NBHC - Earnings call transcript Q4 2018 | National Bank Holdings Corporation

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Operator

Good morning everyone and welcome to the National Bank Holdings Corporation 2018 fourth quarter earnings call. My name is Emily 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. introduce turn It and Corporation's Bank my CEO, pleasure is President now the to call Chairman, over and National Mr. Holdings Tim Laney.

Tim Laney

have Thank model Risk Officer, Management thank Rick our call with you morning Chief you our Holdings Aldis and relationship leverage Newfield, banking and earnings our strong good in covering Bank Emily deliver morning for fourth Birkans joining I full-year and me Officer. Chief and XXXX. this Financial teammates results National quarter to My results. XXXX

deliver against our solid year. operating intense am a excellent to building expenses credit key efficiencies our also that that on also building our the deposits, the XXXX. in clients just while year focus focus quality. expected during resulting X% loan beta beat clients pleased full and deposit fourth attractive believe quarter additional overall intense on driver for knowing book for by understanding organic continued record full We team as an I of growth Our our of a in XXXX, and is resulted of our our with to the evidenced share of relationships

acquisition great about people, added our enough practices great just Peoples markets can't Finally, the We value some say great of organization. to and XXXX. I during the

share over darn Aldis to I near fact, more perfect. outlook call cover I note, On for it will detail Aldis? to our turn and the our in XXXX. was that results to suggest In would

Aldis Birkans

finished we about a There XXXX. lot to Tim how you is and good morning. Thank like

our XXXX. During my and highlights for guidance year for comments, cover as as the the financial both I will quarter share the well

As economic outperformance I the our compared keep XXXX mind in continued when local include to our markets XXXX the of guidance, national cover that averages. assumptions

with consistent any interest not changes by future policy rate guidance our Fed. include past does the Additionally, practices, our

into our yield relatively outlook However, does today. the that exists flat take account curve

you saw As quarter release, fourth $X.XX was quarter's share of return on the equity common delivered in on return XXXX. The yesterday's was assets per earnings XX.XX%. we tangible and for the tangible X.XX% diluted

share. pretax reported a For the XXXX, $X diluted adjusted for of for Peoples costs, XXXX per acquisition year full million the $X.XX. we of $X.XX When EPS record one-time was record earnings our

As on pointed be balances. loans we Tim more deposit the our our continued not it a as focus pleased growing performance relates out, could cost strategy of building with already to with low and relationship our teammates

million growth loan guidance. year in XX% fourth at which a and driven originated at and it full a acquired The record Our a came growth annualized billion. loan was $XXX.X balances, full record in fundings quarter's grew loan XXXX quarter quarter. excludes XX.X% new year compared which as our loan strong by loan at to organic The full-year XX.X% loans three $X.X prior the XXX-XX our puts above pace was originations

were in outstanding our loan was and growth grew be loan the fully accretive yields XX.X% originations and that equivalent quarter, to by continue quarter diversified loans though driven granular balances the new originated strong to by yield for in taxable This The of X.XX%. once past, and commercial the our book loan a at industry. as again, industrial by annualized, came X.X% loan

were fundings the XX% variable-rate of new quarter loans. This loan

first quarter of we bridge our range X% to which slower with grow usual. seasonally exclude balances, loan the Looking XXX-XX being in loans, the as the originated to XXXX, acquired to and XX%,

Turning to deposits.

transaction treasury X.X% XXXX. of growth contributed of clients a We Our had number to success that grew annualized annualized. total adding quarter balance average checking X.X% deposit of management third the our over deposits average non-interest

have on As capturing is discussed strategy relationships. our client based before, full deposit we

result in very strategy, this quarter we basis As of the just was continue fourth eight an of about XXXX. just with of deposit our pleased a cost deposit points manage ability XX points. increase The with be basis is total which points, the to quarter's in fourth quarter the of fourth cost deposits cost basis to five

cost relatively time For grow deposit XXXX's deposits resulting digits. to to at single continue the balances total increases the guidance, remaining flat even deposits market current expected to rate for our transaction due savings without The levels, deposit deposits products. by Fed with the further we drift in low slightly interest mid in comparative is for to to year project digits single the of up growth pricing

our However, expect we this asset offset yields increase. to

$X.X XXXX points of equivalent above by to basis increases, fairly year balance to the the as point without the from slightly are margin by guiding assets and During billion fully XXXX. taxable the interest sensitive. equivalent and our for fully benefit interest consistent we grow net our to Total projected continued quarter. X% are slightly end $X.X billion the to to margin asset earning be At to net this quarter, rate sheet additional in widened being cycle X.XX% three rate taxable

