NBHC - Earnings call transcript Q1 2020 | National Bank Holdings Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, everyone, and welcome to the National Bank Holdings Corporation 2020 First Quarter Earnings Call. My name is Sheryl, 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 prepared remarks.

As a reminder, this conference is being recorded for replay purposes.

capital, remind including this statements and but company's loans, to contain call regarding non-interest like non-interest strategy, statements, income, forward-looking not deposit, expense. would you allowance, conference that will the income, I margins, interest taxes net limited to Actual could from today. those results discussed materially differ Commission. subject risks, the and detail most filings with other the forward-looking in which are These company's to statements factors, Securities and Exchange US are more uncertainties disclosed in recent date of update These call only statements. statements of the undertakes to speak Bank National obligation Corporation or this Holdings as and these no revise

It to Chairman, and President now the Corporation's introduce Mr. CEO, call Tim Laney. is over my pleasure and Holdings National Bank turn

Tim Laney

quarter XXXX call. Sheryl. Good earnings and you, for morning first joining you Thank Holdings thank National Bank

me, Aldis I our our Rick Newfield, Officer. Officer, Risk Chief and Financial Chief Birkans Management have with

pandemic, With and clients and our quickly we shifted the our two, of and soundness clients; our the ensure and of to: health support associates our protect to safety prudently of emergence the COVID-XX communities. one, priorities three, the bank;

appointment to quickly as as well services. lobbies, services drive in working our arrangements, moved implement while remote maintaining We only through

We COVID With to bank, related and provisions healthcare respect and the also quickly our soundness emerging illness. of to moved risk. associate safety teams assess expanded the for manage

Rick supports downturn. Further, a moment. ability economic to just testing third-party and capital critical address indicate portfolio a credit-related stress our and our another severe loan the in and granularity maintain internal that stress the of details diversity throughout testing strong will

and maintain common highly liquidity levels It's to proved report and that hold excess end. that our high be at equity also I'm the we contingency effective. note operational were to bank quarter XX.X% X also activated continue plans of Tier pleased important of to to

X,XXX $XXX mid-sized where small communities, Program and to and we do business clients supporting loans helping save our to of over close approve XX,XXX our tireless and jobs the our supporting team's business. proud communities I'm in to the respect Paycheck an estimated million work with of SBA With Protection clients in

turn Newfield. that Rick to I'll note, On the over call

Rick Newfield

Thank you, Tim, and morning good everyone.

areas comments. three cover in I'll my

summarize risk to first our second, actions higher in to and performance; and due loan the potential pandemic; sectors taken mitigate information we to the portfolio, First, quarter a I'll credit our due emerging at have I'll third, our COVID-XX on I'll briefly metrics provide the pandemic. risk exposure discuss to

first non-accrual respect classified With our were quarter credit criticized to positive the reductions loans. metrics and in trends in with

to at criticized improved X.XX% Our ratio loan at XXXX. March XX, from XX, XXXX December X.XX%

non-accrual to to loan improved ratio X.XX% to ratio improving ratio asset classified from and X.XX%. X.XX% from X.XX% X.XX% Our X.XX% total our improved with from non-performing

positioned The for charge-offs of $XXX,XXX Net by deal challenges well credit quarter trends presented points portfolio strength to basis leaves positive loan us only or the X with pandemic. the the were annualized. our and

our clients of property and and Given objectives in particular and and deep have banking impacted monitor teams higher intensified the working industries our our safety with on with impact to portfolio focus diving pandemic, the COVID-XX of are corporate types. management our the Consistent our loan soundness teams change pandemic into intensely commercial impacts bank. with Tim, the ensure portfolio given our our myself

more impacted by been number out of highly more no detail. impacted and the quarter. to of credit and I'll disciplined our called COVID-XX, additional the of we unusual client The March, loans. importance to total commercial the limits industry In a that we our by requirements standards approval selectivity. concentration for in no pandemic adherence street activity of COVID-XX industries implemented underwriting I'll line in said, point our than has experienced prudent X% highly draws that reinforced and has represents With out cover

of X.X% were exposure. operators Three royalties that make loans energy of midstream just client XX% all loans. million or capitalized and and to up stable Our now well natural down gas one $XX.X

million less our only of is living than total Senior X.X% $XX.X loans.

exposure restaurant X% Our is $XXX.X million of and loans.

