ISBC - Earnings call transcript Q3 2018

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Operator

Good morning, and welcome to the Investors Bancorp Third Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] We'll begin this morning's call with the company's standard forward-looking statement disclosure. On this call, representatives of Investors Bancorp Inc may make some forward-looking statements with respect to its financial position, results of operations and business. and not uncertainties future of actual and beyond Bancorp's are subject and which results statements predict in Investors risks, to these from to other control or to forward-looking materially guarantees can those performance of are are and differ These which difficult expressed cause forecast are factors, statements. some forward-looking refers company you press night's safe its last included release, the that to disclosure In statement. and harbor into this presentation. That document is incorporated

certain the Bancorp's the Factors, being risks Kevin uncertainties For Cummings, Analysis a call of today’s in more the of with Investors Please SEC. Risk Chairman event and complete filings Bancorp, Investors entitled CEO recorded. note of Results see Management I'd and please set is and discussion now, affecting of and forth that turn Operations over Investors Financial And section Conditions Bancorp. to the to like Discussion

Kevin Cummings

compared Welcome call. bank quarter good three the XX the $X.XX $X.XX million third June to months share for and is XXXX Andrea, the for income net ended versus per reported company you, The or diluted $XX.X of $XX.X share morning. quarter Thank September three $X.XX for the XXth year. This million earnings per and September quarter $XX.X million ended share months ended or XXXX. per XX, last the or Bancorp to Investors the linked

This income in increase The or ended interest and totaled in nine we continue a attributable the margin is months share net increase in increases assets, project the or EPS the million last decline earning the per The diluted management net and XX% over months offset the in a share net September growth and new increase will months. XXth net as tax $XXX.X $XXX.X for XX, headwind September a year-to-date nine compared million per next rate in income year-to-date. compression For XX% of XX year. $X.XX months the by is law, ended margin. point earnings interest diluted $X.XX to XX improved represents expense basis the benefit additional for to nine

paying We rising bank In receive August, exchange on billion into to rates. focused for a plan in transaction This this future a position manage increases. going the bank to fixed stay continue forward interest in and quarter's our had current the rate rate the interest a previous bank protect rate counterparty. point on to in margin payments basis past continue anticipated valuable quarter, against third X quarter, the will the impact to entered strategic $X rate the quarter to negative swap but

diversify our and to buybacks balance excess dividends. sheet through organic continue our will capital growth, and We leverage

approximately repurchase third over Post $X During purchased we million our the almost And purchased of fourth cost buybacks. this the the of approximately quarter, step, almost repurchase a plan purchased million the commence million. repurchase billion will an have outstanding week, in of our approved total which upon shares $XX we price million shares April starting announced the share average XX year-to-date, shares XXXX, with completion XX% authorizes shares. $XX.XX. program, XX And XXX company's At in second meeting in of approximately additional we for – board XXXX. million X.X share that an or XXX of we have at

capital XXXX, step buybacks. through and dividends a an and our paid which $X.XX declared growth, increase is Since our have dividend dividend from we quarter organic to XX% the leveraged second dividend, we in quarter, $X.XX the $X.XX stock raised have of XXXX. the $X.XX second During in from our

now in second the XX% $XX.XX, quarter almost stands of Our XXXX. at tangible from capital ratio down

million. million, and our quarter, portfolio the up $XXX $XXX grew the is During loan for year

loan a originations versus loan large program year-to-date, by higher $X.X paydowns, in $X.XX has in been are volume acquisition in of total XXXX, was The last February in residential impacted new which million in almost company the correspondent approximately versus the though $XXX year. billion lending leasing equipment and of originations including our portfolio billion Our XXXX. XXXX

