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SBCF Seacoast Banking Corp. Of Florida

Participants
Dennis Hudson Chairman and Chief Executive Officer
Chuck Shaffer Chief Financial Officer and Head, Strategy
Julie Kleffel Community Banking Executive
Chuck Cross Commercial Banking Executive
David Houdeshell Chief Risk Officer
Jeff Lee Chief Marketing and Analytics Officer
Steve Moss B. Riley FBR
Michael Young SunTrust
Stephen Scouten Sandler O’Neill
Call transcript
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Operator

Welcome to the Seacoast First Quarter Earnings Conference Call. My name is Christine and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Before we begin, I have been asked to direct your attention to the statement contained at the end of the press release regarding forward-looking statements. covered issues Securities forward-looking their and are to discussing meaning within comments be of intended the meaning of Exchange be will that statements constitute the today that Seacoast Act. the within Act and recorded. this being Please note is that conference I over Mr. the call turn will now to Hudson, Dennis and Seacoast CEO, Chairman Bank.

You may begin.

Dennis Hudson

our good conference XXXX call. and morning everybody operator quarter thank you, you joining first for Thank and us today for

after the the can Our portion market Cross, Officer will and our are and press Executive; David released our release, under with our discuss Officer; presentation on operating which and Houdeshell, us our Chief who of our With Chief is website Julie results. be Jeff Marketing Community our yesterday found Presentations. us investor today we of investor our Chief Risk Lee, our Financial title Also Chuck Chuck Head Commercial Strategy Kleffel, and closed the Analytics and today Banking financial Executive; Officer. Banking Shaffer,

per reported deposits by XX% share, up adjusted As along yesterday’s NIM of strategy year-over-year press great reported adjusted of with is We quarter and a $XX Seacoast you XX% $XX saw first grew million, million off an expansion. a our XXXX. XX% $X.XX result higher in income on to of year-over-year. as We increase and start earnings achieved in driven net a loans and revenue to balanced net strong adjusted growth release,

highly underwriting. the of Loan was we growth Our in remain as strong during franchise. disciplined customer deposit our seasonally attractive again credit growth quarter our strength continued the lower demonstrating steadfast

strict chase deals that our credit guardrails. not We do not will meet

few year the the growth and robust and are in Overall, from period the XX% Florida the weeks pipeline already seeing in continued continued of loan the first vitality quarter. are benefiting economy. Seacoast same we second up Our is remained and over our growing pipelines last of

strong growth markets fundamentals, base profitable the to deliver in sustainable, we Florida leading growth. a well-positioned bank As are with attractive bank,

you that that in had to assured you turning would Before out hope strategy, laid continue for shareholder Day create I a we to us We And value. substantial joined thank those strategy tremendous I will turnout. came away our of the that Investor like to February.

some As we building channels, organization. significantly the more strides and and over we discussed, customer on have analytics out becoming made and few client drive platform great deepen our business operation years, to last comprehensive capitalizing banking growth, our relationships efficient a

investments, expenses additional Seacoast of earlier operations million. provides focused of regardless our to strategy drive to full proactive an of and to remain XXXX shareholders, Vision what we is goals. step the us remain grow we balanced identified platforms streamline our meet revenues. Our This Implementing have reduce by from working will economic benefits our on we laser digital investments further rate in environment each advantage the annual growth track or to interest as efficiency and brings. previous opportunities of capacity $XX returns on the to profitability taking operations, deliver

care environment we revenue remainder around around the guidance Chuck provide will that taking will growth. his year. continued, impede non-interest and have ahead, through details the move on we the proactive plans, strong these including taking to expense our we As great identified this more do step remarks of in not execute we ensure are for

Seacoast over like continued quarter. also their would hard this thank for to associates past Finally, I work

quarter to review making market-after-market Chuck choice. turn is first team who their our We us part the is results. dedication I of what have call bank small With will an that, Florida’s to of a would outstanding and no like over

Chuck Shaffer

thank morning. for this Thank you all you, us Denny and joining

beginning of And income share $X.XX. X, which deck year-over-year I Adjusted my the the comments year quarter at first XXXX. provide built can will resulting net XXXX slide the seacoastbanking.com. over in earnings footing earnings we strong momentum grew on a Slide per to turning I with XX% be started reference in million As found $XX.X

for was deposit We sequential return performance NIM on highlighted Tangible deposit growth, the of continued growth. a ratio loan continued book a ratio We our ample loan sequentially value ended a XX.X% assets adjusted of all to across of common X.XX% and with per expansion reported by XX% equity. share $XX.XX. to and common equity grew Our X.X% and tangible XX.X% robust quarter pipelines. affording tangible on tangible return adjusted room improvements loan

that adjusted our to to the illustratively base first target a capital worth tangible common we asset mentioning tangible to of normalized As quarter’s grow equity it’s continue was ratio X%.

