Q3 2022 Old National Bancorp Earnings Call
Okay.
Well go to the old National Bancorp third quarter 2022 earnings Conference call. This call is being recorded and has been made accessible to the public in accordance with the act.
You see regulation FD corresponding presentation slides can be found on the Investor relations page at old National Dot Com and will be archived there for 12 months.
Management would like to remind everyone that certain statements on today's call may be forward looking in nature and are subject to certain risks uncertainties and other factors that could cause actual results or outcomes to differ from those discussed the company refers you to its forward looking statement legend in the earnings release and <unk>.
Presentation slides the company's risk factors are fully disclosed and discussed within its SEC filings. In addition, certain slides contain non-GAAP measures, which management believes provide more appropriate comparisons. These non-GAAP measures are intended to assist investors' understanding of performance trends.
Reconciliations for these numbers are contained within the appendix of the presentation I would now like to turn the call over to Jim Ryan for opening remarks, Mr. Ryan.
Thank you Paul Good morning, we're pleased to discuss our outstanding third quarter results and update you on our transformational merger, we completed our systems conversion and branding changes during the quarter internally, we have branded our merger is better together in these last two quarters of strong results demonstrate how we are truly better together.
All stakeholders I also wanted to take this opportunity to acknowledge and thank our team members for their hard work and dedication of serving our clients communities and supporting one another throughout this process.
Let's start on slide four.
We reported GAAP earnings for the third quarter of <unk> 47 per share.
Third quarter included pre tax charges of $23 million merger expenses.
These charges from the quarter adjusted EPS was <unk> 51 per common share. This quarter's adjusted EPS grew almost 11% higher than the second quarter.
Our adjusted return on average tangible common equity and assets were a strong 23% and $1 three 5%, respectively and our adjusted efficiency ratio was a low 51%, which is the best efficiency ratio I can remember in my 20 year plus career at old National.
Our focused execution of our merger strong deposit franchise and growing commercial business drove these robust results and leading returns we saw higher balances in every portfolio in most markets across our commercial business.
Total loan growth was 14% and the commercial business grew 17% on an annualized basis the.
The higher loan growth paired with the benefit of a strong deposit franchise contributed to a 38 basis point margin expansion.
Our commercial pipeline ended at a strong $5 4 billion.
Overall credit quality remains strong and we continue to be diligent, giving the increasing economic uncertainties how's.
However, corporate balance sheets remain solid and personal clients retaining higher savings rates than we saw in previous cycles.
We were pleased to grow deposits slightly quarter over quarter, while maintaining our deposit pricing discipline, what just a 5% deposit beta.
A quick update on hiring we successfully welcomed 25, new client facing commercial and wealth management relationship managers during the quarter.
Our talent pipeline remains robust and we will continue to make these strategic investments.
We recently expanded our wealth presence with a new office in Nashville, Tennessee hiring seven wealth management professionals. The experienced team will be led by Steve Cook, who will also serve as our market President and the office will operate under our new ATM 30 for high net worth wealth management brand. This was a fantastic opportunity.
And we are already adding new clients to the bank.
Over time, we will look to expand and offer other banking services to this high growth dynamic market.
This further expansion builds upon last year's strategic investment in a high net worth team in Scottsdale, Arizona.
We were also pleased to announce the hiring of breath tischler as our community banking CEO .
Brent is responsible for all consumer and retail banking segments I'm excited about his extensive knowledge and experience in leading consumer and small business segments as well as the optimism and enthusiasm he brings to our organization.
In early December we will implement several enhancements to our overdraft protection programs to provide clients with more flexibility.
The changes will include eliminating the NSF fee and we believe our program will be consistent with current best practices.
In closing, we will continue to demonstrate the strength of our expanded franchise with commercial loan growth for the third quarter of nearly 17% significant improvement to our net interest margin because of our deposit franchise and continued strong credit capital and efficiency metrics.
As we look forward, we expect our loan portfolios that continue to grow <unk>.
Margins to continue to expand driven by our below peer deposit costs.
Organic growth of our wealth management client base.
Disciplined expense management and continued savings from our merger synergies and strong relative credit metrics.
I believe we are well positioned to withstand any of the challenges that lie ahead.
Thank you I will now turn the call over to Brendan.
Thanks, Jim.
Turning to the quarter's results on slide five we reported GAAP net income applicable to common shares of $136 million or <unk> 47 per share reported earnings were impacted by $23 million in merger related charges. Excluding these charges as well as debt securities losses, our adjusted earnings per share was <unk> 51 set up 19% year over.