As to the offsetting in forecast growth. be portfolio thereby still mode, in a net the of investment we loan XXXX, some runoff

basis as XXXX to we have charge-offs our performance. net and to reported are two points. were just net strong Once a year charge-offs proud annualized quarter just credit to The on fourth quarter's very full credit. basis again, it our relates six Moving points were

was total fourth large one the September guided, acquired $XX.X FDIC a previously OREO during from that X.XX% we at acquisition. the at we property originally XX, million part year successfully an as nonperforming exited ended of ratio as quarter, asset Additionally, decrease XXXX. X.XX%, The

quarter's $X.X growth. expense the was This loan provision loan driven strong by loss million, originated

$XX XXXX, fourth combined but we both million basis slowdown quarter's To banking our quarter cover linked a while originated to seasonal points. $XX.X decrease $X.X of the contributed The service The X.X% residential and income to the charge-offs net million X.XX the fourth higher provision was performance recap the quickly of X.X% loss loan of income the non-interest our decreased basis. XXXX quarter's driven forecast on card mortgage to bank million income business. was $XX charges growth range the a quarter quarter on expense linked mortgage business. net of strong growth by annualized we in a $X.X basis be residential in at fourth loan at million than expect XX of as and about million in XXXX, to non-interest coverage balance For

The mortgage of full XXXX. mortgage banking sold year, the the X.X% over was loan the residential and volume or the quarter XX.X% with earnings representing of market. $X.X in production majority For grew purchase originations generated our group contributed secondary The market XXXX NBH's mortgage to billion XX% business production into this volume. purchase during positively in mortgages each

forecasting non-interest For range XXXX, million. to the $XX million $XX we in are of income total our

single XXXX. We are card loan expected a are mortgage projecting charges at in to grow have to fees similar Service digits. mid of production bank and level as

$X.X benefited quarter a well Regarding occupancy with and in decrease ended expense mortgage commissions expenses in from note guidance and decrease good expense. The $X.X and on expenses, million quarter's due payroll the coming taxes of as million to equipment salaries fourth as benefits in we $XX.X million. year lower under

to full million million. for than million one-time better the costs, the For full-year of provided $XXX $X the is we beginning the totaled related XXXX. which expenses year, Peoples $XXX the a guidance at $XXX.X adjusting million, expense acquisition of to incurred Again, $XXX.X million

in total market Embedded investment expansion Lake of million an in initiative. our in expense forecast $XXX to For our XXXX, of $XXX the guidance City we expenses million range $X this is Salt approximately million.

to full to plan We in problem and XXXX at Once Range Wasatch are the contribution workout a great off project OREO positive a for least cover the expenses. loan and we in year XXXX. OREO again, start beginning gains

and rate, we in XX.X%. to a occur. into As first to to expected believe projecting contracts range during XXXX. be which of XX.X% in the to be tax we in XXXX expected potential nice gains call, several will XXXX, are we discussed a pushed contracts had quarter's it close that these When effective did result We of last half executed

projected on income. interest As excludes always, adjustment rate the FTE this

with the year ended to relates finished XX.X% strong we at ratio. value it As year Tier the a $XX.XX. X capital, book leverage Tangible capital

which For return on by close resulted XXXX, growth, stay expect XXXX, fully we record saying in that around and per proud equity. of will to very share shares shares. loan diluted earnings team record record XX.X in accomplished I am what our I million

concludes excited a I continued about built in have growth that my for solid this our and year. We XXXX am momentum going comments. into foundation Tim,

Tim Laney

morning. and Aldis heavy all you doing this thanks for lifting the Thank

for good we very momentum excited markets are in business our feel Utah. model we the about ahead, Looking the current our prospects in and about

really exceed granularity us there think for expectations while see economy as will I we downturn serve economy, to outperform national changes. our loan results in I may fact, our believe continued the In this, the a are headed, said Having in And diversity should the management, the very we we no is of averages. believe respect know, and our capital you where can't markets predict well well. portfolio to Utah With XXXX.

