Flushing Financial (FFIC) 29 Apr 212021 Q1 Earnings call transcript

Good day, and welcome to Flushing Financial Corporation’s First Quarter 2021 Earnings Conference Call. Hosting the call today are John Buran, President and Chief Executive Officer; Susan Cullen, Senior Executive Vice President, Treasurer and Chief Financial Officer; and Frank Korzekwinski, Senior Executive Vice President and Chief of Real Estate Lending. Today’s call is being recorded. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. Instructions]. [Operator flushingbank.com. the be and on referencing Relations site of the presentation its press Web will company today at earnings copy slide release that Investor A are available

from contained U.S. any company’s to Financial in materially risks, Exchange Before of statements statements. remind cause call we differ statements, factors that XXXX. are forward-looking the not under such obligation the Flushing Such to in provisions made uncertainties Such any law. are forward-looking filings except factors Safe results statements actual company undertake may those Litigation U.S. begin, would update Corporation Private does Commission. contain you discussions Securities as Securities and during any the other to applicable that this Harbor included of required the to the subject with and like Reform under Act

non-GAAP to prepared intended or supplemental substitute call, in assess operating this measures financial the as During as These measures U.S. with will accordance non-GAAP presented references review information in financial isolation and to for be considered made financial are measures and a be GAAP. performance. to not

these about please to presentation. and and The who Officer, earnings overview the for non-GAAP reconciliation an of refer John the to floor to strategy I'd results. and release GAAP, and/or introduce like sir. Executive Chief measures the now is Mr. information President For Buran, will yours, provide

Susan will over before you morning highlights our call detail discuss for quarter earnings our financial thank our greater us to the will objectives our who everyone On turning our quarter Good I provide call. and strategic and Thank on call, you. XXXX joining Cullen, performance. first today's CFO, for first

steeper with a local into vaccine than year cautiously will is environment address a heading prepared our yield optimistic were better activity After Lending ago. all XXXX. Estate three remarks, along economic our Officer, it accelerated rollout, With for challenging improving in curve, Following we Frank the Korzekwinski. was Chief XXXX, questions and your months Real we an

to The us this the customers our our support period. efforts get to example but of continue program. improving challenging through PPP We of this around was best

we guiding XXXX. through throughout process. During quarter, declined continue customers more in than XXXX. the all also Loans We're quarter, originated and we PPP this of our and in of forgiveness did the the forbearances loans the remainder will

and these was $XX customers of to in million on as were losses $XXX,XXX recorded support than that date. Our nonaccrual, of less we've rewarded forbearance migrated loans only to

how measure Slide Turning to and we our them. up objectives against X, strategic we outline

while consecutive our expanded net more and risk-adjusted declined objective XX% to is appropriate of deposits yields. funds. now we reported during net optimizing bearing comprise objective, costs quarter first increased XX% margin interest ensure for as quarter of our funding returns deposits. this By interest loan income. Average Our record fourth on loans non-interest the than focusing cost this We year-over-year, of

assisting we supporting second strong loans in to on by Our the and PPP originating X.X% end period growth. Net our year-over-year, loan process. is attention customers historical as excluding Empire, our objective loans forgiveness maintain focused rose

Our third and by core to efficiency. earnings scalability objective enhance improving is

While improved XXX% our $X.XX of earnings core of a year-over-year. share GAAP year ago, a $X.XX earnings to $X.XX per from our loss increased

due was interest expansion improvement core and pre-provision improvement lower Additionally, net net transaction, margin the share XX% X% pre-provision our core provisions. net in to This per loan revenue and loss was earnings and quarter-over-quarter. Empire year-over-year revenue

accretion earnings 'XX on the rate XXXX. all of are and our per Importantly, in first achieving the in confident in Also, achieve quarter to savings in expected essentially benefits. track cost we're we Empire XX% the share run remain

quality is a hallmark quality Credit underwriting. always has objective strategic Our last of manage consistent disciplined Flushing. with asset been to and

points were off basis points basis XX portfolio. the quarter, taxi medallion remaining of charge-offs from had we charging While net XX this

Our points. Overall, details. the and our reserve is to XX to objectives during average I’ll non-performing and are this are assets against well value XXX% outlook encouraged loan non-performing quarter low we basis is ask provide performed strategic at portfolio strong estate as Susan coverage The XX%. collateralized our at of in loans over Susan? well. our real by more

Thank you, Slide begin John. on I'll X.

