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ICBK County Bancorp

Participants
Timothy Schneider President and Chief Executive Officer
Glen Stiteley Chief Financial Officer and Treasurer
John Fillingim Chief Credit Officer
Dave Coggins Chief Banking Officer
Brendan Nosal Sandler O'Neill
Jeff Rulis D.A. Davidson
Terry McEvoy Stephens Inc.
Feddie Strickland FIG Partners
Howard Henick Scurlydog Capital
Call transcript
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Operator

Good morning, and welcome to the County Bancorp, Inc.

First Quarter 2020, Earnings Release Conference Call. All participants are in a listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. Instructions]. [Operator event this being is note, recorded. Please

now Timothy Schneider, would ahead. like Inc. to to over conference the President go turn Please I of Bancorp County

Timothy Schneider

you. for earnings XXXX. Thank to quarter first of call everyone Welcome the our

a forward-looking on of As the presentation. of statements we disclaimer Slide have on reminder, use our X a

Quarter X, XXXX overview.

X. Slide to Moving

to net to to result were by a response to several The there the an the of potential of million decisive updated of for our and appraised million in approximately As COVID-XX on resulted actions Federal one COVID-XX pandemic, this loss increased swift a which Reserve actions and we result $X to related uncertainty pandemic Those related goodwill write-down and provisions pulls million. property COVID-XX and qualitative compression the margin taken took on financials bank quarter, to its million of in OREO factor, included response impact of by impairment $X.X driven pushes valuations. $X.X as a addition in in a the losses a future value. loan $X due

the due consecutive asset We for quarter. third decreased at XX.XX% quarter first to was during were improving adverse coverage This several the Ag to upgrades. pleased see to ratio relationship

moving and one quarter XXXX improvements in safely effectively last and serve and key preparedness am data. so as came to continue spoke to proud our X. about was organizational to COVID-XX I investments priorities team our Slide and of technology how make together our of we for clients

improve to our our team Our of expedited several initiatives technology.

XXXX. the bulk had budgeted of purchases example, for laptops we in For

supply out the in news very potential concerned of Head Hostak IT IT, China and Our coming of disruption about Michael chains. became

decisions employees plan. laptops So quick in XXXX, our when crucial ensure implementation of disaster began and we ordering recovery in almost pandemic a our needed. successful laptop could all These remotely were the of February had work to practically of

approximately for of you been work working say staff since big quickly XX% to mid-March. folks environment. our to remote has helping so remotely I'm proud his thank A transition and staff Michael a

also which now We connected during IT allow customers. and conferencing us stay remotely video communicate with in made to XXXX, investments

tests instances. temporarily meeting which form closed lobbies, are many all our for We clients drive-thrus, as us now and serving in digital many as several our of daily also platforms. We through our well our are

Slide our well-being focus Moving I her the want Head thank Human to this and ahead X. to employees our of of Resources [indiscernible] attention during to crisis. for

our introduced our evidenced supporting which staff programs branch and by we We our this I we employees thank Head Services to families. our working is and Banking of Matt provide to support Lemke, various have keep of for strong we think during time. to a their the want employees, have culture safe to also ensure safety

process for Moving to entire ensure ensuring worked Coggins, after our Dave of possible our our we the our and Chief have the and supporting seamless Slide we customers. application Head Officer; as PPP tirelessly employees, as for of X, Operations safety our staff had shifted to Banking credit program [indiscernible], clients. SBA’s banking to

we that note $XX have through XX. funded to $XXX million pleased of million I'm and loans applications processed, April had

challenging to support customers, mile continues the our especially these team go extra Our to in times.