We the organic growing to and capital support program. growth dividend loan expect

will optionality, is to something delivering returns view We to view capital time. creator continue call and I questions. ahead key attractive a the thanks say up for open there to and of over Emily strength ask go as that a we

Operator

the from our question first Instructions]. [Operator And comes Rulis Jeff ‎D.A. of Davidson. line from

open. is line Your

Tim Laney

Hi morning. Jeff. Good

Jeff Pusich

today. guys. morning This Hi. Good actually Jeff's him on associate, for is

Tim Laney

is this? Who

Jeff Pusich

to Pusich. My Nice Jeff name meet is guys. you

Tim Laney

Yes.

Aldis Birkans

morning. Good

Jeff Pusich

Good morning.

you how has far? there to question. first are have Utah? made? if expansion, just you reception just been I the was And So any the you hires progress curious guys making guys' more Any so you in In regards on Utah color the

Tim Laney

time. very have He us been we business fortunate graduate. actually Utah. run ties that has for in Colorado some Wells I lead Well, strong our for family is in market strong up in asked leader middle us the in Brigham here person has Young Fargo. Sure. to in are He incredibly here grew a Colorado. He for are effort that His

so We I with the hired our market couldn't question, to be of asked. listeners, for was happier am this plant the have I promise it response. glad rest I but the didn't leader I Utah.

years, time Range, Texas. of fortunate like you believe the be that point, is now data as Wells any demographics and that business and I over in right. full look market. resumes. the The out front stop bankers, one City. passed those to are and And market by the amount focused we JPMorgans. Colorado, institutions. Austin, say, next are Rick have at right. Denver larger I from which The there out up And relationship what fair on we economy be the in anchored Fargos, The the in and Denver, Austin, to an We to resumes of I really frankly be to a do give I have will Wasatch years, is the XX well. markets stronger. have in Lake I more just operate growing are believe and trained range five better are marketplace bankers with like find to believe commercial between strong putting of the is culture is XX Colorado. Salt search we really capturing not it spent a using you right bankers range think seen coming for to out when can We the five Texas and we I resumes word the I just The XX firms

So question. try your to maybe but enthusiasm to feel late. it's I my about good am temper We to it, going too

Jeff Pusich

I any some on for of loans? just to great. come wanted the guys loans to acquired had chunky Awesome of And OREO NPLs you of touch any you color Is out there have or then, on Thanks recently. the had those that.

Rick Newfield

morning. there? I This question, have more understand Rick. any no. If we do particular is I recently The the answer would good Jeff, be, assume concerns acquired would

Tim Laney

original the as acquired to returns bulk rather around are the maybe the economic of piece and quarter two is pretty Rick, little piece of the we we acquisitions. But back powerful. you all or of a the I OREO you raise I and question loans, a deal really, the ask in FTSE cleared acquired fourth you just an think more with, FTSE color way what at seen, dialing it take all OREO have a in large And acquisition on to would to we because darn provide look how a moment since

Rick Newfield

there, are Sure. under the then Jeff. And cover I some more that and maybe as little contract will perspective maybe that a color gains for Aldis OREO on, mentioned,

the above in back was value, acquired value. more FDIC an we when million we asset we of cleared this as million bank $XX day failed Tim acquisition, we original So see will that was mark expenses. to nice we that's discount of our our referring put going some loan book to part that reason originally for it, and this of opportunity to, that collected OREO $XX.X the offset took asset. But under OREO kind on than just problem have one the contract the it's gains existing really And or ongoing perspective on some part continued

Aldis Birkans

of that and And Rick, fees and And discipline team team one commitment return those broker. demonstrates in involvement were on going these small in eliminating million a $X.X the of with just that assets. I which But broker sold this rest the just the I our themselves optimizing OREO. The types or the might to about example where add avoiding discipline case portfolio saved the loans in of without of just -- love Rick, expense you talk around roughly unnecessary process brokerage asset

Rick Newfield

I No, touched No. on actually it.

think. I

that Jeff, hopefully, So helps.

Jeff Pusich

That's I will I guys. That back. does. a lot step all you the have. Yes. Thanks questions

Tim Laney

All right. Thank you.

Operator

line question Olney our Stephens. of from from next comes And the Matt

open. is line Your

Matt Olney

Good guys. morning Thanks.

Rick Newfield

Matt. morning. Good Hi

Tim Laney

Good morning.

