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Old Second Bancorp Inc (NASDAQ:OSBC)
Q3 2020 Earnings Call
Oct 22, 2020, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, everyone, and thank you for joining us today for Old Second Bancorp, Inc.'s Third Quarter 2020 Earnings Call. On the call today is Jim Eccher, the company's CEO; Gary Collins, the Vice Chairman of our Board; and the company's CFO, Brad Adams. I will start with a reminder that all sections comments today may contain forward-looking statements about the company's business, strategies and prospects, which are based on management's existing expectations in the current economic environment.

These statements are not a guarantee of future performance, and results may differ materially from those projected. Management would ask you to refer to the company's SEC filings for a full discussion of the company's risk factors. On today's call, we will also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in our earnings release, which is available on our website at oldsecond.com under the Investor Relations tab.

Now I will turn it over to Jim Eccher.

James L. Eccher -- President and Chief Executive Officer

Okay. Good morning, and thank you for joining us today. I have several prepared opening remarks and will give my overview of the quarter and then turn it over to Brad for additional details. I will then conclude with some summary comments and thoughts about the future before we open it up for questions. Net income was $10.3 million or $0.34 per diluted share in the third quarter. Earnings this quarter were positively impacted by continued higher volumes of mortgage banking activity and resulting income, specifically net gains on sale of mortgage loans. Net interest income declined slightly from last quarter based on continued reductions of interest rates on variable rate loans. The impact of $137 million in PPP loans and a massive increase in core deposits without corresponding earning asset growth resulted in a sizable reduction and a reported taxable equivalent margin of 31 basis points. The NIM compression was more significant than our expectations because we had not anticipated the magnitude of the increased liquidity, which taken our loan-to-deposit ratio from 84% to 82% this quarter. Expense discipline was strong with deferral expenses related to the origination of PPP loans, reduced dollars of operation and lower overall volumes. Asset quality trends at this point remain remarkably stable, and the bulk of our lending team is focused on monitoring and staying in close contact with our clients. Nonperforming and classified assets increased somewhat modestly, and we remain confident in the strength of our portfolios. Details are available in the earnings release tables on these changes.

Loans that our modification stand at approximately 2.4% of the loan book today, and we are working closely with our borrowers to understand each and every situation. Of the original $226.2 million of loans, which were on COVID-19-related deferral about $172 million or 76% have already returned to payment status. As of October 19, 49 loans totaling $26.6 million in balances have received a second deferral period. Concurrent with our earnings release, Old Second also filed additional detail on our loan portfolio that will give investors additional detail on the composition of the loan portfolio, current modification breakdowns and reserve levels. Exclusive of PPP loans, the reserve currently stands at 1.74% of total loans and 1.9% if the reserve for unfunded commitments is also considered. During the quarter, $1 million of reserves for unfunded commitments was reclassified into the allowance for credit losses on loans. Overall fundamentals and earnings trends were relatively stable and consistent with prior quarters, with mortgage banking results, reflecting a positive impact of the low rate environment. We are extremely pleased with this performance. Old Second has taken a number of steps to protect our employees, customers and communities. For our customers, our locations remain open and available, albeit with necessary safety precautions. We are continuing to work with those that have been directly impacted, and we are offering the ability to defer payments as appropriate. Fees have also been waived in many cases. The vast majority of our staff has been working remotely since March without issue. Both second is proud to serve our communities, and I couldn't be more grateful of the efforts of our employees over the last few months.

We are fortunate that our core lending strengths have steered clear of many of the most impacted industries. As a reminder, for last quarter, we had 0 direct energy or aircraft exposure in our loan portfolio. Hotel lending is extremely limited, and restaurant lending is similarly scarce in our portfolio. We realize the potential exists from many other industries to be significantly impacted in the short- to intermediate-term from the implications of rising unemployment and following consumer and commercial demand. We are closely monitoring trends in both retail and office commercial real estate, both for our customers and in our footprint. Our overall outlook remains cautious at this point, although we are seeking new lending relationships. Our base economic forecast at September 30 continues to project significant economic stress and an elevated unemployment rate over the life of the loan portfolio. Of note, we did not worsen our base case economic scenarios in the third quarter. Although, we have not, as of yet, upgraded them either. We will have losses at some point. We believe our portfolio is well diversified and will hold up much better than most. Importantly, we believe our capital and liquidity position are as strong as they have ever been. In regards to the third quarter specifically, total loans decreased by $22 million from last quarter due to continuing payoff activity and softer origination volume. We did not see significant line of credit drawdowns at Old Second in the third quarter.

