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HFWA Heritage Financial

Participants
Brian Vance President and CEO
Don Hinson EVP and CFO
Jeff Deuel President and COO
Bryan McDonald EVP and Chief Lending Officer
Jeff Rulis D.A. Davidson
Matthew Clark Piper Jaffray
Jacque Bohlen KBW
Tim Coffee FIG Partners
Tim O'Brien Sandler O'Neill & Partners
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Heritage Financial Third Quarter Earnings Call. At this time all lines are in a listen-only mode. Later there will be an opportunity for your questions and instructions will be given at that time. [Operator Instructions] And as a reminder, this conference is being recorded. I'll now turn the conference over to your host, CEO, Brian Vance. sir. ahead, go Please

Brian Vance

this I'd Bryan and welcome listen also mode. President in a Cathy. CFO; Hinson, in Deuel, our Jeff later who Chief this recorded our Olympia me with morning, those COO; Attending is like you, Don all our and to and called in morning McDonald, Thank that Officer. may Lending

out dividend some of to a hopefully per turn cover common this the this on -- Don third for paid is a to or X.XX% the to be in you've minutes we the will million compared the declared equity release QX would quarter press session, and the Yesterday, regular forward-looking earnings for Board refer the results. a XX.XX% in $X.XX financial you is earnings X%. he return the highlights statement as take average increased Return loans quarter, morning over million cash cash Directors release equity statements And to Hinson; for X.X% increase later QX. like diluted that $X.XX went were call $XXX I'll $X.XX Don? our or review and call. the $X.XX contained common that to to average out dividend was average of that XXXX special November. in to on few prior tangible to was of an start then net during have a and go today. loans X.XX% Total linked assets was $XX.X year-to-date on had net of call $X.XX return of release earlier QX in XXXX. was I'd Our was opportunity our and with press I to QX, for and the the sent share in you release that and pre-market through ask especially Q&A quarter,

Don Hinson

million the Thanks, growth with billion broke mark and asset We balance total of the start quarter. I'll sheet. had $X asset the Brian. $XX in QX during

mentioned, stands deposits and Brian a in Total million The As annualized result, X% grew in QX. relatively healthy have we loans to loan loans stable losses and increased decreased growth remained QX, our credit percentage loan XX, XXX%. $XX.X as rate non-performing X.XX% $XX very QX. X.XX% of loans to for ratio million million. in QX, to our of at $XX a unchanged at the at allowance Non-performing growth remained have is of at The from quality end QX. September The year-to-date. loans year-to-date non-performing to solid total

on in are discounts, the net value is net related losses We $XX.X of which two of had of allowance purchase those needs for addition, carrying In mainly loan may million loans. due million purchase accounting of charge-offs the This $X.X the QX. larger reduce charge-offs. included loans in to

over pool in the to the pool. First, a last the purchased have related was were we related charge-off loan pool years, charge-off a $X.X not impaired credit X but that up the built to closure This until was recognized losses recognized of closed. million charge-off in

write-down a a $XXX,XXX loan. In to of collateral-dependent land we've of a development charge-off addition, related recognized

was to in in result this as year. as in Pre-accretion to X.XX%; This in QX a in basis Pre-accretion net the the impact mostly was well June of X.XX% yields margin loan X.XX% margin from increase rate QX. prime rates QX. of for point higher of in from interest net decrease points in slightly X.XX% X.XX% QX. from origination the basis QX X.XX% QX increased Our loan X for this interest is QX X decreased

on in rates the is cost X.XX% from in overhead QX average The funds of from earlier X.XX% X.XX% increases lower borrowings. QX of decrease from increase rate to X.XX% a CDs in at for decrease cost of was loans increased this in in due QX, rates and a a term the market fixed loans weighted originated QX. year. of in primarily result originated to New The

Our cost million for X.XX% QX, in X.XX% compared from deposits of decrease a total income in Non-interest QX. was QX QX. to million $X.X was in $XX.X

on on and the $X.X for X.XX% $XXX,XXX Service XXXX. a These of to previously loan QX non-interest QX. These merger. increase to The costs As or QX. $X due was QX, a increases expense to charges $XX.X proposed XX% million impaired the X.X% costs to Puget purchase average from to loan. from discussed. in Non-interest process related due increased impacts for Bancorp account increase consolidation in of Total QX, an of improved $XXX,XXX from a deposit reminder, $XXX,XXX we'd QX we that have sale the were credit update have recognized X.XX% million, increased Sound will million classified previously Bryan production. expense was or now QX were assets McDonald, in partly an mostly QX. gain from