Importantly, with and the during capabilities franchise operate able drive-through our and restrictions. current to thus carryout QSR XX% clients

totaled of our loans. XX% value X.XX $XX.X service The debt X.X% average on loans just average Multi-family to coverage million with is loan of times. XXXX exposure

the Our average hotel such times. with Hilton. our in XX% loans. service value XXXX loan and exposure brand is was average and to $XXX.X X% families is million of coverage XX% The Marriott flagged major is exposure as of total and X.XX debt the

to access of with medical and just well. million of well our hospital which $XXX total million doctors critical exposure $XX capitalized an average strong is is very municipal to $XXX,XXX. dentists exposure as of have or exposure that hospitals, million loans. and loan $XXX Our is X.X% of liquidity

We XX% who remain open and $XXX.X this and million of retailers, have retailers gas which is of classified staples. and of X.X% exposure to is exposure as essential loans. groceries, selling

loan real average or estate XX% value XXXX We loans. the in X.X% also times. X.XX debt million coverage commercial of The retail and of only non-owner have service to was average is $XX.X occupied

X% tractors by banking an teams, $XXX.X average including per client exposure and of granular trailers, This underwriters. in of $X and as transportation, dedicated, restaurant, specialized specialty Our hotel is multi-family to total are nature Credit such with million and loans. exposure industries million. transportation is managed exposures secured by

Gaming, Cruise direct Finally, it's Services, have noteworthy Aviation, Hedge exposure. Casinos and Lines, we Centers and Energy Convention Malls, no where Funds.

dealer credit We indirect car, consumer and floor card plan, no have no exposure. auto leasing

test than the commercial maintaining an scenario that our business loan more that as remain very on twice X% granular severe Great I in conducted X clients, contact also Tier frequent above book remain We a capitalized well our demonstrate year economic do loan results We've would Recession, we strength. believe leverage. portfolio a those diverse with a stress

XX% estate occupied loan our our is real Company's risk-based only Non-owner of capital. of commercial only total portfolio and XX%

self-imposed is the strong challenges well to by I across diversified most less a levels sectors our limits. manage loans well our concentrations concentration industry COVID-XX X% through below or bank total presented of are with all position at We industry pandemic. the believe and remain in

concludes my to comments. turn Aldis. call That over I'll the

Aldis Birkans

Thank you, morning. Rick good and

our well give the forward-looking of guidance an XXXX limited prior quarter's pandemic, as update remarks, of no caused will will In COVID-XX our by results, uncertainty my financial longer In on today. CECL the is as guidance I I applicable. provide summarize implementation. as light But this

As we diluted reported yesterday, our first $X.XX per income share. quarter's net $XX.X or million was

quarter's of increase quarter. year's This reflected million, increase prior X.X% an an basis pre-provision the and on a net first X.X% revenue linked-quarter from $XX.X annualized of of

quarter's were a early recessionary This XXXX. of impact into also interest which by income, net strong results. reflect quarterly CECL model, well environment incorporates The the as solid results results as banking residential mortgage driven financial the

quarter in in loans, of or the dollars growth we $XXX.X which originated $XX.X million During resulted loan new the annualized. X.X% total

by with commercial $XXX.X This originations million loan fundings. loan were new once in quarter's led loans again

across originations originations loan The to balanced were million. well granular geographies quarter's sectors. $X asset new Our and in be size continue of industry loan the classes, loan with commercial various average

We With but throughout also quarter new levels. just rates, loan remained the our when the decreasing to rates. spreads not continue to maintain it our absolute on focus interest discipline LIBOR, to rate loan comes the

of a originations came this X.X%. result average rate weighted at quarter's a on As

basis. margin totaled The net and resulted from million, widening income or linked-quarter $X.X Interest $XX.X our and which on income fully interest a loan an equivalent taxable XX benefited mark million interest accelerated income basis points yields. net point combined a accretion benefit equivalent point X funds, interest to The basis asset of X of income cost our a in accelerated accretion income with resulted quarter. strong earning a for the decrease in first net basis total in

basis Reserve to the the basis, we credit, the in margin expect a XX color Federal provision CECL the range. point an the in but be from want to provided the full on more On XX overview emergency credit light point expense impact do losses. provide allowance and of Rick I for cuts to go-forward rate adoption, on basis

increase the We finished an total year-end. quarter quarter-end. $XX of the to with of million losses for X.XX% XX% was the ACL to credit loans at allowance prior prior end, as as of an from quarter compared X.X% or

recorded from the macroeconomic quarterly result this rest well the in of $X.X Day covers we million The just deteriorating $X CECL the conditions. of $XXX,XXX. net approximately quarter's charge-offs X provision as During growth, loan expense, of as impact million is new quarter premiums which of the