Total on Our deposits XX.X%. basis. XX% equity grew common return annualized an tangible be would on adjusted

the bearing Excluding bearing impact acquired million from $XXX sweep additional XX% during totaling interest deposits million. the Non-interest demand deposits and customer to $XX basis. balances on an quarter favorable annualized broker deposits transferred grew

augmenting growth bankers and business XX we bankers on track on to the we hired franchise support in vision in markets Lauderdale growing QX, focus distribution during Fort hired Finally, of objectives. Overall, remain reflect our quarter results we of our of fundamentals the the expanding in achieve fast Tampa. business our XXXX continued XX strong

points million sequentially basis Turning expanded net the X.XX%. margin income to X, up Slide net and now was interest to interest X $X.X

and the securities the the interest points from loans, cost points and basis points decreased Excluding basis loans XX basis yield of quarter XX the on on margin basis sequentially yield deposits XX X first was increased of up up basis XXXX. points, accretion was the X on net expanded acquired Quarter-over-quarter points.

outperforming was quarters four over our our back beta Looking the quartile, deposit top group. peer last

the positive interest support and on investment to loans remixing calls noted margin. between net continued securities prior As

to on replacing quarter lower points basis impact on funding cost benefited adding This in actions taken the this balances. resulting Additionally, deposits. rate advances reliance with from deposit interest the the of reduce to from cost core rate net despite action of funding margin overall a and benefited higher wholesale funding earnings X this positive

order We remain costs. funding to mix loan to disciplined overall continue pricing optimize We in higher driving on are will focused closely manage funding and in our returns.

X.XXX% average points pricing rates increased and in and in new year The prior over were continued Our investments and increases sequentially quarter. XX for add-on small funding from marketing accelerated X.XX% the credit, consumer first an add-on points and year. up from up to the basis in business in average with increase the prior prior pricing rate the basis quarter the add-on loans XX drive analytics to of in rate X.XX%

long origination business declined. by quarter prior basis commercial curve also of the yield banking points basis saw And rates X the to Our the declined X.XX%. increase XX yields add-on points mortgage from banking quarter-over-quarter new end as

margin remain increase margin. this the with spreads are we We to continuing focused balances our book most points forward to commercial to keenly variable, on than family we ability Going yielding approximately lower the the accretion support XX to points continue higher environment purchase mortgage with growing loan reducing to remix XXXX. balances. manage believe while replacing loan of to loan better second rate our And our to XX while basis basis be assets, one-to-four net in positioned in earning and portfolio, investment yielding we model accounting quarter interest

the rate X.XX% to funds steepness range of the ahead interest expect the to no of yield margin net the Looking no X%. curve, change XXXX quarter of assuming in and improvement we fed be second in to the a

the curve, margin within slight rates accretion the the conservative competitive interest assumed, basis uncertainty continued and in mix an deposit decline a point to maintain the of yield anticipated and yield guidance the Given changes persistent less of curve, potential or loan two is inverted our of a regarding result purchase position. base

was income quarter in prior X, and or Moving the X% line not-interest year. to from with $X.X Slide million grew adjusted the prior

Wealth-related quarter to resulted in XXXX growth greater increased QX we During fewer from declining AUM. equity compared interchange continued quarter, our resulted valuations, saw a continued by our when charge lower in the spend emphasis franchise volumes fee income to on ongoing income income moderated engaged but service by was benefit customer growing and and days customers. the

our million During We quarter-over-quarter million quarter in tracking under of XXXX, banking million assets $XXX fee Mortgage the growing XXXX. management. of $XX by AUM income ended management new assets the million, totaled $XXX under quarter $XXX to saleable in the first by to generating production. the with forward, increase encouraged result goal and saleable we product We maintain by significant expect of $X.X new to pipeline in when on and products trend. in positive looking to prior compared the million, a saleable focus a quarter, this introducing the increased