Our portfolio our XX% of funds. ensure first to deposits strategic rose cost risk-adjusted on objective returns year-over-year. appropriate Average loan is the optimizing while

about was X%. growth Empire, Excluding

our non-interest XX% first average core the bearing XX% year an deposits, improvement of average deposits Our XX% increased a from comprised in quarter and deposits ago, from XXXX. of

XX basis the to basis total past over points points XXX X the of Our points improved deposits and year basis from cost declined quarter. linked

to continue trend and expect metrics remain. banking digital we to this Our improve

users In Slide X, we in share increased mobile in increase banking XXX%. processed March, mobile increased deposit and the deposit climbed addition monthly XXX%, annual to active volume net mobile On online the monthly margin XXX% active processed trends. monthly interest items XX% the

of expanded the in Core core margin interest interest-bearing record interest As of income. faster basis decrease decreased as our cost the John quarter consecutive yield than earning on points interest X reported net net the we liabilities noted, the during quarter fourth assets.

try margin and Our recoveries the our easier, removed steepening interest Flushing. from from pricing prepayment have these should rate net penalties the core Overall, margin. the I current spread some XXXX or make base noise, the interest have net two-year This interest discussed of including fair gains you between and value impacts encourage net low. possibly curve protect in your has We widened nonaccrual hedges during we interest On help quarter. positioning. of steeper it greater for adjustments X, is analysis margin. Slide accounting bode adjustments. qualifying the model losses X, first net average and minute and reversals purchase plus can funding net grow take margin. spread the want loans keep should asset to and a a the amortization to what and we of well To and the help the with than beginning risk costs XX-year effects discuss the net on interest to can On base you and Slide interest net see yield The treasuries. spread for means for curve the to

We have mitigate short-term to and the tools derived help time sensitive in are rates. but sensitivity liability

lengthen of continue example, will through our For the one liabilities channels. to duration we of several

We assets. of and rate continuing have origination and will continue of commercial to on our other the our by portfolio assets the shorten duration grow adjustable to focusing

swaps a swaps in ahead We begin fixed which swaps timing the first points of Loan XXXX. forward compared have our XX XXX quarter. advance existing that of On X.XX% of rate XXXX, for Bank increases in starting Federal forward is pay million the the late to these rate rate of average, including Feds basis Home starting on

short-term So have place. rates to while protections we currently to in pull rise leverage we are when complement the liability sensitive,

growth. Our loan next composition our to portfolio a and see of historical is strategic loan objective On maintain our can you growth. X, Slide

As John in mentioned XX we million. which quarter And forgiveness Net forgiven, to million and first collect have first of for is were are PPP attention portfolio XXX $X greater than on if expect quarter, million loans minimal. To the the program. collected process originations SBA approval. net pending in of XX earlier, remainder fees. forgiveness we of XXXX loan of this PPP the of focused have fees for quarter the loans we PPP originated the helped our million We date, XXX the another million

quarter improved a declined out were netting While yields we originations on slightly overall PPP on encouraged loan when the quarter loans, yields linked progressed. basis that the new as

is quarter portfolio this We our with new origination offering the were attractive less swap very than successful with the current customers. However, offering yields yields. lower program, to but are rates, still customers higher

third by objective, scalability X, is Our on earnings and core as improving enhance efficiency. strategic Slide shown to power