the We various of -- concerns many customers options. continue to from ongoing one-on-one to them have financial with individual our working with and are relief an and conversations through through work

for to our them. our extra I have and want employees to customers. X, you'll have see thank resonate with our of we As provided plan on Marketing and [indiscernible] clients we the Head our Slide continue for care communication the attention used

to crisis. our Hunger take on been supporting area no greatly focus those or that by food Force. we Slide our this donations pantries to to Wisconsin responsibility impacted the our very local to have farmers it and X, communities Task to Moving seriously support be Whether

statement modification assist and TDR regulatory By X, payment allowing we of customer borrowers and March for on loan XX, up time. deferrals XX to or payment without on requests months additional modifications interest six at handling payment requests only on reporting receiving classifications. requests. Slide customers statement impacted our was We million. to $XXX modification triggering for Moving to interagency processed have this Today provides anticipate released. guidance The

Chief I over an Banking now portfolio. Dave on update our us to Officer want give it dig to to Dave? our turn Coggins, agricultural

Dave Coggins

nearby they in they III is Class of milk months, to And lag a will price and by month deteriorated as dramatically those when at paid reaction decreases uncertainty The XXXX one five there May moving Tim. with mid-March milk. crisis. the the as seen high in highs price futures But for over is the be schools -- were dairy not between restaurants, COVID over III exports in XX% [saddle] felt of prices dairy its quickly arose in in earnest years. operation milk closing of to effect were as and over Thanks, products. Slide Class dropped price XX, optimism the began with to for begin conditions

to the Class the forward September, below October many even prices producers. is And for III will prices XXXX. III Class breakeven those futures more then, are prices, at not sustainable levels indicating Looking that of futures market return prices until

now current like positive issues. for I'd of And focus the negative there's to number producers. conditions of dairy a the and and list outlook on impacting future issues

creating by was And both March there, dairy expansion herd for the hit. with caused production production supply created had record the cow. U.S. milk products per the increased -- starting before and COVID-XX So a high negative month headwinds. was #X, building potential milk and global potential some of This been

use herd have food service coming have they produced sell use Braun all outlook starting the user milk fueling been being leading on to And to products or expansion. or some cheese. it. is in Depending hurt can't production the of dairy for cases. caps XXXX that of consumption was plants cheese their as milk dumping a on really orders initiate into big Stay-at-home plants

another product a to to milk easy, fluid shortage -- milk And has production was and at fluid of put in bottles one even there isn't while that's converting consumption plastic of in, -- issue been times. from and milk a an spiked,

culling to prices of herd. lead lower more Normally aggressive the

slaughter and closures due and However, viable. disruptions economy and that plant to always COVID made the outbreaks difficult of economically supply side this chain has not

positives a producers could dairy well. months of their protect dairy in year and prices impacts the there's big coverage, utilized this livestock in margin many an a plus important hedging that is gross like side, to industry, one potential revenue On options as the insurance, management of have risk tools strong dairy our to lot margin some and lock-in And is make six XXXX margin. And there have deal been opportunities spite COVID-XX dairies. really the past a for on protection,

have and ethanol price collapses energy to disruptions. prices due primarily and Feed export softened

a of products are the to side. ingredients and that. So, Expectations become diets It's going by one in China the -- of is their more impacted for on dairy primary those -- in opening silage, some more in buyer the things things trade the up due primary Ag most active economy agreement. of commitments their recent purchase on to starting like to corn corn, corn this

statement purchase lot input announced Recently, positive farm for costs impact this commodities. and and Energy prices has package having the expense in a USDA start assistance on or a drive billion is on portion a well. as costs of $X $XX of a combination of billion should in farmers direct dairy That's of income $XX $XX out paying billion for billion June. May to that that payments of the

ability program Mexico's PPP has was economy Canada. hurt our farm that's been our and has products. and really has And to buy of by affecting some been the earlier here recently finally peso customers. countries. ratified been -- It Unfortunately, recently, and collapsed the SBA many The has USMCA of assisted by all has Mexico their

I'd over now turn to portfolio. on our like loan And update credit Chief for Officer John John? Credit Fillingim, to remainder of for the it

John Fillingim

Dave, good morning, everyone. you, and Thank

some key XX, highlight of Moving I -- to to Slide the our credit want of metrics. some