Thus far, in 2020, line drawdowns have continued to remain mostly muted. In a very short period of time, we saw a robust pipeline of loan demand mostly disappear. Concurrent with this, we quickly froze any lending activity that featured cash-out refinancing. Loan growth trends in the fourth quarter and beyond should improve based on current pipelines from the levels to the path of the overall economy and pandemic progression could impact that estimation. In the third quarter 2020, Old Second began the forgiveness application process with the SBA, and we'll continue to process for giving this applications through the remainder of the year with an expectation of receipt of funds from SBA well into 2021. Overall, we remain cautious, but surprisingly encouraged about our results in a number of areas.

And I will turn it over to Brad, who will give you more color in his prepared comments.

Bradley S. Adams -- Chief Financial Officer

Thank you, Jim. Net interest income decreased only $198,000 relative to last quarter. The net interest margin has declined due to further expansion of excess liquidity on the balance sheet, reduced rates and lower-yielding PPP loans. We had expected a more modest margin compression than this, but continued deposit inflows and substantial excess liquidity persisted for the entirety of the quarter. Our margin performance exclusive of these factors has remained within shouting distance of our expectations. We will modestly look to deploy some of the excess in coming periods over extremely short durations and with a extremely conservative credit profile. This should stabilize the margin in future periods. I'm not assuming at this point anyway, that deposit inflows will reverse quickly. If the outflow or bounce back is relatively quick, our margin outlook would improve. If economic conditions improve and loan growth returns, our margin outlook would improve. I do not currently expect either of these conditions to occur in the short term. The income trends were strong relative to last quarter as mortgage banking income increased $950,000, primarily due to net gain on sale of mortgage loans and a reduction in MSR losses in the third quarter of 2020 over the second quarter.

Service charges on deposits also reflected growth because customer banking activity increased. Consumers slowly start to spend again in the pandemic environment. The provision for loan losses totaled $300,000 in the third quarter, following an approximate $8 million in the allowance for credit losses in the first quarter of 2020 and $2.1 million in the second quarter. This economic outlet for us assumes prolonged recessionary environment with an unemployment rate remaining above 8% through September of next year and highly elevated over the remaining life of the loans. As Jim mentioned, Old Second is minimal exposure to the hardest-hit industries and a very strong credit culture overall. Our consumer lending exposure is both relatively modest and well seasoned. Reserves across the commercial book have increased dramatically this year in excess of 50% relative to last year.

Our efforts in the coming quarters will be focused on helping customers funding quality loan growth and maximizing core funding with the expectation of further modest contraction in margin trends. Assuming liquidity remains robust and risk spreads remain unreasonably tight, our capital and liquidity levels leave us well positioned, and we have ample flexibility to continue the pursuit of quality relationships while protecting the franchise. Expenses remain extremely well controlled, and we will likely pursue some modest expense initiatives in the remainder of the year as the depth of the economic stream becomes more clear.

With that, I'll turn the call back over to Jim.

James L. Eccher -- President and Chief Executive Officer

Okay. Thanks, Brad. In closing, we've remain encouraged with these trends, confident in our balance sheet and feel like we're ready for the challenges ahead. We have taken the steps to position ourselves well for a slowdown in recession. We believe our credit underwriting has remained disciplined, and our funding and capital position is strong. I remain optimistic that opportunities will be available to improve our franchise, and a focus for us is on timing, making sure we have the right liquidity, balance sheet and access to capital that we need in order to take advantage. I'd also like to mention that we announced two new additions to our Board of Directors this week. Jill York, a longtime executive with MB Financial; and Bill Lyons with more than 30 years of bank regulation experience with the OCC have agreed to join us. We welcome their perspective and believe they can help us reach our long-term goals. That concludes our prepared comments this morning.

So I will turn it over to the moderator, and we can open it up for questions.

Questions and Answers:

Operator

Thank you. The floor is now open to question. [Operator Instructions] Our first question comes from Nathan Race with Piper Sandler. Please state your question.

Nathan Race -- Piper Sandler -- Analyst

Yeah, hi guys. Good morning.

