Brookline Bancorp Inc (BRKL) Q1 2020 Earnings Call Transcript – Get your quote in a couple of minutes

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Brookline Bancorp Inc (NASDAQ: BRKL) Call first quarter earnings 2020 Apr 30, 2020, 13:30 ETContents:

Prepared observations
Questions and answers
Call the participants

Prepared observations:
Good afternoon everyone and welcome to Brookline Bancorp's first quarter 2020 earnings conference call. All participants will be in listen-only mode. (Instructions for the operator) Note also that today's event is being registered. Right now, I'd like to direct the conference call to Brookline Bancorp's Marissa Martin. Ma'am, please go ahead. Marissa Martin – Associate General CounselThanks you, Jamie, and good afternoon everyone. Yesterday we issued our release and earnings presentation, which is available on the Investor Relations page of our website, brooklinebancorp.com, and was filed with the SEC. This afternoon's call will be hosted by Brookline Bancorp executive team, Paul A. Perrault; and Carl M. Carlson. Before getting started, please note that this presentation is done from different locations. Therefore, in case of delays or technical problems, we appreciate your patience and understanding. This call may also contain forward-looking statements regarding Brookline Bancorp's financial conditions, results of operations and business. Please refer to page 2 of our revenue submission for our disclaimer. In addition, please refer to our other documents at the Securities and Exchange Commission which contain risk factors that could cause actual results to differ materially from these forward-looking statements. Any references made during this presentation to non-GAAP measures are made only to help you understand Brookline Bancorp's results and performance trends and should not be considered as financial measures of actual results or future forecasts. For a comparison and reconciliation with GAAP earnings, please see our earnings disclosure. If you can join us on Page 3 of the Revenue Presentation, I am delighted to introduce Brookline Bancorp President and CEO Paul Perrault. Paul A. Perrault – President and CEO Thanks, Melissa and good afternoon to all. The quote, live in interesting times, which some consider a blessing and some curse, often arises in times of crisis. Those of us who have lived through very interesting times know that there is a beginning, a half and an end. We are certainly in tune with those who suffer physically, emotionally or financially at the moment. But we also recognize and appreciate the commitment and efforts of the exceptional sacrifices of so many who face every challenge every day. At our last earnings call on January 30, while the coronavirus pandemic was on all of our radar screens, we weren't considering a near complete shutdown of the world economy, unemployment claims rising to millions on a weekly basis, rates interest rates that drop sharply to zero, and the need for trillions of dollars of fiscal and monetary economic assistance. On February 1, Massachusetts confirmed its first coronavirus case. The student from the University of Massachusetts who had just returned from Wuhan. Massachusetts was the second state in the nation to report a case. On March 1, Rhode Island confirmed its first two cases, related to a school trip back to Italy in February. On March 9, Rhode Island governor Gina Raimondo declared a state of emergency. And this was followed by Massachusetts Governor Charlie Baker on March 10th. To date, both Massachusetts and Rhode Island are operating in a home environment with only designated essential employees authorized to report to the job. All non-essential retail businesses remain closed and those that are authorized to open it are doing so with the restrictions in force. I will only consider a few areas and initiatives related to our preparedness in response to this pandemic. And you can see it on page 4 of the presentation. The most important thing is the health and safety of our employees and their families. We were able to switch to a work from home policy very early thanks to our strong VPN and Zoom features, which we were lucky enough to have implemented well in advance of the current environment. We have remained as flexible as possible to adapt them who have children at home or take care of a family member who may be ill. At present, approximately 81% of the company's non-retail employees work remotely and effectively. While the traffic on the streets is rather low, you wouldn't know it by looking at the disc outside the branches. We have initiated a Bank-By-Appointment approach with minimal access in the lobby to further promote social distancing for both bankers and customers. We also staggered hiring programs to minimize employee exposure while ensuring business continuity. All types of hand sanitizers and disinfectant wipes were distributed throughout the organization and advanced cleaning was implemented full time. All customers facing employees and those who are required to go to the company's offices have been equipped with masks to minimize health risks for both employees and customers. We had no ruts and actually took key positions, particularly in our call