Our pipeline quarter-end the XXXX billion is anticipate we quarter almost at $XXX year. for loan to $X.X billion, to strong the of and growth fourth growth in to million in $X.X billion finish $XXX in loan $X.X at in million the range

current totaled $X Our versus asset million. remains strong of as quality the provision a quarter million charge-offs net for $X

in along refinanced at by our next be or nine the XXX% in expected groups assets another which are which allowance of is for losses amounts early a decreased which we loans one XXXX. a at loans, nonaccrual for C&I move delinquencies, During million put the June and and an the $XX book capital, million currently the any institution XX. being through reflected $XX totaled nonperforming assets quarter, full quarter-end, loans this performing approximately have process our is increase the at $XX.X special June to consisting for basis are previous to totaled are as $XX loan uncertainty as for Overall, XX. related relationship the cycle. These million, $XX in million book. to loans we of is our relationship points In multi-family basis in XX is June the in is a XX-day a In a return are million percentage of financial loan our in weather which remaining percent the of status loans economic XX ratios, quarter as and year. a commercial million, at quarter, from being of $XX.X a losses fourth current coverage Total to bucket, in strong loan commercial versus position of $XX managed multi-family to from excess current matured us versus of our as payoff nonaccrual points total XXX% primarily today The which ratio of XX, underwritten. with allowance X.X% in the XX-day – X.XX% million

deposit quarter-end. at at million our the from it the with This our a for our impact the price on accounts, we came as of coming part growth positive had $XXX growth good a $XXX On loan-to-deposit was money which $XXX that CD market money for of quarter, of growth had ratio front, million on quarter. focused which a million declined

force quarter. points the cost XX basis margin basis the total of Our our quarter. and interest-bearing of XX liabilities deposits of is to points increased points the for increased XX overall, for And driving compression basis our X.XXX

But continue to change to rate billion cost As into to deposits our mentioned earlier, drive enhance need interest we swap core reduces of the rising a we notational business to and rates. entered a $X portion into that our have low bank. exposure

These gathering deposit will We in the are bankers be up drive core to bank. who teams of focused be process the will there deposits incentivized hiring teams. into

technology with need regional investing both and competitive large platform is in The our the meet to landscape. Northeast, game to national are to raise the building better fierce competition and competitors. in region, our we changing especially compete We Mid-Atlantic

order these fourth have last our mentioned starting added revenue business diversify to our hired contribute and continue in these stream to the As drive and margin. onboarded in who we – production to quarter, our to improve five We to relationships into been need bank quarter. the lenders two are and C&I more,

the positive result our cautiously optimistic for year's On BSA exam and current and the a front, in investments remain completed the that expended risk management efforts will bank. outcome we

all account we the move teams to both opening is the in streamline first forward business goal regulatory to process lines we and improve looking focused though, both ways and and As are requirements. whose process for consumer meeting at while second the customers have

Our projects to multi-disciplined efficiency line improve manage customer throughout to are the bank in enhancements help team our helping the are ongoing course process and experience. and improve this customer technology our These a and enhance the looks experience. our

some Burke, like it I'd for to commentary quarter. Sean over who turn CFO, on operating the Now our results give our to will

Sean Burke

Kevin. Thanks,

basis. a margin Net declined core an couple interest of during two mentioned, comments quarter basis. to in points the points loans contributed interest $XXX each Just on annualized basis basis prior net compared penalties grew margin prepayment to The annualized while or increased million approximately swap decline or basis you an X Deposits rate quarter transaction as the here. points. contracted Net X% interest margin, over additional our quarter quarter, in XX XX% on compression. million $XXX

slightly $X charge-offs provision and to spending. $X for compared decrease driven down million from prior Our second ratios. totaled was the primarily million, The the advertising quarter improving compensation expenses quarter. non-interest and driven the net with the in quality lower Net quarter was million by part $XXX.X by decrease asset in

tax July compared reform effective increased rate to the of XX.X% for Our was New to the which the quarter, in enacted Jersey slightly XXXX. prior quarter due tax

the from buybacks repurchased with At September strong. X.XX%, and Our were asset quarter. previous ratios stood aggressive million We improvement quarter. having million our asset remained $XX in at our to an ratio quality totaling during capital the XX, shares, nonperforming X.XX% X.X respect

