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Glacier Bancorp, inc (NASDAQ:GBCI)
Q2 2021 Earnings Call
Jul 23, 2021, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and welcome to the Glacier Bancorp Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to Randy Chesler, President and CEO of Glacier Bancorp. Please go ahead, sir.

Randall M. Chesler -- President and Chief Executive Officer

Thank you, Shalone [Phonetic] and good morning to the group. And thank you for joining us today. With me here in Kalispell this morning is Ron Copher, our Chief Financial Officer, Don Cherry our Chief Administrative Officer; Angela Dose, our Chief Accounting Officer; Byron Pollan, our Treasurer; and Tom Dolan, our Chief Credit Administrator.

We finished the second quarter of 2021, pleased to see our divisions showing strong loan and deposit growth. Our markets are all beginning to show more strength as the national economy continues to recover and the summer season kicks into high gear. I'll touch on the business highlights and then provide some additional observations on the quarter.

We generated net income of $77.6 million, an increase of $14.2 million or 22% over the prior year second quarter net income of $63.4 million. Diluted earnings per share were $0.81, an increase of 23% from the prior year second quarter diluted earnings per share of $0.66. In the loan portfolio, excluding Payroll Protection Program loans, increased $249 million or 10% annualized in the current quarter and increased $517 million or 5% from the prior year second quarter. Core deposits increased $669 million or 17% annualized during the current quarter and increased $3.4 billion or 26% from the prior year second quarter. Nonperforming assets as a percentage of subsidiary assets was 26 basis points, which compared to 19 basis points in the prior quarter and 27 basis points in the prior year second quarter. Early stage delinquencies totaled $12.1 million or 11 basis points of loans and decreased $32.5 million from the prior quarter of 40 basis points of loans and decreased $13.1 million from the prior year second quarter of 22 basis points of loans.

A credit loss benefit of $5.7 million reflected the improvement in our loan portfolio and economic forecast. Non-interest expense was $100 million, which increased only $3.5 million or 4% compared to the prior quarter and increased $5.3 million or 6% from the prior year second quarter. Excluding deferred compensation from originating PPP loans, total non-interest expense was $102 million for the current and prior quarter compared to $103 million in the prior year second quarter. We declared a quarterly dividend of $0.32 per share, an increase of a penny per share or 3% over the prior quarter regular dividend, and the company has declared 145 consecutive quarterly dividends and has increased the dividend 48 times.

Overall, the Glacier team delivered a strong quarter and wasted no time getting back the business. In migration of new residents into our eight state footprint continued in the second quarter. In addition, the summer season, tourist season kicked off as well. Signs of increased activity were visible everywhere. Many hotels had the no vacancy sign let for weeks and are raising prices to control demand, rental cars are tough defined, restaurants are packed, and many national parks are again experiencing record crowd. Residential real estate prices continue to increase and the inventory of available homes for sale is very low.

We saw solid loan growth in our markets with Montana, Wyoming and Nevada leading the growth across our eight state footprint, with all markets growing $249 million or 10% annualized, excluding PPP loans. We were pleased to see that almost all of the loan growth came from commercial real estate and C&I loans. We continue to build on the 3,000 new customer relationships we picked up as part of round 1 of PPP, with about $65 million of this quarter's commercial loan volume coming from this group. All of this growth is even more impressive when you consider that the Glacier team originated over 5,500 regular loans and over 1,900 PP loans along with processing PPP loan forgiveness. We had a new loan production record in the second quarter with over $1.6 billion in new loans.

We still have some growth headwinds with borrowers using excess liquidity to pay down loans and the increasing level of competition for new business. That being said, we entered the third quarter of the year with very good momentum and over $140 million of unfunded new construction loans. Considering all this, we still believe our target of 4% to 6% growth for the full year is reasonable. Core deposit growth was incredibly strong across our footprint, driven by excess customer liquidity due to the unprecedented government stimulus, lack of spending due to the pandemic, and our success in establishing new deposit relationships. Core deposits increased $669 million and at the end of the quarter totaled $16.7 billion and most importantly, at a cost of 7 basis points, down 1 basis point from the prior quarter and down 7 basis points from the end of the quarter a year ago.