Matt Olney

I start bit it it's few stays expect understand the that the want that drift little I quarters, higher if next like if to a the on margin you And margin. at. margin, the Fed to sounds where guidance,

have during a at did year, to still if correctly? the that case? you secondly, the to if appreciate were And some that reaction then expect So point margin, Fed positive the does do I core tighten the

Aldis Birkans

to Yes, December originated lag are rate We do above the I new today. Aldis. drift you yields and originated have is we this it expect mentioned, X% effect that the loan to mark hike Matt, it on accretive so Yes, Really, got right. our to as coming the still of book be now.

is helping So that margin. the

yes, will -- So be your second we at X%-plus. To

Rick Newfield

does just tighten. if about Fed the question second The

Aldis Birkans

Yes. If continue the slightly be sensitive. Fed to asset does tighten, we

been as sensitivity, have this benefit manner that reducing year. We we but similar would did we

Tim Laney

year. last This

Aldis Birkans

say. last Yes. year, The I should

Matt Olney

are Okay. That's a and mortgage like some helpful. it fourth bit in And pressure seasonality business, you in surely more little quarter there looks there not the then the and is alone.

are talking details quarter. us I in that more think the banks all about on to can you fourth give Any the margin?

Tim Laney

Matt. Hi

on income little a make a money. that and the the even quarters leader what so in don't slow more we about to fourth quarter-to-quarter, flex that are where fee we to create business remaining slow to the quarters determined time to internally. mortgage appropriate expect fourth be of and the do to example, to thing it's really second One color not to position is make ability discipline we a slow you But But back expecting themselves mortgage the quickly if to to business touched around very the no first make be talking for surprise, are for are Street's of say we Just third proud we Aldis about model quarters, more just banking are that business. not to something are that even where on am deliver the try going mortgage certain business. quarter, quarters. we seasonality information attempt want that I to my in that try quarters, number over provide Does you to money those with the to provide the also, team and of. a were I expecting the we I and Aldis great But around the first in where mortgage working and has there. point, sense? around strong banking challenged focus that And idea in hay. again, adjust our shown two capacity moving their think where can't expenses maintaining and or team ever the we enough losing the want

Matt Olney

out That the in will of expect into another we to does first on the margin. quarter XQ? dip question here of that Should leads make flatten kind and from me compared Or kind quarter? we fourth the seasonal sense

Aldis Birkans

think it first can compared quarter going fourth up to to as banking gains flattened you then be similar out was it's and as quarter, the the mentioned. I third, in ramp-up and fourth Tim step expect mortgage in to and in second

Matt Olney

And for it, the on you full-year guidance, mentioned I missed the expectations think What in XXXX? but mortgage it front. I mortgage your for are

Aldis Birkans

able key you the margins and Obviously, to two that it the are get. the originate volume that allowing Yes, market will. being the is to you components

the are the same no margins, margin expecting we For margins, improvement.

of in year. last compressed the to sort bit margins second quite rest then of and came throughout you year continued that quarter stay recall, of If a

the We XXXX in volume, we it expect margin XXXX. expect of that did same same quarters And was as flat to to XXXX. third be originate and the as of for there, amount in fourth we volume

Matt Olney

if those margins are since that mortgage income little be half So maintained combine hit Aldis, the XXXX? a and of compared I margin XXXX is year did kind those year, get back that full-year kind the the throughout assuming below to could just bit the you implied of in two,

Aldis Birkans

correct. That's

Matt Olney

curious you throw you the just I people then missing timing else don't this It you the on like I done and expansion? a what see has like Utah of last few I from that as something it but appreciate well the doesn't perspective, need feel over quarters about very want am loan feel about the growth as is growth sounds far I good this you that Utah Tim, challenge identified. Got to like the it. And It expansion, just feels you to lastly, expansion. just why your am a now? just

Tim Laney

nature of company, think we the I we was we that markets question maintain reasonably than did Matt. are the a of markets well that you grow average started with That's things good I question. very believe love faster would to one coupled the and we When strategic competition through national a cycle. going the Thank identifying identify rational this

have one in order to We on the and markets been serve markets talents core day our within and focused developing since capabilities, the staying successful. those very be

the and criteria. our that and asked started perfect. to have looking answer at our might we potential mind, questions timing, return came you the capital it No market of feel Salt frankly we extensions coupled that where in as made now very have company. in a market fact invest, with comfortable meeting me point that the City meaningful fact are to those we way just market say by are connections the the investor, we right novo to a looking at the the that we when and going We speaking Lake at de And in in capital maturation to close attempting on invest, in that excited. the we makes idea the And investment the

Matt Olney

Thank Got you it. for that.

Tim Laney

bet, You Matt.

Operator

O'Neill. [Operator the question Instructions]. Tim from line next O'Brien comes And our of from Sandler

Your line open. is

Tim Laney

Good morning Tim.