Year.
Slide six shows the trend in total loan growth on a historical combined basis, excluding PPP loans.
Q3 represents our ninth consecutive quarter of organic loan growth with total loans, increasing 14% on an annualized basis.
Commercial loans grew an annualized 17%, while consumer loans grew an annualized 7% driven by residential mortgage.
The invest portfolio decreased 6% quarter over quarter due to a rate related fair value adjustment and reinvestment of portfolio cash flows in support of loan growth.
We expect investment cash flows of $850 million over the next 12 months.
Slide seven provides further details of our commercial loans and pipeline. The strong second quarter growth was well distributed with 17% annualized growth in C&I and 15% in CRE <unk>.
Q3 production put some pressure on the pipeline, but loan demand remains strong and we did see a mark increasingly accepted category, which was up $400 million over the prior quarter.
Turning briefly to pricing new money yields on C&I increase of 109 basis points from Q2 to five 9% with new CRE production yields up 88 basis points to 455%.
Slide eight shows details of our Q3 commercial production the $2 $4 billion of production was well balanced across all product lines and major markets.
And as always with consistent with our disciplined approach to credit and.
In addition, all of our product segments posted quarter over quarter balance sheet growth, which demonstrates the success, we've had in retaining lenders and clients in Chicago, our successful entry into new expansion markets and the quality of our commercial teams throughout our footprint.
Moving to slide nine end of period deposits were up one 5% quarter over quarter driven by increases in municipal deposits. We are pleased with the stability of our commercial and retail deposit balances, particularly our noninterest bearing accounts.
Our low loan to deposit ratio, coupled with asset liquidity in the form of our investment in indirect book provides flexibility heading into this competitive deposit market.
That said, we are actively defending deposit balances through competitive rack rates and pricing exceptions.
We're also playing offense through various deposit specials in select geographies, where we have limited market share.
These actions put upward pressure on rates in Q3 with average total deposit costs up six basis points quarter over quarter to a still very low 12 basis points interest bearing deposit costs were up nine basis points to 18 basis points.
Holding in a cycle to date beta of just 5% our granular granular low cost deposit base should continue to give us a data advantage relative to peers throughout this rate cycle, but pricing is expected to increase in Q4.
As a reference point, we ended the quarter with a spot rate on interest bearing deposits of 33 basis points on September 30th.
Next on Slide 10, you will see details of our net interest income and margin both improved more than expected due to better loan growth higher interest rates and better than expected deposit pricing wise net interest margin expanded 38 basis points quarter over quarter to 371% core margin, excluding accretion and PPP income increased 48 basis points.
To 346%.
Slide 11 provides additional details on our asset liability position and projected margin range.
Core margin is expected to continue to expand meaningfully over the next quarter, albeit at a slower pace.
The assumption in our outlook includes a fed funds target rate of four 5% at year end and a 4% yield on 10 year treasuries.
Our outlook assumes deposit betas, increasing from 5% today to our cycle to date data by year end of 15%.
This equates to a marginal <unk> beta of 30%.
We believe the current forward curve should allow us to expand margin beyond 2022.
Margin expansion is expected to slow, but we believe we can manage margin deposit betas at or below our activated into 2023.
Also while we remain well positioned for rising rates, we have been proactively hedging the balance sheet over the last several quarters to protect our margin from the possibility of a hard economic landing a quick reversal and fed policy.
We added $600 million in hedge protection this quarter with an average floor strike of 3%.
Slide 12 shows trends in adjusted noninterest income, which was $81 million for the quarter. This is generally in line with our expectations as market conditions continue to put pressure on mortgage and wealth revenues. The linked quarter decrease was also impacted by $4 million and discrete Q2 items, we discussed last quarter.
Next slide 13 shows the trend in adjusted noninterest expenses adjusting for merger charges and tax credit amortization expense of $241 million and our adjusted efficiency ratio with a historically low 57%.
<unk> were higher than anticipated due to $4 million provision for unfunded commitments related to Q3 loan growth a $3 million incentive accrual increase and a $4 million conversion related reduction in deferred loan origination costs that totaled $7 million impact of incentives and deferred costs are not expected to recur.
Despite the moving parts in Q3, we continued to run ahead of our planned cost synergies and on our and are on track to the promise merger synergies in the fourth quarter Keith.