Our seasonal quarter continuing it this into Moody's, forecast macroeconomic economic reflect outlook early recessionary XXXX. and a from model uses

the allowance related first loss expense, the we the Day addition to quarter's to provision recorded In also adjustment. credit to increase a X million CECL $X.X

allowance As in this we discussed our by calls, prior book. half increase is approximately acquired loan the of earnings driven

requires Day it securities consists of X or related adjustments. X mortgage-backed US no and agency investment Day Our securities portfolio CECL

As also net protection against loan in XXXX, not million to interest additional be loan acquired XX, held continues but we loss. $XX.X portfolio, of from credit the March provides which accretive to the also only margin, marks

$XX.X quarter million of XXXX. the income of higher The $X.X first non-interest than quarter's was fourth million

gains residential mortgage loan is residential increase strong The sale of rate activity this originations, linked-quarter the quarter. by lock our on primarily very we driven saw mortgage

quarter, in increase the was activity $XXX.X mortgage by we quarter refi an - the For in market. closed XX.X% new of from this loan or year, new last driven loans XX.X% million same the

banking non-interest and by was higher increased quarter. entirely The expense. production increase first our Regarding million driven linked-quarter totaled mortgage $X.X expense expenses, quarter's $XX.X the from prior million the compensation

We lowered that credit. FDIC the quarter for was expense also our received the this $X.X by credit last million, assessment bank an FDIC FDIC small insurance

X leverage XX.X% capital quarter XX.X% ratio As we ratio. finished equity with Tier it and the relates common to Tier capital, strong X a

Paycheck quarter purchased order million supporting the programs repurchase to $XX.X we progressed, on focus communities and however, the activity as through quarter the the During suspended in clients as stock, we our of such Program. Protection our

to CECL the quarter's the impact. earnings The buyback quarter impact the during stock increased this in combination value of $XX.XX, share quarterly payout dividend $X.XX quarterly tangible book as per our adoption exceeded

you. will back Tim turn it with this, to I

Tim Laney

Aldis. you, Thank

prudent operating As credit economic Aldis of us suggest running protracted that leave shared of scenarios ability severe positioned XXXX. crisis. capital stress we We the Further, of a tested with believe to you, that was driven ability believe a our COVID-XX approach address our assumptions to consequences we do level our well management are a so to and stress range range the into to solid. our deliver of dividend in and we've under

prepared the that open Sheryl, for I questions. call and comments to my ask point, up end on you

Operator

Jeff Please go [Operator Instructions] Our from first question D.A. comes from Rulis ahead. Davidson.

open. is line Your

Jeff Rulis

take what Aldis, let's the first. margin see, quarter? benefit maybe on, I'll last the was Question accretion

Aldis Birkans

typical than benefit lighter actually talked for quarter, Last XXXX. you prior recall in if accretion quarters our at was we

it lot amortization the say there, of I'd whole outside quarter So mark. of didn't the have last we accretion was benefit of normal a

Jeff Rulis

you. Got

So...

Tim Laney

more Aldis relative first speak little a the ahead - quarter this and quarters. accretion go average speak to to

Aldis Birkans

Yes.

$X.X is, So this loans in really loan points, the XX.X% mark accretion are we I you at realize yielding if by - at accretion the it acquired quarter. we X% typically with look to approximately way basis amortizes, you and mean, mark loan that's X% look driven that quarter the it a yield if acquired this this pickup, sorry, that's million highlighted that X.X% the XX as

Jeff Rulis

so of for is point put point this basis stable XX with a the a - core how it's it basis quarter pretty Okay, the benefit a accretion reported margin, - and lot a you quarter? X that

Aldis Birkans

stable then LIBOR margin was and core late March as until place I'd pretty it that the March rate take prime matter. say for decreases and in

way cuts of So the book Fed April impact its rate here pointed out in as funds the did loan through our We not full yet. cut in impact March points, basis and second start much place rate X nice quarter. but cost in drop the taking of has see I will of walked

Jeff Rulis

basis XX said for point that the And you mean, Okay. is think basis impact. generally it... XX speaking, Is I what's point timeline that I that? to - -