to Moving $X.X the and X, was million up up Slide million adjusted sequentially, $X.X year. prior non-interest from expense

on modestly key few a was was expense guidance and non-interest result the quarter above our last quarter’s this provided first call, items. of The

opportunity we saw XX to the bankers business First, hiring and Fort enhance accelerated we Lauderdale as Tampa. the talent, specifically in of

business, they quarter. higher resulting management risk in both in continued projects ongoing fees expedited scaling our and support operations, the we of professional the lending Second, in

costs. Impacting an and reminder, less under each cost commercial produced. of we direct production June. impact our as We schedule, half origination XXX-XX, to XXXX. estimated our origination ASC and we quarter-over-quarter benefits, And of salary direct per efficiency loan ahead accounting resulted to lower meaningfully deferral also a business plan launched generate and digital unit in platform of our This launch loan loan back loan in will guidance originate the defer small XXXX, in tool fulfillment end-to-end

we will cost the investment digital success growth on what on in or have objective in at second these into coming initiatives, Day periods, markets, commercial the reductions economic We of accelerate be three regardless expense key acquiring proactive discussed growth key the our bankers years. our calls the are completion small rate positioning the end business origination efficiency-driven brings. coming investment direct the environment interest and taking a Company and and All initiatives by reinvesting loan of of for complete of Building stance largely quarter prior end-to-end our will on in control, the Investor in in fulfillment. our

occur potential bank a this Additionally, disruption take from tier acquire selectively us opportunity two bankers to give flexibility of a the mergers larger last expected to announced quarters. few to of will result as advantage the top over the

of and focus employees. quarter will the on in full-time streamlining of operations a efficiency result During continued reduction XX second approximately equivalent our XXXX,

with incur will expense approximately While approximately annual more million in the this center closures combination banking severance including in other continuing of pre-tax expense reductions. charges two $XX $X.X Company million, in initiatives, will result

and back benefit a XXXX a and into quarter of end full We near XXXX the expect second the the beyond. of partial benefit impacting half and

assured be can that ability we contingent impede efficiency a our do company assuring in as great on by growth. drive focus diligent to care revenue on continued that not You our

we approximately expect second XXXX, which quarter. the $XX.X amortization assets, intangibles to million, per is the expense of of million to be approximately For $X.X adjusted quarter non-interest million excluding $XX

be intangibles, which of full-year full amortization $X.X excluding basis. non-interest expect the on XXXX, the adjusted $XXX year is expense For million a to we $XXX approximately million, to million

from our XX% expenses The up the Moving the track to Slide a seasonal was XX%, confident prior quarter-over-quarter efficiency as-expected result ratio quarter. out are in associated We below in of on remain FICA to our XXXX X, achieve XXX(k) adjusted and efficiency with we as XX% ratio laid Vision plan. of to increased increase expenses. our return

remain compared salable to small producing totaled in in X, prior rate Commercial and trend million than million, from prior loans declined cycle portfolio. $XX in in $X with the and this on $XX million the and the fourth Of deals long-term underwriting years to business million higher values Turning or Consumer We and $XXX fixed greater placing integrity. away loans focused patient covenants, not are loan new slower retained line we in navigated the CRE competing to construction was were selective was form as limited volume will transactions intentionally when total $XXX in originated carefully seasonally we million guarantees. production acquiring to QX, $XXX portion the we the like with quarter. million residential Slide production and in our all loan the defending quarter quarter. chase avoiding volume late

few matures the in quarter, our does to allowed land target as by But disciplined continued the construction that a high as quarter mid to be $XX credit we we a confident growth allowed to the as our a have result our ability be we by underwriting. competitors not may meet to in for offering transactions are From highly originating and during single-digit speculated of terms. cycle the Additionally of rate. decline our growth achieve inferior we time-to-time to year course refinanced development loans disciplined million construction over

Our million $XXX as of XX. April commercial pipeline is to growing

quarter. anticipating are We through to continue to this the improve

which a pipelines quarter, in strong have new with the We and Broward all of segments grew couple team in bankers County. across Tampa win

occupied focused our We We these and fee on persistent with our classes portfolio CRE generating additional remain opportunities. borrower on Lending on the are brings value gaining forward drive to attractive growth discipline. consumer well supports of and granularity higher share This loans positioned loan our in going customers. without wallet and lending. C&I to sustaining sacrificing greater credit from focus our based relationships funding related