Bryan McDonald

detail up quarter at and Thanks, quarter areas, quarter second the commercial In the was group. our at lending XX.X% teams closed XX.XX% $XXX.X our of XXXX. XXXX of the Don. of $XXX.X of lending million quarter, of of relatively closed third is in provide million quarter loans, third quarter which closed XXXX. from with to the on Line third starting unchanged in I'm going the $XXX new third commercial and is the end production results million utilization from end second the by

commercial loans $XX.X in million average quarter interest quarter in the was X.XX%. the $X.X XXXX Moving first up total the rate This the and second loans production pipeline for for third quarter quarter was and million, pipeline new and totaled on for rate second XXXX. was in SBA million. to Don quarter the X(a) production as loans $XX.X of X the and $XX.X loans $XX.X X.X%, million the quarter $XX.X quarter closed we mentioned to million the when the average at interest at of XX Consumer rates, compares of quarter second quarter million. $X.X third ended ended for from XXXX million during the

million end quarter Third $XX.X offset million million to quarter pipeline new the $XX.X of lending, of is quarter XXXX. total, new the Bank but third from of turn business from quarter's the The third rate I'll in quarter million comprised million third This equity of emphasis and averaged refinanced purchased in Puget million $XX.X volume is second loans the increased mortgage to The pipeline indirect million, end $XX.X portfolio Sound lower over merger. and quarters compares refinanced to the on from down an is as in ended which loans The of now $X.X million branch loan branch quarter update XX% XX%. XX% at the up the million comprised loan on of $XX.X at Jeff second direct closed growth the the the for second lines home $XX.X last loans, mortgage quarter an to in of third to call in the planned and XXXX. $XX.X of similar the look of million, volume last The last volume where up our retail due consumer to two XX% quarter during $XX.X loans was very during retail slightly current we quarter. the pipeline XXXX. indirect the department construction credit, a mortgage XXXX, $XX.X at quarter compared primarily loans. growth

Jeff Deuel

the let the in jump Bryan. Thank team Sound We've spent Puget I to and the progressing with just leadership wanted you for transaction's working employees to you, Sound the and XX last their integration. plan days a Bank know as planned. develop Puget that

model the in We their know the platform. their well to gotten we've the that of as -- as we team probably several to process together. practices better know We're and we've to capabilities identified impressed will the gotten already Heritage bring Bank have working business with team

my Our quarter quarter our trending of have We're risk to occur team. about the of senior second expense to the months, expect may last of earnings XXXX. XX increased change in you control the enterprise the and in Also staffing. we in we've management In conversion strengthen to are comments noticed system release relating conversion continued first the XXXX. projects still toward underway

We team as support now comments. to and the plans. to growth you press key to well this we have it our success. Vance recent existing capital for closing And these that Many month. the last members also the in in is Officer noticed plan team which release Additionally of larger of the our enhance of update effort Technology banks, added Brian believe may back continue on to to future our I'll from is a new Chief come of part turn experience management some our capacity

Brian Vance

Thanks, Jeff. management. I'll capital start with

comfortably for QX to payout Our the our of it first nine XX.X% and regular for months dividend ratio. and suggested XX% XXXX within payout ratio XX% XX.X% was was

I addition the a in year our special we we've mentioned, $X.XX, a dividend have As also special of dividend This previously seventh declared regular consecutive in be of to dividend which will the $X.XX. to paid shareholders.

M&A. future believe risk, both position and our to supports capital continue growth sheet and organic internal We growth our potential sufficiently balance our

present. growth. some XXXX of balance our for for be of however to balance just Puget the economy about are region comments we outlook the pressures Sound of Competitive for for Now still XXXX, -- overall the continue continuing of optimistic sort the and

to from a all to pricing to NIM performance. remain aggressive continues accretive increase these pricing lower as a our pressures, which cost few and drove quality, primarily in growth by see fronts We committed to non point. despite continue slight along core on X loan basis structured focus well We drive fundamentally however with aggressively our strategies is competitive credit Competitive deals. as deposits what

concentration be ago real also but commercial markets loan remain the continue guidelines under By XXX% growth design to We Additionally, seeing approximately from strategy, QX. capital. remain our we continues disciplined at today or of construction CRE our in the at which XX.X% end comfortably of estate managing to in risk due year XX.X% we're concentration our regulatory ratio growth. to deposit economic impacts a has increased to our and to robust

anticipating our an we been outflows approach as more loan a pricing. to XX% in range year deposit focused concentrated range the coupled move XX% inflection our However, to deposit deposit to we so deposit has pressures competitive maintain for range strategy. and a gradually will strategy the developing high This deposit gathering industry, with as been a in strategies mid increased past for have to or