is expectations. progressing with So the line far, merger our in

achieve legacy on in Empire targets. savings deposits was cost our pace branches since our to closing. Growth are We XX% at

budget a County, committing portion We of new for marketing Suffolk is our also are us. market significant to a which

of all County. Slide we XXXX the to are looking accretion consistent markets, is remain in in our communities to risk confident underwriting. from We Suffolk earnings with has do the XX for we and strategic to support are with fourth off in and which ways transaction. XX% Empire good start As our credit we achieving manage objective disciplined a our

the XXX loans These We forbearance. are our million remained will interest XX% as these approximately payments, million or supported on P&I pandemic during the totaled have on borrowers properties. equity programs. only of various well making forbearances loans forbearance have and in throughout these XX% Loans XXXX. XXX leaving X.X% full with loans in remain forbearance customers collateralized We of our

the to lost loans nonaccrual scheduled are have payments year. Most status. XX% over normal exited end million of less than of or migrated to XX forbearance by importantly, resume have However, the

of quality balance. segment This forbearance We and strength our all have the loans XXX on about are of our Hotels further third at have a recorded forbearance. of only the million borrowers the of the of $XXX,XXX entered or underwriting. our loans demonstrates largest loss

make points to Some on portfolio. important this

in rates are occupancy continue continued the the for and remainder First, general year should with vaccinations. of rising

Manhattan the of better. Second, most hotels of where economic relatively activity outside is

as interest so of least we low XX%, our of Slide allowance details risk With portfolio. the time Third, remain normalize regular these greater XX, at value convinced loss need than just we for provide to average loan are to for in payments. our loan We balances view making that this losses. XX% hotel an resume of payments. borrowers they economies of can On

remainder million primarily of the net tax due medallion totaling loan million. portfolio on for $X.X Our X.X the provision charge-off the losses charges to was

peak. basis Going weighted portfolio XX X.Xx on reminder growth, factors. XX% been past to any exposures the We at outlines to and and to Great cycle the exceeding XX value mix our forward, Slide different real loans loss some quality Recession, with the loan no years, by to primarily the is are the XX for this loan be we that is than XX average points. loans loss why estate our times during losses and industry non-PPP a would industry's minimal as credit influenced even overall loan The there's reason XX%. trend history below to better additional statistics. expect this see value Slide has reserves loan provisions significantly be economic remained loan

to estate credit non-performing continue coverage minimal remain low remains at over XXX% and of XX%. were overall on expect Overall, a our loss level remains was low. we real Non-performing flat profile average loans. assets and contact. loans non-performing Our with quarter the ratio to risk comfortable loan linked value The strong

wrap XX. up Before review capital let's my I Slide on comments,

with and ratios tangible and increased respectively. share improved we Book Our capital nearly $XX, and $XX.XX position. per linked to value remain quarter have comfortable book our

expect to to X% XXXX our year end. continue We build approaching tangible ratio by with common equity during capital

Our current dividend yield approximates X.X%.

And quarter. remind and margin from help repricing the additional quarter. items keep do yield should impact curve repricing be impact at costs in going the you CD me could first We will forward. asset let steeper less that of funding the while benefited The second some Lastly, low. opportunities the exist, help

net We the XXXX expect have time we expansion core interest steeper have yields our asset curve as it impact modest yield for margin and in liabilities. the to of duration extended take to will

will growth a interest be income. low driver Additionally, of key net

are our forgiveness. PPP we the from strong, While have loan a headwind pipelines

in The the the We strong the are remain the repeat our first quarter expected below compensation-related not due to totaled market planning the business. to investments also accounting in to expected to make are the had from quarter conditions. to expenses quarter. the seasonality. first The curve we $X.X the is not second $X million to in use million steepening benefits program of fee X.X from quarter income accretion change repeat is customer in swap expected of in given Purchase the per million

Our XXXX XX. April York New since in the law passed effective XX% rate state tax approximate increasing should on rate the

for I'll quarter. period our average end the to shares higher back are that, John. turn that outstanding note With than Lastly, it the

