Q4 2020 Renasant Corp Earnings Call
Good day and welcome to the Windows on Corp, 2024th quarter earnings Conference call and webcast.
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The conference over them as Kelly Hudson.
Chief.
Officer. Please go ahead.
Morning, and thank you for joining us for <unk> Corporation's 'twenty and 'twenty fourth quarter webcast and conference call participating in this call today are members of Renaissance Executive management team before we begin. Please note that many of our comments. During this call will be forward looking statements, which involve risk and uncertainty there are many factors.
That could cause actual results to differ materially from the anticipated results or other expectations expressed and the forward looking statements.
Obviously, the continuing impact of the COVID-19 pandemic the pace of the distribution and administration of the Covid vaccine and the federal state and local measures taken to arrest the virus as well as all of the follow on effects from this pandemic are the most significant factors likely to impact our future financial condition and operating results are there.
And claim but are not limited to interest rate fluctuation regulatory changes portfolio performance and other factors discussed on our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has been posted to our corporate site investors that Renaissance Dot com at press releases link under the knees.
And market data tab. Furthermore, the COVID-19 pandemic has magnified and likely will continue to magnify the impact of these factors on us we undertake no obligation and we specifically disclaim any obligation to update or revise forward looking statements to reflect changed assumptions the occurrence of unanticipated events.
Or changes to future operating results over time.
In addition, some other financial measures that we may discuss this morning are non-GAAP financial measures a reconciliation of the non-GAAP measures to the most comparable GAAP measures can be found on our earnings release and now I will turn the call over to our President and Chief Executive Officer, Mitch Waycaster. Thank you Kelly good morning, we appraise.
Joining the call today before Kevin and Jim discuss results for the fourth quarter and our near term outlook I want to offer reflections on the past year and the opportunities ahead of us.
And Renova, we emphasize being one team going to market as one bank. We live that every day working together as we serve our customers 'twenty and 'twenty was a great example of how we came together as one team to respond to the crisis and.
And as difficult as the year was all will forever be proud of the way our employees responded to the challenges.
I believe <unk> 'twenty 'twenty one holds considerable promise for the company, we start with great team Renaissance and employees are actively engaged and our communities and continually strive to provide distinguished levels of service to customers. Additionally, we operate and a number of hogs.
Both markets that we believe are positioned for accelerate and the economic activity in the future finally, our baseline principles the importance of core funding asset quality and strong levels of capital are unchanged, we have a diverse product long and <unk>.
Expect to make meaningful strides and our efficiency all of this causes me to be optimistic about the year ahead now turn it over to Kevin. Thank you. Mitch. We are pleased to report fourth quarter earnings of $31.5 million for 56 cents per diluted share our earnings for the for <unk>.
Year were $83 $7 million or $1.48 per diluted share our mortgage division outperformed once again this quarter and our margin improved as a result of our ongoing deposit repricing efforts and Triple P fee income recognized on loan forgiveness. We continue to focus on building a sound and stable balance sheet.
Which saw improved capital strength, and a meaningful build and allowance for credit losses, while significantly reducing overall credit cost and maintaining stable credit metrics. We've been focused on efficiency recognizing our plan will be driven by both revenue enhancement and expense containment expanding on expense containment and I'd like to.
Highlight two initiatives, we undertook during the fourth quarter first we offered a voluntary early retirement incentive to a select group of employees second we initiated a system wide branch for valuation effort to better align our work force and our branch network with a more efficient operating model during the fourth quarter of 'twenty and 'twenty, we reckon.
And as the $7 million restructuring charge in connection with both of these initiatives. These initiatives will result in an annual cost savings of approximately $9 million with around 75 per cent of that amount realized in 'twenty and 'twenty. One we also incurred a $2 million charge in connection with the termination of two swaps that will reduce interest.
Expense over the remaining terms, which were originally scheduled to mature in June of 'twenty, and 'twenty, two and 'twenty and 'twenty three more work remains and we continued to implement initiatives that will result in further reductions to the expense run rate at the same time, we won't shy away from additional investments and talent or technology, if these investments and.
Prove our operating leverage and the long run we believe continued focus on revenue growth whether through balance sheet growth stabilizing net interest margin.
For enhancements to fee income coupled with continued reductions and expenses provide guidance on how we plan to improve operating leverage and the future quarters. We are focused on finding ways to deliver our services more conveniently and efficiently we made significant technological investments before the pandemic and our clients and employees are benefiting from those investments.