Tim O'Brien

especially draws Morning, in Morning, a a lending give a been meaningful commercially eye-popping of that follow frankly number. $XXX an get little, and all, color in commercial you guys. commercial struggled really Tim. haven't that million I little to first Could originations, follow that that that's loan XXXX banks of the many, lot because context so business other in Could are folks it, I strong. of oriented on and generate

they differently? And it loans Give what it? are loans, certain all little produced ways? through guys those granular? color you doing in of in-house internal are Are bankers? Was what on a kind So distinct

Rick Newfield

that. I Sure. is Rick. will Tim, take this

will average and simple start is granularity really just still change. below the are So I loan, funded metric million past. with I $X this so per have we the in real no that a and just mentioned

are again, have cylinders. that us Actually of across is risk-based is we to drivers I all that capital. by approach. unique fourth geographies. will adhering non-owner-occupied down and staying we think finally estate out the now activity, standards of real It's diversified under one very of Texas, bit but self-imposed nice, real that of the delivering are within XX% Texas. effectively. our and commercial in will hitting I this managing loans quarter while underwriting that It's XXX% I percentage origination more say highly we varied mention also a well We you momentum say estate ticked concentration is absolutely not this or limits. I which really heard industry. loan key saw, on commercial are under to will our before, mention

continue be to diversification. that committed We to

Aldis Birkans

is, the that I on to cylinders six Yes. out of probably only convinced cylinders. eight still can are better. think we am are or Rick, maybe and seven exception all would running I add get not we continue I

You mentioned Texas.

year, competition business strong. benefit, we Just continues that yield is more time second like think in and that's by are relationship-centric disruption, market in competitors. are to which is little to to provide a started some But discipline That's couple model. the against half share to important structure model no with demonstrate going very rational the I more doubt more most made in given executing about Texas be pricing our Rick over earning our about ask we experienced operating I our in of felt that see growing and Folks our color, point model, it. teams a credit encouraging. the Colorado last of

Tim O'Brien

you Thank color. then that. shifting for of kind And much great That's very slightly. gears

bankers? have the end? bankers you since marketplace, Denver in the have With in did quarter guys you Or add the quarter? Or you disruption added

Tim Laney

just it have say, started yes. I process. to that We going will detail. cover in am I not

Tim O'Brien

you. okay. Utah piggyback Have added, on Good then just to discussion. for And the

to you accomplished is share going for dropped like you $X budget XXXX you something So what Can deposits Are And envision? see with ultimately going hope accomplished state? domicile Is that to there? to hub How commercial deposits? in bit domicile you Tim? in talk to out, would you number about little be Is this it with can now? that you a see a to up that. that work us going or what million in

Tim Laney

will have both business for full I small market to as well commercial. banking we mean, or answer business banking is, your The as middle question think capabilities yes.

not anywhere management you hear we going use That's not to can't just Again, deliver we We never us our are go what lender. term where will services. do. treasury the

If a another we aged. was now are as services made company. robust of the It you model. treasury are capabilities. with we can I an Wells and where set what through Those we deliver at investment personal capabilities a is And beauty to, Fargos investment the seeing when an dial back decision that's but important of relates a is BofAs think we started in the compete and put premium. to And capabilities, it the very relationship them our critical for management

going there. up not are We let to

the exceed think and sorry a expectations just So management our be on relationships very returns there. about, on to talked its business seeing early again, going for our everything the we do. in I if seen given focused are expectations believe already case. Aldis team build a are believe for I actually the are come touched better our momentum depository ground. you in we am going on it's and briefly, the way. I there. And from in state. infancy we capabilities conservative we we just on are generating soapbox full the expectations to But We treasury have And I

bodes frankly that well. So

you we down. drop look look when that very if and a $X just at you bank range to I mentioned at in Really we that probably shows really another $X Zions, this market, publicly dynamic room drop other as before like a The commercial you up. that is, at we billion banks, business banking billion, for but view market believe which focused then we have solid real banking, earlier admirable traded financial there's institution down ours. And look institution, should

Tim O'Brien

one And Great. am ask gears back shifting last going question, mortgage. to then to I

Bankers production the in my their revenue Mortgage for negative and growth of is XXXX outlook Association, So kind understanding. is a in

kind going you to that? for market guys? that get production for guided take equal How you suggest XXXX in share? what Or that of you guys does So are did outlook to

Aldis Birkans

you association is refinancing mortgage actually that question. banking by good break slowdown and Yes, guidance, continued that if down component. down the Tim, Yes. market in driven

remarks, mortgage and in in we my MBA purchase this actually outlook, in if it's year, by XX% And are by the look quarters you mentioned I XX% As are mortgages. XXXX. we purchase above at X% some growing

putting So deliver should that we that the confident we and talking to able feel get about. can with in be us are markets, we couple that we good volume

Operator

line And from Chris of from KBW. our next the McGratty question comes

is line open. Your

Tim Laney

Good morning Chris.