Non-interest bearing deposits increased $267 million or 4% over the last quarter and increased $1.3 billion or 25% from the prior year second quarter. We know that this substantial growth in low-cost core deposits will continue to help our net interest income and position us extremely well to reinvest these stable sticky deposits into new loans as we grow. Total debt securities of $7.2 billion increased $730 million or 11% from the prior quarter and are up $3.4 billion or 92% from the prior year second quarter. We continue to purchase debt securities with the excess liquidity from the increase in core deposits and the SBA forgiveness of PPP loans. Debt securities represented 35% of total assets at the end of the quarter compared to 30% last quarter and 30% at the end of 2020.

We fully invested excess deposits taking a cautious approach to new investments given current low rates and risk at some point of deposit outflows. And as a result, are targeting a short average life with high quality and highly liquid investments. The company's net interest margin as a percentage of earning assets on a tax equivalent basis for the current quarter was 3.44% compared to 3.74% in the prior quarter and 4.12% in the prior year second quarter. Our core net interest margin was 3.33% compared to 3.56% in the prior quarter and 4.21% in the prior year second quarter. The core net interest margin decreased due to a decrease in earning asset yields. Earning asset yields have decreased from the combined impact of the significant increase in the amount of lower yielding debt securities and the decrease in the yields on debt securities and loans.

Debt securities increased 11% or $730 million from the prior quarter to 39% of earning assets from 36% in the prior quarter and 32% at the start of the year. The yield on debt securities ended the quarter at 1.74%, down 21 basis points from the prior quarter. Fueling the decline in the investment portfolio yield was the addition of over $1 billion of new debt securities in the quarter at a rate of 1%. The yield on the loan portfolio ended the quarter at 4.7%, down 19 basis points from the prior quarter. We added $1.6 billion in new core loan production with yields around 4.15%, which drove down the portfolio yield. Although our net interest margin continue to experience downward pressure because of adding a substantial amount of new debt securities and loans, our net interest income for the quarter, less PPP, increased $1.9 million in the quarter, while the net interest margin fell.

Our focus continues to be on growing net interest income and for most of this year our margin will continue to be impacted by the incoming flow of new deposits, loan growth, PPP forgiveness and the yield curve. Non-interest expense for the quarter was $100 million, which was an increase of only $3.5 million from the prior quarter. Non-interest expense less of deferred compensation from originating new PPP loans was $102 million, which was flat to the last quarter and down $1 million from the prior year second quarter. The minimal expense growth was driven by good expense management by our divisions as they are making deal with less as increased hiring takes longer than we expected as the markets get back to normal. Non-interest income declined to $36 million from $40 million or 11% in the prior quarter due primarily to the reduced gain on sale of residential mortgages, which decreased $5.5 million or 26% from the prior quarter.

The hot housing market and refinancings slowed down a bit across our footprint. Gain on sale margins were relatively steady in the quarter and our biggest concern in the real estate business remains the supply of homes available for sale. Core fees including service charges and miscellaneous loan fees and charges increased $1.1 million to $17 million or 7% from the prior quarter. The efficiency ratio was 49.92% in the current quarter, 46.75% in the prior quarter, and 47.54% in the prior year second quarter. Excluding PPP, the ratio would have been 53.53% in the current quarter compared to 52.89% in the prior quarter and 53.92% from the second quarter a year ago.

Our combination with Altabancorp proceeding very well. We are working closely together on planning for a closing at the end of October and a conversion sometime in the first part of 2022. I've been very impressed with Alta's focus on continuing to serve customers and growing the business. Altabancorp was honored with the Utah best of State Bank award award for the second consecutive year. And Glacier Bank was also honored by Bank Director magazine with a top five finish in there 2021 ranking of the top performing banks between $5 billion and $50 billion. This is the second consecutive year that Glacier had the top five finish. And the Glacier team once again did an outstanding job taking care of our customers, while working hard to get back to normal and grow the business. Their performance continues to set them far apart from other bankers in their communities and in the industry.

So that ends my formal remarks and I'd now like Shalone to open the line for any questions that our analysts may have.

Questions and Answers:

Operator

[Operator Instructions] Your first question comes from the line of Jeff Rulis from D.A. Davidson.

Jeff Rulis -- D.A. Davidson -- Analyst

Thanks, good morning.

