OSBC - Earnings call transcript Q1 2024 | Old Second Bancorp, Inc.

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Operator

Good morning, everyone, and thank you for joining us today for Old Second Bancorp's First Quarter 2024 Earnings Call.

On the call today are Jim Eccher, the company's Chairman, President and CEO; Brad Adams, the company's COO and CFO; and Gary Collins, the Vice Chairman of our Board.

I will start with a reminder that Old Second's comments today will contain forward-looking statements about the company's business, strategies and prospects, which are based on management's existing expectations in the current economic environment. These statements are not a guarantee of future performance and results may differ materially from those projected. to discussion the factors. of you for SEC ask full a the would refer company's to filings Management company's risk company any statements. undertake does update The forward-looking such duty to not

discussing under On we on website non-GAAP are which in and today's described at is the the tab. counterparts financial to GAAP earnings will be oldsecond.com measures their call, reconciled Investor our measures. Relations certain also available These and non-GAAP homepage release, our on

Eccher. will The is turn it I Jim to Now, floor over yours.

James Eccher

Good joining morning, us. thank you and for

customary, opening before certain As with quarter remarks will open we give color. over I turn to additional for future, conclude then then summary the it up of comments and I have several will for Brad and prepared my thoughts questions. and it the overview about

million tax efficiency $XX.X and was assets $X.XX tangible common XX.X%, or Return share equity return average per X.XX%. X.XX%, quarter. first in on equivalent was was income ratio the Net of the on first XXXX quarter diluted and

First million losses, of impacted by earnings provision by per $X.XX $X.X quarter reduced after-tax credit which for negatively earnings were share.

by Old basis to strong Second remains increasing sheet linked balance continues points our profitability tangible equity X.XX%. ratio and with quarter common However, strengthening exceptionally XX

crossed equity our good about balance and Common profitability X XX% we Tier and point. this sheet quarter, this feel very positioning at

higher rates. Pre-provision interest stable strong. impacted net market exceptionally Our by financials positively to continue remained and be revenues

cases to of million. driven. interest the $X.X assets period, compared expense like rate while both quarter $X.X is increase on first X.X%, increased XXXX in The the or For earning prior income million year increased

rate borrowings period to average volume as margin, factors the net deposits in caused side. the is net both balances, commercial liability on prior certain other as well and interest like to pricing growth attributable exception which decrease and interest a year in compared short-term However,

on in primarily total towards due new quarter some originations $XX.X to bank a a reflected million quarter. of first payoffs projects is end, really the historical quarter season. loans our few due the construction the winter softer the The prior end for limited and First linked quarter during of large to XXXX decrease trend from of credits

anomaly was market commercial about customers first increases and quarter in sought were to increase to interest the prior realized rates an funding XXXX rate XXXX. savvy as those late

larger the periods Our interest XXXX. prior first to was Activity loan rate remains like our committee impacts. growth demand compared much seasonal the both loan year the to quarter higher and in of environment, period relative within modest ago to due lower

this linked reflected basis the quarter, Our compared and driven higher basis by quarter to point Loan funding quarter margin net compressed slightly yields points increase XX during cost. interest a the X first increase year-over-year.

to growth tax interest impact in due time was on portion net first points and the and quarter of funds, fourth and for by driven net the variable partially is X.XX% rising the portfolio. interest quarter in which in the year-over-year the cost of compared quarter in growth of interest X.XX% decreased increases balances. basis the equivalent increased due the to first costs and both rates mitigated securities XX income by margin XXXX. The Funding The quarter X.XX% of deposit rates to margin the the for loan

The and quarter XX, ratio a XX% March XX% loan-to-deposit XX% last is to compared XXXX, at ago. year

I'll of continues more talk focus to let our optimization, that about balance quarter, last said and Brad a minute. in be sheet we As

credits taken First on much more reflected quarter substandard moderate stable XXXX. actions fourth metrics XXXX quality quarter of the to asset compared and of