Chris McGratty

Maybe morning Good guys. you. question for Aldis, Hi.

have remixing of your XX%. that you in now You of remarks? kind about comfortable to your thresholds given supportive the been really in you but got remix that's talked margin, is Interested prepared with your loan that the deposit are

Aldis Birkans

by which we be to being very kind ratio really to lows is quarter. a had the Yes. XX% the of And as deposit, at pressures. Well, of XX% feel loan look XXXX, we look we deposit drift as driven end into the, deposit XX% we comfortable The still not would any through at the rest the it. of bit this loan having there year, spot we down funding think and will balances we little loan core mid closer

Tim Laney

some last back started of a look Chris, that their the deposit couple up in on what's interesting is, instruments of year. summer when we I pricing larger really competitors consumer of XXXX, had

fact seen challenge rational. since going the have We we to But sticking in what here to them really knitting more we that's weathered become matter to and is, XXXX. that our quite by do the are well

we remain relationships. to what not to that focused business we still makes I in see hot additional a have going for are sense. We think are all. But going real small on value We very for value no consumers propositions individuals, and commercial chase of it at money. it that color I hope in franchise. helps. see building do is I terms in And no value

Chris McGratty

P&L more from on may It does. resolution benefit the either the Thank have that. contract missed a you. or impacts a OREO. expense? I any there One Were

Aldis Birkans

close, Rick it. property that small north property, was collected was the but On a addition sale we of in $XX of particular $XXX,XXX mentioned, as books. this of million At life the gain, there one what this at that's the over the to in

Chris McGratty

a of level Okay. Got high question it. maybe kind And Tim, for you. then

is Utah it past, shareholders. maximize of the have your considering what are really feels And the a interest multi-year I taking for not hearing expansion lot accelerating in value it. stock, am in like buying view to kind you and about potentially of you With still a talked

given interested the comments the So in. markets I would dislocation in are thoughts your Thanks. have you here scarcity be in Any of the value you great. am

Tim Laney

another It's Yes. great question.

Aldis that we Really, order, late performance. of new a year. to set ourselves Street last started to financial metrics. to, performance aspirational be short to the and we with in challenge deliver fairly the want given But Board goals is I set have Another work have of able our to a bring around strategic

If you common we we getting important. X%-plus tangible baseline digit important, X.XX%, built yesterday. and getting would of $X but important, think of was historically the was that were company was past Getting really we to to say that where that on double equity kind about X.XX% per earnings share that was return very now as ROA

set And our really months changed goals really so, might in there. next what M&A, We respect look the next to nothing as aspirational With be view friend. of couple optionality the to that to of what we intend Street will like. has bring

year returns we the that are a are part it question If company. We And folks did over looking the folks they to kind approach organization of which of there becoming then time a the a need in partnerships. way can public frame. what five realize is look, are three we actually to really our then ask for are interested same Peoples

company only to We focus all open. I get Optionality build. know going we on can we friend. The options know better. So is do are how the thing to building best we keep is can our

I started to got are we lot lot But know that we better. frankly have better. what get very get at of can us a of proud our a am teammates done and a one of where given every where room of today. have heck we We

Chris McGratty

Okay. appreciate I Thanks for the Tim. perspective, it.

Tim Laney

bet. Chris, you

Operator

have call for will you. the at no am back Thank to I further showing questions this And turn his closing Laney time. I Mr. we remarks.

Tim Laney

this you us will joining simply I morning. to for say thanks everyone Thank Emily.

of that my a heart, to very for better I and about of to, into all year. just up you XXXX. a thank commit want day. a are excited are investors of teammates momentum in my my Have this much. also XXXX gearing We The exceeded has all expectations. our XXXX we year do with good Thank to coming heck

Operator

today's And call. this concludes

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

now may You disconnect.

National Bank (NBHC) 25 Jan 192018 Q4 Earnings call transcript