Today for example, the dollar volume of digital payments through the zelle platform have more than doubled from a year ago. Likewise, our interactive teller machines and I've seen a dollar volume increased 80% and the last year like the rest of the country. We saw raws and confirmed cases throughout our footprint during the fourth quarter.
But our retail and operations teams are working diligently through COVID-19 fatigue, their rapid and flexible responses continue to mitigate the adverse impact of higher case numbers that we see throughout the region with our suite of digital and online products and services that we believe rival any of our larger competitors, we feel our clients have experienced.
Little to no disruption and their banking experience even during these worst weeks of the pandemic touching a little on our Triple P activity, we're focused on assisting our customers through the forgiveness phase on the first round of Triple P loans with around $195 million hasnt been forgive and through the end of the year and we are ready to serve our customers again during this recently announced second.
Round I will now turn it over to Jim for further comments. Thank you, Kevin and good morning, I will refer to the earnings deck on commenting on key themes for the quarter I'll start with a review of the balance sheet deposits continuing to see growth in the quarter and were up $126 million or for 0.2% annualized for.
The year total deposits were up a $1.8 billion and most of that growth has been and non interest bearing accounts, 96% of deposits are core and the company has virtually no oh self funding total loans were 10.9 billion and December 31st.
During the quarter loans, excluding triple P grew $28 million, which represents an annualized growth rate of about 1%.
Triple P loans declined $179 million from the previous quarter, and we accelerated the recognition of $3.1 million and deferred fees associated with the early payoff for these loans. This trend is expected to continue for the next two quarters will likely to see material declines and triple.
P loans.
Actual results and the associated deferred income to be recognized on an and.
Accelerated basis.
Asset quality measures are reflected on slides 13 through 15.
Nonperforming assets represented 44 basis points of total assets, excluding triple P and were up modestly from the previous quarter.
Loans 30 to 89 days past due represented 27 basis points of loans again, excluding triple P. And were also up slightly compared to the previous quarter all of our credit metrics remain near historically low levels and loan deferrals continued to decline as of December 31st deferrals represent 1.5.
Per cent of total loans outstanding excluding triple pay credit costs are considerably lower this quarter. The provision for credit losses was 10.5 and $9 for the quarter, which resulted in the allowance for credit losses, increasing modestly to 1.8 per cent of loans, excluding triple P.
The allowance for credit losses is meaningfully influenced by qualitative factors attributable to the pandemic impact on the general economy, although economic projections continue to trend and a positive direction. There remains considerable uncertainty for the quarter return on average assets and return on tangible equity where point.
Eight, 4% and 11.2% respectively.
Net interest income for the quarter was $108 million and was up marginally from the third quarter reported margin and the fourth quarter was 3.35 per cent as compared to 3.29% for the third quarter.
The improvement was driven by our deposit repricing efforts and the accelerated recognition of Triple P. Fee income core margin was down by one basis point compared to the third quarter as seen on slide 22, noninterest income declined $8 million from the previous quarter with the decrease largely coming from mortgage.
Wealth and insurance continued to be stable sources of noninterest income and service charges continue to improve but are still below pre pandemic levels noninterest expenses were up 5.6 million to $122.2 million.
And as Kevin mentioned earlier, we recognized a $7 million restructuring charge and a 2 million dollar swap termination fee. The core efficiency ratio for the quarter was 64 per cent and was up marginally from the third quarter and will now turn the call back over to Mitch. Thank you, Jim and closing we start 2000 twenty's.
And one with a heightened sense of optimism our commitment to the safety and security of our employees to meeting the needs of our clients and to being good citizens and our communities will help us build shareholder value now I will turn the call over to the operator for Q&A.
And I'll begin the question and answer selection.
Cash flow question you May Press Star then one on your Touchtone phone.
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Your question. Please press Star then two.
Time, we'll pause momentarily to assemble the roster.
Yeah.
First question is from Jennifer demo of Truth Securities. Please go ahead.
Thank you and good morning.
Good morning, Jennifer.
Thanks for the information on our efficiency initiatives.
Is there any thought to giving them to doing any for on that front and she progressed through 2021, depending on how the revenue gross environment works.
And also just wanted to see what your interest is in acquisitions at this point.