Randall M. Chesler -- President and Chief Executive Officer

Good morning, Jeff.

Jeff Rulis -- D.A. Davidson -- Analyst

Randy, maybe I'll just start with some just kind of some line item detail. I think you walked through the strategy on liquidity deployment pretty well there. I guess I'm kind of looking at expenses and the dip in gain on sale. I guess it's kind of two-part question focused on where you think that expense run rate heads? And then the second part is, is there a -- is there a kind of a tie with the mortgage unit in terms of the variability gain on sale down $5.5 million expenses being flat kind of there is some other components there, but just trying to see if I could -- if that mortgage wanes how that adjust on the expense side?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, no, we had a lot of discussion about expenses. I'm going to ask Ron to cover that. We were very pleasantly surprised to see the run rate coming in a little bit less than we expected and I think a lot of that is again people doing more with less given some of the difficulties in hiring. But Ron, do you want to touch on expenses.

Ronald J. Copher -- Executive Vice President, Chief Financial Officer and Secretary

Yeah, this is Ron. So Jeff, we think the run rate will be closer to $103 million. You heard Randy talk about the hiring and we're looking to ramp that up. So we'll have some additional head count, a bit of higher salaries, but equally will have more business development expenses as the team continues, all the divisions are continuing to get back out on the road. So we think that that will increase as well. But we think the $103 million is the appropriate run rate.

Jeff Rulis -- D.A. Davidson -- Analyst

Okay. And could I ask Kind of the mortgage expectations for your group and is that kind of mirroring what you think the MBA forecast is showing?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, Jeff, we're still -- we still think that's a good estimate. So I think we said down about 25%, consistent 20% to 25% consistent with the MBA. Again, our -- we have such a short small supply of homes, that's our biggest concern. So the market continues to do well. We continue to do well. But with this in migration there, the houses just don't stay in the market very long and I think also kept the builders -- they are building, but I'd say much more responsible rate than we saw in the last boom. So that's also contributing to a bit of a housing shortage.

Jeff Rulis -- D.A. Davidson -- Analyst

Okay and maybe one last one. The -- just that nonperforming asset relationship, the one big one you brought on. Any color you could provide us to what that is? how it came on and the position there?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, I'm going to -- Tom can cover that. We've obviously spent a lot of time on that, but Tom can give you a little more detail.

Tom Dolan -- Chief Credit Administrator

Yeah, Jeff, good morning. Its predominantly one relationship, it's an ag relationship. The issue is kind of one-off. It's not market-driven. And what we're showing right now is it's adequately secured. We're in the process of liquidation. So I think over the next two to three quarters will be continuing to monitor it closely. But I'm not seeing a significant or material loss in the relationship, at least as it is today.

Jeff Rulis -- D.A. Davidson -- Analyst

Okay, thanks. I'll step back.

Operator

Your next question comes from the line of Matthew Clark from Piper Sandler.

Matthew Clark -- Piper Sandler -- Analyst

Hey, good morning.

Randall M. Chesler -- President and Chief Executive Officer

Good morning, Matthew.

Matthew Clark -- Piper Sandler -- Analyst

Maybe first just on the core loan growth, nice step up here this quarter. I think in prior calls you talked about 4% to 6% ex-PPP, ex-Alta obviously too. How do you feel about that range for the year?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, were -- So on a full year basis we had a very strong quarter. Like I said, we're very, very happy with that. We're pretty much right on that 6% on a 2021 basis, first and second quarter. We are sticking to that. The headwind is excess liquidity. We just keep getting -- a lot of companies have a lot of cash on the balance sheet. We keep seeing a lot of payoffs because they're just looking at their liquidity and saying I can keep it in the bank at very low interest rates or I can pay off this loan, and there we're seeing a fair amount of that. So we're probably at the higher end of that range, Matthew, just given the strength we see this quarter and given very positive trends going into the next quarter, but still a little bit of caution just with the tail end of the pandemic and also this excess liquidity. If the government provides more liquidity to businesses, it's probably going to accelerate that payoff trend.

