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Provident Financial Services Inc (NYSE:PFS)
Q1 2021 Earnings Call
Apr 30, 2021, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Provident Financial Services Incorporated First Quarter Earnings Call. [Operator Instructions] I would now like to turn the conference over to Leonard Gleason, Senior Vice President of Investor Relations. Please go ahead, sir.

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

Thank you, Chuck. Good morning, ladies and gentlemen, thank you for joining us for our first quarter earnings call. Today's presenters are Chairman and Chief Executive Officer, Chris Martin; President and Chief Operating Officer, Tony Labozzetta; and Senior Executive Vice President and Chief Financial Officer, Tom Lyons. Before beginning their 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 is contained in this morning's earnings release which has been posted to the Investor Relations page on our website, provident.bank. With that, it's my pleasure to introduce Chris Martin, who will offer his perspective on our first quarter. Chris?

Christopher Martin -- Chairman and Chief Executive Officer

Thanks, Len and good morning everyone. We appreciate your participation today. Our first quarter earnings were vastly improved from the same period last year when the pandemic's impact was first being felt. The economy is rebounding quickly, BMS stimulus by the government, the success of the vaccine rollout, and the tenacity and perseverance of both consumers and business owners to weather this unprecedented event. Earnings per share were $0.63 for the quarter as compared to $0.23 for the same period in 2020. And the primary drivers of the improvement included a negative provision due to the prospects of a strong GDP growth combined with the full impact of improved revenue from the SB One acquisition. Annualized return on average assets was 1.51%, and annualized return on average tangible equity was 16.8%. Loan growth was constrained as PPP loan forgiveness and prepayments offset meaningful production. Originations were robust and we continue to support the PPP program in its second phase. The loan pipeline is consistent with the trailing quarter and the previous year to date. Yields on new originations are approaching portfolio yields, so stabilization in asset yields is on the horizon. Unlike most financial institutions, we are awash with liquidity due to the proceeds from stimulus checks and PPP monies augmenting deposit growth. This added liquidity presented the accompanying challenge of where and how to invest the balances in an accretive manner, while remaining sensitive to potential run off. And our core deposits are now 91% of total deposits. The result in increase in deposits alleviated the need for borrowing, which decreased during the quarter. Our margin improved six basis points during the quarter, and we envision core margin stability in the near term. Noninterest income improved with the new revenue sources from SB One insurance, increased wealth management income from Beacon Trust, and sadly another bank-owned life insurance claim. Retail fees also add to these increases along with loan prepayment fees and the net gain on the sale of residential mortgage loans. Operating expenses were $61.9 million increase from the prior year, largely due to the addition of compensation and occupancy expenses from SB One. Non-interest expense to average assets was 1.95% versus 2.13% for 2020. FDIC insurance costs decreased -- increased, excuse me, due to an increase in the assessment rate, an increase in total assets, and the prior year's results having benefited from a small bank assessment credit. We exceeded the cost saves we projected when we announced the SB One acquisition and are enthusiastic about the combined company's potential to extract more costs and increase revenue. Our efficiency ratio was 56.19%. As for asset quality, the numbers continue to improve from the trailing quarter. Deferrals are down to $132 million, of which $123.5 million are commercial loans. And of that number, approximately 96% are paying interest. And Tom will go over this in more detail. We are optimistic that as the economy opens up further and more people are vaccinated, results will continue to improve. At this time, I would like to ask Tony to add more color to the success of the combination, along with strategic plans for Provident. Tony?