I'd it you to Kevin. turn Now over to like

Kevin Cummings

Sean. thanks, Good,

organic conclude has as difficult our step October well to manner for years As buybacks, capital provides From which curve past a M&A. a some challenging prudent The leverage the the but in continue a served our to excess us during the XXXX financial bank following and earnings we our growth times stock call, environment in XXXX/XXXX XXXX, yield company. we will to current remarks emphasize the weathered strategy, for second I want the initial XX the over dividends, operating public us, IPO in crisis. through

our price, deposits. economics which in yields dividend cost by gather enhances and quarter we at is business increased us lower the annual and XX% on allows see lending, we current its focused this loan growth With to our positive buybacks, stock our our

Our journey. much during step brand today stronger first and are our activities than marketing

with entered the business consumer marketing York into quarter, banking to a the their partner. During and be agreement Giants we New

ongoing who communities two difficult strong serve. leadership. Although with New and our Jersey a improves great we the we season, tradition with are Devils, profile are have organization, and a they like-minded and region partnership, along a way us having the history This are a have employees customers, approach in and the partnership partners in our great gives they our community-focused the

We create our for are to investments shareholders. value long-term making these

of are During our the The to have and took with on investment step, value. all but driving experience other through difficult management continue and reach the completed respect capital in our first for the organic leverage February leasing BSA years eight ROE. to our the but it the keys, growth process, focused works M&A way been working in math two the bank the equipment we it shareholders. transaction are last opportunities us we years and double-digit and customer like where to evaluate will potential shareholder year and transactions, this are Capital

of the commitment community a the our our we and continue activities country. With regional in quality, through one banks strongest We capital employees. be force credit to our the mid-cap are and the in of

and through We interest capital stronger cycle. have the to become the manage through – rate interest this

stronger we thank management in you give Our and to our of much we we grow, general. We years the dedicated the risk strong three fourth of us your and are and bank shareholders ago. like We were to work than employees. would to finish appreciate today your investments time have our quarter hard XXXX confidence for all the support a a and

Now, I it to to up would like questions. open

Operator

We [Operator comes our question-and-answer go of Instructions] question will now Rochester begin Dave Please the from session. ahead. Deutsche first Bank. And

Dave Rochester

Hey, good guys. morning

Kevin Cummings

Dave. Good morning,

Sean Burke

Dave. morning, Good

Dave Rochester

the following On going you at then of the would rate just the through many rate the this the what hikes on point addition future NIM? wondering expecting was more impacts guys how year. for you're margin, next hikes modeling be of mentioned are And you expecting the you're swap, guys forward,

Sean Burke

hike So Dave. we're one this incorporating for year, additional

into one yet, view the our We guidance preliminary one rate haven't and XXXX probably in in but hikes incorporating September. is forecast, any given March two

Dave Rochester

guys the with on for could in the Okay. And margin? impact you now are hike, thinking in terms what what of next swap the that rate place just be

Sean Burke

Well, the rate basis actually negative than approximately points, the down us hit. September, so got X increase dragged magnitude the less we in that that swap of

more actually, in rate more one sort December, right that be And increase increase swap rate so we if get one of will even. with

additional be would December to to the subsequent bank. increases windfall rate any so And

Dave Rochester

are so thinking hike, from maybe thinking and only low hike? subsequent maybe that pressure Okay, each you you beyond December single-digit-type

Sean Burke

in will you I Dave, increases think the will we're tell rate better the be than I But of velocity right have less. position we’re rate bank And to try don’t we're those going you as really expecting increases to get mentioned, trying weather that that now, to to into we XXXX. XXXX.