Our a pertinent strategy was growth deposit built primarily around focus.

well to As Sound expenses Portland-Oregon Don ratio expansion related our related in QX, despite X.XX% Puget to merger overhead from quarter-over-quarter as Bank. QX mentioned in X.XX% expenses improved previously, as our our increased of

have area. this and expect statement and range once as to completes would again remarks that forward-looking press Cathy, the I remain in may would you I answer you smaller any I than appreciate questions, would in in would less our we our will prepared continue expect open you activity and our billion we call have. and like the to welcome if may any M&A to That today We that for refer questions it. questions we release active $X

Operator

our come Go Jeff Instructions] will please. [Operator D.A. first from with Davidson. ahead And question Rulis

Jeff Rulis

on be pretty you could are rates rates those account may the growth fees? or more pop near-term several for the Question consolidation benefits, if some guess impressive. would carry quarters that has you expect about growth of the it you on -- of growth that's has kind a capture I in talk for and

Jeff Deuel

out. very happy been Deuel. see to Jeff play We've that its Jeff

remember, you then we through of process the year. did mid year and last towards product this business managed end accounts, As the the rationalization consumer we

run done. think I little I we're think a but still more be right at we're There now. rate bit probably left the to generally come, may

that's The services one thing to also think is our priced would as gives other I platform. I our contributing more and us We it acquired that manage accounts insights That implemented and a platform that. well. monitor into how and that that to treasury commercial we we had are that add fully new how

generating that fee the what's three together pieces are income. So

Brian Vance

this just to Jeff that. would is Brian, And I add

run as the I we indicated, Jeff are move comfortable think that forward. we're today rates sustainable in As

and that in results So pleased efforts the area. we're the with really particular

Jeff Rulis

is one that throw it deal closing quick for there? there on if the more a One in you or Jeff, can earlier is QX, timing back in kind out refine that, you'd just looking quarter the of

Jeff Deuel

the and point January we delighted ideal have close this that us. point. would don't this over At be for just control of would be We end at to full timing

Jeff Rulis

guess talked And core -- expectations just strategy. -- you on that at it's pressure maybe about loan of last about -- that obviously, you talked the the specifically, how look deposit I your 'XX, you've dynamic of number? and loan balance not one you Brian a just on competition but got situation core side the margin or on your kind some margin,

Brian Vance

I indicated well. as invite these on deposit pressures I we to pressure Don think are comments issues in areas, as to I offer that guess I his look deposit as that industry rates. growth

and focus I think prepared for starting of beginnings Portland team. of that And on said said this and experiencing in was And so, piece. growth we're last is anticipated industry deposit we've as or year to I this the just our our we've remarks, building as focusing see that my I a primary really well. the been as the

that fund comfortable got of with or the growth. liquidity So a on on bit seeing bit we're the got also feel strategy I little lift a a a where and ability to hard deposit across where ratio to well. you've the loan taking to very And on can liquidity pretty to. we the going to I position increase very pressures, to comfortable manage probably Don, because are industry costs. loan -- we our little deposit It's and competitive faced some deposit pay the about forward that hopefully footprint. start and while with feel real are then we We've side. predict there It's little I'm ability future of as And side, overall position the pressures of think the is a comments with yield funding I NIM good but we that very I think some attention we're seeing while if that, comfortable need about

Don Hinson

Sure.

as said that, on pressures is we seeing So some Brian yeah, competitively. are --

have I loan from smaller think especially banks higher that deposit to ratios.

doing we what less will making over deposit can expensive and the and borrowings that. improve So part as our Again for of all are quarters that pricing we're result it. exceptions, few [thus] also deposits. deposits we and keep to need we're the then We're of more to growth seeing our a next looking causing some happens than borrowings

term bit, help in time for the the that curve, that also would sagged [expecting] our At this the can last quarter. help the five so, over that or has some it That little can though, picks bit, up So that the of think mid-year if mid-year, help last little a [indiscernible] also it get loan especially week kind year a and range, of we kind I of too. margin. pricing the actually of kind yield

the improve So various on obviously dynamics as we're to we some going there, further but looking either hold it into it get year. or

Operator

Thank you.