James L. Eccher -- President and Chief Executive Officer

Good morning, Nathan.

Nathan Race -- Piper Sandler -- Analyst

I was hoping to just start on the loan growth outlook, loans ex-PPP declined in the quarter. And I think part of that was attributable to lower line utilization, which I think also resulted in you guys reversing the unfunded commitment, ACL as well. So just trying to think, have loans kind of troughed at these levels here in 3Q ex PPP? And how should we kind of think about the unfunded commitment piece of the ACL going forward?

James L. Eccher -- President and Chief Executive Officer

Yes. Nate, I guess I would say, based on the last few weeks, we're definitely seeing a pipeline starting to build again. Things are very difficult to predict, going out more than two, three weeks. But certainly, with the uncertainty in the economy COVID. But we are seeing a more active loan committee. We're encouraged with the quality of the opportunities that we're looking at and expect we can stabilize the portfolio and hopefully show some growth in the fourth quarter.

Bradley S. Adams -- Chief Financial Officer

And relates to the provision for unfunded commitments. It's -- I think that's largely a factor of how much uncertainty there was in the first quarter and maybe into the second quarter in terms of how bad things were looking at that time. Our actual commitments are down pretty substantially, as you can see in overall loan trends. But that provision level that still exists for unfunded commitments. I would still characterize it as indicative of very severe economic stress. So it's possible that can continue to come down. The question is, does it go into the general reserve as it has in the third quarter or does it get reversed? But I think it's more indicative of the level of stress that we saw earlier in the year versus the level of stress that exists today.

Nathan Race -- Piper Sandler -- Analyst

Okay. Got it. And then on the core NIM outlook going forward, it sounds like the excess liquidity levels are expected to remain elevated, at least in the near term. So it sounds like the expectation is for some core NIM compression from the three 34 level leased into the fourth quarter this year and perhaps early next year. Just hoping you can kind of frame about the magnitude that your kind of compression expectations, Brad, over the next couple of quarters?

Bradley S. Adams -- Chief Financial Officer

Your guess will be as good as mine, Nate. I think that we saw, on an average basis, $130 million increase in net fed funds sold position in the third quarter relative to the second. I would not have expected that. I did not expect that. Obviously, there's a whole heck of a lot of money sloshing around, and we're not the only one seeing this dynamic. I think that margin trends from here for the industry will be largely dependent upon issuers desire to plow that liquidity back in. Certainly, when you look around and investment opportunities that are available to those that are cautious right now, credit spreads are in my opinion, unreasonably tight and not indicative of the risk that's out there. I think that we obviously have to do something in terms of putting some of that liquidity to work. But my strong preference is that it would be extremely short in duration. And with credit guarantees.

So that will help the margin because anything is better than a 10 basis point Fed funds sold position, but it's not going to improve it. As long as excess liquidity remains around, it's going to be a margin that's stepped on. I will also say that it doesn't necessarily bother me. I think, at least internally, we're running two margin caps. What's the core margin and what's the margin impacted by excess liquidity? And our core margin is incredibly stable as we measure it internally. So I'm not too terribly concerned by the possibility of future margin contraction at this point.

Nathan Race -- Piper Sandler -- Analyst

Good. Understood. That's helpful. And then just lastly for me. Credit performance was, I think, quite exceptional in the quarter. The only item that maybe stood out to me was the uptick in classified loans, it looks like there was an increase in construction classified. So just any color along those lines would be helpful.

James L. Eccher -- President and Chief Executive Officer

Yes. We had a modest uptick, Nate. I think we tried to be very proactive in our credit committee, and we had one small condo project that is struggling. But of the 23 loans that came off of batement in the first round that were downgraded to either special mention or substandard most of those reside in either churches in our leasing portfolio, specifically in transportation or motorcoach we don't see losses at this point, but the common theme is cash flow is under some duress here. We expect some of these to get upgraded in the next couple of quarters. But importantly, we don't see any losses with these downgrades.

Nathan Race -- Piper Sandler -- Analyst

All right. Great to hear. I appreciate you guys taking the questions, next quarter.

James L. Eccher -- President and Chief Executive Officer

Thank you.

Bradley S. Adams -- Chief Financial Officer

Thanks, Nate.