And think in so XXXX. say, position XXXX relative to I better it to in suffice be we'll

Dave Rochester

in trend are other add And the but help swap how plans out swaps guess so that maybe you in And much NIM XXXX? this quarter, help with and I there it with any XQ? place to about more thinking to are doesn't as then

Sean Burke

terms of incorporate basis guidance in for somewhere points swap which we've you in has the on that. one off been target We're of basis point the the basis been the now cost X.XX% the that year if of implies we of that In for negative that, X for margin guidance, providing X to be the might XXXX. into margin area right Dave. points year QX, area full of the compression Maybe

Dave Rochester

comments that? Okay. maybe And for if you've year, you just on the looks on trajectory coming level for expenses, any that you're below got out X.XX think in are it talk then the how you guys kind about preliminary XQ like guide next you expecting year. plays and the Can that of decently

Sean Burke

next we're that's the building about our single again, really infrastructure. so had and manner to expense branches for it the haven't that we share forecasts lower suffice at We’re rapid of and in that the looking budgets looking fact and range million not expenses is rate $XXX in like We're a XXX that ramp-up in not into to our and and those. year, historically, talked believe and XXXX million to established going being we this be But point. And XXX growth position digits. our we've risk at say, $XXX complete to the the to a building we

Dave Rochester

one just what's one Maybe if – Great. I last could that?

Domenick Cama

fourth the probably for we'll was about what be our the wanted to just million guidance $X forecast for off I that of we expense quarter, if hit Dave, our year. add

Dave Rochester

sounds Yep, good.

higher That it with plan on I where announced. is sounds great. about just CRE aggressive take a And one, more same this Just the could, point, that was I in you concentration it just how new this you're quarter. one you curious, the at looked quarter. of been with bit the if like have guys think last capital, do you can the point? with feel improved backdrop regulatory buyback And signaling you very at the you this that this just

Domenick Cama

those Yeah, Dave. I of yes all things, to

I backdrop has think increased. regulatory that

commercial estate I somewhat. has think our growth in slowed real

about concentration ratios And into pretty so our feeling we're good going XXXX.

at we continue buy point, a levels. of So we're the this going we're at continue to – it to in to back there's believe to value so stock certainly lot these going

Dave Rochester

that the concentration the today, ratio, as And CRE where is concentration level?

Domenick Cama

X.XX%. It is at

Dave Rochester

Thanks, great. right, All guys.

Operator

Please Our from go Lincoln Austin question comes Stephens ahead. Inc. next of

Austin Lincoln

Hey, morning. guys. Good

Kevin Cummings

Hi, good morning, Austin.

Sean Burke

Austin. morning, Good

Austin Lincoln

formal Maybe you month just terms on now agreement, any in in exiting time we where And BSA/AML update terms on maybe just that? are the could ago. us know or in frame? expectations are you just occurred a kind that? the of loose And where two I of exam maybe of

Domenick Cama

we formal Austin, we as have you the – been pointed through exam. out,

this point We received at have any not comments. negative

regional is, it understand the However, as it, consideration. we in office for

we're At new So at whether have this lifted news FDIC. New point, not. be point, or notification from of of the the no York in will office order waiting just regional really the we this terms for

Austin Lincoln

maybe reevaluating know maybe of looking or don't on now of talk downsize of helpful Or side anything some things. right at the any to you're about XXXX Understood, to I you on underperformers trim branch know back that that working branches? network? and branch updated but just to the on And you're thoughts yet, expenses. of would the be kind want kind on anything then

Domenick Cama

closure at other pointed be in actually with as merging of some budget branches we or are But right – locations the to in additional had the process given six Sean Austin, that XXXX. Yeah, offices we out, certainly, merged XXXX, looking into in success the now. the the process in we're we're the

one expenses add finalized once in the were order Kevin but a period And that's mentioned, as our that reduce about as because help won't planning that we technology invest to comment of lot – most a always that our and efforts. stages. in XXXX, budget. platforms there's into clear our certainly want haven't yet, We other know The XXXX the think that digital continue where I'll XXXX we about deposit lifted, expenses? the and, will see it been the is I we've Nonetheless, BSA to I baked gathering talk of to

So and how give I some on again thought growth. I to about on bank certainly we could the the position you things no to guidance XXXX need we thinking but thoughts XXXX, are future that do to continue for

Austin Lincoln

Understood that.