Matthew next Our is Piper with please. question Jaffray. Go ahead, from Clark

Matthew Clark

Hey.

Brian Vance

Good morning, Matthew.

Matthew Clark

Good morning. you? How are

Brian Vance

Good.

Matthew Clark

Good.

do Puget how that -- loan toward know front, coming And talked you end X% kind looks have is dynamics, is doable but think? probably you high what right range, competitive of goal, on year Sound Just that the X% X% the about your I next curious all still at pipeline X% in growth ex- -- the to given to the of now?

Bryan McDonald

McDonald. end pipeline up the million Hi, the quarter and time was that's of at the -- last is of end from the down second fourth Matthew, the $XXX quarter, at the pipeline $XXX $XXX into $XXX this this The of is at going million, a year. million pipeline quarter. from healthy course, third million the but Bryan

Brian Vance

the as 'XX, Vance. that feel guess comments growth region, is nothing Brian Matthew economic comfortable changed terms I -- in very of the regard. I and about your Yeah still we I has guess this maybe, in said in with

-- but I it its in we're reality. this, sounding here, broken As -- a record like mentioned is

just think our as a that important Our portfolio. still feel that self-imposed of 'XX, we comfortable at been the from in with we're We loan bit the I think I growth. the fundamentally managing experiencing. historical is that's But look risk a to concentration management regulator we've growth

can synergies ex-Puget ex-Puget adding Sound. Sound that I to that a Puget mix, the bit think would think, encouragement us asked a You will develop be King a give 'XX two give we I the in as on platform some comment believe County. tailwind teams my be as think that I of But I bit have there Sound very strong in of well. we and could a what meld And together this

about opportunities. I growth So we're think, future positive yes, the overall, still quite

Matthew Clark

Great. the update the initiative then traction And any on there? and Portland

Bryan McDonald

again. It's Sure, McDonald Matthews. Bryan

We that who we're of in in joined continuing few to for have will and banker commercial a have X another beginning the at mid-May got have positions given And will deposits. additional then of has first part of November. in we've of FTEs, an terms new our since XXXX, and November, terms milestones, loans recruit FTEs notice employment offer, -- and and start accepted start

competitive that, this are continue launched adding one we're we at details -- our on the to say at to we'll Seattle had to not to For similar production had again hoped Seattle, where roles. be reasons sharing be I And extent -- had we point. but we the I'll similar hit we to that

Matthew Clark

the And Great. I the -- the quarter expenses going some do release, guess, we additional fourth you how run on non-interest rate feel then about mentioned in into expense? on

Don Hinson

Don. is This

I that if run is think, I probably the have is take close Sound Puget release, merger probably costs you is that bank rate that. pretty stated to our pretty think good, rate in the the run out we

feel good is may but bit pop think pretty little up That about overall pretty a the I that. good. So run we rate

Operator

Thank you. We'll ahead next please. with to Go Jacque Bohlen go KBW.

Jacque Bohlen

good everyone. Hi, morning,

Brian Vance

Good morning, Jackie.

Jacque Bohlen

to a of there. some that part -- I doing may lending and as obviously strategy in isn't why deposit wouldn't description? be Portland will lending consider curious mean, I'm lending you you why why But

Brian Vance

focus. give I'll some can It picture detail. more add deposit in exclusively Well, not a and again, just you Bryan is big

not of that hire area opportunity we was over to relationships specifically industries. managing but to model, benefit across say looked we footprint that with gatherers Portland fairly deposit lot economic I have hired, proven ability continue that a not that that several in the specific market, taking think very with I across as of and It that at in But focus major do has a belief bank's designed we that our in tell has footprint belief lenders. you general deposit in there side. saw that complex our what deposit variety valuation proven areas flows on grow the to the not premise we'll business the at, across but with in. that will have team community of strength looked a funding And really when couple need their deposit capabilities continue And been and market only I hired have organization think my accomplished we an is But the necessarily We deposits. we the on a just been you to gatherers. primary will and deposit the built I

And on so will that. we continue to strengthen

So thoughts well. additional Bryan, may you some have as

Bryan McDonald

Brian as Yeah. it's would of allocation deposit add of that [written] tend I to than said just Portland, that team on going of terms they're deposits. more we're of how a and resource business a kind our hiring combination just commercial after go the in after of a balanced be types specific bit individuals we're offices. little our other in And to in some

clients. very, niches relationships. we're very of with going after just deposit A number these So rich. mix certainly and are It's the of full the

Jeff Deuel

Jacque, is Jeff. this

helping they've result market that other a time market think that. a great not that's and only works positive that and very us, us this understand us how for team been The a is fit for thing cultural in new they're of is I for is long

business pretty enable been them really some supporting nice quickly. has do able them Our to to

Jacque Bohlen

additive as Okay. as And fees that being do Jeff? to well see you

Jeff Deuel

yes Actually, Yes. do. we

Jacque Bohlen

as it Okay. slowly ramps And there. just up probably

Jeff Deuel

Yes.