Slide rise. you, rates are if our and we steeper pull outlook. have yield XX, Susan. the Thank levers beneficiary On we we Clearly, provide to of curve a short-term

also forward a mitigate should starting any swaps impact have rates. help rise that in short-term of We

which We improve economy. given the optimistic stimulus are yield the local steeper environment about and the should more vaccinations, operating accelerated curve, fiscal

in markets, should accelerate our especially XXXX. outreach, community Our in Asian

curve yield stage As of Susan some includes benefit business our digital steepening next investments using the growth. of our mentioned, invest offerings. for from and in to This better in prepare our we are a

quarter our the loan loan do work return profile. PPP as forgiveness improved we more We later to pipelines, normal Our through not with the any should comfortable risk remain we year headwinds. during which include credit PPP loans, growth in and

on is on of X% the of pandemic over or an support that, to our and this equal Overall, throughout an the we it right our track increased Empire and path it up Our to questions. in accretion now we're this we continue goals has customers I'll XXXX, will ROAA to loyalty. turn long-term to to XX% deliver you. to greater leverage generate customer EPS achieve returns. Operator, will than increased to ROAE. With open franchise

thank and gentlemen. ladies and Thank you, sir, you,

begin now Instructions]. will of question will And Sandler. We Piper [Operator come our from have we Mark first ahead. question-and-answer Please the Fitzgibbon session. go

Good guys. morning. Hi,

Good morning, Mark.

you for How And how had to press release you a some guess out? I of go? is question I'm there far you is borrowings. in First you did plan referenced extended I extended much you that? out curious do more out the

quarter we So let of pricing going see the those out. to part preponderance -- back recall, in the take out last borrowings kind of them prepaid to advantage and in quarter forward. the answer spot overnight, a plan We me curves or the sitting and curve extended of extended the we where laddered advantage over of on Bank Yes, had Federal out, as we those the them it first. of may we prepayments take at you and end opportunistically fourth

done secondly, then the to on that or second And I'm quarter charges all is now? Empire curious. Okay. merger Are any Susan, in additional we see likely

hanging little over. charges. big a bit still not There's It's

I you at all you I curious. the Okay. rethinking all increased recently of I reconfigured have Are I'm that size And the today? know as then the given the whole, branches. guess network guess next, the business -- digitization branch a But of

fill well. have attractive recently where do in nice that the network We Well, branches. a is then branch there market, terms a the a overall of we've Jamaica, a and And do some seems area network, that put don't to area of can actually us. spots we -- that branch that in couple couple of boroughs here got we're despite in County can blankets add the see look fact right there's couple And also now, there in doing the We that the in there of we areas in. we areas Suffolk where another Queens to in. a in another be improvement

are branches, X,XXX so. branches these in we also new staff, as clearly Mark, four less feel And that foot while in that we number terms of community And or around our FTE a reasonable is So or their bank the are as area having usually positive limited also leveraging well. a square digital assets, size. of they're in

digital of But to another may probably the largely, So, as well set with do our it we is. branches expect up. that we'll and branch we're network branch reduce see pretty or our with leases as some two. our come We some opportunities other size

then how just your plays of seen Flushing be what feels kinds sort role on what likely of sort view in It might in on the out bit. Could us at little bunch high of in things interested the and that, you pace And in play your market? things a general Okay. a Northeast. to of are up lastly, with is a share a consolidation level John, we've picking thoughts like you

Sure.

the scale for order going need size the in are technology we that for institution the So of need the with and to clearly sufficient deal are forward imperatives there. aware

run, the very taking our in think we take that’s to -- with confident that taken I market. several some feel can rather place short advantage in are large that of disruption have mergers So place respect taking we

scale, there opportunity pick longer for to business. bit improving on looking our short a that certainly Empire of started So said, we the to process up fringes and a little That continue with us there's I term, in-market significant the market. we the in are intermediate think to of term,

you. Thank

Comery Steve g. Research. have we of Next,

Hi. Good morning.