Anthony J. Labozzetta -- President And Chief Operating Officer

Thanks, Chris, and good morning everyone. Let me start by noting that we have achieved or exceeded our financial expectations with regard to the merger with SB One Bank. Our focus has shifted to cultural integration that culminated in the recent company wide rollout of our new core values, which we call our guiding principles. This successful rollout was celebrated throughout our company, and it has inspired and energized all of us about what we can accomplish together. Presently, we are all well along in the development of our new strategic plan. Select tenants of our plan include enhanced focus on one of our core competencies, commercial banking. This involves building out certain segments of our commercial book and reorganizing our Group to promote better efficiency and credit administration, which will make it easier for us to expand into new markets where we can compete and win. We also want to build on our exceptional funding base and optimize our branch network. Of note, during the quarter, we consolidated our branch office in Clifton, New Jersey. We are also focused on building our non-spread income. In addition to further expanding our successful wealth management and insurance groups we, will evaluate other sources of revenue with a long-term goal of having non-spread income comprised in excess of 25% of our net income. To remain relevant, we are concentrating on digital banking and the digital transformation of our business processes to streamline activities, reduce friction, and make our customers' journey through all of our channels simple, fast, and easy. This will make us more efficient and improve the experience of our customers and employees. Mergers and acquisitions will continue to be part of our growth strategy for our bank, as well as for Beacon Trust and SB One Insurance. Scale has become increasingly more important to offset reduced margins and cover the higher cost of investing for our future. We will remain steadfast in pursuing strategic deals and partnering with companies that have comparable cultures.

Shifting quickly to our markets, we see the light at the end of the COVID tunnel. Many sectors largely recovered or are quickly improving as the economic shutdown loosens and we approach herd immunity. Those sectors that continue to exhibit pressure our office space, particularly in Manhattan, and retail centers that don't have a grocery store anchor. Fortunately, Provident does not have a concentration of note in either of these sectors. Most banks are presently dealing with the how to best utilize the excess liquidity on their balance sheet? As a result, we are seeing increased competition which includes more aggressive pricing and elongated interest only periods with higher leverage. At Provident we remain firmly committed to our credit culture not sacrificing structural [Phonetic] quality for quantity.

Despite the heightened competition, we are seeing good activity within our lending team. This quarter we originated or funded $526 million of new loans excluding line of credit advances and net PPP loan activity. This would have been a strong quarter for us if not for the high level of unanticipated loan payoffs that offset the growth. The payoffs were due in large part to the sale of the underlying properties associated with the loan. At quarter end, our pipeline remains strong at approximately $1.3 billion, and we are seeing a marginal improvement in the average rate in the pipeline. If we have a good pull-through rate in our pipeline and see a reduction in prepayments, we should experience solid growth for the remainder of the year. With that, I'll turn the call over to Tom for his comments on our financial performance. Tom?