Jacque Bohlen

you promotions then one, the from a might of behind if few everyone. to that If prepared great And remarks be And and just switching then focus that? provide achieve could HELOC, you details you the as to part really are make one to switch? any thought just and offering time current last indirect any you that's the process us auto, there color. also the about Thank

Bryan McDonald

growth of -- kind year in no loan specific managing balance running indirect XXXX, the the indirect overall mid to different just wanted rate concentrations, maintain a we and XX% Yeah, categories. with in bank concern terms Jacque. between We just last of the were

XXXX of good we to run the through we second for And looking quarter. that ran fourth the look It to our somewhat that. at well that on So the quarter hoping significant consumer we started to and result still be a back business. in and the had to we're as XXXX, have focus some and so out grow option the growth. we additional activity in we a balance increased -- equity the been on It's mix, us did campaign rates pull dry will through third watching overall of interesting in we that on home funding home into growth wanted a lines -- closed summer the equity the as that for those that quarter

Brian Vance

speak might You that to we -- what the general there. in offered we concessions

Bryan McDonald

primary upfront a to it's on are to equity to number do, appraisals, of competitors of just equity our what discount open the to valuation, a the or home entice discount really a is similar with home Heritage. folks appraisals It's which move not always or costs, their they but

Operator

next Go And with a Coffee you. from ahead, question please. FIG we have Partners. Tim Thank

Tim Coffee

moves are same about of was along, amount deal when with the As the announced? Sound the talked you maintaining still that Puget transaction deal we cost

Jeff Deuel

would, announced the cost think I I the we're deal. Yeah, and think comfortable savings cost the were when deal that with we we both suggested

Tim Coffee

competition pipeline? that out place, on negative ratio market in the the fall Okay. And comments your impact any Bryan, your having on is within

Bryan McDonald

so and is we XX than make of the recording Bryan, extended deals, won't pipeline. as view competitive are say would pipeline that reality day up often I numbers that our ends longer most the those what This in pipeline, being it we're

do say of run that pressure on to I the closing that continues material in bank business then competitive, competitive the is But also get market the will change activity lots coming outside quite there So into we is mostly it impacts get front. is wouldn't to is where scenarios from. activity the incumbent but whoever always calling and it that's and the say I we've from close be competitive. pipeline, seen the market there But we

Brian Vance

Yeah, Tim, that. add would I I guess just to

One about of be that, it it whether I the competition indicated, and think we're my talked don't typically aggressive comments pricing, -- make prepared be to those I about our on it over quickly structure, gets deals when as deal our just whether to we aggressive pipeline Bryan gets just even in my because are killed pull-through comments the competition talking the a just rates see it fairly not parameters it pipeline, fit several that consistent and before is to think see deal we quarters. our does probably the the pipeline. Once it last I

I not realistic and or pipeline it's competitive in pressures the good might deals our managing job either to fit credit pricing pretty not a we the what in that there whatever putting but goes So without or of be. case not think are do in culture

Tim Coffee

up quality you then them that portfolio that balancing just the of up out year? from to come were you loan And kind seen components Has the on [exiting] follow thank That's of you've credit Brian. the kind I of the where held indirect to are that you helpful, different portfolio. book. understand into the expecting indirect the

Bryan McDonald

XXXX credit very into well. been XXXX, quality and Yeah, really Through good. has the

Brian Vance

performed performance the merger, of what go area the even an the portfolio. the watch that very I'll I indirect the And just consistent. that's the U.S. has beginning of carefully across know consistently U.S. and we see that are watching performing. and to across well. I portfolios as very analysts than better substantially back It's And

Don Hinson

Tim it's always And highly for been related. us employment

strong somebody making So a employment, the they're has payments. job, as

dues up usually quick have really portfolio. it something that impacts employment, the So past you if that shows in on

Tim Coffee

great you. Okay. all That’s color. Those are questions. Great. Thank my

Brian Vance

Thanks, Tim. appreciate it. I

Operator

go Partners. Instructions] we’ll Thank with ahead, [Operator please. you. O'Neill Tim Go And O'Brien & next to Sandler

Tim O'Brien

Good morning.