morning. Good

morning. Good

loan the most release. year. of last they like in ran closings the It in looks detail the quarters ahead appreciate on press I

sort thoughts the things Just there? growth like this on type and have growth prepayments may any to been there of are net net loan what headwinds going any in quarter, on payoff or

those to announced. So for then $XXX quarter. and for the the previously of And PPP the loans, we significant if lose about the we -- quarter on a have that expect those upcoming overcome averaged would would in headwinds we forgiveness have headwind the the low of we be loans, would be that projected all lot a if growth loans million

So loans, because But last the margin those in quarter picking we of I a that what's in low that happened is, was slowdown and and up do they course, loans. think in wind fall because yielding loans other our York what we concerns including expectation up these pull including were during year said, City substituting various to of the fairly of And kind would winter New due some increasing pandemic things rely slowed season. to courts together, the availability legal the the of to early the that areas. to that of of have our down respect impacted entities ability the and upon, close with happening

throughout in So, already market. goes year. to coming recently And on opening Clearly, up I up the that saw things time space. York office more seeing as with we're respect occupancy see XX% up the opening we just New

our is, of some So activity. the approach the start of half we more we'll loan year, to as second see expectation significant generation

Thanks Okay. that. I to this want I right. make got Susan, sure for

comments expanding for to is Your be net that? want on that deposits? And offset maybe yields by is I to there. think about the interest Like about slightly trajectory margin breakdown way continue than the the more down, right think loan modestly. just to

taken loan will reprice The run. on goes lessened short as liabilities advantage on. about, yields the goes to the of be -- talked the yields we as have asset that and will in interest-bearing And ability time time be lessened as we

CDs most this were -- loaded. have our of year front We repricing

there's forward to going opportunity reprice. less So

in to decline assets. potential bigger is earning net-net, fair But opportunity that the say? Okay. the deposit still than Is

fair. Yes, that’s

just that well. as the appreciate on Okay. And of disclosure, kind loans closed then

closed with quarter on quarter on last there? higher yields C&I going mean was it or in this bit there than the So, something that like quarter mortgage general that looked ex loan a PPP, flat. Does loans increased in yields else was

is we're to little bit on what opportunity yield curve. the of seeing think the a I take advantage

curve clearly still little So we're yield coming price the new yield. loans. assets you where But seeing in anything I to we portfolio to Frank? exceed not seeing the add on yields the on know opportunity started rise. if think We're to power the pricing bit as more a don't to has that, point I at are want the

We’ve a of with But advantage bit little duration. I'm sure -- do to the gone loan five did that cases beyond loans backend don't that. curve. fourth the recall has it an not take of I a bit little a of years bit of Some swap we little of of in the quarter. the in

Yes.

So factor yields the we as clearly I probably is lower at are think loans that on that that's another swap put well.

think can that continue the swap between PPP on is some and to expectation I yields. see there asset loans we growth the So

strong very Okay, Maybe the good. you'd just last customer very moving me, to balances that's talk one liquidity and preferences deposit then growth in trend about forward? deposit these how And how quarter. for and just expect changing,

the So we've across seen improvement board.

deposits nice some going are that We've in customers managing growth Suffolk County our general seeing their got branches just in of our are new transaction. Our are the Empire business we very nicely. up part liquidity And as business forward.

that to aid result we're see on regulatory of taking significant we'll we that it. as XX%. changes We're as and a start grow a on. certainly, the with not expect less pandemic, time up to goes place, as only is in rate of they thing deposits during takedown changes infusion the new about other the being the XX% of that with are newer been to seeing the liquidity liquidity with market into those. some coming respect see floating we But ease we're that about running have seeing So, as past. as run Usually, continue The to our result grow to on to continue a new loans

Okay. Thank you very much.

Thanks, Steve.

