instance, out in PA, somebody was doing something of prime minus 65 basis points and with non-recourse and no covenants. We don't think that's prudent [Indecipherable] as many would. But we think that our levels are trying to hold those, people are undercutting them. We try to stick to what makes sense. If the returns are there, we will be involved, as Tom alluded to pricing, yes, structure, no. I think some of the -- it's just not worth the return. You can get that growth to offset your NIM compression but that will be short-lived.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Got it. Okay. Okay. That's helpful. And then just flipping to the funding side. You guys indicated where you're starting to drop pricing on $60 million and $300 million of deposits. But is there more to do on that, or how do you sort of -- how are you thinking about kind of the aggressiveness with which you're going to drop deposits?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

We are currently evaluating November 1st for another look. It's about $700 million that has, what we call, negotiated pricing and that's not including the municipal portfolio. So, there is some opportunities to bring rates down.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Okay. Just curious, what's the blended rate on your municipal book rate now on the deposits?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

We don't have that, Collyn. I think it's probably a little over 1.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Okay. Okay. All right. That's helpful. And then, I guess just lastly, Chris, in your opening comments, I'm just going to try to quote you, what you said. But on the M&A front, what did you say? You said if not first or last. I'm just curious what you meant by that?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Okay. Basically, if you come in close second, you don't win anything by not getting a deal done. So, there is no second place. Either you win a deal or you don't win a deal. There's not many deals that you get called back in after the fact that, OK, the possible acquirer messes up and you get called back to the table. We have not seen that in our long history.

So, what I'd say is like we put in, we think as prudent and aggressive as it makes sense. But they say, well, you were in second place, that really doesn't make you fell real good.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Got it. Okay. So it's just -- the pricing on the first bidder is so good that there is -- that there is just no further discussion among others?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Well, I guess it only [Phonetic] goes back to you at how the person that being, maybe being acquired looks at all the things they're supposed to, shareholder value, culture, management, positioning and the future because they're selling their interest to another entity. I think we match up to a lot of those. Just happened to be, somebody's a little bit more aggressive in their assumptions and/or have a lot more better cost saves that we don't.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

To that point, do you think that the sellers are taking into consideration a lot of those qualitative factors that you're mentioning? Or do you think it does seems to be more of a quantitative decision?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

I think quantitative has to be there, but I think qualitative is giving everybody an opportunity to say, I'd like a certain company or certain approach. So, I think you have to have a good culture and a good management structure. I don't think anybody is just doing, I think, from a math standpoint any longer.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Okay. Okay. And then just lastly, just Tom, on the repurchases, you guys obviously bought a nice slug this quarter. Should we assume a similar level going forward? And then how do you want it? How should we be thinking about that in 2020 once you start to kind of restart the growth engine again?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

No, really, it's been market condition dependent. We stepped in when the market pricing got hit a bit. We try to look at that as a tangible book value dilution versus the earnings accretion. Think about in terms of creation or destruction of value using multiples on an earnings basis, on a tangible book basis and see where those normalize or they ease out [Phonetic]. That's one way we look at it. And then we look, give it a reasonableness test overall on kind of price to tangible book we came back at and what the earn back is on a risk-free transaction. So it really is market price dependent how much we step in.

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Okay. Okay. Okay. I'll leave it there. Thanks, guys.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Thank you.

Operator

The next question is from Steven Duong with RBC Capital Markets. Please go ahead.

Steven Duong -- RBC Capital Markets -- Analyst

Hey. Good morning, guys.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Good morning.

Steven Duong -- RBC Capital Markets -- Analyst

Good morning. So just going back to the M&A, were you making a comment, just particularly in a wealth management space or a banking space?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Well, comments are mostly in the bank space of late.

Steven Duong -- RBC Capital Markets -- Analyst

Got it. Okay. Great. And then -- I appreciate the color, the guide on the NIM. Can you remind us what your deposit beta was in the last cycle and if you think it will behave similarly in this current cycle?

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

I don't have my year-to-date with me because once we flipped the direction, I didn't print it out. I'm trying to remember. I think it was in the 30s, Steve. But I can get back to you what the beta was through the rising cycle.

Steven Duong -- RBC Capital Markets -- Analyst

Okay. Great. And then just lastly, just back on the capital front. I guess you've done special dividends before, is there a preference between special dividends versus buybacks?

Christopher P. Martin -- Chairman, President and Chief Executive Officer

I think that's really just market price dependent.

Steven Duong -- RBC Capital Markets -- Analyst

Yeah.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Whichever makes the most sense, we'll do it.

Steven Duong -- RBC Capital Markets -- Analyst

Okay. Great. That's it for me. Everything else has been answered. I really appreciate. Thanks, guys.

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Thank you.

Operator

[Operator Closing Remarks]

Duration: 27 minutes

Call participants:

Leonard G. Gleason -- Senior Vice President and Investor Relations Officer

Christopher P. Martin -- Chairman, President and Chief Executive Officer

Thomas M. Lyons -- Senior Executive Vice President and Chief Financial Officer

Mark Fitzgibbon -- Sandler O'Neill & Partners -- Analyst

Russell Gunther -- D.A. Davidson & Co. -- Analyst

Collyn Gilbert -- Keefe, Bruyette, & Woods -- Analyst

Steven Duong -- RBC Capital Markets -- Analyst

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