<unk> expenses are now expected to be $225 million.
A $2 million improvement from our prior quarter estimate, which equates to approximately 90% of cost synergies achieved by year end.
Slide 14 shows our credit trends credit conditions are stable and our commercial and consumer portfolios continue to perform exceptionally well net charge offs were a modest two basis points, excluding eight basis points of net charge offs on PCB loan that has an allowance established through acquisition accounting or.
Our special assets team is continuing to work through our PCV loans, and we would expect charge offs in this portfolio to remain elevated.
The provision expense impact from this effort is expected to be minimal as we carried $61 million or.
Or approximately 5% reserve against this book.
On Slide 15, you will see details of our third quarter allowance, which stands at $302 million up from $288 million at the end of Q2 <unk>.
Reserve build was driven primarily by strong loan growth with relatively small increase is due to portfolio mix any marginally worse economic forecast that.
The financial health of our clients remained strong and while credit metrics are stable. We believe it is prudent to maintain elevated qualitative reserves given the uncertainty in our base case economic outlook and.
In addition to the $302 million of total reserves, we also carried $112 million in credit marks.
Slide 16 provides details on our capital position at quarter end, our CET one ratio remains strong at nine 9%.
Our TCE ratio declined 38 basis points quarter over quarter due to increases in unrealized losses in our investment book.
<unk> is now impacting TCE by 160 basis points.
We continue to monitor our balance sheet for economic stress and feel very comfortable with our capital levels.
As I wrap up my comments here are some key takeaways, we grew adjusted earnings per share 11%.
Profitability ratios continue to be strong with an adjusted return on tangible common equity of 22, 6% and a return on average assets of 135%, we posted another strong quarter of loan growth and better than peer Merrick margin expansion aided by an industry, leading deposit beta expense.
Expenses also continue to be well managed with a record low efficiency ratio of 57% with meaningful savings yet to come.
Slide 17 includes thoughts on our outlook for the remainder of 2022, we ended the quarter with a strong commercial pipeline, which supports our favorable outlook on loan growth, albeit at a slower pace in Q3.
Deposits are expected to be stable, excluding the impact of the HSA sale.
Net interest income and margin should benefit from continued loan growth and fed rate increases consistent with the margin guidance, we outlined earlier.
We expect our fee businesses to continue to perform well despite headwinds with wealth management and mortgage following industry patterns.
Actual activity should support continued strong capital markets revenues, albeit at a lower level in Q3.
We've also finalized plans to implement changes to our NSF OD policies in December that are largely consistent with industry best practice, we estimate this impact to be minimal in Q4, and approximately $5 million for the full year of 2023.
Turning to taxes, we expect approximately $4 million in tax credit amortization for the remainder of the year with a corresponding full year effective tax rate of approximately 24% on a core FTE basis, and 20% on a GAAP basis.
Lastly, our sale of the HSA deposits is expected to close in mid November .
Real estate repositioning as well as other strategic investments are expected to partially offset the gain from that sale.
With those comments I'd like to open the call for your questions. We do have a full team available, including Mark Sander, Jim Sandgren and Jon Brian .
Thank you if you would like to ask a question. Please press star followed by one on your telephone keypad. If for any reason you would like to remove that question. Please press star followed by Q again ask a question press Star one.
A reminder, if you are using a speaker phone. Please remember to pick up your handset before asking a question. We'll pause here briefly these questions are registered.
Our first question comes from the line of Scott <unk> with Piper Sandler Scott. Your line is now open.
Good morning, guys. Thanks for taking the question as everybody done.
We're doing great great to see you take your rightful place back is number one.
I, even got it down a bit into Q since 916, and I've got a I've got to get our license at some point here.
Go ahead Sir.
And into Q I appreciate you taking the questions maybe.
Brendan first question.
Great for you.
So obviously, just a huge ramp up in the margin and NII with great deposit betas just.
Curious given some of the steps you've taken to kind of protect things.
Do you think is your ability to grow NII and the margin sequentially. Once the once that Scott's raising rates and just maybe kind of qualitatively how much does this margin is levitating just on a transitory basis and how much can you.
Kind of harvest and keep for a longer period.
Okay.
A lot to unpack there and a lot of it will depend on deposit betas and deposit pricing post the fed move that said, we have a pretty good view of.