Kevin Cummings

in then cost of think efficiencies, we for going bank, of a And look We'll and be shell can the saves maybe cost I a some areas to certain built little where saves bit look move the areas to through for it's we've other up. in then people going – some making side and organization. drive make into cost on investments drive to have we we're and the then might producer more in so but and some investments technology revenue additional revenue the saves, be game.

Austin Lincoln

questions. Understood, my taking thanks for

Operator

question Please Our of next Piper from go comes ahead. Matthew Jaffray. Breese

Matthew Breese

Good morning.

Kevin Cummings

Good Matt. morning,

Sean Burke

Good Matt. morning,

Matthew Breese

I bit appreciate the apart bit looking understanding to on. gain more margin. I going comments better a just little and it what's pull was your on a of

was I irrational on starting they on Are changed. still incremental rational? the whether see state Have real commercial have and spreads? any multi-family the commentary more Or market estate with to become spread rather or things hoping tight loans? So expansion some not you conditions for of and

Domenick Cama

they Matt, I still would say think first remain somewhat that we irrational.

gone, However, we're some ten coupons and seen where loan rates year uplift have have given at. average gone, in where have rates that given weighted five we the the booking

couldn't life and last mentioned few this been quarter, lenders. lost we is a to was borrower In see that getting a deal underwrote and quarter, it's But the and the to from meaning over close to when we to also what through we the out institutions past, companies. we've it we've that deals agencies lost region. deals past think proceeds, this on other our it in on continue the guidelines, I priced come the and quarter, some we

have payoffs. mean, without acceleration because our It's C&I portfolio, the at when acquisition in portfolio to growing continues portfolio totally of the I look at still annualized And we about seen the year-to-date pace not even I so XX%. an grow. bad thing a leasing it's C&I of

environment, that. the certainly, be feel But we on oversized into continue are we'll us good to that. manage going and may given pretty this not classes, having tight about pretty those so multi-family for XXXX. in rate asset not growth And spreads worst thing These

Matthew Breese

multi-family, could for to just five a you you gain for So the the us about you're whether as on year in pricing? at or position share market the pricing a ten one, think offering what not give and and offering you or place rates you're sense that, market you’re basically rate

Domenick Cama

are We that at we believe the market.

X.X% Our this and some X.XX%. week multi-family know X.X%. went of And here was pretty And group, lenders estate I about rate we year who good market below through other deals that is real in our And number detail group, our our there CRE talk are somewhere being between they yesterday cited are commercial this X.X%. have in a with fact. in five

maintain where when we and think about we're we to a market where trying probably point at not a So think where be we We're able at are. perspective, aggressively we our to the volumes from we'll point. them grow of rate they right this are at are

answers question. I so hope And that your

Matthew Breese

sizable the this quarter. side talking just cost in balance increase was the deposits, interest-bearing pretty maybe of other The And color. great that's No, sheet. about the

the we a in that funds on the expect the balance get your be of basically to next current And offerings, current up? in what's after Or the increase should does your sizable quarter we deposits. the that? are wanted cost How sheet? quarter as up of caught for versus to I sense price stack so and And

Domenick Cama

Matt. that I Yeah, will up, say wouldn’t caught we

terms rate at offerings, market we have is In X.XX%. three our products. high primary One of money a

although Another got XX-month the bank we're seven-month XX a XX-month CD local We X.XX% from I've that and a here at at customer letter think or for X% X.XX%. a offering is is is CDs. right a at this morning market, another a CD

because in the happening we the future and So the on of in going had third a deposits of It's will that that quarter. depend the offerings cost to we is cost Fed. increases pace actually we interesting. such some increase from to to think the surge But increase slow rate Fed track prior ahead move to deposits. pressure started the We what it. on an found try to were side on to the was of And in starting the banks that attempt of second get to their

increases of will of quarter pace XXXX. we into the will a the that going XXXX the at quarter be think pace fourth and think we slower of first But continue. So it

