NBHC - Earnings call transcript Q2 2018 | National Bank Holdings Corporation

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Operator

Good morning, everyone, and welcome to the National Bank Holdings Corporation 2018 Second Quarter Earnings Call. My name is Amy and I will be your conference operator for today. At this time all participants are in a listen-only mode.

We will conduct a question-and-answer session following the presentation.

As a reminder, this conference is being recorded for replay purposes. potential remind including this loans statements growth, strategic to contain call and like margin, deposits, statements, gross forward-looking regarding capital, would you non-interest conference that will loan taxes I and streams, expense. income the company’s differ could discussed those from today. materially results Actual are most These forward-looking recent the which filings to more detail and other risks, with statements in uncertainties in are factors, subject disclosed the company’s U.S. Exchange and Commission. Securities undertakes only speak National of the obligation this revise of or and Corporation as date Bank call, these Holdings These no update to statements statements. and turn It President Holdings National my and pleasure is Chairman, now the to call Corporation’s over to introduce CEO, Mr. Bank Tim Laney. Please go ahead.

Tim Laney

take growth our earnings to attract we still and those company both I six my it’s our it relationships deposits engine. our and exciting Banking. the running on National Lilly; for our My teammates front incoming have Thanks, get teammates record our footprint. to fun every record the right production to cylinder Newfield; the bank. diverse Brian also Again, Said on the about Amy. of of Birkans; talk this and our front. transaction management believe to maintaining joining our Good deposits, lot want across talk across Chief to with Financial improve you Bank Officer, I’ve while runway morning We’ll Brendan retiring company It’s loan our happen I Brian of second want clients very and business. markets granular have I important I’ll Officer, Zahl, to expand Officer, as client we Aldis about a eight another and thank and ever portfolio doing it’s Chief in XXXX working and are to as Financial opportunity solid growing of experience cost also first note, I now very Management our Rick for strong cylinders call. with to of thank every Holdings Residential we holding to growth way, the foundation solidly our our you. that revenue Head But we’re that me eventually. working earnings and to our believe a prospects while Risk day Chief point great quarter teammate out, great turn on and a seen. thank are call We’ve for that in built expense for on the flat.

Brian Lilly

Thank morning and you, good everyone. Tim

are per quarter very for onetime costs. Tim delivering to assets return and tangible have As goal mentioned, tangible we The earnings of grow XX.XX%. pleased provide the the our share, of stated these our positive are and Aldis year. record of $X.XX for adjusting the share after quarter’s to X.XX% for well on return and very of earnings to $X.XX on proud all levels turning over people’s record above positioned the rest call I’m Aldis? we equity We’ve results outlook the keep With that commentary worked hard momentum. and to the results on to per achieve

Aldis Birkans

everyone. Brian you, good and Thank morning

$XXX.X basis had that linked results. respect million were from the they originated jump acquired quarter quarter’s annualized. With into and strong loans excluding XX% a Let growth they figure total right this a and me this on loans remember XXX-XX are of

were commercial loan record million loans. or quarter second growth million which a loan $XXX.X by The of XX% was originations in $XXX.X driven

XXXX. on XX% during quarter increased originations basis compared as and loan quarter a commercial linked second the to originations commercial XX% of Our loan

industry concentration remain which and self-imposed still that for loan bookings real bank new and relative granular record success our again estate, our and the originations. small continued geography type as a to maintain very are also teams, SBA and pleased Overall, business limit. are property commercial once We of here sector, and long the diverse set with

benefit The very rates. pricing in fully loan year continue pipelines to XX% loan loan loan also to increases pleased the loan are are be in of strong Supported target X.X% local recent growth variable. that economies by at the new and with new XX% We yield new of XXX-XX The a the the accretive taxable yields excluding X.XX%. loan equivalent full we pricing balances. of short-term originated XX% to book our yields reflected has – came with new reiterating

range million. to We are $XX balances also confirming $XX in million for a of loan XXX-XX be XXXX our to guidance year end

Turning to deposits.