center and operations. Our bankers have never been more engaged in assisting new and existing businesses and retail customers with online banking and liquidity management services, also working to address any short-term cash flow concerns. Although the institution has changed a lot in the past two months, much has remained the same. For our customers, we continue to try to make sure they know we are here for them. The culture of the company is not a mission or a declaration of value. The culture of a company is the sum of its actions and attitudes on a daily basis of those who make up the organization in good and bad times. I am very proud of our company culture, which is empathy for customers and colleagues in everything we do and what we also call our cohort of responsibility, teamwork, adaptability and leadership. They were really on display. Now I will hand you over to Carl, who will review the company's first quarter results. Carl M. Carlson – Chief Financial Officer Thank you, Paul. Our company entered this crisis this year, in a strong position. Record earnings for 2019, strong growth in the commercial and consumption banking sector and balance sheet of the fortress, defined by an excellent asset quality, strong reserves and a solid capital base. In many ways, we are headed for a promising start to 2020, solid loan origins supported by good deposit growth in commission income. We also successfully completed the merger and consolidation of First Ipswich Bank into Brookline Bank in mid-February. Shortly after the weekend of our data conversion, our preparedness and response to the global pandemic became our top priority. On slide 6, we have provided some of our income statements for the quarter, the previous quarter and the previous year. We reported a net loss of $ 17.3 million for the quarter, driven by a credit loss provision of $ 54.1 million. The significant increase in supply was due to the profound and rapid decline in economic activity, as our communities practiced social distancing, schools and many businesses were closed and almost all events and activities were deleted. Also our decision to continue and implement the new accounting standard, commonly known as CECL, which has moved from estimating probable losses to estimating losses over the life of the loan using models based on future economic forecasts. in the fourth quarter, with the decrease in net interest and the increase in operating expenses, driven by higher professional commissions, FDIC insurance and seasonality associated with indemnities and benefits. . Loan portfolio yield declined 28 basis points, as the price of more than $ 1.8 billion in variable rate loans was significantly impacted by the sharp drop in Prime and LIBOR rates, with a decline in deceased commission quarters advance payment of $ 1.3 million and $ 153,000 in purchase accounting, plus a $ 337,000 increase in the amortization of deferred fees contributed 10 basis points to the decline in loan yields in the quarter. Overall, our cost of interest bearing liabilities decreased by 13 basis points, which consisted of an 11 basis point decrease in the cost of interest-bearing deposits and a 20 basis point decrease in the cost of loans. If you could follow me on slide 8, you can refer to our comparative summary balance sheets. We had solid loan growth of $ 85 million or 5% year-on-year in the first quarter. And deposits have grown by $ 60 million or 4% year-on-year. Also noteworthy is the $ 52 million growth in loan loss allowance and the related $ 60 million growth in reserves for unsecured loans. In addition, we have added significantly liquidity and securities to position ourselves prudently to meet the potential financial needs of our customers. The loss in the quarter, as well as the modest share buyback activities, reduced our tangible book value per share by $ 0.31, while slide 9 reflects the growth and composition of our important loan and deposit categories. In the first quarter, we continued to experience strong net loan growth in the commercial real estate sector, while growth in net deposits was driven by deposits and savings on non-interest bearing demand. makes up 55% of our loan portfolio. DDA represents 20% of our deposit base. If you follow me on slide 10, we have illustrated the short-term impact of the implementation of the CECL in the estimate of the bad debt provision. At the end of the year, our total credit loss reserves amounted to $ 62.9 million, representing a 78 basis point reserve hedge of total funded and unsecured loan commitments. There are two components. The loan loss allowance, which was $ 61.1 million or 91 basis points of coverage of outstanding loan reserves, and a reserve of $ 1.9 million for unsecured loans. The current rules were based on the sustained or probable losses in the portfolio formulated on historical performance. The new accounting standard, which was implemented on January 1, requires that estimates of losses are forward-looking on the duration of the loan based on economic forecasts. We have chosen to use Moody & # 39; s ImpairmentStudio and Moody & # 39; s economic forecasts to develop our estimates. We also chose to prudently calibrate loan loss patterns based on the performance of a