Sure. Thank you Jennifer and I'll.
I'll ask Kevin to begin with the expense efficiency focus and I'll circle back on acquisitions Kevin.
Yes, Thank you rich and good morning, Jennifer Yeah. So when we look at our efficiency efforts are there.
We rolled out in Q4. This is this is the first phase of <unk>.
And many things and we're not done we continue to look at ways.
To be more efficient on.
And we like looking at the efficiency ratio because it encompasses both revenue growth and expenses.
And so to your point.
We still think that there's some.
Some headwinds on revenue, we think we can overcome them.
As we look at the opportunity for revenue and growth that's going to be built all on.
How we are positioned to grow the balance sheet, we're optimistic that we what we started to see and Q3 about margin stabilize and about.
And that continues to be debt.
And then use to be a reality.
So growth coupled with her.
On a stabilized margin will help lift revenue when we look at noninterest income.
Mortgage continues to to have some strength and it again, we all know that mortgage and.
And it can be volatile, but right now, it's still and still have a lot of tailwind pushed and mortgage production aside from mortgage though we feel that we've got some opportunities and the fee income collection side, whether it is on fees or some of our more commercial oriented deposit fees.
And so on the revenue front.
We feel that there's going to be and opportunity for some growth there on the expense side.
You should continue to expect us to look at ways to reduce expenses, whether that comes through evaluating the branches.
But when we look at branches.
The locations that we I'll.
And I'm looking to close coming out of Q4 or more in market consolidations, and that's where we're trying to take the average size of our book for our branches and our footprint and increase them and really taken multiple and what markets, where we have multiple locations and see is there an opportunity to consolidate them and not disrupt customer service.
A couple of things that we have in 'twenty and 'twenty, one that we think will help on the expense initiative.
And.
Our focus is really on our to our line items that are on that but all of the largest and the and the.
And the noninterest expenses salaries and employee benefits and occupancy and equipment for.
And third largest line item as data processing and.
And we do have an opportunity this year to do some renegotiation with with our core provider.
We are expecting some level of.
And concessions and.
Net expense, we can't quantify that right now we're in the early phases of it. So so when we looked at what we've done in Q4.
You should expect more of those types of initiatives around salaries and employee benefits and occupancy and equipment as well as an opportunity on the data processing.
So I would just say theres still more to come and more work to do on our efficiency ratio Mitchell you want on any questions or you want to address the question about.
And just appetite for acquisition.
Sure sure and thank you, Kevin and as Kevin just explained while were clearly folks today.
And the challenge is the headwinds the opportunities as Kevin just described while we work through the pandemic and.
As we have done in the past consistently we're opportunistic whether that the talent, we have the opportunity to add.
And relationship managers during for Q would that be new markets or janitor to your question M&A partners.
We continue to evaluate opportunities that drive shareholder value and as always beginning with culture and business model and making sure our lives and exists.
And always to answer that question, we are we better together and.
I've stated before I believe the pandemic golfers opportunity to have those discussions and we we have we will we'll continue to evaluate these opportunities.
And the opportunities present themselves.
Thanks, So much I'll help and that's very helpful.
Thank you.
Okay.
Thank you next question from Michael Rose Raymond James. Please go ahead.
Hey, good morning, I Hope you all are well.
Well I wanted to go back to to mortgage on one of your larger and market banks yesterday guided mortgage revenue down 40% to 50% this year.
It's a smaller piece of their business and it's a much bigger piece of your business and I'm, just trying to kind of reconcile.
Why you think you could do better and then some of the initiatives that you've laid out.
Do you have sort of a gross number that you can kind of throw out there that might offset some of that decline and revenue. Thanks.
Sure. Thank you Michael and we do continue to feel good about our mortgage business. That's been built over a number of years and we consider that a key financial service of our company, but Jim you want to expand on the mortgage business.
Sure.
Yes, Michael So as we look at mortgage I guess, I guess, a couple of things that might be extra.
Constructive.
And as we think about mortgage so you know.
Going into the end of the fourth quarter.
Yeah, we knew there'd be some seasonality and and we thought we'd see that we didn't see it as much as we thought. So we were we were pleased with Q4 margins were generally steady.
Although volumes are off and touch so and.
With that as sort of a starting point for 'twenty. One clearly we don't know what it holds but I will say very early on that we're pleased with mortgage it's off to a good start.