XX, Slide increased $XXX million to outstandings Turning deposit sequentially.

deposits total XX% totaling grew grew million the deposits impact on XX% sweep bearing excluding Non-interest deposits demand and an the to $XX during $XXX acquired or quarter deposits noted, transferred favorable from annualized million. annualized. As bearing $XXX basis additional when customer interest million broker balance

Our X%. on we ahead March of of deposits on approximately targeting This reliance funded and XX experienced growing basis franchise value fully analytics increased and XX points outstandings no growth automation balance advances. customer sheet marketing the unique deposit customer in points. union is deposit underlying by paid Rates of XX strength of markets. the looking on demonstrates to basis bankers our wholesale the are with And urban

cost be the point XXXX. deposit in in mid-XX second basis the quarter to expect We of range

deposit Slide peer attractive to better XX, reflecting our deposit transactional of to Turning the our perform continues beta book. nature than

Looking points Non-interest our while bearing back prior current line cost deposit the demand of of funds XX% XX of accounts in cycle the our Fed transaction the basis book, increased has XX% XXX deposits rate to deposit only the the represented increased and points. has franchise of with quarter. basis deposits represented start

as benefit known points loan diversity coverage quarter-over-quarter. emphasizes total building selection and overall XX loans sectors builds customer Turning to as was from mix cycle Overall, through to relationships well maintaining and rigorous credit at Slide basis understood the and the well continues and basis of points up on XX, granularity. credit X orientation markets allowance to that quarter end to

a both the in At rate a the the you points in interest and loans including first the loans that to and this the income portfolio portfolio, quarter, outstanding. these mature. credit ended at as acquired acquisition characteristics loans back discount under mark applied take in acquired the quarter me ALLL pay-down In of prior of are moment an basis Let through as accounting with purchase represented quarter. placed remind loans loan X.X% line purchase net accretive of or the end XX loan of outstanding, purchase through non-acquired

X and percentage respectively percent of XXX%, We prudently in quarter to as Net estate construction estate capital XX% charge-offs. at by XX net on mange charge-offs And commercial annualized were $X million as exposure for commercial real matures the for points will from quarter the basis continue below our development of and real of the loans approximately continue provision of net be XXXX. a down with and XXX% and The prior loan losses basis a as loan or regulatory XX% average land cycle to influenced through and charge-offs capital forecast points loans. well economic growth guidance.

And over XXXX. equity And tangible would $XXX positioned imply growth for end, and asset well illustratively for and strategy. us are disciplined forward. opportunities tangible on common well at sustain additional advance Turning common in moving organic ratio capital Tier to common ratio and the ratio equity XX, returns balanced capital The deployment. normalized and XX, XXXX. momentum Slide capital XX.X% was XX% provides X total positions the in was long-term healthy possess our capital XXXX. generation providing to the XX.X%. The equity risk-based was ratio up we at through XX, growth balance for capital we Using tangible as to in sheet and target March Slide a capital manage available to growth delivering options X% This continue to quarter additional to are strong million wrap acquisitions

markets. your look strong our the remain some and continue continue to we to well very Our turn low-cost back track we a Denny. over in shareholders. we to opportunities funding XXXX and see capitalized, balance value on targets I’ll growth Vision in remain sheet, low-risk growing forward continue to to We fundamentals we’re our confident to Florida’s meet robust of and with for enhance will create call balanced strategy questions. Overall, fastest

Dennis Hudson

questions. to we And a pleased could us would Thank be if you, you know. take Chuck. let few Operator,

Operator

is of ahead. Instructions] first from [Operator Moss go Riley question you. Thank FBR. B. Steve Our Please

Steve Moss

guys. morning, Good

Dennis Hudson

Hey, Steve.

Steve Moss

loan outlook with guess, I the starting here. grow

hired loan ramp-up, typically it period a You obviously and year high bankers quarter not was growth them. from a probably additional production XX single-digit much so to the as in mid reflecting this late until

further kind wondering about we out? as thinking get of production overall Just maybe how you’re their

Chuck Shaffer

Yes.