Matthew Breese

it – informal understood. some My when I – one what what Okay, once what does regulatory to you do? just top But three know Or see it’s as do, you priorities last the is are could uncertain post agreement? relief. you are to just allow

Domenick Cama

stock on the I – of think call, is, we few we've looked and And our steady Matt, a few this and us that we she be to at goes, is our expectations honest that's given as where last happened I pricing you. at off we're think M&A peeked here. given think selloff own last better and at some are, point. weeks, this few said what for over and the buying is pre the The be the what months, potential think with truthfully, valuation it’s truth I that the last over we've books could

a these We in other the I seeing have banks, I'm of confidence what around more some what than and in lot nature from a lot have doing we're smaller region.

Matthew Breese

throw just am sorry, let I in Okay, me more. one

change to quarter is still outlook? last a good Jersey for laws the think basis you noted that perhaps tax you the Any that? state impact would much next XX.X% by as Or points change as had year. in XX I New

Sean Burke

were then, But at we'll with we're the same any I we still that. obviously range. it's communicate think change think if there's in point, this where I Yeah, And quarter. last consistent

Matthew Breese

Great, that’s all I questions. had. my taking Thanks for

Sean Burke

Matt. you, Thank

Operator

Hunsicker Laurie Point. go of ahead. from comes question net Compass Our Please

Laurie Hunsicker

Yeah, Thanks, good hi. morning.

and on as How about your attractive own the more share Matt you our is that where current stock with guess, I hey, could levels. stay, would look at that? stock was do comments you going at to price What we currency? say, is and use Just think

Kevin Cummings

[Indiscernible]

Laurie Hunsicker

come BSA/AML realize how about about out But do you're and looking versus completely other of words, acquisitions you haven't yet. you in as think I thinking buybacks, that?

Domenick Cama

Laurie, to always it I goes think, and dilution back back. earn

difficult here to what what as sit who because valuation value we would on valuation, use that be the then depend – it it us kind of is, me and for depend. on And a potential say a the would could target executing would would have currency allow it's so is. It on the by deal. And ultimately, transaction back what particular transaction at what that earn to

for I company, think is forward. think going to these So going safer it's to to our we very investment that at continue we're stock a good do and say levels, the that

Laurie Hunsicker

focus? us, little just you are about in deal? it changed while. haven't about What your Has thought again remind not Or just a your earn book dilution and I in And about Have that book dilution? thinking that approach in you maximum that what's tangible on that? a back of Okay, it's you is thinking not asked then the also an way? do this would terms you tangible

Domenick Cama

still much really We're an earn on order. activity Yeah, that no there. to not thought I the we out But because BSA still don't we it much we're under give as it don't really point see you mention out, looking at perspective. this at change, purely point, think back Laurie. And

Laurie Hunsicker

just money us Can Got s, how have much how then remind quick it, and on you the time? deposit much Sean, question. And money a maybe of in public is okay, public great. you

Sean Burke

there's of is are accounts. About Laurie, $X I them time end much September. in most the billion, Most – of Laurie. of believe, as it not operating And there, of

those actually makes But checking again, rate-sensitive. And so accounts pretty sticky. are of accounts. more them bit are a And that they operating most

Domenick Cama

Less million, in Laurie, $XXX CDs. than

Laurie Hunsicker

the then on checking approximate? accounts, out that is rate you're what and Okay, public approximately those just paying

Domenick Cama

of cost government the average X.XX%. portfolio weighted the is Yes, about

Laurie Hunsicker

helpful. Okay, that’s

general Okay, terms down general where that? you're Any of comment and that then or thinking about of came this you're just loan-to-deposit quarter? in targeting any in how ratio your comment terms

Domenick Cama

to No, for the around quarter. We're I exceed of mean, always I And have stay ratio. albeit function growth CDs that's think the the to lower down the loan as in not loan-to-deposit we XXX%. tried in versus to the growth or a deposit book, XXX%