Aldis Birkans

that depend all second in PPP basis point, XX loans, of balance caveat our expect the day yielding lower because quarter. I'll are point, the sheet that XX in does here on could pressure put at on additional to basis it loans that and be of I'd have end the that those already margin.

whether also that the amortization being what what and early forgiven at they're income. of Now fee of realization time depends it early

to So of be for that. volatility in quarters, coming there is some the because going the margin

Jeff Rulis

appreciate the I color. Okay.

efforts operation to operation address, moved Tim, in kind or view for in. last sort NBHC some in of, the few maybe ways remote the branches years better bakes pre-existing, our question, of maybe COVID consolidation being consolidated banks of, or sort pressures, I on equipped of interested Next from just branch due over think to, your

think thinking And sort you're of preparation with, communication in versus peers, things customer ramps, suited you been just if bank of impact dealing kind you've for you think that but environment? the your better there's that about about any if

Tim Laney

is now. that of channels Having versus new All right, first that, remarkable traditional said quarter of and the increase XXXX question. first the activation time very in been Jeff, focused what's we the of so XXXX. good we've on mortar clients quarter move some from XX% for to realized brick digital a during mobile

put in an and realized some right our catalyst specifically, reluctant sheltering do March clients optimization. place of does to our I think a to time to alone year-over-year More and channel a of us of COVID-XX been more continue up the we sign XXX%. that the center increase mobile in has even digitally, position for and at related assess engage remotely driving banking month in working

I prior think, improving it will circumstances different realizing equally our a if over expense certainly we've an constantly and of be given focusing than the record demonstrated opportunities be reduce any solid track increased to should pretty on the and XXXX operating anything not important, efficiency years, focus. years

Jeff Rulis

if But expense banking How tackling And this the obviously I things last think rate the you quarter detailed from two then led run that the had was Thanks. touch see had, received. about to you do Got year? that playing here? to revenue banking we kind expense, credit you maybe mortgage out good you. of, once. bleeding uptick, into on that that Aldis And pretty maybe the at a just question mortgage

Aldis Birkans

Sure.

Jeff, witnessed has expect would while dropped as to continued quarter, relates it you mortgage activity residential certainly it's into move quite the to actually purchase second along we've been the what activity banking refinance bet. radar You well. remarkable off We've see screen. as first moving

think bit it time at folks through financials reduce In the to to fact, they're recognizing on as I more with staying focus a I again their having own describe home, opportunity an process. their own strong, would expense perhaps refinance

nevertheless, speak can what our what versus detail that - on And mortgage cautious keep coming this increasingly important to in Now can FICO loan we scores, respect sheet that, we very to But verification to said having environment. attractive Rick we're speak which with very employment, again multiple book of strong refinancing investors. to our existing refinance to in this on of activity Rick on layers activity, very balance as look our we to think is we value business. sell even and

where a precipitous with really that again operate all to believe working that our business of then and at we've a just broadly, more great of - done haven't they've compensation And production. expense job seen correlating this we Head team, Residential we a still Banking which time should to-date. We see decline,

out we basis. accordingly, decline We'll and we've an before, any see that levers we believe in here and will focus, expect as it do a again said business to to model to operating where continue think expenses built relates a been never we expense as should have it of always focus a And it's other have I losses pull on XXXX. we be to coming operating

Tim Laney

additional Rick, banking? color do to you want any add on residential

Rick Newfield

we're also the in other I mean, of the couple employment mean, comments that just we're conducted maybe with as not refinance just pay are folks current loan looked currently. unemployed at the and looking valuations. examining any value, loan to What to at of on I verification the specifically one must some of closing, be of within just to given We've important said. hours you several, that's conducting as cash increase XX cost. we're number the a what just Tim do amplify but but the and homeowner our out

solid right originating could very, steps did and with So a additional we're residential out and what we we on, I of have it loans. point taking you disclosures, our go in currently existing but have portfolio the very we're

Tim Laney

other questions? Yes. Jeff, have did you

Jeff Rulis

I color. No, a job. did the you appreciate guys great

Operator

next Gordon Stephens. our McGuire from comes from question And

opened. is line Your

Gordon McGuire

NIM be how points do much numbers? follow-on those you to point longer deposit I to outside some there XX think in XX deposit factor back? the the basis of Aldis, impacts? should How of Or the already guess point be guidance, I opportunity that wanted this probably we into the cost just repricing to basis said would the run relief? at cost about or I get thinking is PPP to clarify in numbers any