$X were the consecutive largely to third have for This one relationships, four was decrease did XXX dairy that quarter to million totaling to We resulted and to substandard $XXX ratio in it Ag classified credits. our worse impaired, over over to are million XX.XX%. downgraded our upgraded relationship $XXX,XXX adverse -- watch dairy rated Of loans totaling and $XX.X impairment. Our substandard, that million related due was watch. of those

the on the in with Moving there injected have the issues $XX.X of not other by the million are Slide on at XXX% XX% the we complete, well while any QX, two are the is project is property of to one were projects Both owners this XXXX, outstanding in complete not to total loans of projects The XX, XX% $XX.X multifamily and do project properties. construction time, of the residential complete. of million supported owners capitalized as outstanding over cash. At cost previously XX% form being completed. anticipate of

to move on Slide of see and can side real breakdown the that our see the occupied is portfolio hand XX, based well diversified you estate owner we commercial commercial the you If on left slide.

XXth. close stress on commercial been on the order the the many scheduled is since but April Wisconsin stay-at-home of were Wisconsin, stay-at-home the for causing it's forced from The to to order to our was customers. side the May governor businesses given our originally of On portfolio, extended which original commercial end XXth,

of industries. the the impact a perceived -- dive deep risk COVID of taken Given our we've crisis, COVID high into

the right the slide, we consider risk, to certain see industries you cause more side hand the on exposed of COVID-XX. As which of identified can we've

retail value own. X.XX%. weighted loans rating fully credit or have XX.XX% weighted either average and a partially have a shopping XX occupy to they loan average who We properties customers of that of These

approximately have the are that We've Culver’s value slide on slide. on – the SBA $XX we restaurants see which can also on and as been the credit limited you in -- using of to this restaurants, structured XXX program. million And rating most have loan also breakdown service

as If we high XX, those by breakdown have we investor move as as of to estate real identified see industry well industries Slide that commercial risk. you'll

which see, hotels [strip] living exposure over As nursing Box do we those square XX,XXX some Big retailers, as as homes. you as can malls, feet, some and classify with have assisted we well to and

we and these value important of ratings to credits. levels it's loan comfortable to that have credit note However, on

it At over this time, turn I'd to Glen. to like

Glen Stiteley

Thanks, John.

case have stress andXX.X% capital Invictus. X with total greater an by were $X risk have updated tier relationships see X.X% we using adverse one Based Slide provide million. test XX, did level XX, December $XX.X capital our for to Invictus the severe improvements we excess scenario, guideline. leverage million we to stress this capital collateral in on at data We've on loan We made done based testing that able XXXX. than to you'll as year, a Moving the

We dividends. this so and wrap growth stress loan seen continued as be capital this will excess centers to the up just and evaluate and assumes that test progresses. the COVID-XX stress The we as

metrics, levels, able focus of is Moving limits we'll purchase, XX, our current announced continue we quality stock on to approximately common in year, were Slide conservatively our capital X,XXX and daily shares based to with plan we repurchase January plan on per that we but the credit which this to day.

purchased XXX,XXX our left a change shares XXX,XXX dividend authorization no of weighted the share the in quarter, $XX.XX at price We first a average payout. have in of for quarter. We as with on the shares currently first our end per us plans leaving

is plans rates which soon. you'll which see update to on our no for have We levels. But, shop strong equity is expiring our capital an based common registration a

that classified whether it at or for backstop of capital road. down look acquisitions purposes, offensive will the buybacks raises We or be adverse type or ratio the

about As credit more know as always our will of plans Management, adjust the COVID-XX. impacts the capital we Board,

loan as prior end you'll breakout for XX, allowance of first the as well the see as changes Turning the quarter. from made Slide quarter, losses the of up to is of the

to the in our related the Tim on portfolio. mentioned, We during of impacts quarter first remainder XXXX. the COVID-XX COVID-XX of $X to losses do as added anticipate million loan we of we As a provisions qualitative evaluate to loan additional XXXX, reserves

quarter was first we to our lower some of so balance to pay XX, than downs XXXX into during and expect the sheet expected. remainder do Turning on Slide loan loans for did We on the growth slow ‘XX. have growth

loan XXXX. remainder for sheet growth We deposits. will We do balance of and loan sold anticipate with remain on serviced customer focus on funding the any of growth