Steve. think I year, it the through accelerates

line, can we in from quarter. bankers bankers So fourth the come on QX, I we a period XX QX, as you there’s up hired XX ramp hired tell these in in

it’s relationships growth relationships, deposit through it good quality But that, quality year. We’re C&I deposits, heavy we with some first accelerate pretty will the strong already over. believe coming our been with quarter. I type full of it’s business move seeing as And been in part the

So, the a move guidance year our of plan. of the QX guidance, but as on to we to is ‘XX kind through our high mid accelerate will QX to continue ‘XX that ‘XX QX current

Dennis Hudson

pretty are confident. we Yes,

are we up that already QX see to of the fact, again, Chuck as and are expect nice to continue we we we In And ramp this in going that confident in kind grow. had are pointed to some occur. hires pipeline out, that

forward So, growth. our confident very loan about we’re

Steve Moss

just the terms that’s And here forward. margin in then, Okay, helpful. of going

second purchase or the point basis As accretion think quarter? acceleration quarter-over-quarter you coming some think accounting we expect you the I forward going said about should down, X generally after

Chuck Shaffer

Yes.

way of less than that is, think accretion. it’s NIM a couple points think includes to purchase guidance conservative I the basis guide the about a

it moves it quarter, know could We depends reduction can offs type can things a or X it than basis where on see earlier expect either way. go go you It’s it’s about happen variable a the from It As a way here. pay that it If go forecast. to, but point that we up. expected.

Secondly, that positive were be some for I’ll abate, curve a pervasive deposit it this that mention would inverted heightened sign If assumes with a to competition. us.

deposit is to We core range. flashes objective here keep are And abating, the see the the our margin starting competition too but at of of flat, we tell. early really it’s high keep end to to would us really which

believe we’ll guidance, this better remix, the providing to ability move to move than ratio, as conservative and we year. as we and with forward, to So, we’re I loan liquidity, lower we’re I deposit the believe NIM through think most manage and I our curves greater outperform on positioned

Dennis Hudson

focus And rates at looking those looking a yield at on on. big going

Steve Moss

And more Denny, much on wondering to Right. on of terms yield increasing subject, how the thinking through just push that? you do guys any spreads or in color

Dennis Hudson

ends I the us It’s have spreads the loans appropriate with we think of we credit balance. really a getting up in are CRE kind nicely that analytics, that consumer we in of think of area done, from and our do in area an better spectrum. and some the way, the really yield of risk a The I yields finding two tale C&I smaller work gives fits standpoint. particularly and pushing

So forward change and we as have to part go go that we tools these a or our maintain yields planning. even and we it’s important really our can Chuck bring mentioned enhance forward of now mix that’s big help to bear

Steve Moss

to and one is how here share repurchases last thoughts your helpful. Okay, are me with wondering these what continues M&A regard days? activity one the build, on dividend, to just that’s And capital for

Dennis Hudson

set very we great us are with number question understand comfortable consistent want But we today. are are building that there. tons we with and capital, are our on I buybacks that’s would return excess we continue kind we in with think the And our Board dry or a where both. we of the earnings still off get we we kind this the And that And point at to done. are, think capital this and carrying for to the robust There deals where at is powder to have in or of capital but are nicely but to we discussion have of and give opportunity we clearly no that of we to can capital, we given so And I Board. okay point out transactions. will of And there feel those of that producing. capital we we ahead that, are deals very are look deploy to any time be form dividends just now continuing accretive we opportunity right

Steve Moss

guys. Thank much you very Great.

Dennis Hudson

Thanks.

Operator

you. Thank

Our Young Michael Please next SunTrust. of question ahead. is from go

Michael Young

morning. good Hey,

Dennis Hudson

morning. Good

Michael Young

apologize. I on hopped I late.

additional to million, when if expense So what’s you how kind kind color $XX repetitive. year? forgive are and much of expect that baked Please there, give already of more of rationalization a is to fully guess that me. it’s But we this, you that incremental you then the this covered just can just should expecting little been communicated I on be

Dennis Hudson

Yes.