Matthew Clark -- Piper Sandler -- Analyst

Okay. And then the incremental growth that you put on this quarter, it looked like commercial real estate kind of led the way and I think C&I might have been right behind that ex-PPP. Can you give us a sense for the types of projects you're financing? Have you gotten back into a couple of the higher risk segments like hotels and and restaurants or is it more warehouse type of stuff, industrial type of projects?

Randall M. Chesler -- President and Chief Executive Officer

I'm going to ask Tom to to answer that, but we are too good. The question, I think it's to the whole balance sheet strategy and Tom can you give you the details on the loans, with both on the debt securities we are not going way out and taking more risk to get yield nor on loans are we stretching to get a higher yield. We're taking the yields, we're keeping the quality on both duration, quality and duration on debt securities and quality on loans. But Tom, maybe you can give us some color on the type of business.

Tom Dolan -- Chief Credit Administrator

Sure. Yeah, Matthew. We're not seeing any growth in the higher-risk COVID sensitive industries like hotels and restaurants, not really at all. The production and where the growths predominantly been, it's been more on the industrial warehouse and kind of mirrors what the end migration that we're seeing. We're also seeing some more demand on the multifamily side as well, especially in some of our markets where average home prices are quite high. Multifamily has become quite popular and the absorption rate of the existing projects is favorable and allowing us to participate in that as well. So I would say this last quarter, mostly industrial, certainly some C&I, we've had some businesses with some expansion, buying some equipment, that's helped us there. And then looking forward, I think that will continue, in addition we'll do some multifamily growth as well.

Matthew Clark -- Piper Sandler -- Analyst

Okay, great. And then just on the reserve. I think in prior calls you talked about stabilizing, came around 130 [Phonetic] What are your updated thoughts on that coverage ratio and whether not you might be able to dip below Knowing that the underlying assumptions might be better than they were on January 1, 2020?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, it's. Well, we don't anticipate really any change from where we are today. I mean, we set the reserve level this quarter given what we know in the current economic conditions and the portfolio of quality. So barring any material change in either going forward, I think we'll probably stay where we're at from a reserve level.

Matthew Clark -- Piper Sandler -- Analyst

Okay. And then just last one from me on the amount of loans sold that generated the mortgage gain on sale. Can you just give us that number?. So looking back into gain on sale margin.

Ronald J. Copher -- Executive Vice President, Chief Financial Officer and Secretary

Yeah, so depending how you measure it. So I'll give you a number based on loans sold. People look at it differently, whether it's locked loans to gain, but just on loans sold, we were just about at 4% for the quarter.

Matthew Clark -- Piper Sandler -- Analyst

Okay. And you have to have the volume that you sold? I'm just curious.

Randall M. Chesler -- President and Chief Executive Officer

About $400 million.

Matthew Clark -- Piper Sandler -- Analyst

Okay, thank you.

Operator

Your next question comes from Jackie Bohlen from KBW.

Jackie Bohlen -- KBW -- Analyst

Everyone, good morning.

Ronald J. Copher -- Executive Vice President, Chief Financial Officer and Secretary

Good morning, Jackie.

Jackie Bohlen -- KBW -- Analyst

Randy, I want to just dig into some of the open positions that you have and just see, a couple of questions. I'll try not to give them all to you at once. But the first one being, where you sit today versus what you would expect to be full employment ahead of the Alta transaction?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, we have a lot of open positions and hiring is bit difficult across a lot -- most of our markets to fill new positions. So we're somewhere around 15% or so, maybe a little bit more, just lagging bringing those folks on and it's -- we have in one market six positions open and we've received six resumes. So there it's just slow. I'm sure you've heard it, just getting people to come back into the workforce is difficult.

Jackie Bohlen -- KBW -- Analyst

Okay. And then when I think about those open positions, kind of a two-part question here. Number one, what types of positions are they? And I'm trying to get whether they're more entry-level or middle management type positions. And also realizing that Alta is obviously is a great deal of expansion for you, but will bringing on those new folks to the organization potentially be able to fill some positions for others who might be displaced?

Ronald J. Copher -- Executive Vice President, Chief Financial Officer and Secretary

Yeah, the openings are spread out across the organization and Alta we believe is really got some very, very strong people. We've been really impressed with the quality of the team. And yes, we expect, and we're still in the process of having discussions with them, but we expect that many of the folks. Certainly, most of the folks there as you know with our model, there won't be any change. We buy good banks in good markets with good people and we just want to have been continue to keep doing what they're doing.