Similar have risk We XXXX did they'll than customer during we of as to started be first funding in to decreases seasonality. liquidity advantage will wholesale the lengthening quarter deposits environment. that the maturities We believe and lower overall of rate take well. quarter, lower anticipated mitigate due interest last our the

and wholesale have client did time bit we maturities during see, deposits funding quite can you of As a XXXX.

earlier, experience lower Turning as XX, yields in quicker side. as loan have margin our to our Slide we funding Tim than and price to noted started compression

sensitive are XX, we first show in would with know as a slightly that income the as that reduction due took slide shocks of December double-digit asset the Fed here We actions our will the you rate lower dollars net I interest quarter. on expect XXXX. place during to

We help during to some put compression floors origination to on able quarter of continue and our first the going were so margin will forward. from to have we XXXX offset loan the somewhat shift depression with that of cash our investments. We

and service the servicing basis $X.X quarter. improvement in offset decreased Turning point during the Slide by loan That XX, a million loan sold spread. was X

some spread, increase the loan points. expected we servicing see expect the as this We loan loan Federal quarter PPP income of as quarter, with due the to PPP at but program to rights PPPLP value Reserve expected in a XX accounting during income our increase to of than was shift basis well fee plan the year. origination We those and the Our in during sold than in loans the million quarter. should program higher due second fair the were $XXX in third originations servicing fund originations during lower

Board. to across due goodwill projections of bank XXXX in to earlier, as to Tim acquisition million related wrote-off earnings of down impacts COVID-XX. our well our being Turning we uncertainty overall future Slide as The the XX, as valuations the $X mentioned

big a center shopping property. an We write-down also from on million OREO appraisal vacant had updated a $X.X

benefits increased an in this the to due and headcount quarter. increase Salaries quarter during

CRM forward during in we in our move to -- projects such investment technology decided with -- earnings plan we a of as our talked our our last While for new year, this a with few our we've call, a investments few about system. postpone

including of incentive As XXXX. of XXXX, remainder some expenses for we a reduction a leveling expect expense result, for of in compensation the remainder the

and team's mentioned, Tim our proud quickly remarks. this needs extremely customers to serve our we're That the to ever marks communities. react the while prepared of of changing environment, As ability end our to continuing of

to So up at like this questions. I'd for open time,

Operator

[Operator from Piper Sandler. Instructions] question first with Brendan come Nosal Our will

Brendan Nosal

are morning, guys. good you? Hey, How

Timothy Schneider

are you? How Brandon. Good,

Brendan Nosal

Good, thanks.

the Just state wanted in dairy start-off to here of was XXXX. compared XXXX on of late the it where kind and to environment

And prices about just sure milk where same the or Just did as you curious not I understand back what the worse then about do in contemplate perhaps improvements also feel Correct? April? wanted make risk did that you marginally the guys outlook given then what we to prices did quarter milk are? rating saw this

Timothy Schneider

Correct. quarter as And start process may Coggins the from information move begun stronger and have question early calls, to the last to dairy I for but, respond into in jump our in stated And review through see we've farms. financial I'll Dave did and think we XXXX. first of and I XXXX our your we pricing milk earlier XXXX

on coverage average. three-year weighted XXXX heavily processes information debt a review on based our And again service

milk at and products We them might At things payments to impact that to to use be the headed, insurance Dave alluded at really that and pricing. able predict other this it's them point, hard looking benefit projections the lock-in much are looking will hedging how as bridge some receive, help gap. to will where customers this USDA they are

for forward. to moving else said our But, how in of us a guarantees Dave, the So have is you helpful And, mitigation to the the loss do that in from perspective. vast past, majority continue risk place, as it's will tell, sure add? perform anything and a really to FSA portfolio difficult want we've for relationships