over the of increased X.X% deposits led client Our X point were the over and deposit the linked for by transaction highest link second quarter cost was deposits points base. at our relationship evidence of we model increased average X.X% a banking deposit of build just quarter an the for XX business basis Competition total as mid-sized growing first and of the over full growth quarter The to second of points dollars shopping our average potential starting clients quarter solid part is quarter continues basis are The averages X see the grew to basis paid small annualized in XXXX. number rate and rate. just and of are XXXX. that

loan-to-deposit reach grow ratio very and and patient XX% relationship to without deposits rates. allows we full feel core remain having us comfortable However, model with our to

fully for growth to widened basis above competitive third of but our are deposits X.XX%, slowing margin well optimistic to slightly time points transaction with XX grow guidance X.XXs. flat XXXX a in the mid our in see for pipeline our light transaction interest of low half quarter in The down. deposits net We outlook second projected taxable digits deposit equivalent environment. the We about single being

interest guidance accretion points XXX-XX As also acquired benefited Net or margin due basis accelerated increases. a asset accelerated our loans. loans include reminder clearly not the increases in And and quarter any sensitivity moves and we LIBOR our prime rate on rate early interest accretion. X benefited this given to did from

the low year-end targeted forward of This we by does rate for earnings interest be once of be fully increases benefit from well continue further we asset our to the fed, position assume XXXX, levels taxable billion. with are net forecasting short-term equivalent interest X.XXs increases. guidance rest in around to again, not $X.X margin to Looking any the rate further

cost will very magnitude of the that deposit are and depositor depend the to margin Building versus of core and us can long-term earning pace balance defendable base funds However, on is support priority grow building we a a assets. for a long-term careful the pricing.

credit. onto Moving

classified basis at at X.XX%, quarter of months for for total outlook X five which loans basis were loan ratio and in loans trend quarter’s continued the charge-offs by a and $X.X just with non-accrual points the remain decrease to originated Net Non-accrual past loan the was demands is growth. positive quarter annualized a Our X.XX% stable a of ratio the XX second quality favorable asset this million with into our year. acquired expense prior quarter’s quarter’s loss the second second from quarter the and loan second the of points driven half provision X.XX%.

than the we basis half second in credit expected remainder is of points expect to as remains XXXX the lower what for guided the to XX million of loan the therefore charge-offs had The which for is million Looking $X around before. XXXX to annualized be $X we expense ahead each for be range. provision quarter, net stable, environment loss

quarter’s FDIC As Hillcrest Rick acquired part ratio process, acquisition XXXX the resolution our moved during quarter, in total with into XXX-XX last loan, of earnings we from our during asset in as $XXX second discussed to quarter’s X.XX% QX. X.XX% nonperforming back asset OREO the this call increased million we which which

value resolution. collateral underlying the expect We have a solid positive in and

from the increased mainly non-performing banking was totaled prior sales, million. gains quarter assets income XX, Excluding all million, XXXX. driven increased by Link X.XX% and at stronger income X% $XX.X bank ratio June that fees increase the fee $X.X OREO on quarter. was $X.X from Non-interest loans which transfer a million card mortgage the XXX-XX

a production XX% mortgage quarter are second The quarter up basis. volumes loan on linked

due our for compressed second of margin non-interest guidance price full of in the marketplace. on a on year range million March the However, XXXX are expectations on levels XXXX gain our the originations mortgage the total in $XX stayed Based the half we income, this increased in residential to resulting million. lowering at sale to production competition $XX

consistent third is be expected due The quarter decrease again with to second our seasonality non-interest fourth. the quarter to and income in

the pleased quarter. prior are expenses Regarding a from expenses, very of total million, quarter $XX.X decrease to report million $X.X we the second of

point. in that all substantially This related onetime at we and quarter’s costs realized been the included believe have $X.X million acquisition, expenses Peoples to number acquisition this related

linked the first we efficiencies the We both quarter when quarter million the Peoples expenses $X.X for and sorry, decreased the both adjusting acquisition – are second acquisition. Peoples costs are quarter and second expenses realizing from as first adjusting

loan-related related This quarter’s $X.X included expense. also problem to results OERO million net on

and at guiding be of are full to during have million we to managing the XXXX forward, $XXX will our loss costs million. to our mortgage by fee $XX offsetting first $XXX is When $XX our than million year teammates Peoples incurred lower range trends. job costs half the this our the adjusted prior driven million XXXX. expense half guidance second done excellent due the This guidance the Going for of for put to in expenses acquisition the banking income

zero, OREO and XXXX loan The guidance second of net problem half assumes expense.

gains to expenses OREO offset the half for year. the these lumpy, of continue Although to we expect second

the This second on this comprehensive an before The share remained which accumulated around excludes a was We rate adjustment Peoples in project annual the of quarter’s taxes XX, this FTE activity. Capital and compensation now had rate recall, book benefited June half for XX%. we the effective XX. the of XXXX quarter value tangible XXXX sooner result And Adjusting excluding the related per other book $XX.XX measure, item, interest for effective guided. to to just was value $X.X share tax be tax ratios per strong, than with income exceeds million as XX% of acquisition stock in December XX.X%. the from income.