At the staff level, that Alta is probably maybe more where your question is. The operating folks in the branches, there's really no change. The staff people, most of those continue to keep doing what they're doing. But there is some of the leadership positions there that would be -- we think will be a great fit for our organization. So we're very excited about that aspect of the transaction.

Jackie Bohlen -- KBW -- Analyst

Okay. And then that $103 million number that you spoke about, Ron. Just wondering based on the challenges that it is bringing people over to hire, is it fair to assume that you wouldn't see that immediate bump up between 2Q and 3Q that it could take some time to layer and as you work to fill positions?

Tom Dolan -- Chief Credit Administrator

It will. Jackie, it will take time, but we have hired some people in the second quarter that will start to show up in the third. So that's where I'm coming from when I say that's the additional hiring. So it's not -- we're always looking for talent and we have been able to hire. Randy reported to you the open position. So we have been able to fill some of those certainly during the second quarter and that will ramp up more in the third quarters end.

Jackie Bohlen -- KBW -- Analyst

Okay, great. Thank you very much.

Randall M. Chesler -- President and Chief Executive Officer

Yeah, Jackie, just on that. Back to the open positions. It's actually closer to 5%, not 10%. So we're-if you take the total across all 16 divisions, it's right now closer to about 5% opening.

Jackie Bohlen -- KBW -- Analyst

Okay. Thank you for clarifying.

Randall M. Chesler -- President and Chief Executive Officer

Yeah, you bet.

Operator

Your next question comes from the line of Brandon King from Truist Securities.

Brandon King -- Truist Securities -- Analyst

Hey, good morning.

Randall M. Chesler -- President and Chief Executive Officer

Good morning, Brandon.

Brandon King -- Truist Securities -- Analyst

Hey, So Randy, I know in your prepared remarks you mentioned the migration trends in your footprint and I wanted to know are you seeing any slowing in-migration or even in acceleration? And also I just wanted get your sense of how long you think this dynamic could play out and sustainable over this next year or years to come?

Randall M. Chesler -- President and Chief Executive Officer

Yeah. We've -- talking to all the divisions, we have not seen a let up in the in-migration, it continues both in buying current homes and also a fair amount of our construction lending is to people outside the market. So they're getting -- planning a foot in the market and building. So that's really hasn't changed at all. In terms of sustainability, we expect it to wane a bit as more of the markets normalize, but we just don't know for sure. I actually thought we'd see a little bit of tailing off of that trend in the second quarter, but it just continued really unabated and unchanged. So we would just expect is people, the in-migration -- if things normalize across all the markets in the country, maybe it will tail off a little bit, but it's still unknown at this point.

Brandon King -- Truist Securities -- Analyst

Okay. And kind of on the trade, the core deposit growth was strong again and I was wondering is that coming from existing customers or is it also coming from some of this in-migration in new customer acquisitions?

Randall M. Chesler -- President and Chief Executive Officer

Yeah, really coming from both. And I should just point out, before the pandemic we were experiencing good in-migration, the pandemic just accelerated it significantly. So even if it tails off a little, it's still going to be above the U.S. average. It's just a matter of degree. In terms of the new deposits, yeah, that's both existing customers with the excess liquidity new customers, so I talked about the 3,000 new customers that we picked up as part of the PPP. We're getting new loan business with them and with that is coming more deposits and then also this in-migrations. So in a lot of our markets where the bigger bank in the market with a great reputation rated as the best bank in the market in many of our markets and so we're naturally then attracting is the new people come into the market and ask who who should I bank with, many times our our name comes up and so we're picking up a good amount of that business.

Brandon King -- Truist Securities -- Analyst

Okay. And just lastly, I know gain on sale margins have compressed over the last couple of quarters. Is the plan still to hold more revenues or loans in the balance sheet going forward?

Randall M. Chesler -- President and Chief Executive Officer

Well, that's a dynamic on the demand. The first quarter we had quite a bit of run-off their, second quarter a lot less. Probably going to see the portfolio remain stable for the most part for this year -- possibly possibly grow a bit, but most of our activity will be on on creating salable loans and selling those.