And not expecting it to have the year the debt in 'twenty.
But I think our hopes are up and it can have nonetheless, a good year.
Some of the similar dynamics and the business I mean, you're likely to see refinance volume come off from what it was and 'twenty, but purchase activity should be should be solid and a lot of that's going to depend up on inventory and naturally card.
The pace of the vaccine distribution and and how that unfolds, but I would say that and we're.
We're hopeful it's and it's an important business to us we do a nice job on that area and we continue to recruit so don't know where it will end up but we're hopeful as we look at.
'twenty, one and what it what mortgage could represent.
Okay. So would the expectation be that you guys could could potentially do better than the MBA forecast.
And.
And then we would like to think we could Michael we don't quality now what we're going to do relative to that forecast, but we've got a really good unit. We continue to recruit there and so you know I don't know how it will play out versus that forecast I've seen those forecast, but we like the business and we feel like we're poised to have a good year and we will see what the environment.
It gives us.
Okay. Thanks, and then maybe just on on loan growth you guys have had a.
Pretty good history, and being able to recruit.
Talent.
And you've spent the better part of the last two years recruiting talent, obviously the environment is challenged.
But any sense for kind of what loan growth could look.
It looked like this year I assume there's going to be some more paydowns and things like that but any sort of stab at initial 'twenty 'twenty one outlook. Thanks.
Sure. Thank you Michael and then let.
Let me start with a little backdrop to your question and then maybe some thoughts on go forward and I'll I'll start with pipeline and Mike.
A few comments about production and what we saw and talk to you and maybe just reflecting on how we're starting the year in that regard. So we're beginning the quarter.
With a pipeline of 238 million, that's up from where we started for <unk> at 219 million and we did see.
And <unk>, we saw our pipeline and continue to bill which was encouraging.
Again, as we saw on the fourth quarter and as we start first quarter. The pipeline is reflective of our core bank.
And that's hitting on all cylinders so.
As I look across the markets and the business slot on for example, 17 percentage and tenants say, 14% and the Alabama, Florida, Panhandle, 23%, and Georgia, Central Florida, 14 per cent in Mississippi, and 32% and our corporate and commercial business.
Slide you mentioned, the us being opportunistic and I mentioned that earlier, when I answered, Jennifer and and new hires and again and the fourth quarter.
The individuals that have joined the company.
Over the last we'll say.
18 to 20 for much produced 20 per cent of that production. So we are continuing to benefit from that as well as a strong legacy team.
But.
Going back to your question just looking over the dashboard if you will.
On the pipeline of $238 million should result in about 71 million growth and non purchase outstanding and 30 days.
Pipeline would be indicating a production for the quarter.
And the $5 75 to 625 range.
We did see an increase in production is weighted with <unk>, you actually had production of over 700 million and for Q.
But to your point.
One of the headwinds was payoffs and we.
We are for <unk>.
And since this past quarter, they were up some hundred and 40 million over the last four quarter average.
Don't know that that repeats itself, but certainly when you look at the nature of pay downs the day bar selling the underlying asset.
And some cases, we lose it to term and right and one thing we will not step away from him as our fundamental of underwriting that that will be prudent.
And then the permanent market courses quite active so all of those things were somewhat of a headwind, but with all of those things.
We saw net loan growth for the quarter so back to your question.
We feel very good about our markets, we feel very good about our team and.
And we expect a positive loan growth going forward.
That's hard to predict at this point and walking through the pandemic as it's been in the past but.
As we've seen over the last quarter to a net.
Our excluding triple P and we do expect to see continued net.
Net growth.
I appreciate all the color Mitch Thanks for taking my questions. Thank you Michael.
Thank you next question is from Kevin Fitzsimmons of D. A Davidson. Please go ahead.
Good morning, everyone.
Good morning, Kevin.
I was I know there are a lot of different.
Variables in the margin and I was hoping maybe we could just focus on the core margins for taking purchase accounting and P. P. P fees out of it and I think you said it was down.
Down one bps are fairly stable and wondering if you could talk about some of the.
Headwinds and tailwind there I would assume.
Continuing to take funding costs down, but excess liquidity remains a drag and.
Some of the ones I can think of and and then maybe translate that into how you're looking at that core margin going forward. Thanks.