Laurie Hunsicker

anything then is of we're seeing looks start growth. And great. in great, that we questions. seeing that? your just only Okay, charge-offs, improved But When that this provision quarter. be component we how more should Or the two Obviously, thinking plan? about matching for growth credit your not should

Sean Burke

I to you're right growth. think, Laurie, think about

be But improving. that, of should putting quality asset away. You on the trends are have you that other something end

offset two one those So another.

the your to out, yes, improved asset that might So had the perhaps point, in I you actually we to were think trying quality metrics to of some if for point quality they provision asset some quarter-over-quarter. expect of metrics prior where the but we're or growth. that equal were deteriorating some quarter, you as But as mentioned,

Laurie Hunsicker

one occupancy And me, for Okay, a quarter. little then expense right. your all upticked this on bit last

good Or anything so run had Was down. nonrecurring? obviously, rationalization, you the came is there a And it branch rate? this

Sean Burke

I pretty rate, good run think Laurie. this is a

to year we a ago in were as that more of relative certainly throes we confidence the at time this resolving I and visibility think have BSA.

in So there's have more confidence projections we terms of lot a providing and that forecasts.

Laurie Hunsicker

for you Thank taking great. Okay, questions. my

Sean Burke

Thank you, Laurie.

Operator

Our next Please question of comes go Chris from O'Connell ahead. KBW.

Chris O'Connell

Good morning, guys.

Kevin Cummings

morning. Good

Sean Burke

Chris. Hi,

Chris O'Connell

a kind after of loan just bit how you XQ? I or the do back in seen slowdown kind for growth back guys of half the outlook. the being with growth in want next forward a little of in Without overall year equipment am CRE. XXXX, numbers we've feel more maybe about and outlook I going just C&I, on circle leasing purchase the maybe the to getting the just multi-family

Domenick Cama

those through did still numbers, we're working – you for XXXX? ask Well, Chris, about XXXX

Chris O'Connell

Yes.

Domenick Cama

working numbers. those through still we’re So

in see I role think to be will the new talked about mentioned will portfolio. lenders growth we a five believe C&I leasing the He – continue in hiring front that earlier lenders Kevin – the two major XXXX. new that in that C&I for play we and

versus XXXX be the we we XXXX. the but numbers, heavily through in haven't more again, what mix So it think weighted C&I was in will worked towards

Sean Burke

that the thing only loan I relative in remain expecting the fourth up Domenick in to does the to to quarter. position. growth I alluded to robust The we're think pipeline quarter is a add And that pick Kevin would the third fact

Chris O'Connell

Understood. mostly in fourth in And you’re C&I? seeing for the demand up pick quarter

Sean Burke

Yes.

Chris O'Connell

is point going pricing, of pressure? make betas there where on And in abate Or that's securities to to if to is see kind a the you it. growth come slowdown you bring Got order where projections? drive deposit up book pricing loan where enough, the high a more your the in deposit a point down room there there

Domenick Cama

could although that at to that been X%. we And to choose liquidity we this starting putting if It they're that to would the loans we've to I other of be continues in close when our get plenty C&I quarter, strong. yields I have on say growth look use C&I could sources

to that So loans continue extent of to environment, in the fund it look to be to we'll – that continue the be a for we NIM. rate can type book to ways accretive to to hopefully

Chris O'Connell

you. thank Great,

Kevin Cummings

Chris. Thanks,

Operator

This like over conference any for the closing turn concludes to back I management our would question-and-answer to session. remarks.

Kevin Cummings

weekend, think the I fourth looking and your in Again, today. we're support Andrea. company. like for you thank regarding our we and forward, thank projections. quarter, Okay, to optimistic our great thanks growth a we're And would Have I you, interest participating all appreciate participating. for

Operator

Thank now The conference presentation. today's attending concluded. has you for

disconnect. now may You

Investors Bancorp (ISBC) 26 Oct 182018 Q3 Earnings call transcript