Brandon King -- Truist Securities -- Analyst

Okay. And are you seeing any less compression on gain on sale margins? Or is that still...

Randall M. Chesler -- President and Chief Executive Officer

Starting to see a little bit of pressure there. So we'll just see how that pans out in the quarter. We ended the quarter around 4%. There is probably going to be -- there is a little more price competition starting to occur in some markets and so that could -- we could see a little pressure there.

Brandon King -- Truist Securities -- Analyst

Okay, thanks for the answers.

Randall M. Chesler -- President and Chief Executive Officer

Your welcome.

Operator

[Operator Instructions] Your next question comes from the line of Tim Coffey from Janney.

Tim Coffey -- Janney -- Analyst

Great. Thanks. Good morning, Randy.

Randall M. Chesler -- President and Chief Executive Officer

Good morning, Tim.

Tim Coffey -- Janney -- Analyst

Hey, just kind of follow-up on the migration in the housing trends. Do you have info on mortgage locks quarter-to-date and how that relates to the previous quarter at this point in time?

Randall M. Chesler -- President and Chief Executive Officer

Yes. So locks are still pretty strong. So for the quarter, let's see. I think we locked in about $350 million this quarter, that was down from from last quarter and that's part of what you saw on the reduced gains, because as you know the accounting, we locked the gain in when we booked the gain when we locked the loan.

Tim Coffey -- Janney -- Analyst

Great. And how is the pace of the locks looking this quarter so far?

Randall M. Chesler -- President and Chief Executive Officer

They're down. So we're still above pre-pandemic levels, but were seeing a little reduction there but still still stronger than we expected coming into this quarter -- or coming into the next quarter.

Tim Coffey -- Janney -- Analyst

Sure. Okay. Were you surprised that mortgage was down as much as it was in the quarter. I know you're tracking, it was in line with the MBA survey, but it was only in-migration has seen to your footprint?

Randall M. Chesler -- President and Chief Executive Officer

Yeah. No, Because like I said that it's really supply. We see more and more of our locks TBD. So they are locking and getting a pre-qual because they want to move quickly if a house does present itself. So yeah, the in-migration continues. But properties, they're reasonably priced to the market are lasting a couple of weeks in there and they're being purchased. So there is -- the inventory of homes is down very low. So that's our biggest pressure point right now.

Tim Coffey -- Janney -- Analyst

Sure. Okay. And then just on the -- on balance sheet liquidity. Per se, it stays on there longer than you expect and should continue to grow given how good you guys are growing deposits and you don't stretch for credit. What other levers do you have to pull to absorb some of that liquidity?

Ronald J. Copher -- Executive Vice President, Chief Financial Officer and Secretary

Yeah, it would go into the loan portfolio, I'll just reiterate. No, obviously, we strongly prefer loans. But in the meantime, those are very stable, sticky deposits as Randy had mentioned. So we'll continue to focus on growing the net interest income. Said differently, we're very poised for higher rates. Firstly, with the non-interest bearing, that's great way to mitigate interest rate risk as the yield curve would start to steepen again. So don't fight the Fed, don't fight the market, we got to take the relationships and continue to build on that.

Tim Coffey -- Janney -- Analyst

Okay, great. Thanks, Ron. Those are all my questions. I appreciate your time.

Randall M. Chesler -- President and Chief Executive Officer

Tim, you're welcome.

Operator

At this time there are no further questions. I would like to turn it back to the speakers for any further comments.

Randall M. Chesler -- President and Chief Executive Officer

All right. Well, we again, we appreciate everybody dialing in, in the middle of the summer. We know you go lot of activities on a Friday, so we really appreciate you dialing in. We hope everybody has a terrific weekend. Thank you again. [Operator Closing Remarks]

Duration: 38 minutes

Call participants:

Randall M. Chesler -- President and Chief Executive Officer

Ronald J. Copher -- Executive Vice President, Chief Financial Officer and Secretary

Tom Dolan -- Chief Credit Administrator

Jeff Rulis -- D.A. Davidson -- Analyst

Matthew Clark -- Piper Sandler -- Analyst

Jackie Bohlen -- KBW -- Analyst

Brandon King -- Truist Securities -- Analyst

Tim Coffey -- Janney -- Analyst

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