Operator

Our next question comes from David Long with Raymond James. Please state your question.

David Long -- Raymond James -- Analyst

Good morning, everyone.

James L. Eccher -- President and Chief Executive Officer

Hello, David.

Bradley S. Adams -- Chief Financial Officer

Hi, David.

David Long -- Raymond James -- Analyst

Yeah it sounds like you guys are cautious, but still optimistic on what types of losses you guys will have. And Jim, you said that they will record losses where do you expect those losses to come at this point in time?

James L. Eccher -- President and Chief Executive Officer

Well, I'll give you an example, I guess, the lease portfolios probably get the highest risk for potential losses. As I mentioned, there's a number of borrowers in the motor coach industry and transportation. And so to date, they -- they're under either the first abatement, the second abatement or potentially could get extended again, which would create a TDR. But none of them at this point, are ready to hand over the keys to us.

But if I had to guess, provide -- this extends -- COVID extends longer that sector could be under more duress absent that, a retail concentration thing and in there, we don't have -- we only have a couple of credits that are on the second abatement there. But -- and then the church portfolio is certainly under duress. Many of them have adapted to virtual timing, a number of them haven't been able to make that change. So that's always a challenging situation if -- my guess is we'll continue to work with them and provide more payment relief even beyond the second deferral.

David Long -- Raymond James -- Analyst

Got it. Okay, thank you. And it sounds like the accounting, then if you do, once you go past the 180 days, at that point, does it then become a TDR?

James L. Eccher -- President and Chief Executive Officer

It would. It would. Yes.

David Long -- Raymond James -- Analyst

Okay. Got it.

Bradley S. Adams -- Chief Financial Officer

As we hear sit here today, our second deferrals are in the mid $20 million. So it's in the 1% range in terms of total loan portfolio. So what we're talking about here is tiny specifics in terms of where we're seeing strain. We've been surprised to the upside and has forced us to be more optimistic in terms of what the underlying cash flow dynamics in our customers looks like today relative to what it looked like six months ago. So things on that front are pretty encouraging.

David Long -- Raymond James -- Analyst

Got it. And then last question I had is, looking at your reserve day, what do you have built into your reserve on assumptions for -- or what is your assumption for a stimulus package in the reserve?

Bradley S. Adams -- Chief Financial Officer

We do not currently have an expectation of a stimulus package in the reserve.

David Long -- Raymond James -- Analyst

Got it. Thank you.

Operator

Our next question comes from Chris McGratty with KBW. Please state your question.

Chris McGratty -- KBW -- Analyst

Hey, good morning,

Bradley S. Adams -- Chief Financial Officer

Hey, Chris

James L. Eccher -- President and Chief Executive Officer

Good morning, Chris.

Chris McGratty -- KBW -- Analyst

Brad or Jim, could you just elaborate on your comments about expenses? Seems to be a hot topic with the -- within the industry today in response to color and low rates. I guess, maybe value sort of what you might be considering?

Bradley S. Adams -- Chief Financial Officer

Not a lot. We run lead, we have run lean. And my honest opinion, if you announced the draconian expense cut, then you probably weren't doing what you should have been doing a year ago. So for us, it's trending at the edges a little bit here. We have migrated from a 60 -- mid- to high 60% efficiency ratio to a sub-60% efficiency ratio over the last several years

We remain there despite a margin that has come down in a low rate environment. We've run a tight ship. I'm very proud of the efforts that have been made by everybody here in terms of keeping expenses locked down. We also have a great, many capital improvement and caught up on any deferred maintenance in 2018 and '19 when the margin was expanding and that involves also some significant tech investments, some of which allowed us to be pretty darn seamless when we went full remote.

So I just don't see any significant capex increases relative to the base years where it did have some, and I think we can hang out around this $20 million quarterly level. And I think that can drive basically returns on tangible common equity that are pretty damn close to mid-teens, which I'm happy with.

Chris McGratty -- KBW -- Analyst

Got it. On capital, I mean, you guys are kind of one of the few that have been returning capital to the buyback. Thoughts on pace of expectations going forward. Is it fair to assume, given that you've done for a couple of quarters that you might continue if the visibility is improving?

James L. Eccher -- President and Chief Executive Officer

Yes.