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

Thank you Tony, and good morning everyone. As noted earlier, our net income was $48.6 million or $0.63 per diluted share compared with $40.6 million or $0.53 per diluted share for the trailing quarter. Earnings for the current quarter were favorably impacted by $15.9 million of negative provisions for credit losses on loans and off balance sheet credit exposures while the trailing quarter reflected negative provisions of $6.2 million. Core pre-tax pre-provision earnings, excluding provisions for credit losses on loans and commitments to extend credit were $48.9 million for a pre-tax pre-provision ROA of 1.52%. This is consistent with $50.1 million or 1.54% in the trailing quarter which also included -- excluded merger related charges and COVID response costs. Our net interest margin expanded six basis points versus the trailing quarter to 3.10% as benefits from PPP loan forgiveness reduced funding costs and a steeper yield curve were partially offset by lower yielding excess liquidity. We expect to maintain a core margin of approximately 3% as we continue to deploy excess liquidity into loans and securities, while we're pricing funding downward and continuing to emphasize non-interest bearing deposit growth. Including non-interest bearing deposits, our total cost of deposits fell to 30 basis points this quarter from 31 basis points in the trailing quarter. Average non-interest bearing deposits were stable at $2.4 billion or 24% of total average deposits for the quarter. Average borrowing levels decreased $196 million and the average cost of borrowed funds decreased four basis points versus the trailing quarter to 1.12%. Average loans increased slightly for the quarter, although quarter end loan totals decreased $19 million versus the trailing quarter. Loan originations excluding line of credit advances were strong at $539 million for the quarter, including $190 million of PPP2 loans. Payoffs were elevated however, including $177 million of PPP one loan forgiveness. The loan pipeline at March 31st increased $73 million from the trailing quarter to $1.3 billion. In addition, the pipeline rate increased eight basis points since last quarter to 3.65% at March 31st. Our provision for credit losses on loans was a benefit of $15 million for the current quarter compared with a benefit of $2.3 million in the trailing quarter. Asset quality metrics including non-performing loan levels, early stage and total delinquencies, criticized and classified loans and the portfolio weighted average risk rating, all improved versus the trailing quarter. We had annualized net charge-offs as a percentage of average loans of four basis points this quarter compared with ten basis points for the trailing quarter. Non-performing assets decreased to 65 basis points of total assets from 72 basis points at December 31st. Excluding PPP loans, the allowance represented 0.92% of loans compared with 1.09% in the trailing quarter. Loans that have been granted short-term COVID 19 related payment deferrals further declined from their peak of $1.3 billion or 16.8% of loans to $132 million or 1.3% of loans. This compares with $207 million or 2.1% of loans at December 31st. This $132 million of loans consist of $300,000 that are still in their initial deferral period, $47 million in a second 90-day deferral period, and $85 million that have received a third deferral. Included in this total are $41 million of loans secured by hotels, $33 million secured by multifamily properties, including $20 million that are student housing related, $9 million of loans secured by retail properties, $7 million secured by restaurants, and $9 million secured by residential mortgages, with the balance comprised of diverse commercial loans. Of the $123 million of commercial loans in deferral, 96% are paying interest. Non-interest income increased $1.2 million versus the trailing quarter to $22 million as growth in insurance agency income, loan and deposit fees, wealth management income, and bank-owned life insurance income was partially offset by reductions in net profits on loan level swaps and gains on loan sales. Excluding provisions for credit losses on commitments to extend credit and in the trailing quarter merger-related charges and COVID related costs, non-interest expenses were an annualized 1.95% of average assets for the current quarter compared to 1.82% in the trailing quarter. The increase in the first quarter of 2021 is primarily attributable to seasonal increases in occupancy costs, including snow removal and utilities, an increase in FDIC insurance due to our increased asset size and the change to large institution assessment rates, and the annual reset of the employer share of payroll taxes. Our effective tax rate increased to 25.1% from 23.3% for the trailing quarter as a result of an increase in the proportion of income derived from taxable sources. We are currently projecting an effective tax rate of approximately 25% for the remainder of 2021. That concludes our prepared remarks. We'd be happy to respond to questions.

Questions and Answers:

Operator

Thank you. We will now begin the question-and-answer session to ask a question. [Operator Instructions] And the first question will come from Mark Fitzgibbon with Piper Sandler. Please go ahead.

Mark Fitzgibbon -- Piper Sandler -- Analyst

Hey guys, good morning.

Christopher Martin -- Chairman and Chief Executive Officer

Good morning.

Mark Fitzgibbon -- Piper Sandler -- Analyst

I was curious Tom, if you could break out for us the PPP fees and the purchase accounting adjustments that flowed through the margin this quarter and help us think about what the core NIM might look like in coming quarters.

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

Yeah, I think on a core basis, Mark, it's somewhere in the $301 t0 $305 range. PPP was about 8 basis points of benefit this quarter, and the purchase accounting adjustments are about 5 basis points. The purchase accounting adjustments, so I don't really see the benefit of that disappearing because we're pricing [Phonetic] the current market, which there is no indication of those funding rates are going to go up. So I think we're going to be in the $301 to $305 range on a core basis.

Mark Fitzgibbon -- Piper Sandler -- Analyst

Okay. And then secondly, your expenses were a little bit high in 1Q. Sounds like you had some non-recurring items in there. Can you tighten your belt and get expenses back sub $60 million per quarter going forward, do you think Tom?