Christopher have we D.A. Davidson. of Keith Next,

morning. Good

Good morning.

Good morning.

bright was quarter. portfolio spot for the core looks loan this like So, it a C&I really

opportunity much how the that growth County? so Suffolk reflection in And is a of of strength

It's early.

certainly and So occupied are point the The particularly we we majority seeing a the positive the pipeline out expect at of to time. C&I. But was growth of is on more. seeing it business But are Suffolk of coming in see owner definitely obviously County, the we PPP growth, lot C&I in in side. this

you it. originating products us Perfect. from perspective are give a then yield at today? around where some can Got color a just the loan little of And different

you Sure. yield, to about talk want Do Frank?

Yes.

estate higher, overall, the is bit But So probably a up. X.XX% range in on itself about high have price real things recently, we're the what More probably probably seeing. as asset as X.XX%. heated we're could The X%. It class. depending is commercial little

question. helpful. M&A you. on up Great. Thank And then a That's previous just follow the

would how the willing far deal? As you current operating you footprint of outside down for to look your line, the be extend right

there. couple we done of factors as lending. do far done as to I New England South done market. linkages some some in upstate we've think already the Philadelphia immediate lower where the lending some there's a space Obviously, We've certainly we've this market have lending. And as as well, in

markets. So with those we're familiar very very,

be would for those So us. priorities

However, ethnic that think serious take I some those as we following there we look of linkages would linkages a ethnic and well. at have are

I Got for my taking it. appreciate Thanks it. questions.

you. Thank

with Next, KBW. O’Connell we have Chris

Hi. Good morning.

morning. Good

was substantially, PPP this correct. couple Just loan down fairly want ex closings and were back to make circle The right? I quarter questions of getting a this sure

Quarter-over-quarter, yes.

Okay, little were was C&I difference down but growth. like get It the have a net got color. What it. me And to good core looks there? just closings pretty help mostly

there. PPP loans are in included

Yes, PPP loans.

SBA PPP loans line? aren't the the in included So

loans -- those Yes,

ex about talking the on C&I. I’m PPP

I’m just up just Ex $XX normal kind PPP, million real quick, is of quarter-over-quarter. to business look trying Chris. they’re which

PPP it good Okay, got the fees as the far it. looks during of had quarter, guys And like you forgiveness. amount a as

quarter during fees minimis said? guess they as I were or the kind the what de PPP guys were you of why So exact

less the than the to fees the during $XXX,XXX. forgiveness recognized we So quarter due was

-- left we As of our million have received we the PPP call, forgiveness. the all loans proximately X said in if all loans

item, guys volatile are that a outsized kind like know for this level it's of as the then fees, a And What as Okay, going but you a expecting? line to baseline little around pretty got quarter. bit forward. bounce far like it. I swap

customers are they table, swap program. then backing because interest in We're a bit environment. they're the little off Until rate the seeing of closing the interested get to

So now. much right seeing product for demand so we're that not

in obviously see bit. to we up Given rates, expect that changes pick little market would back a

expenses, X.X And the should there know for fall to million for Is that gets the operating level like -- guys from a then seasonal coming out deal the million or it. quarter. not the got XX through I cost next no you there's of rest savings shy year, Seems of Okay, remaining just baseline there. of kind correct? very much remaining Empire

to I be XX given but Totally, million expecting PPP the of the run and the loans the the to expense. want reduce accounting that point works, we're volume salary that a way out rate around

million. about rate run our is XX So

year And fairly quarter hold Okay, great. right? Thanks. throughout after the seasonality, usually the they stable first

Yes.