XX.X of to count we comments. share Tim, XXXX. fully our that the expect diluted be average fully concludes million for We level remainder – expect my our shares at

Tim Laney

join run a us on It’s Zahl I’ve first you up run But to you ground done your you. of and call. on lot your Brendan Aldis, covered a asked first morning. Brian this like to marathon earnings well thank out. set

our to have key leader Residential as Colorado in division market. a also while our Banking leading fortunate Brendan serving We’re

it’s Bankers currently Brendan, Association. Chairman Colorado as serves of noteworthy welcome. In the Brendan fact that

Brendan Zahl

market the through Zahl Peoples excited banking for NBH for the the year. opportunity and in strategic our Brendan markets and the introduction, in for good team I’m joined to thank leverage morning merger to Tim, The have everyone. and and this earlier I’m best the growth. of the presence residential alignment country some the strong great in of experience provide NBH a platform

with model perform is Second Nationally, clients better buy on with from seasonal our quarter. refinance production company, prospective and objectives, to the we purchase quarter increasing by no clients expense the benefited to clients actively with return to higher growth capabilities of opportunity mistake. markets. by which additional lower We products mortgage purchased $XX manage than comment million, to market residential additional represented origination mortgages, further for originations able consolidated sale the within our for our over space. On the strong mortgage structures XX% markets We have purchase led our experience homes. to volume deliver of Tim’s from the our margins. related our purchase X% strong into And have enhanced pushed were of continue a mortgage and first and lending. all basis, quarter, loan showed benefit across our continue originators origination aligns to year-over-year runway grow averages. declines focused activity gains more that Consistent organizational of back more our and markets, rates we in recognizing purchase align which Make about to national help and interest volumes to as volumes we our

million from million quarter, was mortgage increase in one. of in revenue nearly generated team quarter $X.X $X an second the banking Our which

last line our credit and opportunities credit meet quarter These of banking call, with associates and introduced objectives. good mentioned XX our with the equity last success and to strongest model quarterly mortgage sales the initial also home sheet in As align months. risk we and our programs relationship-based our balance in portfolio have clients loan had and

back in our to as recognizing strength Overall, expect you. putting the I’m teams. Tim, purchase we together. continued We the levels the quarter pleased in are very production of performance resilience two organizations third in and with similar of I’ve quarter. second our synergies excited with been that And

Tim Laney

Thank the your blown continue you just have your you, leadership. Brendan, and thank talent you by And team. be on for I away to

I by about CFO reminding prospects. XX. Brian close position I want while everyone our to am August equally his that retiring encouraged So as from is today

remain without of you. note, not of line next Brian We’re note to adviser fortunate teammate for any least, board be is on big today at in company. Amy, questions. I you up behalf of to an all that NBH, that founding are to least, at he’s on through And mentioned around first of going Brian, we quarter at to and and year. ask him. I bottom a I’ll a as want the be just we where open and the The consider say your call our thank member I would you this teammates

Operator

of from & question [Operator today D.A. Rulis Instructions] Your Davidson Jeff the line of Co. first comes

Your line open. is

Tim Laney

morning. Good

Jeff Rulis

Good Thanks. morning.

margin added points the X basis on quarter. question this a accretion Just

Just the first benefit was what quarter? was that, in the sequentially what

Brian Lilly

XX little About it million quarter, $X.X the have in the in so million was less. quarter, about first bit points about first basis We this $X quarter. a

Jeff Rulis

excludes? Got And the of Does for X.XX% benefit any or the it. low that year. the balance include accretion guidance

Brian Lilly

been any lumpy Jeff. benefit. That’s That accretion us, excludes for

something when So it result. comes in out but we take it’s our project not we’ll it

Jeff Rulis

on that’s point? at then no, the from achieved line this Yes, savings maybe helpful. been Have Peoples the item. all acquisition cost And expense

Brian Lilly

June the all all – By as of cost run XX, the rate yes, savings. we well onetimes substantially as substantially

but than that’s we six down And with you realizing versus acquisition, you better guide done realized not Peoples did we’ve months. expense shared we’ve us only that. Although, the the hear had synergies. those our And for first

Tim Laney

working to those just day. efficient simply built be But And the to on every be aren’t clear, of around more Peoples teammates the savings integration. back conviction our

Brian Lilly

Yes, contracts everything.