Our margin with the forward curve out through 'twenty, three and we feel really confident we continue to expand the margin as the fed continues to move rates post that we'll continue to have opportunities to reprice, our fixed rate book at much higher levels than what it is running off that and that will help offset additional deposit costs I think the big question is how long is the bed.
Stay there will be a big determining factor on how long we can hold onto the margin at the peak.
I'd also add Scott, we continue to have a mix shift right on our lower yielding assets into higher yielding commercial assets and that will continue to help lead the margin growth regardless of what that does or doesn't do.
Okay.
Alright, perfect and then just sort of a cleanup question Brendan can you repeat.
What those offsets were to the <unk>.
To state the HSA game.
In the fourth quarter.
Yes, we are evaluating a number of things the biggest ones are thoughts around all of our real estate, both branch and non branch real estate and we're working through that now so that will have an impact and we will likely spend some of that gain in the fourth quarter.
Okay perfect. So in other words kind of a onetime gain in that.
Essentially a one time, one time charges offsetting maybe some portion of it.
Yes, which should also lead to some additional savings in the next year.
Yes.
Alright, great. Thank you guys very much.
Thanks Scott.
Thank you for your question. Our next question comes from the line of Ben <unk> with Hub Group Dan. Your line is now open.
Good morning.
Plotline, but slightly down by.
About two minutes.
We were watching new valve infers that we saw that.
I was curious I know that you guys have a pretty large footprint now relative to the past five years I was curious just from a.
Kind of a macro perspective, what are you what are the kind of the conversations you are having with clients today some of their concerns.
Kind of juxtapose again, the London portfolio does that open up any opportunities for growth or any areas you might want to potentially pivot away from I know you guys don't change your credit standards throughout the cycle, but it's kind of that macro conversation youre, having with clients.
So the macro conversations classes.
We have opportunities across our geographies and across our four lines of business and you saw that this quarter in real estate was the largest growth driver this quarter, but all three of our other lines and commercial middle market business banking and specialty all grew about $100 million, so and it was widely dispersed geographically.
I think we have the team to compete and win in every market. We're in Ben So I don't we don't favor one versus the other I think theres just a lot of good opportunities to grow Jim anything you would add.
We're going to continue to look to expand in other markets. Obviously, we talked a little bit about Nashville, and St. Louis and Kansas City continue to perform well and looking at other potential metro markets that could help support growth.
Yes. So you don't think franchisees are the franchise.
Ben I would just add the power of the franchise is getting noticed in some markets that we hadn't been noticed before.
And I think Thats really getting people excited about joining our company and as we talked about we were able to hire 25 client facing folks this quarter and we continue to do that there isn't a week goes by that we don't have somebody come through headquarters here looking at an opportunity to join the team and I'm really excited about that it's great to tell our story the story resonates really well.
With folks and I think it's going to allow us to continue to make those strategic investments.
Yes, that's actually dovetails nicely into my next question I know you just said the plus 25, and then you highlighted Nashville, specifically from a lender perspective.
Cities are Msas that you wanted if you could highlight I don't know, if I drive and built them correctly or not.
No I would just say.
Our existing footprint, we continue to have opportunities adjacent to our footprint, we're having conversation so.
We're not looking at expanding outside the Midwest at this point in time, we still feel like we're very comfortable solidly in the Midwest we.
We do think Theres, an opportunity to build on Nashville, the wealth management presence. We're in early days. There. We really just got started with their office. The great News is they are making.
Referring lending opportunities to our team and so we're servicing those opportunities today, but we will be looking to add folks and it teams selectively where it makes sense. So that may be the only place really outside the Midwest that I would that I would note.
But it's mostly outside of the Midwest and set our existing footprint or to maybe some adjacent markets, where we have opportunities to continue to grow.
And most of the hires reflect our footprint.
We've hired over the last two quarters seven or eight people in Chicago February people in Minneapolis and.
In Indianapolis.
We've got a handful in the number of other markets.
Gotcha, alright unused myself I appreciate ill step back in the queue. Thank you.
Yes.
Thank you for your question. Our next question comes from the line of Terry Mcevoy with Stephens Terry Your line is now open.
Good morning, good morning, good morning.
Same here.
Maybe first question do you think the potential savings from the real estate positioning can offset the $5 million decline in service charges.
We're early stages of estimating that but I don't think thats far off what we're hoping to achieve with that with that repositioning.
Okay.
And then maybe just sticking with expenses the.
225 run rate for <unk> expenses.
And then you've got some remaining cost savings in the early part of next year.