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

$60 million is probably a reasonable number. I would expect to see stock based compensation elevate a little bit on the ESOP plant just because we've seen some improvement in the market price. That said, Mark, there were a couple of items as you noted that that won't recur. The payroll tax reset trickles down over the next couple of quarters further. Obviously snow removal we had in January and February was a bit elevated. We do manage those costs with fixed contracts, but there is a variable element to that as well. And we do have the larger facilities. I think part of the jump also was the switch to the large bank assessment rates now that we're four quarters over $10 billion. So that'll be a bit of an ongoing challenge.

Mark Fitzgibbon -- Piper Sandler -- Analyst

Okay. And then the insurance agency income was obviously strong, which I assume is because you get a lot of the renewals in the first quarter. This -- does that taper down a little bit in the second quarter and then more in the third quarter, or do you see it sort of fall off in 2Q typically, maybe it's a question for Tony?

Anthony J. Labozzetta -- President And Chief Operating Officer

Sure. Hey, Mark. The insurance income this quarter was really good from one source. Right? The commission-based income was high. Contingency-based income was not as high as it historically has been for the quarter, which is a good band thing because we're doing it on the normal business, because of obviously the last year was COVID year and premiums adjusted so it wasn't a real solid market for contingency. It will -- it does have cycles in the insurance and I think the best way to look at it is to look at it over the same quarter last year not on a linked quarter basis. So you'll typically see the first quarter, be strong, second, the third quarter tends to be a little lighter and we ramp up again in the fourth quarter, that's been the history. But again, George is building so I expect all the quarters to kind of inch up.

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

Hey, Mark. One other item to note on the expenses side of things, Tony mentioned in his remarks, we did close the Quintain branch when it reached the end of its lease term. It was in underperforming locations, only about $19 million. We transferred those deposits about ten miles away to Flemington and we retained 97% of the customers. But in terms of expense reduction, it was about $250,000 in saved expenses annually, and about $262,000 in compensation that's I guess avoided, if you will, because we've been able to use those resources within the organizations that are having to make new hires.

Mark Fitzgibbon -- Piper Sandler -- Analyst

Okay. And then the last question I had for you is obviously we've seen a lot of consolidation in the Northeast, maybe a little less so in New Jersey. It feels like New Jersey might be ripe for consolidation, given that you've got a lot of sort of mid-sized banks that are looking to grow and scale seems to be more and more important. I guess I'm curious do you think consolidation really accelerates in New Jersey and is PFS likely to be involved in some of that?

Christopher Martin -- Chairman and Chief Executive Officer

Well, this is Chris. I think that we're always involved when invited. We certainly between Tony and myself know most everybody in the market have relationships, it all goes back to their boards, what they're thinking, how they look at in the market. And so we always like to be part of the conversation for those that make sense to our culture and how we run our business, and if they would like to join up, we are certainly open to the idea. And then we're also -- look at wealth in that vernacular also because we are one of the few that have that business and have done well with it. So we continue to look at Beacon Trust as maybe another vehicle where we can expand.

Mark Fitzgibbon -- Piper Sandler -- Analyst

Thank you.

Operator

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

Steven Duong -- RBC Capital Markets -- Analyst

Hey, good morning guys.

Christopher Martin -- Chairman and Chief Executive Officer

Morning.

Steven Duong -- RBC Capital Markets -- Analyst

Just back on the insurance revenue, do you by chance have what the full-year revenue was last year and just so we can gauge what the expectation for our full year this year would be?

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

I don't have the exact number in front of me, Steve, but I think it was $8 million to $8.5 million.

Anthony J. Labozzetta -- President And Chief Operating Officer

That's correct. And our expectation for next year is roughly 18% to 20% increase on that.

Steven Duong -- RBC Capital Markets -- Analyst

Okay. So the 18% to 20% for 2021, is that right?

Anthony J. Labozzetta -- President And Chief Operating Officer

Correct.

Steven Duong -- RBC Capital Markets -- Analyst

Okay, great. And then just back on the PPP, do you have the average balance of the -- for the PPP loans this quarter?

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

Let's see, the total at the end of period is $486, we were $473 at the end of the year. I don't have an average in front of me, but you can do a straight line there.