group of peers from the Northeast Banks, as our historical loss data was considered too rare and too low. At the end of the year, we used the economic forecasts as of December 14, 2019 and determined that the total credit loss reserve, also known as the credit loss or LCA provision, was $ 78.5 million or 97 basis points of total loans. funded and not funded. This was an increase of $ 15.6 million or 25% over the previous accounting method. As of March 31, we decided to wait for Moody's most updated economic forecasts, starting from April 4, instead of using the mid-March version which was less severe. The calculated ACL was $ 130.4 million, an increase of $ 51.9 million from our Day 1 estimate. This increased our coverage of total commitments from 97 basis points to 161 basis points. On slide 11, we provide details about our reserve coverage on funded and total commitments by key segments and selected subset of our portfolio. The construction component of our commercial real estate portfolio experienced the highest change in coverage, from 148 to 513 basis points on March 31, requiring an additional indemnity of $ 14.7 million in the quarter. We also provided some of the key economic variables from the forecasts, guiding our loss estimation models. To illustrate the significant deterioration expected in the economic forecasts from December to April, full-year unemployment is expected to be 3.6% in December 2019 forecasts compared to 6.3% for the April forecasts, which had recorded an 8.7% peak in unemployment in the second quarter before falling to 6.5% at the end of the year. The commercial property price index also showed a significant 14.3% deterioration between the forecasts for 2020. In slide 12, we provided a sector breakdown for our main loan segments. Note that we have included commercial properties and owner-occupied commercial loans and they also reflect $ 64 million of commercial property loans within our equipment financing business. The $ 3.2 billion commercial investment properties represent 47% of our outstanding loans. The apartments represent our largest segment and comprise 29% of our CRE investment portfolio, followed by offices at 20% and stores at 17%. Our commercial portfolio is $ 1.2 billion or 18% of our portfolio. And in the commercial sector, food and lodging represent 50%, followed by production at 12%. Financing $ 1.1 billion of equipment accounts for 60% of our portfolio. It is driven by a focus on laundry, tow truck and fitness equipment. Consumer loans of $ 1.2 billion consist of 1-4 residential and home equity family loans. Note, we have no direct exposure to airlines, auto loans, consumer credit cards, student loans or energy. We have also included some information in the Appendix for the presentation, providing various metrics and details on the portfolio, including the loan in values ​​and vintages, which illustrate the strong culture of credit underwriting, which underpins our reputation for the quality of the assets. . maintained the same portfolio segment in Slide 13 to provide information on our loan deferral activity, as well as illustrate our commitment to prudently respond to customer needs during this crisis. We have provided a 90-day reduction on the principal or principal and interest loan payments. These short-term changes have had no impact on our internal ratings for those credits, our interest rate or accounting for those assets at this time. In total, loans with outstanding balances (phonetic) of $ 1 billion have been granted a modification of the loan payment, which is approximately 15% of the portfolio as of April 17. The categories of greatest impact were in our financial units of equipment. We have also provided deferred payment information from some selected segments that we are monitoring. As mentioned earlier, apartments are our largest component of our commercial real estate investment portfolio. It is an area to which we pay close attention. We encountered few needs or requests for deferrals. Another category that we provide here is health care, even with few requests for deferrals. For example, the dentist's offices are basically closed and at this moment they only perform emergency procedures. We definitely expect the business to speed up as offices will have to recover housekeeping and other procedures. As the restrictions on staying at home are lifted, we also expect coffee and donuts to bounce, people focus on their health, laundries being busier and, unfortunately, picking up on car accidents and breakdowns. I would like to point out that these are well-managed companies and that they were all in good standing before the economy basically closed. In addition, we have been very active in facilitating access to the SBA wage protection program for our clients before the first round of financing ended on April 16th, which we show on slide 14. The Company funded its first PPP loan on Friday 3 April. As of Friday 24, the Company has created 2,183 loans, with balances of over $ 518 million. Parts of these loans will be eligible for forgiveness in the coming weeks and we will also monitor activity reports in the next quarter. We are very proud of the enormous teamwork, adaptability, commitment and pure doing everything