Dave Coggins

couple things. a just No, of

metrics service debt all, keep in Ag are the First in coverage that mind three-year average. world, of the

And concerns there. likely the that's have, a to things that we're at go the we only outlook into we on doing might the gap, farmers individual be stop future, so we as to challenge while there's that them COVID futures, liquidity have that. looked But, like XXXX help related as the interest some

at them that really As took to they difference hard maker right advantage for that. tools of the important help that well and with liquidity kind the what they then, indicated, available and then, how what this the which we're But, had them. further we to they the we weather time of on are lot things, out to really things provide as have the futures that are this hopefully storm can at And market, is tools will these look the predict. of come now, Tim looking that of of some do a opportunities pricing farms back is that that some

big lot So, that's farms. a these maker of be for going to a difference

Brendan Nosal

helpful for That's thanks. more one And it, color. Got then me.

Wisconsin are year-over-year. data I up. like guess Chicago the holding you or curious X percent to Just flat they're down based looks Farmland a from it how just values on Fed,

but guys year-end, of in are real what just As I'm you seeing curious time.

Timothy Schneider

that I think down recently auctions think I farm of, couple flat it's would or a that OREO seen slightly. same support either we've auctions impact, that and had here we've

seen land haven't going situation to complete plant this to that's moving and whole impact how of to impact this really values forward at as we relative So, point. COVID uncertain values

Brendan Nosal

Great. question. Thank you taking for my

Operator

McEvoy Your Stephens. comes Terry from next with question

Terry McEvoy

Good morning guys.

Timothy Schneider

Good Terry. morning,

Terry McEvoy

about second the can of net the first decline within mentioned XXXX. wondering, that and forecast. in ultimately And interest opportunities any margin you that sense of just interest net and quarter You'd Tim, income deposit the quarter. in see is re-pricing you I'm just double-digit for assumptions talk outlook,

Timothy Schneider

rate do balance it’s December the sheet really our based-off XXXX. Yes, in at Terry, -- was of XX, when the we shocks reduction, as I said where double-digit that

based just first the $X million first year the it's really necessarily in that dollars did kind in just on on quarter, based roughly like is looks the on cuts in the second down so. quarter, the happen the -- margin at dollars From it not double-digit the overall looking about the So so. based of

Terry McEvoy

comments CDs see any on-time were them both the deposits? lowering quarter, you to last on and do deposit And continue in pricing, successful opportunities, you

Unidentified Company Representative

try we do nice some maybe on, accounts, to reliance have we can. be I competitors the to really time have to to think we've reliance as the are see going market. as in starting mean, program, we've, Yes, far cut that we less try news be, PPP But, which is we driving unfortunately aggressive some deposits, some again, what the we're forward, less can as so. transaction on honestly, discipline more good is from opportunities we been benefits, as

Terry McEvoy

for in or press at said testing quarter. on you last the the updated question end within a year of want release, the it's stress the year the the was at of end sure the test presentation, Tim, data then I XX/XX make And end recently just around the first stress to that the timing and capital of data. and referencing

Timothy Schneider

want that. answer to you Glen, to

Glen Stiteley

Yes, Terry Glen. its

So the was last time XXXX]. we did XX, this [September

and So, we've the XX, to data. then -- XXXX December updated

Terry McEvoy

question, last thru just then drive of and helpful. thanks Wisconsin in loan Culver’s this data all for during disclosure period? time very And Are Okay. open the State and the

Timothy Schneider

are. to our There's revenues. from what here we've drive a from owners of And not XX% seeing all from normal far busy that's heard time. thru franchise they're they Yes, XX% the the bank

this obviously I people business from we're think going actually are overhead solid fairly they're in weather well pretty to so, and environment have point. relative of some a seeing don't the some manage to storm at this So, they perspective the to costs

Terry McEvoy

Okay. both. Thank you

Operator

Rulis with D.A. from comes next question Jeff Davidson. Our

Jeff Rulis

morning. Thanks good

Timothy Schneider

Jeff. morning, Good

Jeff Rulis

that income to that – decline spread right? double-digit half ‘XX hearing is hold income I wanted for the that is XXXX of projections so am spread clarify Just Glen, totals versus the that