Aldis Birkans

guiding net impact that Yes, margin that's would I'm a the to that's that, call I to.

it takes costs, it costs. deposit the continue taking actions coming in expect down we're do So in doesn't say though, to us. for I'll deposit that account

deposits, We've operating or second the year on of this time be different deposits that talked on the that's be our our environment, have we quarter peak in priced scenario is environment where zero to and to quarter. target book transaction being also last if back back being - to the and zero now - first about But here we quarter peak time coming first deposits, I or - back being you our down look different to the were priced of to were cost the if the - at going there. we rate think we down get get you rates, are

Tim Laney

Gordon. I would the higher We've to certainly have we as a it to into that is balances the than in deposit we've in lower been book. programs contributing second checks I seen moved would frankly, cost our add, going add basis have individuals And would government out expected. that does quarter. here

Gordon McGuire

Okay, Rick loan little could you implemented that with. on on you've could appreciate help so provide far? Maybe deferrals a or that. moving any me modifications color something, Rick,

Rick Newfield

with banking that's each terrific Look question. Yes, certainly. to allowed a relationship versus model us programmatic client approach. our work Gordon, is a individually

forecast, clients, principal, interest and For their so XX-day banking banking obtaining leaning appropriate. owners we're cash with business working toward on guarantors applicable where commercial and of support flow structures, but non-interest the only we're and our where we're deferment

conducting for before in out, underwriting small consider credit full used we loan point business clients, our business for responsible our teams black dedicated any box we've also we underwriting bank. a I'll have never analysis

of I'll we a to residential these and a banking, program. pipeline where banking as the and $XX on opposed to all spend of clients, we again mid-April of what the and completed, because relationship total what's and it's modifications commercial take residential well as and let million business of me refer specific and time portfolio $XXX approach pipeline, in banking and terms consumer our of place, through with are are client, not have specialty received banking in we that loans with not million loans our Now touch well

and got approximately on $XX X% we for not our are but also approximately Through of loans or or that about million in mid-April of loans our we've what requests books. million service, mortgage we residential for of X% portfolio request $XX hold

Tim Laney

Yes. that does Gordon, cover your question?

Gordon McGuire

That much commercial how the does and at that related I'm wondering the to these specialty, portfolios in provided and that of updates on? risk is you

Rick Newfield

Yes, majority of all, modest relatively Gordon, not those modification of requests. still we're portfolios the that's those like percentage, I would a areas certain is significant but more for where hotels, it clients, penetration say within restaurant seeing

Gordon McGuire

recessionary Appreciate there environment I it. provide incorporating model can the Got early guess, way you Rick. what unemployment quantify are XXXX. through that. mentioned update, looking you a you you figures at? Could an CECL Is any guys

Rick Newfield

Yes, that Yes, ended these for The year in unemployment the I two. GDP has and housing, and going is rest for in of then first and drivers price single-digits second quarter GDP, my XXXX. a double-digit in and remarks, rate, this mentioned GDP, here their up our negative up unemployment with of we so the into this model Moody's contemplated XXXX, is ended into high all the we modeling, of scenario quarterly of index to quarter the model use with we for like scenario combination [indiscernible]. is and scenarios primary

Operator

comes question Andrew Sandler. next Liesch Our Piper from from

is Your opened. line

Andrew Liesch

the some I or driving what you lines the on what pretty a main know capital, draws there? to on the Just behind there do specific quarter. operating But the curious can was by growth to in tightened, working anything was question said, maybe requirements solid of that was you so. first was the I driver here that? Was loan on

Tim Laney

our just had and work to requests credit lines unusual simply to any in clear, again it client Right. additional base. see of and We didn't this happen with draws on or no back but unusual be be prepared to the scrutinize Yes, clear were to draw - Rick, quarter. we turn frankly I'll

production just marketing a it activity solid the to quarter 'XX. As of was in it relates of out the carryover from coming good and lot development

in additional will relationships business exposure, would add? good last books unusual as where the we good I came anything quarter, minute what fact. to and apply feel did is So you the activity. say, we just of no new we about the to credit very that scrutiny we on end were Rick any it felt - approach had approving about

Rick Newfield

Tim. Yes,

Just maybe total additional on the as drawdowns, the quarter. line for to an and growth relates originations the it comment

million. were other in in the that coming XXXX, place only the were that lines XX of on words, those For were $XX drawdowns December as year into books that

in So quarter. it unusual was line as was not said, significant a I the driver. And no noted activity

Andrew Liesch

back Great, your helpful. it And now, what on banking, based activities pipeline purchased just this up that's very then sounds from is dried like toward over mortgage shifting just is.