Absolutely Jim do you want to start with margin and Kevin you may have some follow ups relative to Triple T. J M.
Sure.
Yes, Kevin and so I think you hit it on and so we as we as we look at margin and thinking about that core margin going forward.
The two variables and 'twenty, one or are the biggest variables. If you will will be 11, gross and and and liquidity and and how much of that liquidity is and.
Is absorbed by that loan growth and so what what debt liquidity tax ends up being and 21 I don't know, but as we think about it now and again ex accretable yield ex Triple P. I would think we see that core margin.
Flat ish cars to down slightly again, the biggest thing isn't how that how that liquidity and play.
Plays out.
And a couple of other points about the margin we do still have some opportunities you mentioned deposit costs, we've got about $1 billion of deposit re pricing.
For the next six months or so the day average right on that and roughly 1%. So that that represents an opportunity and we so we still see some room and and deposit costs coming down I think total deposit cost for us, we're just above 30 basis points and Q4 two.
Five basis points is probably rough with the area, where we're going to sort of bottom out would be my guess just based upon what we've done historically there.
So.
Again, I think the biggest variables what can we do with that with that liquidity and hopefully there's debt as Mitch referred to we're we're optimistic about the ability to grow loans, how much we'll see but.
That's the biggest variable going into 'twenty one.
Alright, Thanks, Jim and then just one follow up with the focus being on.
Do your expenses and cost containment and these initiatives.
<unk> that are just really starting I was wondering if.
You'd characterize this as.
Really offsetting spending that's going on like I know you talked about the digital and.
Sure.
For digital focused earlier on the call or whether some or any of this will fall to the bottom line. So in other words, just just in terms of looking at that day.
Expense run rate, we have today, whether your.
And your outlook is for that to be stable or whether can actually declined over the course for you. Thanks.
Sure Kevin do you on a follow up on expenses and you may want.
Follow on there as well.
And I'll be glad to good morning, Kevin So we so yes, our goal and in light of compressing revenues.
And has been to see.
The expense initiatives fall to the bottom line to offset revenue compression and I think.
He knows long enough and well enough, but we recognize that our efficiency had been.
One of the spots and all are.
And our story that debt that garners a lot of attention we've been working to we've been working for years to get that number down.
And with the rate cuts and the revenue compression that we saw towards the and the 19 and throughout 2020, you just highlighted the need to accelerate the momentum and.
And the and the expense savings and side and the efficiency equation. So we recognize that we're gonna be taking some of these savings and reinvesting them.
And when either digital or technology solutions, we're going to reinvest some of the savings and new talent.
But there is an expectation that the expense the expense saves a portion if not a significant portion of expenses.
Flow through to pre tax income flow through to the bottom line.
Thanks, Curt and then when you guys talk about efficiency I realize it's such a focus and we're coming off a year where mortgage was so.
Impactful and a positive way.
Do you have any kind of soft a realistic target that you guys are pegging.
A year or so out on efficiency on where to take it.
Yeah. So it similar to the story that we had for five years ago, but this is on the stair step down and it's gonna be on.
On a be a continual effort of and improvement.
No.
Three or four years ago, we set a target of getting below 60% efficiency and we had gotten down into the 57 and 58 per cent range right as we crossed over 10.
Unfortunately, we crossed over 10 loss debit card income about the same time that debt the interest rate environment started to change. So a mortgage has been a significant tailwind we recognize bad we have to overcome that that that dynamic and our efficiency.
But again with some balance sheet growth and some of those are going to be timing, where I'm not saying that we can replicate every dollar of mortgage revenue that's lost and if we do start to see compression and mortgage revenue, but over time, we feel very confident but through expense savings balance sheet growth other types of fee income.
Lection can help mitigate that and are perceived headwind that's embedded in our mortgage operations right now.
Yeah.
Great. Thanks, Kevin.
Thank you Kevin.
Yeah.
And again, if you have a question. Please press Star then one.
Next question is from Katherine Miller K B W. Please go ahead.
Thanks, Good morning.
Good morning Catherine.
Just one follow up on the expense conversation is there and whether you could.
And remind us where what the current mortgage efficiency ratio is or how much expense basis is tied to mortgage and you're trying to think about what may be the core bank run rate is and where that could go next year and then we can kind of.
And our mortgage volatility out of that.
And then you won't expand on mortgage and maybe the favorable expense and mortgage as well.