Glen Stiteley

for in the interest down with the around year. we income, holding probably the in company, in bank net projected say referring the so. now that's And of would the [indiscernible] the bank the interest rates I drop for probably At factor of Yes, start net doesn't to the XX%, I'm so expense level, that sum income on $XX debt I'm million then talking, were so. year, the

Jeff Rulis

what just they're being you course currently the but percent does of that loans Thanks. the at of slide, And bigger That's added. helpful. us reference it in it What remind currently?

Glen Stiteley

know don't I No, the…..

Timothy Schneider

information? have that I’m sure. if you Dave, sure, data, not do not we unless have I'm that

Dave Coggins

have not available now. right do I that

Timothy Schneider

up Jeff, follow Sorry with will that. we

Glen Stiteley

and it’s our is Jeff, Yes, the modeled rate modeled into that’s -- into being -- shocks, – being so

Jeff Rulis

rate we that the moving potentially the to then the Okay, in -- wanted rate, quarterly touch great. pieces, If high some projects. reorient on just so into get run ballpark, to a you the trying postponing expense model but, a just expense talked is about changes? bit And run

Dave Coggins

like costs probably I'm we certainly not, what based OREO to as some we guess on and have just could whatnot, we've the right in to in I trying what I had -- is quarter. million Jeff say million of -- legal modeled everybody's look about now, [indiscernible] think costs and expenses $X unexpected, probably but could what kind a of what $X.X and to the say arranging part average would the an

Jeff Rulis

Great.

hardiness last the few Okay. just stress the around you the dividend, dividend. one, level running referenced, current you and revisit impairment decision. kind and you're see to that of one goodwill take And you of inputs on a maintenance and capital about their guys thoughts that maybe you when maintaining of the Tim, things, the just talk guess wanted I

Timothy Schneider

what dividend will XX Well, portfolio to that. will lot we stresses and evaluate our have to what anticipating of our over consider can we're -- of XX at No decision we're factors seeing as period A standpoint. as the I in to have evaluate, point, the next days coming have next continuation some the a we'll from continue this but up. certainty it, made risk this be and think dialogue and we'll to loan to continue to

Jeff Rulis

you. thank Okay,

Operator

Our next question FIG Feddie from Partners. comes with Strickland

Feddie Strickland

those on the we that? or impressed think range -- kind those was numbers how average smaller loans. fee on PPP just on Actually have the the bigger range with the Can smaller you mostly just were of weighted about what was I should

Timothy Schneider

and were round, just and committed little with estimated range are fair we that X% prospects and And background a that a our you to we work to know loan the and size a existing first those in clearly customers was we us. that tranche, was the think round that few amount First there, the than give X.X% moving we going with round. business average second bigger fee I to to key

Glen were loan down what applications of new nice are for healthy, that banks, business about and size probably a the maybe by morning, numbers it about definitely a relationships, going average the the what's Not served I didn't helping I -- was had fairly should was about sure us. their generation think, to their side were alluded I in to, on we And, round particular, the boost what round number two. as the income saw our be, customers this round there's XXX institution. deposit Second we final second one. to but on we to think especially in round move saw is exactly commercial existing And half opportunity get it of be fee over to getting

So, nice

opportunity there.

Feddie Strickland

feed Just And will average then? for be that X% great. above that, weighted to it got That's make I sure

Timothy Schneider

all it believe out. it be should above when X. so, We I shakes be should

Feddie Strickland

taking question, for Thanks it. Appreciate perfect. my guys. Okay,

Timothy Schneider

Yes.

Operator

next is a with question Our follow from Brendan Sandler. Nosal Piper up

Brendan Nosal

year? balances. think just your of out Are flat for book loan one portfolio the shrink me. of on the could into did the I quarter. for the expectation some From continue guys call X% were loan that I you to Heading Obviously, throughout another you more thinking is de-risking this loan year Hey, it, year, for the the growth. you here targeting

Timothy Schneider

Glen?