that takes the attitude that we have seen in every level and in every department of the organization. When the schedule was reopened on Monday, as expected, we returned. However, the volume will be significantly lower as we have been very successful in helping our customers in the first round. As shown in slide 15, the company continues to be very well capitalized, exceeding all regulatory requirements, as well as our internal policies and operational objectives. As of March 31st, we had capitalized the 2.6% buffer, or $ 183 million compared to well-capitalized regulatory standards. During the first quarter, the Board expanded the previously announced share repurchase plan from $ 10 million to $ 20 million. The company announced on March 24 that it was suspending further purchases and at the time had completed the repurchase of 848,000 shares for $ 10.4 million. Slide 16 provides the history of our regular dividend payment, which continued this quarter. Since the board has approved a quarterly dividend of $ 0.115 per share, it will be paid on May 29 to registered shareholders on May 15. Our dividend remains constant for the rest of the year. Full-year dividends per share would be $ 0.46, a 4.5% increase over 2019 and currently approximating a 4.4% return. This concludes my formal comments and I will return it to Paul. Paul A. Perrault – President and CEO Thanks Carl. Joining us for the Q&A session today is Robert Rose, our Chief Credit Officer and Michael McCurdy, our Chief Risk Officer and General Counsel. Brookline is very fortunate to have the skills and experience of these gentlemen, particularly during this period, and I am happy to say that they represent the commitment and leadership that I see throughout the organization. And now we will answer the questions. Questions and Answers: Operator (Operator Instructions) And our first question today comes from Piper Sandler's Mark Fitzgibbon. Please go ahead with your question. Mark Fitzgibbon – Piper Sandler – Analyst Hi guys. Good afternoon Paul A. Perrault – President and CEO Hi, Mark Mark Fitzgibbon – Piper Sandler – Analyst I was wondering if you could – first of all, guys, you gave great details on the slides. So thank you. It simplifies our life. I was wondering if you could share with us perhaps the areas or segments of the portfolio in which you worry most, where you feel as if the borrowers were most in difficulty and / or the areas in which you think the potential loss content would be greater? Perrault – President and CEO Rob? M. Robert Rose – Chief Credit Officer Hi, there. It's hard to pinpoint, but when you think about things that will return to health relatively quickly and things that won't, in our equipment financing segment, I would be a little worried about part of our research. exercises, Planet Fitness and other low cost components such as YMCA and JCC account for about 50% of this and tend not to have relapses in difficult times. It is the average price and the highest price that that fallout seems to have. So, I would say that a segment of the fitness portfolio would worry us a little. Our hotel exposure, although modest in size at around $ 126 million, is approximately 58% holiday oriented, recreation oriented, which is all in New England, places where you can get there by car or ferry. And those customers have observed some cancellations of the summer plans, but hopefully they will benefit from people who cancel their plane tickets, fly to type holidays, where people want to be closer to home and be able to get home quickly. The other part of that portfolio would be business hotels, but they are all in this area. There are not many. So those would be two that stand out. Mark Fitzgibbon – Piper Sandler – AnalystOkay. Great. And besides – and I know it's very difficult to answer, there are many moving parts and the like, but how are you thinking about the supply, say, in the second quarter and any guide you could provide would be super useful? M. Robert Rose – Chief Credit Officer Well, I'm not a fortune teller and I'm not a health care expert, but we pay close attention to how our clients are doing. We are talking to them all the time. We are specifically talking to them in the key segments that were highlighted on page 13. We have also set up a program to try and project 90 and 180 days ahead of what customers are thinking. So, I can't really say. I believe that this level of supply that we reached because we took a very late forecast, the last one that we could find, I think, this increase in altitude that we have reached, will be useful in the next quarters. Perrault – President and CEO I would add something more to that Mark, which is that CECL is new for everyone. It is new to us and we took Moody's models as soon as we crossed the threshold and we didn't try to match our actual experience in our portfolio and say, we have these exposures here that Moody's it's dealing hard , but it seems ours are in excellent condition. We simply took it when they arrived with that hard result. Mark Fitzgibbon – Piper Sandler – AnalystOkay. Thanks. And besides, Paul, based on what you know today, do you feel like you have enough capital to ride a storm? Paul A. Perrault – President and CEO Yes. Mark Fitzgibbon – Piper Sandler – AnalystOkay. And then, finally, Carl, only two things about modeling. I would be curious to know what your thoughts are on the prospects for the margin and the effective tax rate. Thank you Carl M. Carlson – Chief Financial Officer As for the margin, we have many internal models that we have used. There is so much uncertainty and so much variability here. At this moment I am not going out with any external guide on the margin. As you can see, we have increased the balance sheet a little with liquidity and stocks. We are also lending quite a lot of loans and also compensating for this with many deposits. So you can somehow try to process your numbers in this, but there is a lot of variability and I don't really feel comfortable trying to give you an estimate of what the margin will be. Mark Fitzgibbon – Piper Sandler – AnalystOkay.Carl M. Carlson – Chief Financial Officer The tax rate will be approximately 25%. We had a discreet product which was an advantage in the quarter of approximately $ 750,000 associated with the CARES law. Hence, we were able to recognize this, which had an impact on taxes in this quarter. Mark Fitzgibbon – Piper Sandler – Analyst Thanks. Operator Our next question comes from Laurie Hunsicker of Compass Point. Please go ahead with your question. Aurora Hunsicker – Compass Point – Analyst Yes. Hi. Good afternoon Paul A. Perrault – President and CEO Hello, Laurie.Laurie Hunsicker – Compass Point – Analyst I just wanted to echo Mark's comments. This deck is fantastic. I really appreciate your transparency. It is really useful. Just a short question here, a little looking back and forth between Slide 12 and Slide 13, I just want to make sure I understand it correctly. So, a $ 165 million Dunkin & # 39; Donuts show, is it mainly C&I? M. Robert Rose – Chief Credit Officer Yes. Yes it is. Aurora Hunsicker – Compass Point – AnalystOkay. And so this is what I imagine is incorporated into those $ 180 million on Page 12, is that correct? M. Robert Rose – Correct Chief Credit Officer. Food and accommodation are dominated by Dunkin & # 39 ;. And I will say, to the extent that there are some properties, Laurie, sometimes the operators of Dunkin, the best ones love to buy whole strips for them, but the part of what they manage would be included there, but the exposure of the restaurants to the outside of Dunkin & # 39; is rather small. Carl M. Carlson – Chief Financial Officer, then Laurie, thanks for the comments on the slide deck. But – so you captured something on Slide 13, which the 78% exposure is really more like 90%. It represents 90% of our exposure to the restaurant or food. Aurora Hunsicker – Compass Point – Analyst. All right. It's perfect. Thanks Operator (operator instructions) Our next question comes from Collyn Gilbert of KBW. Please go ahead with your question. Collyn Gilbert – KBW – AnalystThanks. Good afternoon everyone. Paul A. Perrault – President and CEO Hello, Collyn Collyn Gilbert – KBW – Analyst Just starting from the reservations, you guys have taken a very large reservation, and obviously it seems that you have taken a very conservative stance, which is great, but I just wanted to dig a little deeper. I guess the only part that I found interesting was just the assumption within the CRE, assuming that the reserve was built on that book; what kind of thought was there? And I understand and maybe it was as simple as using Moody's forecast. But – I don't know, I was surprised by the reservation, especially in the CRE book. If only I could give a little more color to the thoughts there? Paul A. Perrault – President and CEO In fact, I may have been more surprised than you. I'll let Bob answer. It really is as simple as you described. But, Bob, do you want to give some color there? M. Robert Rose – Chief Credit Officer Yes. It surprised us too. And if you notice, it's a little punitive on construction and this surprised us. I think they are assuming that when you finish something and offer it to be used, nobody will come and you will have to take some form of loss. There is nothing particularly strange or difficult about that wallet. In fact, there are around $ 70 million that are tailor-made for people to use when they are completed. So that part, I don't think it makes much sense. As with the other parts of our real estate portfolio, when you go through them, they seem to perform fairly well in rent collection activities, the part that could be a student, the part that could be related to the workforce, the part that could be A and B The collection range is close to 100%, down to a minimum of 75% in that workforce. So, we are satisfied with the way things are holding up. The retail segment or the slightly mixed-use segment, mixed use is usually retail and other things, starting to see some requests there, but we don't think there is anything particularly bad about our businesses real estate, Collyn.Collyn Gilbert – KBW – AnalystOkay.Paul A. Perrault – President and CEO It is our legacy business and we have a lot of experience in the real estate sector around here.Collyn Gilbert – KBW – Analyst Yes, OK. Good ok. And then, any chance that you guys would have what the number would have been, the reserve differential between the adoption