XXXX large Second amounts and at health our office prior end real began credit the and downgrading Our trends. care hope an and inflection the substantially including XXXX. estate in belief remains represented commercial of quarter of Old loans, accelerating that through point

from or [ of went X% of than XXXX loans $XXX or approximately a to of of X% million third at ] peak criticized quarter nearly little over $XX first million of and a loans loans more Substandard the XXXX. quarter in

first are is end approximately substandard down the As through and of of million quarter the XXXX, less of which loans trend remains $XXX criticized for the to XXXX, $X.X year-end remainder than expectation the further of improvement the and million year.

lowest Encouragingly, X our are at level loans now mention special over years. their in

of we a to market expect we recover of as we can in resolution as have relatively estate reality impair real of on is realized near of that interest future, the upon XXXX. given seen, significantly continue half a We in for dependent the to level cash in rates of property. number costly credits. of large losses some enough equity substantial rates are positions valuations is commercial percentage a such determinant heavily a The flows the commercial movement a and less the remain real nonperformers second of and realization hopeful primary the estate A

pandemic real loans cash appraisal upon not we the care office stress in pressures. from in residual interest estate higher believe proactive commercial the by is addressing deterioration values being flow health We realistic Additionally, brought and and facing abated. are and declining rates,

the the of a offset As is charge-off loans declining, property. and classified during remains current partially we first in quarter. of care health of appraisal and loan consistent remainder call quarter $XXX,XXX recoveries previously discussed The approximately updated one expectations, million that the charge-off last good behaved. The of by portfolio quarter, on we are was allocated net receipt recorded an period criticized news was million the due charge-offs well and to specific the on net on of $X.X our with the $X.X one

percentage rates higher and stress. of loan loans substandard us at duration of secondary for portfolio reinforced seasoning side any the are testing obviously transitioned helped Continued the into The risk red estate us significant experience raised and flags not terms rate real terms of bulk on by in interest our is is renewal rate participations. in our has belief put commercial acquired short but new Being us stress the and environment. management, forefront immensely has has probably that asset a the a of

in on rate losses of GDP as at X.X% relates assumptions March remained credit largely quarter. level change in assets total XXXX, loans fairly provision Unemployment million of XXst the using XXXX, the reflects X.X% in The $XX.X and for quarter-over-linked allowance to total loans. reduction $XX.X loans, or of XX% which decreased loss of million on March static XXXX. year-end substandard allowance was from since loans the last allocations XX, which quarter, reduction criticized from to forecast The our also future

are portfolios. quarter primarily the and with gains the that income strong of a weak fourth due market we of addressing with that MSR I to aggressive level quarter. the weak minimal in prior Mortgage first quarter-over-linked to perform $X.X of confident back continued BOLI million bounced quarter we and will the profitability, increased remain losses income. and in income strength banking recorded to 'XX from in conditions, the to for mortgage think MSR know continuing Noninterest our BOLI well we growth income investors quarter of and quarter in due banking million be changes noted quarter, $X.X over compared should credits linked

in linked seasonal the XXXX. company payroll-related well the the noted strong to due annual quarter, be annual in due increase rates and quarter in to as XXXX wage payout to compared first the uptick and in the match primarily of growth quarter usual with first taxes continues as discipline prior Expense to employee-related XXX(k) incentives of

to quarter increased costs addition, over our occupancy our due at branches updated linked quarter have the office. the of multiple In rollout corporate

excellent. be ratio Our to efficiency continues

commensurate to a look term. is featuring on more with order for the The and sheet building balance As goal returns is also forward, build maintain managing less building doing more continue we long on we're commercial to securities of the towards capital same, our obviously continuing liquidity, the performance. and recent origination capability loan long-term to stable loans in more mix, equity which

his it now additional to in for I'll over comments. turn color Brad

Bradley Adams

think million like surprises to of ago decreased for or which us good or $XX.X relative Jim. news. quarter. quarter million, X% year of million Thank quarter X.X% this lot from $X.X a million Net $XX.X from the a Not of income prior quarter, $X.X you, to the by interest I the is decrease