Glen Stiteley

difficult our pretty of again, to a right we'll But amount us always, predict and probably I tough client governed now. growth. loan is slight as growth deposit see it But, can by be to going it's growth. think for be Brendan, Yes, very

things the and getting income So, servicing and balance we sheet. focused are certainly balance sheet getting very de-risking off the on

the closer difficult X% be the range, maybe to So it's but won't to be might going be again, X% judge. in definitely range to

Timothy Schneider

on on it's And banks anyway, remaining are PPP with right will look off now, side continue potentially to majority alluded settle, opportunities drive long-term next quarter Glen participation as little for balance this the as particular, sheet. and all lock-in which to for in balance little difficult but the forward, moving or rates loan so, the short-term to a Ag potentially them a be utilize to, probably of more sheet, will network noisy our reporting, we their fixed customers predict the be

Brendan Nosal

I was another wanted it. for to it last was an year. stand just make like sure reduction up there XX% this Got year

you thank So, very much.

Operator

question comes from [Operator with Scurlydog next Henick Howard Instructions]Our Capital.

Howard Henick

Good morning, guys.

Timothy Schneider

Howard. morning, Good

Howard Henick

I you heard just say release, think saw dividend? it it heard would I if And And question, I that decision? you. buybacks? press which buybacks, so, that's reconsidering the where the to you're said drive the correct. you're want you're it I I if know Thank that considering still Quick with even correctly. if in things wonder I dividend, what reconsidering stand

Timothy Schneider

to month this make obviously say our in factor maybe days with decision where we'll we at we or the I But, and Board, when shares and point, to in Glen buyback, committed the average the Yes, continuing to stage, dividend. continuing blocks. see have portfolio still to X,XXX we're I at would have with noise how at we're the this this that dividend next and performing. economy all misspoke. pay But, the we're in is perspective from the will XX to that our daily about do to, and stock right point, alluded And the bank now, dividend. continuing the buybacks looks as over a not to any of committed

Howard Henick

And given expect continue that time? to so you at the

Timothy Schneider

Yes.

Howard Henick

thank you. Okay,

Operator

a question with is from up Davidson. Our Jeff D.A. next Rulis follow

Jeff Rulis

Thanks.

is loan for like there there is quick has, breakout well commercial has total shrunk as now looks the commercial portfolio estate to loans more a that that side on or category in a the commercial one real that up C&I follow combine -- disclosure? just the in real you Just lumped the on it changed and housekeeping something are there Glen estate what can into commercial --

Glen Stiteley

were pointing what Jeff, when I I'm to that? referring to you didn't sorry, -- you're

Jeff Rulis

portfolio, there is loan estate real commercial in breakout the the on Yes, the release.

Glen Stiteley

There the in should Jeff. be further to deck,

Jeff Rulis

In okay. deck, the

Glen Stiteley

Yes.

Jeff Rulis

just changed But the on if there's formal -- was release. I to see trying something

Glen Stiteley

Slide XX.

Jeff Rulis

deck. the of Out

Timothy Schneider

just we'll, been it the don't Yes, the know pull if of I that's just deck. press disclosed but in before I release out

Jeff Rulis

Thanks.

Glen Stiteley

Yes, the XX commercial it’s yes portfolio. breakdown -- some Slide on on had has slide

Operator

And question and the session. turn would concludes This like over Schneider to I remarks. our to any Timothy closing for back answer call

Timothy Schneider

a you all And most forward updates obviously, I'm And, us, provide of move -- again, and first quarter. noisy we'll Appreciate and -- quarter. next monitor things obviously joining continue foremost, I'm as to team very to of think I proud responded how our that, #X and we be which we've continue care continue clients, to to been focus. always this and taking And has our we'll if of successful. we our do

for you us. joining thank So,

Operator

you concluded. for has The now attending today's conference Thank presentation.

now You disconnect. may