Michael about we larger we want from think I regardless the wanted announced year last positioned what proactive the flexibility the through of think up. want quarters. the a reductions to disruption it to shows we the economic potential few expense few we extents to bank way to is and move deals And environment over take as advantage of take also be rate

as to so completed investments And $X have in data our commercial objective banker origination be business and there done, digital past and in pay the get done help XX days. that direct the platform cut is we for fulfillment million will had our talked we small next

to basis. we $XXX,XXX assume quarter rest to So partial the you as it into both $X and the and then million QX think benefit and second the benefit on in can $X.X year quarter will annualized a million an next and about QX forward coming it’s $XX it’s annualized in looking million have impact $XX falls million

Michael Young

Okay.

top the million on $X this So about full communicated? $XX top of $X incremental million you have or there that is $X that’s on is of million million

Dennis Hudson

$XX full the $X top million. million on of is This

the have cut we So $X million.

are to million the We $XX now million. getting have another we after and on $X reinvested

Michael Young

longer if just negative it sounds term Okay. that but some a maybe which of is near And could hiring have reinvestment a opportunity but like positive..? you term outside

Dennis Hudson

things we that and that about flexibility cost an a way why we street to back and opportunity is and explain the if now think through it’s ready available if come initiative. and use would made we how But expense that, We we it want this there for an Yes. disruption the that initiative potential reduction we want may the will at will sense. play doesn’t see saw I we show year. to is point occur, the as be out it but And reduction know this up

Michael Young

And you terms Okay. last kind C on to side of one do this would one bankers? that just on look or has the hiring in on of anything commercial been just focused

Dennis Hudson

Yes.

Now, we well. were as that focused on

trust investment As goal mentioned, a that to requires forward. have the we $XXX as emphasis of million $XXX growing we year. I That’s move in for AUM a us area million a big

the we’ve and tell about would on at part I the grown pipeline focus that into is April XX% up Secondly, you space, heavily now end the the on organization to of saleable. March mortgage of repositioned saleable. to

income supports that by going shift will and support the in We’re area non-interest we move we think that very on and encouraged as year. the through

Michael Young

I’ll all for step that back. Okay. Thanks color.

Chuck Shaffer

Thank you, Mike.

Dennis Hudson

Mike. Thanks

Operator

Thank you.

next Our question is of ahead. Sandler Stephen Scouten go O’Neill. Please from

Stephen Scouten

Hey, guys. morning. Good

Dennis Hudson

Hey, Steve.

Chuck Shaffer

Good Morning.

Stephen Scouten

some given are environment. of curious interest your might kind a prospect or around today rate the of the hedging NIM you guys things any and that your you of the that sensitive in thoughts there? lock the here So, or doing fairly environment on what’s outlook rate advantages still other kind begun Have lower of in

Chuck Shaffer

we as it Yes, forward. it’s We move monitor careful balance. a

to or the carefully liabilities done to swaps assets NIM manage continue any and like but balance haven’t both we anything that, hedging appropriately. like We

balance I think a we’ve asset-sensitive managed sheet. to moderately

check. We just we’re manage continue that, it’s in to to but keep careful to something

Dennis Hudson

we balance not way the really cash focus on one we and other. what sure think exposing that We appropriate over ourselves the of the side and have or that is make

Chuck Shaffer

Right.

Stephen Scouten

then, have don’t figures mark handy, if Do balance what’s And of chance? expected know but accretion? either the there by number those or this I you credit you your okay. Perfect, have remaining

Dennis Hudson

Hold a release. of It’s It’s Yes. in the about… second. on tables the

Stephen Scouten

Okay.

Dennis Hudson

pull… it’s the I Yes, in tables. can

Stephen Scouten

guys Okay. coming terms the the the accounting? any a the effects you on pretty you of guys could of that from some from question how banks as larger, of just And CECL to accretion then, and the to marks. BCD credit view that down I’m there about potential we’ve the path talk you if move of I impact how you be have along And that through to them of guess in some related this wondering far have is, change? impact remaining know yet but significant all gotten mostly some with or heard

Chuck Shaffer

I through move it’s think and to third as CECL, the work that. we’ll tell point can Yes, early I continuing model further real our impact updates give our able that too What any But you. test is on side-by-side this Steve. third in give say we’re model, I it, can through we’re year, on be to to we at

Dennis Hudson

And refine run we’re continuing progress. to as those are models and we’re good making

Chuck Shaffer

Yes.

Stephen Scouten

the it. appreciate color for guys. super. Thanks I Okay,

Dennis Hudson

Alright.

Chuck Shaffer

you. Thank

Operator

back Mr. remarks. call I closing Hudson turn you. to will for the over Thank now

Dennis Hudson

Great. we appreciate time and the you We Well, results in upcoming quarter. look us for you. our Thank today. joining forward thank the reporting everybody to

Operator

Thank you gentlemen, you ladies and you. for conference. thank this participating. Thank And concludes today’s

disconnect. You may now