So the expense culture, Jeff.

Jeff Rulis

$XXX excludes that And you. another cost Got guidance the that year-to-date $XXX million merger just clarification. million The you’ve… to

Tim Laney

That’s merger the costs. that correct. one-time excludes Yes,

Brian Lilly

weather? under Jeff, you you the sound a little down, are

Jeff Rulis

And No. earnings maybe I’ll congrats Brian, – the it’s the here. just on it’s pick retirement. up season. my spirit

Brian Lilly

Jeff. you, Thank

Tim Laney

you, Thank Jeff.

Operator

Your next the Brett question of line today Jaffray. Piper of comes Rabatin from

is line Your open.

Brian Lilly

Hello, Brett.

Brett Rabatin

Hey, guys. Good morning.

Tim Laney

morning. Good

Brett Rabatin

discussion managing pick the Wanted almost flattish job really to done about of seeing with and beta the funds, up. just deposit the to back the [indiscernible] you’ve cost a go margin guidance I mean great year-over-year. some and

I to one. curious in a more that’s if question so And little of on a you’re you’re much seeing I deposit can, guess betas or just I’m get you magnitude how currently? color, guess expecting

Tim Laney

of viewing is more there this a about Well, and I’m quarter. going to pipeline to Brian’s step reasons happy we could third out team. throwing This challenge he’s out excited one is I’m retiring. probably for speak I’m I as the the the be not the

As core as businesses, And growing the got in let’s quarter with it when you’re interest-rate in as company to of third quarter. our not relationships face the business. sensitive and core small we’ve potential midsized it, operating really consumer if focused growth core stay of operating a simply they’re the relates best have history think I to we growth deposit the deposits. of the the lot

mentioned, lag-and-drag said been bit are point of at game. a we Aldis working Now while, a as a we’ve having that,

also ensuring earning relationship-oriented fair clients We’re and are that to their interest getting being rates competitive particularly our interest on products. sensitive

chasing capturing it, see will is value I those really us relates you as marching or you teams additional stop Brian a I’ll I could particularly to So relationship to path of I’m would if think don’t of again, go and simply and – Aldis my I is our there not place any be focus CDs. proud add? in to expanding don’t clients. not full to single like I’ll because just have I up high-cost going math there lot emphasize existing the ask do inclined to we’re think rates, there’s relationships, more that. you of the just retaining the on of it down service just

Aldis Birkans

mentioned, that And guidance and the there to deposits. on difficult how on No. very we that LIBOR have to on we increase, and rate And we But increase are have our and guidance be that’s and benefiting back as it we’ll based environment becomes benefit, base it. where do relationships, the much if our to as Tim is X.XX%, be it. do our defend core a more rate is and aggressive competition set-up rates deposit future from of will settled, we will current expect defending

Brian Lilly

we be And competition But to and of marketplace is in we to we and good it the number spoke protect just closely. what rates our relationships. consistent good this benefited markets, Brett, clear be is as in track are said, very that we with But, a move, which not we’re some core Tim we’re a rational leader a in have. counterpuncher from And have we’ve will our pricing seen partnerships and margin continuing we’ve to why the movement, counterpuncher.