Should we kind of think about and maybe you could frame kind of your expense expectations for for next year or is it still too early given whats youre going to do with some of the real estate repositioning.
No I think 225 is a good launching point and base to move off of into 2023, and you layer in some merit increases as we've talked about we're not going to stop hiring but we also have some cost saves to come but I think I think 25 is a good base with Meredith get you get you in the ballpark of how we're thinking about.
Next year.
Perfect and then maybe just a point of clarity.
15% deposit beta was that by the end of the fourth quarter of this year and if so what are your thoughts on call. It through the cycle deposit beta as we think about the end of next year.
Yes that is through the end of the fourth quarter, so that'll be the cycling.
To date beta at 15%.
Knows where this deposit beta ultimately goes we've been pleased that we've been able to underperform outperform our expectations to date.
I can just tell you that last cycle as a combined organization of F&B and OMB had a significant advantage in deposit betas, we expect to continue to keep that advantage in this rate cycle has no matter what deposit betas do.
That's great. Thanks for all the information.
Okay.
Thank you for your question. Our next question comes from the line of Chris Mcgratty with K B W.
Your line is now open.
Good morning, good morning.
Hey, Brian .
Brendan.
<unk> on <unk>.
The size of the balance sheet you talked in your guide for Q4, it's a.
A static balance sheet.
The deposit sale.
In your prepared remarks, you talked about around eight or $900 million of cash flows on the bond book to come off how should we be thinking about just the size of the investment portfolio or maybe another way what are your expectations for deposit growth.
So I think we're going to fight to hold deposit stable I think deposit stable next year is a win I think given what we've seen in the industry and so we're going to fight to hold that we're going to allow.
Investment cash flows to help provide liquidity, we also have an amount.
As liquidity in a few transactions books, including the indirect book.
And we have lots of wholesale funding capacity, we just feel like we have a lot of options for liquidity heading into this that we don't have to fight for every deposit.
But we're going to go out there and take care of our clients and we think we have room to run and we're starting from a low loan to deposit ratio base as well in his comments exclude the HSA sale as you remember that will come off the top during the quarter.
Okay.
Hi, Thanks, Thanks for that so.
The 800, just to go back to the $850 million of bond cash flows.
The expectation of the bond portfolio would shrink to fund to fund loan growth to some degree yes.
Okay.
Yes.
And then maybe Jim just a higher level question you were.
You were talking probably about 51% efficiency ratio, which is a great metric.
Maybe comments about trajectory from here.
Yes.
I think if you look at Brendan is expense guidance and expanded margin.
I think modest improvements are expected, but it's not going to be and maybe as quickly as we got the 50, 51%.
I think all the trends are heading in the right direction to see that number improve.
Okay, and maybe just a quick credit question I think in your prepared remark you said expect a little bit higher charge offs on the <unk> book.
Maybe any higher level questions or comments about what you might be seen in our legacy F&B F&B I book, which I think gets a little bit more attention.
Sure.
Nothing that is unusual.
Unusual or that we haven't seen before Chris I guess is what I would say this is mark.
Commercial clients are still seeing strong demand and profitability and liquidity overall theres, a little growing sense of caution out there so nothing different than what we're all hearing in terms of economic outlook. So we feel good about our credit metrics.
Okay. Thanks Mark.
Thanks, Chris.
Thank you for your question as a brief reminder, star one on your telephone keypad to register a question.
Our next question comes from the line of John Armstrong with RBC capital markets John .
John Your line is now open.
Thanks, Good morning, everyone. Yeah, Goodyear agile then dialed in at the top of the hour.
Yes.
No I was going to be less.
[laughter].
Just a quick follow up on Chris's last question, you talked a little bit about moderating.
Moderating growth but.
Give us give us a little bit more in terms of what youre seeing there in terms of moderation in severe is the wrong word, but how material is it in.
Talk about kind of your approach to the marketplace as well if you are being more cautious.
I don't really think we're being any more cautious I think like everybody else. We're wondering about what next year brings us.
But the pipeline was our second highest pipeline of $5 4 billion Brendan towards your accepted category is up meaningfully I mean, so we continue to expect the portfolio to grow.
Just the pipelines down after we closed.
$2 $4 billion this quarter.
But really not slowing down at all and I think I think our view is really consistent with what other Ceos are thinking about I think everybody is.