Great. as pipeline or And up if loan bit. – -- have little the and then kind term? segments And you PPP, year-over-year you little the of you quarter-over-quarter just bit biggest is seeing and of way guys the demand a ex drivers the kind guess talk are growth the guys about near a what I

owner opportunity banking on PPP Buran out for pointed strong C&I business occupied C&I earlier, So the Mr. as a been has the space side. loan, ex on very the us the

yield to maturity. curve number have rates loans end to a the back particular good are refinance are taking in shorter the the coming up a curve, this in quite of now advantage that bit. owners The point On of of come

are has of of up the continue the or down as and a we some mid side, real I real three strong slow or estate see a to in normal months estate or in Buy-in to a in as commercial local much On of the space was have lot in State, multifamily to restrictions can November economy blend two we restrictions. fourth of gotten last here result New very That result know a that loosening the Nassau tightening of leases. some theaters tended That so. We're quarter come York various November, signing in late traditionally. orange seen activity, in have Brooklyn the of new in better the in retail existing now had or restaurants, in tenants big shopping. York zones leases starting restrictions whatnot really local are into to lifted seem City very pickup see impact that we the the or better out much either effect good for capacities, marketplaces. being to local built and Southern in a commercial New We're gotten increasing. as Queens put being that our new in seeing spaces renewing are County

pretty classes improvement it's So of much in a the board. asset across combination

asking And to Got surrounding have with that detail plan dates forbearances coming as the coming as set I great. for and go, the appreciate then schedule How as you they forbearance? guys it, far deal come given you back guys mature those additional if the in forward. of those set maturity the to quarters, they're coming

you Frank? don't cover Why that,

Sure.

in for the diligent to Flushing that us them very occurring relief. of project asking business estate banking the at customers operating current or we've the includes financial with activity that are is hold working times do in been real don't additional we We level So what accounts if at bank with provide at statements ask see we've to here data, financed.

in collections across a strong rent We have all seen very assets. improvement

who will continuing We relief experience are their grant additional disruptions for customers cash flow. to significant in

entertainment of their income sort tenancy type that or restaurant. properties could some had significant Some portions those of be from coming of

portfolio, out happy property. about the many most out to them normal. cases, the customers questions generally the balanced see, to assistance at left to report either that of can business conversations, of of confirm the small largest last we'll operation overwhelming have I'm For we we relief, an loans, largest the portions show of In XX officer prior the of winter current head loans. And their loan and have you visit to a seasons. customer days with that provided their strength with majority the or reach situation, starting returned actually customers in The part, as that to what are ask at the spring send months terms expiration deals have the beginning the of to into to we signs of describing the as to warmer as the number is out of those customer portion property. we properties

I terms also important million total forbearance, P&I that the in $XXX forbearance. of full think to So it's really that really is of point only out about

saw just Great, point right? under like granted that confirm to versus TDR, wanted payments. be forbearance thanks. modifications are that's I XX the those Yes, going additional interest the this the forward, And CARES structure, the kind traditional going from of Act to

As due long forbearance reason then we for to that would was that granted so a as to we not it to relief forbearance we be be regular related some we up in or believe would have COVID need that that that, COVID-XX, a sure counting, will payment item. if TDR believed hold make the

it. got time. appreciate you for I the Thank it. great. That's Okay,

Thank you.

showing further questions time. at I’m no this

question-and-answer and Executive conference Chief turn the closing to We conclude ahead will and go Sir? our call to back like I Officer, Buran, President session. over any Mr. would John now remarks. for

night yield questions into wanted approximately think one couple issues This not last the I was on is first but to was We addressed most the or get I Susan. loans of PPP were comment. that loan the public one questions quarter asked, portfolio. that that we add for on night. the I other out got a the to just And last raised want PPP did The X%. of was

to I'll that, over John. it turn So with

the in joining in all we I for wanted had that you, I background. thank you be event update just want to us. anybody to else question that Thank the sure had Susan.

much the quarter, we the We are growth for attention. forward obviously with to and continuing of you franchise. very Thank very look pleased your

you. Thank

At now the Again, care lines. the you is a time this take and team disconnect to you time, call thank wonderful we have conference may management also Everyone, for you. your your Thank concluded. And today. day.