Christopher Martin -- Chairman and Chief Executive Officer

The second -- Steve, the second batch is definitely of a smaller nature than the first batch of PPP. So it's definitely not the average size, it's definitely smaller.

Steven Duong -- RBC Capital Markets -- Analyst

Okay. And do you have the dollar amount that was accreted in the quarter and how much in fees you have remaining?

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

Our remaining fees are $7.2 million. Again, they were refueled I guess with PPP2. Fees recognized during the quarter were $4 million. Okay. Great. And then the liquidity, you guys talked about that. I guess your borrowings and CDs, I guess as the year progresses, and let's just assume that you have another quarter or two of deposits coming in. Are there opportunities to kind of let borrowings and CDs roll off and do you have just the [Phonetic] maturities of those? Yeah, this is about -- over the next 12 months, it's about $1.4 billion, and there's probably about a 50 basis point pick up to the current low rates.

Steven Duong -- RBC Capital Markets -- Analyst

Is that the CDs or is that... so

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

That's a combination of both, Steve. I can give you pieces if you want. I can find...

Steven Duong -- RBC Capital Markets -- Analyst

Yeah, that'd be great if you have that.

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

Sure.

Anthony J. Labozzetta -- President And Chief Operating Officer

Time deposits decreased 131.

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

Here we go. Yes. CDs by quarter Steve are -- or I give you the total for the next 12 months. CDs are $790 million, borrowings are $622 million for a total of $1.411. And as I said, it's about a 50 basis point favorable overall.

Steven Duong -- RBC Capital Markets -- Analyst

50 basis points, OK, that's great. And then just last one from me, the swap income, do you expect a rebound in the income or should we expect this as the going-run rate?

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

I think it's the going-run rate at least for the near term. Steve. We've kind of moved away from swaps because of our interest rate risk position. We are asset sensitive. The steepness of the curve has made the swapping to the variable rate products less attractive for us. So we're taking the current -- the spread income rather than the fee income at this point and holding on the higher yielding assets.

Anthony J. Labozzetta -- President And Chief Operating Officer

[indecipherable] yeah, it's quite a margin if sort of holding its own. So..

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

Yeah, the combination as we saw the pipeline rate getting closer to the portfolio rate and that's one of the reasons why that's happening. And also we're continuing to reprice liabilities as we just talked about. In fact, we made some additional rate reductions on non-maturity deposits in April and negotiated rate instruments that will -- should brings another $2.6 million in savings on an annualized basis. So all that's kind of factored into our position that the margin is going to stabilize on a core basis in around the $301 to $305 range.

Steven Duong -- RBC Capital Markets -- Analyst

Right. And did you say that that $301 to $305 includes purchase accounting or does not include purchase accounting?

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

It does. Again, the position I'm taking is that the purchase accounting isn't going to roll off once it's gone because the liabilities are repricing downward to those levels.

Steven Duong -- RBC Capital Markets -- Analyst

Got it. All right. I appreciate all the color in there. Thank you.

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

Thank you.

Operator

The next question will come from Russell Gunther with DA Davidson. Please go ahead.

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

Hey, good morning guys. I appreciate your comment...

Anthony J. Labozzetta -- President And Chief Operating Officer

Good morning.

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

Good morning, appreciate the comments on the strategic plan you are ongoing at the moment. So, I was curious on the commercial banking tenet

That you outlined talking about looking at entering different segments and potentially expanding into new markets. Is there any additional color you could provide at this time in terms of what you're contemplating there?

Anthony J. Labozzetta -- President And Chief Operating Officer

Sure, I'll give you some color around that. One of the things we're looking at is our C&I business. How do we expand -- how we deepen that, and as a percentage of our total book. Looking at our SBA lending increasing our capacity around that. We reorganized our authority levels. The way we structured ourselves makes us more efficient, not only to get credits through the bank, but to expand it to new markets in the markets that we think are are exciting for us or potential would be the Westchester Rockland, the Greater Philadelphia area, potentially more [Phonetic] on the island. So I think we're in a good position to expand there. And I just touched upon some of the things that not all of it. So hopefully that gives you a good thought process there, Russell?