Sure so yeah for mortgage this this year.
With with the growth that we had when we had an inflection point, where mortgage had typically been a drain on.
And or.
What was a drain on the corporate efficiency.
With the growth that we had.
Actually crossed over to wear and it benefited.
The company efficiency ratio and so right now I would say that it's benefiting the company ratio by a couple of percentage points and like two to three percentage points.
And and so that.
Stork Lee on the.
Mortgage company had been running ahead.
Our company, so that way, but I will say the improvements that the mortgage company has made during the pandemic. We have a we have an expectation that they will come out of.
The cycle this round of high production and high growth.
The efficiency that had been made within the mortgage company, we expect them to come out and being more efficient operations. So that drag that historically and there will either be less of a drag or will be more in line with the company's efficiency ratio.
So right now Catherine and answer your question.
There's probably contributing a couple.
Couple of points to the efficiency ratio.
Well.
Okay, and then maybe could you is there anything about what the mortgage debt.
Efficiency ratio was on a standalone basis, I think I remember historically.
We're saying that it was.
And then the 80 per cent range, and assuming now and significantly lower just given the higher gain on sale margin.
Yes. So typically are typically through the course of the year. The mortgage company has been and the highest since day range.
Right now this past quarter it was about 57 per cent.
Okay, that's really helpful.
And then how about on and.
Buyback do you either the buyback as a way to be opportunistic.
Your stock price pulled back or you know would you have the intention of being aggressive and buy back even at these current valuation.
Jim as Willie and good question Catherine.
And we prudently manage capital and Jim you want to expand on this.
Is the buyback topic.
Sure Good morning Catherine.
Morning.
I think you know we obviously our capital is contained to bill and.
And we've got and I think.
And we're in a good position from a capital point of view and as I also think of our capital our allowances and I think and a good position so.
Think about those capital levers and buybacks being one.
As you know, we've got a $15 million authorization in place.
It's something that we continue to think about it.
Not just buybacks of course, but and M&A as well as another logical source and logical use of capital.
So I would say to you that as we go through the year and and we continue to build capital debt.
Net thinking is going to come more problems or that focus is going to become more prominent and on buybacks and we will continue to evaluate the merits and the returns of that and because obviously, we're charged with with putting that capital and good use and I would not be surprised if if that analysis yields.
Our results and favorable metrics as it relates to buybacks, so well see how the year unfolds, but we certainly will not hesitate.
If we see an attractive opportunity and any laws and that capital on buybacks.
Got it thank you so much and and that's what.
And what they want more and from April to even just on your on your credit outlook.
And your ACL increased this quarter and we've seen a lot of your peers keep it flat to decline.
Looks like a lot of your reserve build was on the commercial real estate and and construction book and so just curious what your relative to increased and down and what your thoughts on are for a reserve release and significant this year. Thanks.
Yes, Thank you Catherine and it certainly reflects our prudent approach.
David do you want to expand on credit and our thoughts there.
Sure be happy to had good morning Catherine.
So on our thoughts for and in Q4 was just with the with the continued level of uncertainty and the marketplace and the continued direction. While we saw some many positive trends in Q4 as we got later in the quarter and saw some slowdown in and and unemployment numbers.
And we thought it probably prudent to kind of just to make sure and stick on the conservative path from a continual reserve standpoint, and so that's kind of I think our motto is where it's going to continue to be conservative with and on known outlook at this point as things progressed throughout the year.
There's the potential for for much lower provisioning levels.
At this point, but again, we're just we'll watch it and see what the quantitative and qualitative metrics are.
And 21, and and hopefully loan growth will continue to be a factor that we have to continue and reserved for and look for opportunities to utilize our current level of reserve. So that was kind of our thought behind Catania on reserve and the fourth quarter.
Got it makes sense thanks for the clarity.
Thank you Catherine.
This concludes our question and answer session and I would like to turn the conference back over.
Mr. Mitch Waycaster, President and Chief Executive Officer. Please go ahead.
Thank you Nick and for each of you on the call. We appreciate your time your interest and Renaissance Corp.
And we look forward to speaking with you again soon and look forward to participating in the K B W. A virtual winter financial services Conference on February 11, and the D. A Davidson South East Bank Tour on February 18, and thank you.
Conference and now concluded. Thank you for attending today's presentation you may now disconnect.