of April Moody's baseline and the fact that you adopted the March? Most of your peers adopted March. So, as you said, you could be one step ahead of everyone. Just curious to be able to quantify what the difference would be? M. Robert Rose – Chief Credit Officer It was practically the same as in January – number 1/1, this is the center bar on the Carl slide. We were surprised that he didn't move much, Collyn.Collyn Gilbert – KBW – AnalystOkay. And then, I guess just to complete the comments, I mean it's interesting. So, your actions have gone down a little today. However, it seems that if I step back, many of these revelations are really wandering from you guys who are ultra-ultra conservative. Anche con il tuo, in quanto tipo di segmento in cui sei esposto nel settore, non è necessariamente questo il punto in cui stai riscontrando problemi? Paul A. Perrault – Presidente e Amministratore delegato Penso, esatto, Collyn. E quando pensi a un grande quarto, un primo trimestre piuttosto robusto, metti da parte il provisioning per un secondo, un po 'di compressione del margine, che è identificabile e gestibile mentre andiamo avanti. Tutto è a posto per ripetere la nostra performance passata, tranne la pandemia e il nuovo tipo di politiche di provisioning con CECL, se vuoi. Ecco cosa c'è di diverso.Collyn Gilbert – KBW – AnalystOkay. Un'ultima domanda prima di poterlo trasformare – la domanda è, la – scusa, sto solo esaminando questo ora, ma immagino che forse l'area di preoccupazione sia come apparirà l'istruzione superiore mentre ci muoviamo la caduta. Voglio dire, ragazzi, siete ovviamente sul letto caldo con molte istituzioni accademiche. Hai un'idea di quale esposizione hai a quel segmento? So che hai detto che stai ancora vedendo degli affitti pagati da quella parte, Bob. Ma solo altre esposizioni che potresti avere per tipo di Academia, alloggi per studenti e tutto il resto? M. Robert Rose – Chief Credit Officer Sì, sì. Senti, ti darò un paio di numeri qui, ma ti dirò che questo è un dragnet. Abbiamo esaminato i codici postali nelle università di Providence, Boston-Cambridge, (indecifrabile) Somerville. Quindi, è una pura rete di esposizione e quella rete di esposizione raccoglierebbe circa 220 milioni di dollari di appartamenti in quelle cerniere e circa 100 milioni di dollari della cosiddetta CRE ad uso misto, che avrebbe un componente al dettaglio Quindi, potresti chiamare $ 300 – cosa, $ 320 milioni all'incirca. Ma ti dirò che è un dragnet puro e misto nel quale gli studenti che vanno ad Harvard Square e ci sono molte persone che vivono a Cambridge che non hanno nulla a che fare con l'istruzione. Quindi, non è corretto pensare a quello come pura esposizione individuale. Ma è una specie di nesso di cose che guarderemo da vicino con il passare degli anni.Collyn Gilbert – KBW – AnalystOkay, fantastico. E poi, infine, Carl, capisco che non desideri del tutto dare alcun tipo di guida al NIM. Ma dal lato dei finanziamenti, che sembra un segmento su cui hai un po 'più di controllo; come vedi questa tendenza? Voglio dire, voi ragazzi siete ancora seduti con i CD, credo che il 2%, il 2,22%. Sembra che ci sia ancora molto spazio per muoversi dal lato dei depositi. Carl M. Carlson – Chief Financial Officer È vero. E vedremo quel beneficio andare avanti. Certamente, abbiamo un sacco di cose che stanno maturando e ridimensioneremo il prezzo.Collyn Gilbert – KBW – AnalystOkay. Puoi dirci dove erano le tariffe dei tuoi CD alla fine di marzo o dove stai mettendo nuovi CD oggi, CD di un anno? Carl M. Carlson – Chief Financial OfficerUn anno CD, penso che potremmo essere circa 70 punti base in quell'intervallo. E potrebbe essere ancora più basso a questo punto. Abbiamo un po 'di offerte speciali qua e là, ma non lo siamo – stiamo vedendo scomparire l'appetito per i CD. Le persone stanno diventando sempre più liquide mentre osserviamo i depositi. Giusto per darvi un po 'di senso, esaminiamo i nostri conti di deposito, i singoli conti di deposito e li suddividiamo in decili, e praticamente vediamo ogni categoria crescere in modo significativo da febbraio. And that's really, I think, you're getting a lot of the government stimulus money that's coming in, as well as people just being very conservative and saving more and holding more liquidity. And we're seeing people move out of CDs and basically put it in the money market or savings.Collyn Gilbert — KBW — AnalystOkay. Okay, that's great. I'll leave it there. Thanks, everybody.Operator(Operator Instructions) And ladies and gentlemen, at this time, I'm showing no additional questions. I'd like to turn the conference call back over to Paul Perrault, for any closing remarks.Paul A. Perrault — President and Chief Executive OfficerThanks, Jamie. And thank you all for joining us today and we look forward to talking with you next quarter.Operator(Operator Closing Remarks)Duration: 36 minutesCall participants:Marissa Martin — Associate General CounselPaul A. Perrault — President and Chief Executive OfficerCarl M. Carlson — Chief Financial OfficerM. Robert Rose — Chief Credit OfficerMark Fitzgibbon — Piper Sandler — AnalystLaurie Hunsicker — Compass Point — AnalystCollyn Gilbert — KBW — Analyst
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