Looking forward and cautious about potential recession, but there really have not been much signs of it from from our borrowers today, particularly in the Midwest or Mark or Jim said, another way, but the same thing our near term outlook is favorable but yet the pipelines are still very strong and clients are still doing quite well.
Again, some of the CRE markets clearly are immune to the impact of rising rates, but there was plenty of room to run.
The former.
Equity levels in <unk>.
This coverage ratios of our client our client so the pipeline is still really strong there still.
You've followed us a long time, John 17% annualized growth was a strong number by any measure and so.
I think we're all just cautious that.
We continue to grow at these kind of levels over the long term I think the answer is it's probably going to get.
Revert back closer to some kind of long term average and Thats, what we said at the end of the second quarter and we surprised on the upside this quarter will probably be we'll still grow in Q4, but a little lower pace than this quarter.
Okay, Okay interesting time.
About it.
Brendan Slide 17 to talk about average new production yields can you give us some idea of where things are coming on today on C&I and CRE in terms of yields.
Yes, they are marginally up from from there. So today September yields are up a little bit of 10 to 15 bps in commercial commercial real estate.
But not much higher but I expect those continue to go higher given where the five year has moved and certainly what we expect LIBOR to do over the next and silver to do over the next 60 days.
Okay.
Just two more wealth management, you've talked about a little bit.
<unk> still in Nashville, and I understand you expect the numbers to be down.
Can you talk a little bit more about organic growth, what you're seeing in terms of.
Progress there I don't know if its new household how you measure it but to take the market impact away what are you seeing.
Alright.
We are seeing organic growth and it's all about.
Focusing on what you can control.
We know we can't control market values, but we can control, what we produce and what.
Retention, we have and we feel really good about the opportunities not just these teams that we hired that's incremental but each of our existing markets. We see organic growth, we measured by net new clients and then net assets under management.
Yeah.
Any numbers in terms of net new clients.
We monitor them, we don't disclose them I guess is the best way I could say it so it is growing.
I think internally, we are meeting our own expectations around our growth in that business from.
The organic acquisition of new clients and Nashville are.
Our high net worth teams are off just a really strong start I mean, we're getting some at bats that we've never had a chance to that before given the sophistication level of a new team we're bringing on.
Are we brought on last year and the new team in Nashville, I mean, they are bringing in great new opportunities for us.
Okay.
And then just last one.
Smaller item, but you talked about playing offense and deposit gathering where you have limited market share can you give us an example of that.
Yes.
We'll go out an area in Michigan, maybe pick a grand Rapids, where we have relatively low market share and we'll put a pretty heavy right down.
And.
Money market of new money, new money money market account at a fairly high rates generally a teaser rate will run some some pricey CD specials in those markets and try to be annoying to some of our bank competitors in that space and that's worked really well for us last rate cycle, and it's allowing us to grow some deposits in this cycle.
Okay got it thank you.
Thanks, John .
Thank you for your question, we now have a follow up question from Chris Mcgratty with J B W.
Your line is now open.
Great Brian .
Brendan.
A clarification on the noninterest income.
Guidance.
<unk>.
It sounds like the run rate on the surcharges will make its way to <unk>.
185, once once the inflammation implementations go in and I heard you on the trust what about the other income line, it's kind of been all over the over the board and just trying to get a sense of when we take all these pieces together, what's like a reasonable range for total fees entering next year, yes, yes, because the other income.
Item of $11 million on a slide I think that's a good base to grow from the noise really within QQ, and we had that $4 million.
Kind of.
And I've set of factors that hit Q2, but I think the 11 is that a good run.
Run rate base.
So that would put kind of the total run rate around 80 million Bucks so like that.
I think Thats fair.
Okay. Thank.
Thank you.
Thanks, Chris Thank you for you.
Thank you for your question there are no further questions at this time I'd like to turn the call back to Jim Ryan for closing remarks.
Thanks for joining us today.
I Hope you can tell we feel really pleased with the third quarter and we feel really good about where we're headed.
As always the team is here to answer any follow up questions. Thank you for participating today and look forward to seeing you on the conference circuit here shortly.
Yes.
Thanks, Laura.
Yeah.
This concludes old nationals call once again, a replay along with the presentation slides will be available for 12 months on the Investor Relations page of old National's website old National Dot com.
Replay of the call will also be available by dialing 8668139403 access code 90, right Q3 nine for this replay will be available through November eight.
If anyone has additional questions. Please contact <unk> Walton at 8124641366. Thank you for your participation in today's conference call.
Okay.