Brian Vance

Tim. Hi,

Tim O'Brien

the here, a you close question, kind know guess Are XXXX? that do of are follow-up about million same $X.X that something pool the the was that. and that to or tied of they so and fourth were out treatment came pools in comments I kind additional see of there don't more made charge-offs, -- in the quarter occurring it it like of nearing, just of First to you that accounting I

Don Hinson

Tim, pools happening. loans doesn't to potential we -- going is in has one see anything We there, in the another don't think that not it, where to so That I is situation, it, numerous there. loan have the we one. horizon, are it's happen. Don. There's more pools a isn't and There don't mean but see two anything so while expecting this one this on the we but necessarily maturity happen we of has in not have for

that So a it don't of near we anything situations those. doesn't something potential we of we But in they're is won't think hits but mean couple pool that foresee they future just time, and kind the have don't as closes. what at quite large think it as that always this but pre-pay, us on I through I happening went all once when

Tim O'Brien

that something capable aren't a do? that -- that also, making and fourth Don, good loan to of little, you you has So guys pre-pay longer pretty able a that because you're here be to or pool have quarter is the are one you whether that, an do just sense what have pretty is impact loan that the or given in a say remaining that has of the you adjustment of, good sense maturity, that that and you do point? -- aren't not a look on disclose Can how you this but that the is forward is us, accounting at or -- they around arcane would

Don Hinson

within we amount, pools, monitoring are head, the that, and my I allowance can't of yes, the each exact of these doing top imbalance that. tell we We of know the are you, but internally,

least of allowances -- this could reverse, so, amounts And at at those estimate we're there be are what will that that aware possibly point.

Tim O'Brien

some worthwhile something up in where a disclose noise? so that, that would to can to or remaining something be and your XX-K there for 'XX like indication be investors as that an on just maybe Is might give pools have remaining heads allowances of

Don Hinson

I'll look consider Tim, that. Well that. into We'll

Tim O'Brien

it net the then on other to adjustment based to one occurs always for hit an that treatment it the anomaly adjustment is was And or that be pool? going -- is, an offs that the question charge

Don Hinson

has to one charge-off of This know was a that, Tim. some think quarter, don't happened pools I Like remember No, once I $X.X we to last to I related QX allowance said, them. last in last year, related related year if have think I don't it an million had year this. you

said allowance that there's have closes, the some no future. get pool we on the when may I do this impact. I pools But in we impacted -- that, left may two like So that think have

Tim O'Brien

the gears was shifting in growth quickly, of you HELOCs quarter? balance then how much put that on And ending and quarter real what the

Bryan McDonald

think don't -- for release. the in it's the I have the number in balances the -- consumer balances we

Tim O'Brien

Yeah.

Bryan McDonald

during of million if versus the over our Its actually, total just total -- the Don's But was the end million the compare balances a -- in $XX $XX.X pulling here. million direct million little $XX was $XX outstanding you business over year-to-date direct of it XXXX, $XX year. HELOC number the lending, quarter, and million as to just last September.

Tim O'Brien

by auto indirect is rest predominantly? the extension And

Bryan McDonald

number, that some of indirect. predominantly is other There loans Yes. consumer but in be it would types

Tim O'Brien

that out happen production that you that's to weighted HELOC right a throwing the do And also a on, rate? think you gate? guys average Do the you have generating off put of

Bryan McDonald

that with here have don't us. We

Brian Vance

you it estimate [by Can that]?

Bryan McDonald

range. the the up plus range from run prime of X.XX plus prime Yes. The X kind rates to

a prime product. plus it's So

Tim O'Brien

Yes.

questions. for Well, Okay. thanks answering my

Brian Vance

Thank appreciate you, I Tim. it.

Operator

have go And the in gentlemen, closing any you. queue. with one ahead no else Please we remarks. Thank

Brian Vance

for in investor down in calling we today. up. But I that be Well, appreciate company with the may conferences in our thanks coming I your appreciate everyone may are seeing and calling be you interest today. road

Operator

Thank using AT&T your Thank ladies that conference for for our you teleconference. gentlemen, conclude you. participation And does for and and today. executive

You may now disconnect.