Brett Rabatin

great. to then Denver. about ask Okay, wanted And

opportunities any seeing hire you’re in share try some all the potential Denver? push And might activity market? If the market be with deal to and you if in the folks and looking

Tim Laney

Yes, how long answer about this would I question. hard thought and I

now like some hopefully would and their of to smart I from very point retain have it’s Having the that, to opportunity that with Mike us we right of were folks. the unique there. the realizing the it targeted years I our – right sale a And bankers begins, and the early as time for creates the just opportunity the said at have an those the we’ve we’re think those where Guaranty That’s company. over be of think options join acquirers examine you of cycle course, to Obviously, and question we’ll now it’s Hobbs. pointed potential – out, in in organizations with they stages successful the it Guaranty. of they’ll CoBiz

that Oklahoma things markets what Springs around Greeley that we’re the of Bank a and place. them banker, just seeing I much And in is almost bankers brain you head United know I of there’ll the And about mind of but of rational is Colorado strong and is how into the I one in we it incredible all best this will from to doing and look, the terms Denver, Fort benefit market trust don’t wrap is Collins. think having and Boulder your and he growth have your business because competitors States. wrap potential. with truly through best through market But we’ll CoBiz. front is in go to in range Colorado don’t one be will rational that impossible this really, the one around from in

Brett Rabatin

Okay, great. I color. the appreciate

Tim Laney

Yes, you bet.

Operator

Your comes next of the line from Zabora Hovde Group. question Brian of

is line open. Your

Brian Zabora

morning all. Good

Tim Laney

morning. Good

Brian Zabora

I have on a question, the quickly just you transfer OREO had. that

As have a be may far that when you on sold? as – on sense do timing

Rick Newfield

Yes, is Newfield. Brian, Rick this

you as workout banks. several book expectation. half So With as from more profit for OREO our for years this one a may again expenses to OREO derived been our covering this recall, than acquired our last OREO gains With respect has of total the Aldis our net the second mentioned year of center. [indiscernible]

this process ultimately getting was asset and resolution Moving we point a the could to just the asset. sell of where OREO part

attractive be do, that we is employees. said, process. strong expect we we we positive contracts have as wrap outlook reputable, up again, also have year, financially, lumpy we to other And gain very have a gains as while contract. assets, we And Aldis will the OREO to and this have under it value, sell already buyer we Now it the expect do highly

Tim Laney

it prepared be to announce possible are Brian, that? talking and of to too is about range gain? a Or early Rick you that

Brian Lilly

it’s upside. early. No, I too like the

Tim Laney

say publicly, excited. just very I’ll I’m

Brian Zabora

That sounds good.

And as mostly is there? it And pipeline. Or us compared you range? the in last a sense to is How front could as the give quarter? markets the a Colorado how right. other are on it All far just good. question loan Sounds then regions,

Tim Laney

our the It mid-sized businesses the every what, just of if we’re bank teams the takes to years across got of our now. since we’ve these new the And a I the last had come our as tell tell we five happen we’ve pipeline each you, opportunity and the lot deposit seeing performing or you began to one foundational in bankers we’ve for tell a company in work quarter absolutely seen time And to particularly can prospects. over with to entered of transition four frankly to each laid our best and I’ll to us. not we’ve trust of earn our are we’re markets markets. solidly, already into markets loan with It times, ties right the commented it history. own. pipeline group for you, takes in best back been the on third And I’ll that’s a of I’ve third our it strongly strong leadership earn the as quarter. continuing of make

idiots have Brian year I when in when you But And be like by were again, loan cells. time ourselves and and include way, starting set satisfying the us this, million – were Now to company are I $X we beginning. of we we teammates, in it and delivering wind quarter. we for all targets but we talking in we at generating the is those our probably well of in so deliver. to billion this about to that And reminisce, beyond all have a $XX hitting our thought sure the a idiots, production were and in we

Brian Zabora

loan… the then And Definitely.

Tim Laney

we’re definitely saying, you Are idiots?

Brian Zabora

said I progress. for Definitely And not. might you guys I do ever idiots. to I No. were see one never the think happy not that that

Tim Laney

Brian. Thanks

Brian Zabora

pay And expectations, you Or to about like above that? then the guidance reiterated high of maybe just any sounds you what the loan or may you downs? it – growth, are concerns strong, your drive on end guidance are the things

Rick Newfield

some of Brian, loan and this have continue permanent more a financing state. I just CRE a is look, to the portfolio is natural again. sort pay we know mature Rick so these of you or downs mean

Tim pipeline have said, very we a will bit But is overall drop has in diverse our that as fourth very quarter. off revolver utilization oftentimes strong. know You the and

just guidance. I’ll reiterate so, again, Tim the And said of what in terms

Tim Laney

of in of loans clients our is? and But granularity everyone what the relationship Rick. We terms with the talk average size diversity, about our remind

Rick Newfield

funding year-to-date, loan mean averaging $X under average our of just commercial million. is I Yes.