Chris McGratty -- KBW -- Analyst

Okay. And then last question. Obviously, the industry benefited from lower tax rates a couple of years ago. Anything different in your -- I know you've done some stuff at the investment portfolio by the duties. Anything materially different from the sensitivity that we had all the way down that might be at risk of the way up?

Bradley S. Adams -- Chief Financial Officer

No, not really. I think that if tax rates change, it's a step change kind of back to where we are. We didn't lean into anything over the new tax regime. Certainly that wouldn't be my preference, but we'll see if we add that way.

Chris McGratty -- KBW -- Analyst

Got it, thanks.

Operator

Our next question comes from Brian Martin from Janney Montgomery. Please state your question.

Brian Martin -- Janney Montgomery -- Analyst

Hey, guys. Good morning.

James L. Eccher -- President and Chief Executive Officer

Good morning.

Brian Martin -- Janney Montgomery -- Analyst

Just one question I asked about the classifieds. But was there any migration in the watch list of the special mention credits this quarter of any magnitude? Or is it pretty stable there as well?

James L. Eccher -- President and Chief Executive Officer

We had a couple -- we had a handful of credits, Brian, migrate to special mention. And no surprises, it's like for mentioned, the leasing portfolio strain. We had one1 hospitality loan that we took to special mention. But ironically, we understand that they are coming -- they don't need a second deferral where we'll be returning to normal payments in the fourth quarter. As far as any surprises, I can't say there were any -- there was pretty minor movement really to nonaccrual, and we obviously had a few upgrades, too, and we had some resolutions on some oral properties that we were able to sell.

Brian Martin -- Janney Montgomery -- Analyst

Okay. So just a modest increase. There a similar increase to what we saw in classifieds. And how about just your take on just the reserve build in general, how credit sounds? And I guess, do you guys feel like you've got most of the reserve build from COVID kind of completed at this point, absent any significant underlying deterioration from here or change in trends?

Bradley S. Adams -- Chief Financial Officer

Yes. That is the nature of CECL modeling. I would say that the only risk for meaningful provision growth from here is duration of the economic stress. You've shorten your forecast period when recession becomes evident to what extent does the recession extend beyond or continue to extend beyond your forecast period? And what is the magnitude of losses that you've began to see in context with that? So yes, we got a lot of reserves. We got a lot of capital. We got a lot of liquidity. We're in really good shape. I don't know how else to put it other than that.

Brian Martin -- Janney Montgomery -- Analyst

Yes. I mean, I guess the change -- it seems like Moody's made some changes to the better this quarter, Brad, I guess, but it sounds like though you guys didn't change your forecast. So I guess, is that just an abundance of caution? Or it just wait another quarter? Or just what's kind of the explanation there or did your forecast not change?

Bradley S. Adams -- Chief Financial Officer

Our forecast has not changed meaningfully. And I would say that you can get whipsawed pretty good if you start changing your outlook as fast as some of the stuff has changed. I'll be honest, my personal bias is that the unemployment rate is the real unemployment rate is substantially above 8% and the implications of that do not happen quickly.

Despite the market movements that seem to indicate that it does, we're by no means out of the woods here as far as Old Second goes, our profitability is very strong. Our credit quality is holding up very well. Our underwriting has remained disciplined. When we say things like we expect losses will occur, I don't know how unemployment goes from three above 10% on a real basis and you don't experience some stress. I don't care how much liquidity you throw at it.

Brian Martin -- Janney Montgomery -- Analyst

Okay. And how about just one last one, Brad, just on the differed, Jim, the deposit growth this year. I mean, how much do you think -- I guess, how much of that do you think is just long-term permanent customers that you guys -- or deposits stick around versus kind of something that's more transitory that is going to exit the bank?

James L. Eccher -- President and Chief Executive Officer

Yes, Brian, I mean, that's a great question. I'd -- we're certainly seeing a lack of spending, right, both on the consumer side and on the commercial side. We're still -- we've been hovering between $250 million and $300 million and Fed funds sold. How much of that is going to stick. It's pretty hard to tell. And normally, we see some bleed down in the fourth quarter as our municipal depositors deploy their cash. We do feel better about loan growth in the fourth quarter. But then on the flip side, we've got $130 some odd million in PPP loans that could be forgiven here in short order. So your guess is as good as mine.