So the should do we in just uptick here that of expect with that maybe to capacity more summer? refi an

Rick Newfield

give Yes, first seasonal just basis a up was it the on well, I'll to activity point, first quarter XX%. that quarter of all, data for mortgage say the

So, mortgage we that acquired or purchase few model. on years on Peoples purchase from was banking - ago of a the business built

abandoning happen in as terms people that surprisingly I to is think there refinance refer finding going strong. that at to fallback But So the to. Tim was what's things. mentioned having them. we There or the that any are to think of we're are financial here always are buy of stretch do second even shelter and quarter, looking that, to are not ways the people trouble refi, support is that type I home in

Operator

from question next Chris Please KBW. McGratty And comes from go ahead. our

line Your opened. is

Chris McGratty

it's anything a been Like just of of as like specific to provide have just an and granular. pretty fees thanks. book, the have revenues - a are reserve question maybe which is granular deserved thoughts environment. certainly, What your some high you know, given the opportunity well this more in bit asked. not earned using coming the through, conceptually, banks you uncertainty, But PPP level this Tim well a of in to the little question level cushion ones most high

Tim Laney

industry we the last substantial Look with be working building, Moody of, fee it that and lot is six auditors data, the a income - months, CECL quarter. we if the course it, as going our as built with again earn What get then scrutiny, sink, is, our CECL we models of period credit struggled made of pretty to about outlined information, was us we've kind with you our running think over built portfolio it portfolio a recognize what KPMG, are using an are credit our much kitchen the our recessionary XXXX we we've we assumptions input is, We model. which calls outputs. for into they

with hey, Do CECL included more do larger be X and our Day losses, And model leverage dictates. We've bias Tier my of provision, credit And equity it to the the within validated capacity build what and and again to allowance if greater is for XX.X% models. enough got I've confines XX.X%. for of build X these but I be we've X we'll allowance do X. always by CECL so than the to to got Tier of more going got Day outputs can think common capacity

large industry to And XX we're our But million recent I of the else at to the there credit making economic additional do little shared we going climb and the on of the unemployment point. adjustments. given would suspect that portfolio this we with could a whole on more see was metrics to the justify X allowance out Day allowance were X and in the degree build work, Day built and basis Americans

Chris McGratty

Tim. Well, thanks. Thanks, That's great color.

Tim Laney

residential that do Andrew, to bet. and very remotely while want they're we're to it's scrutiny verification a of back And as careful through high. response banking if again it bank. very on level more home to may we're and going refinance, refinance activity as employment we at as us refinancing is be to working, have verification, front you verification, job on relates there because be like as not things to they're not and Aldis's multiple come devote them, we're it's to because clear of believe expect folks You be would I layers mortgage that working prudent time being our income

Aldis Birkans

for Tim. thanks that, Yes, clarifying

Tim Laney

That's why I'm in.

Operator

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

Tim Laney

Thank you for - of you much. to I questions. thank this good your very morning, range want very do questions thank

As my have rapidly of associates safety I clients and the first too. priorities said - our to in opening shifted and our ensuring health

bank the industry very on focused and down are through We to prepared the soundness the and the scenario that any of country face safety our work stress and may road.

represent come out And finally, the the them time with we support our again to will and and and grow new continue with relationships ignored actually where and clients, been downturn business on stronger sort opportunities unique of, in our we'll this work of do difficult support communities this other communities to perhaps challenge by we side. to clients larger to institutions that and believe kind

So all health. thank morning good you I and wish you your for time this day. Good

Operator

conference today's call. And this concludes

by be on the the approximately available two you this run also If conference Xth, hours beginning XXX-XXX-XXXX, this will in Investor the to would XXXXXXX. The call it earnings be replay XXX-XXX-XXXX Relations referencing Company's of call, release of will XXXX and May telephone website on and to the online through dialing will like and available replay ID listen an or page.

very Thank much. you

You may disconnect. now

National Bank (NBHC) 22 Apr 202020 Q1 Earnings call transcript