I mean can very granular. So all commercial. it diverse as this is the around origination activity principally is you see set and

Tim Laney

speak then to book. feature And today, banking speak on average and value our FICO to to banking we – we’re average on at score where residential residential loan since

Rick Newfield

speak that typically keep is purchase around in the XX% I’ll sold is I And money loan as on our average XX%. to that, FICO gets a specifically XXX. our funding year-to-date Sure. our in is portfolio said, we secondary. $XXX,XXX. that because mean is Average And LTV Brendan basis,

very So that quality, high do it’s strong we very book a put in our portfolio.

Tim Laney

Thank you.

Brian Zabora

my Thanks the and questions for taking all color.

Tim Laney

you. Thank bet. You

Operator

Your Tim next of question today comes from the O’Neill. O’Brien Sandler line of

line Your open. is

Tim Laney

Good morning, Tim.

Tim O’Brien

morning, ask left just that’s kind in Good a Tim. follow $XX lot is contract, to not OREO. that Well, to the but the property on of million? What

Rick Newfield

property a And it’s about Tim, Texas as metro you may fastest-growing feel Austin, which it’s – again, very where area, of the one with Look, we in at areas the know Rick. truly we’re is it. country. very the attractive in good

Tim O’Brien

Commercial?

Rick Newfield

Yes.

Tim O’Brien

Office?

Rick Newfield

again… detail probably the provided No, but honestly look. all I’ve

Tim O’Brien

enough. Fair

Rick Newfield

We’ve carefully. tracked very, very it

Tim O’Brien

interest or headwinds at or there then, any and rate watchful that And like all, that, you’re something are of credit Tim?

Tim Laney

stress in Well, the DFAST. that as doing strong. that a stands in potential Gateway. firm But a to well where think furthermore, them me to years, where banks using typically third-party when to of tell two can of they would and of we’ve size. larger we’re you to own many work gone have our familiar downturn. for own the on objective they you that’s third-party, today do, step and been what loan book not with we internal targets for look, is to something book with, only go do we’ve team review out them but almost lot other gives of do extra then unique you are a would last acquisitions have different an and bank use I the be And how books are our very test scenarios are, the internal a it portfolio. an our relates credit, examine the reserves We We the confidence, loan the know, do certainly we to actually very of perform our I akin

So think information, that this better we’ve really don’t shared I on that how answer your year, before. I to question than front don’t know which

terms of marketplace. about, worry else, In lot about very of headwinds, why single worry service more pricing We than We client But versus every relationships we anything things. that’s focused products. other worry a irrational in on look, day. our we stay the

will do to have protect everything a because to, not quarter-to-quarter we value at over those looking of just the basis. that to relationships we’re relationship on We do time,

rates. to we’ve to we’ve our of that additional take lifetime, So the continue in economy, in rates, any think in seen some room that’s creating credit realize – business got interest we’re I interest to for of still cover I look, of think rising grow any where in rates built we’ve we’ve at are I terms without for interest so – got to terms stress. some And lowest of the advantage got rates a these portfolio the of

Tim O’Brien

color. for I appreciate Thanks the the on quarter. it. Congrats

Tim Laney

Thank you, Tim. Yes.

Operator

& Keefe, question next McGratty Chris Bruyette of today Your from Woods. of line comes the

Your line is open.

Tim Laney

Hi, Chris. Chris?

Operator

I’m All in right showing Laney At turn Chris questions unmuted? there for further we closing the to queue. no call time are lost right. All Chris, there? you this his are will may back are remarks. Chris. Mr. I you have

Tim Laney

for again, to day. to Thank create Amy, good markets. today returns work grow I’ll for joining continue of for nice just Have say, our interest thanks strong your a of taking us and you. help we’ll continue teammates to everyone and in all hard and clients my to care

Operator

concludes And call. conference today’s this

call by an and have company’s much, XXXXXXX. will release the this of earnings will XXX-XXXX also X, Investor listen page. telephone available of two great Relations on to and day. it to Thank of like August The beginning through referencing (XXX) the call, or dialing in would ID on you (XXX) conference the replay be online you very replay this approximately the hours, XXX-XXXX available If website a and XXXX, run and will be

disconnect. You now may

National Bank (NBHC) 25 Jul 182018 Q2 Earnings call transcript