Brian Martin -- Janney Montgomery -- Analyst

Okay. All right. And just maybe the last 2. Just you've touched on it, Jim, the PPP forgiveness, it sounds as though, I guess, is your expectation that most of that -- there's not much in the fourth quarter and most of it is probably the first half of '21 at this point?

James L. Eccher -- President and Chief Executive Officer

Based on the response or lack thereof, I would say probably more into the first quarter, although we do have a handful in process and have one process, but looks like the way things are going, it's going to be the end of the first quarter.

Brian Martin -- Janney Montgomery -- Analyst

Yes. Okay. And then just any update on just kind of -- you talked about the retail and office portfolios. You touched on the other ones, Jim, that have distress with the leases and some of the other items. But just any items when you look at the retailer office that are noteworthy based on analysis over the last quarter here or so?

James L. Eccher -- President and Chief Executive Officer

Yes. I think it's important, Brian, first of all, we have no offices, no large office properties in Downtown Chicago. They're all in the suburbs. We have we have zero loans on deferral in the office portfolio right now. We have a couple in the retail portfolio, but we're reading the same news you are. We know things are changing rapidly. So we're in constant contact with our clients and trying to get our arms around rental rates and cap rates and that does concern us, and we're going to continue to be vigilant over that book. But right now, it's holding up pretty well.

Brian Martin -- Janney Montgomery -- Analyst

Okay. And the areas of most concern in the retail book, Jim would be what? I guess, when you look at it today?

James L. Eccher -- President and Chief Executive Officer

I would say smaller retail strips, some stand-alones would concern me. Those are the areas that I would be most concerned with.

Brian Martin -- Janney Montgomery -- Analyst

Okay, I appreciate you guys taking the questions, thanks

James L. Eccher -- President and Chief Executive Officer

Thanks, Brian.

Operator

[Operator Instructions] Our next question comes from David Konrad with D.A. Davidson. Please state your question.

David Konrad -- D.A. Davidson -- Analyst

Hey, good morning. Just a couple of follow-up questions, one is on PPP. Can you remind us of the fee income potential out there to still take into earnings if there's a prepayment going in the first quarter?

Bradley S. Adams -- Chief Financial Officer

So in terms of the net bottom line earnings impact, we had told people that was around a $4.5 million gain the bottom line impact, though, is impacted by the amount of expense deferral that occurred last quarter. So I would say net economics to the balance sheet, exclusive of lost yield if that portfolio pays, and we do not redeploy at the same or better rate as we still got somewhere between $2.5 million and $3 million in upside.

David Konrad -- D.A. Davidson -- Analyst

Perfect, thanks. And then last question, just following up on the loan growth and loan portfolio. Most of the asset classes were down quarter-over-quarter. But I did find it interesting that CRE investor category was up about 4.5%. I know you guys have been really conservative in the CRE, but just any color there on the growth to call out to mention given that growth?

James L. Eccher -- President and Chief Executive Officer

Is that what you said specifically to CRE investor loans?

David Konrad -- D.A. Davidson -- Analyst

Correct. Yes.

James L. Eccher -- President and Chief Executive Officer

I don't think it was -- I thought it was pretty moderate growth, David. I'll have to get back to you on that. But overall originations were softer in the quarter. We do see a better fourth quarter, but I'll have to get back to you on that one.

Bradley S. Adams -- Chief Financial Officer

Broadly the loans that we have looked at doing over the last six months or so have been two well-established operators with substantial recourse.

James L. Eccher -- President and Chief Executive Officer

Yes. I mean if I look at the -- the largest buckets that we funded in the quarter were larger multifamily and some manufacturing. But I can get you some more color on that.

David Konrad -- D.A. Davidson -- Analyst

Okay, thank you.

Operator

Okay. And it looks like that was out final question.

James L. Eccher -- President and Chief Executive Officer

Okay. Well, that concludes our presentation today. Thanks for joining us, and we'll talk to you next quarter.

Operator

[Operator Closing Remarks]

Duration: 34 minutes

Call participants:

James L. Eccher -- President and Chief Executive Officer

Bradley S. Adams -- Chief Financial Officer

Nathan Race -- Piper Sandler -- Analyst

David Long -- Raymond James -- Analyst

Chris McGratty -- KBW -- Analyst

Brian Martin -- Janney Montgomery -- Analyst

David Konrad -- D.A. Davidson -- Analyst

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