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

Yeah, no that's great [indecipherable] Thank you, Tony. And then, just another question. So you also mentioned here thinking about potential additional closures, and prepared remarks also talked about exceeding the cost saves from the deal and the potential to extract more. So just curious as [Phonetic] your thoughts as to what the opportunity set is to reduce the expense base going forward. And are those initiatives that would drop to the bottom line or is that really to kind of self-fund that other tenet of the plan, the focus on digital transformation.

Anthony J. Labozzetta -- President And Chief Operating Officer

I think it's a little bit of both, if I can start. Right. I think the digitalization of our process is certainly going to make us more efficient and get rid of a lot of mundane manual processes that tend to build up over time. In terms of rationalizing our network, that's the consistent work in process and we can extract some more costs there. We do expect to reshift some of those expenses into our investing in our future. But that's in areas that are going to make more money for us, not -- so I would look at it as a reshift and some of it going to the bottom line. I can't give you an exact percentage at this time.

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

Yeah, no, that's also very helpful guys. The rest of my questions have been asked and answered, so thank you very much. Thank you.

Anthony J. Labozzetta -- President And Chief Operating Officer

Thank you.

Operator

This concludes the question-and-answer session. I would like to turn the conference back over to Christopher Martin for any closing remarks. Excuse me, there's actually one more question that just came through, and that question will come from Erik Zwick with Boenning and Scattergood. Please go ahead.

Erik Zwick -- Boenning and Scattergood -- Analyst

Hey, good morning guys, I made it right at [Phonetic] the wire.

Anthony J. Labozzetta -- President And Chief Operating Officer

Good morning, Eric.

Erik Zwick -- Boenning and Scattergood -- Analyst

Just a quick question, maybe on your thoughts for organic loan growth and potential for net growth going forward. Got a healthy unfunded loan commitments around $2 billion and the loan pipeline was up quarter-over-quarter. So just curious how you think that might play out through the year and whether it might be enough to offset the remaining runoff from PPP as those loans are forgiven and paid down?

Anthony J. Labozzetta -- President And Chief Operating Officer

Yeah, I'll start there and then my colleagues jump in. So based on -- our pipeline is pretty solid at this time, right, as we mentioned. The pull-through rates and getting loans for what we touch today is probably I would say 55%. That means every loan we look at, what we're losing to some of the -- I hate to use this word, maybe some more rational structures that we see out there. So we're pulling through about 55% of that stock. Given the math -- back of the napkin math, if we have good success and net same percentage pull through and we don't see the unanticipated prepayments which sometimes are out of our control, we still -- I still project that we should be between 5% to 6% at the end of the year in our loan growth.

Erik Zwick -- Boenning and Scattergood -- Analyst

And that 5% to 6%, is that inclusive of the PPP loans running off as well?

Anthony J. Labozzetta -- President And Chief Operating Officer

I would say we're looking at it net.

Erik Zwick -- Boenning and Scattergood -- Analyst

Okay, great. Thanks, Tony. That's all I had today.

Anthony J. Labozzetta -- President And Chief Operating Officer

You got it.

Operator

This concludes our question-and-answer session. And I would like to turn the conference back over to Christopher Martin for any closing remarks. Please go ahead, sir.

Christopher Martin -- Chairman and Chief Executive Officer

Well, as we will go back again, we thank you for your time today and appreciate your continued confidence in PFS and we hope you have a great weekend. Thank you very much.

Anthony J. Labozzetta -- President And Chief Operating Officer

Thank you.

Operator

[Operator Closing Remarks]

Duration: 29 minutes

Call participants:

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

Christopher Martin -- Chairman and Chief Executive Officer

Anthony J. Labozzetta -- President And Chief Operating Officer

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

Mark Fitzgibbon -- Piper Sandler -- Analyst

Steven Duong -- RBC Capital Markets -- Analyst

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

Erik Zwick -- Boenning and Scattergood -- Analyst

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