aggregate. equivalent believe NIM margin interest-bearing in liabilities continues The performance. to end the which in in basis point of last to quarter, interest-bearing point tax X.XX Loan and XX basis quarter quarter XXX the linked were was yields on yield X points, to interest-earning Total by points flat. the X the first in decrease over assets that from result were the was basis but X.XX securities expected a we yields basis basis points exceptional point an higher and deposits be in XX increase basis cost X increased increase offset

accretable The thousand a much bit we this left that only that yield few got of done core point. pretty accrete. so dollars. at hundred a to we're as or than little in We've was margin saw Pretty XXX,XXX with a about stronger certain, decrease

So from for margin is point this actual forward, us. margin core

It's increased we quarter, signs the really deposits actually to million. linked million Deposit did not display that $X quarter increased of continued and anything $XX Average growth. this stabilization rates. only flows some on by deposits total but over period-end

in of have to attractive. that I ours are peeled deposit the can but off. others say basis XX see points being And time cuts some more we that anticipatory XX would think I rate leaders you kind some market have pricing, up relatively fallen showing making pricing, others in still of back balances. below that

alternative, So we've picked on I dollars more front. as that guess, an up

pricing. front, Our the on cuts. all deposits, we interest simply as remains still the anticipation of curve of to others pricing aggressive And had pricing rate deposits, cut either. not time changed that Deposit quarter borrowing really quite marketplace lover time expectations of they at we some peeled hasn't aren't peeled in off the did exceptionally outlook exactly discussed wrong. back. and last add is I'm overnight this largely haven't a overall that I rate pricing and relative were were as any in treasury back We garbage as but rate mentioned,

short. growth The remains here

significant and than rates. offer We are overnight a largely does less to pricing borrowing relative value year

the the can the from an trends add in there expect portfolio the has to XXXX. projected and fallen You prior in second margin see bounce absorbed quarters. we in On relative significantly alliance rate duration by securities quarter market basis, be back beginning continuing growth to are somewhat of indices to overall

looking fixed rate going anything, but aren't more at to add we We lurch are product. to

the it's Incrementally, As opportunity as tick rates that we'll expect recently, of doing of here to this at the than seen reducing on back another months. more us long some out variable give the we've portfolio over we've move up product rate going consistently been to in duration. XX margin But time highly give I'm I I terms quarter. was last back bullish further last upside

I think point. that's at this prudent

concentration all securities the will variable The if didn't I market resume rate most point would its if sensitivity, specifically remiss to asset seen actions in of the that move to in rate we margin path that have minor been that the relatively on the recent decline out to I balance of be date sheet to securities. is this weeks. attributable continues reduce variable compression and notably, on has reduction

remain poor still net we this equity but income pressure for on year. spreads unattractive pressures. relatively swell see I remain don't expected feel marginal performance to interest totality, In for overcome we to the growth, Marginal the flat in and point, returns can margin outsized order think at allocated

the forward progress in the last some have Fed duration speak more cuts I'm of in of a ] asset [ about at as persistent reducing rate We over this to we last inflationary year. well. talking And were bloodlust point portfolio ton the extending in and for quarter, lost we markets the rational of face sensitivity look pleased have loan are I made that inexplicable trends.

this to couple the boxing ability occur, adjustment trends a slightly to on remains actually soap would for few was quarter, remainder The fair but of are over margin down. liquidity ratio my of prior lose value only XX.X%, the for cuts If quarter, the $XX from from loan-to-deposit be our flat, wrong securities million support linked the the year extent the million. relatively portfolio basis at and portfolio rate of That's continues rates $XXX,XXX the expected a as maybe loss we to $XX.X I'm low and on points.

to high, but Old loss The relatively recaptured should result net unrealized continue is remains total quickly. quickly. will that This capital be Second build

last of XX the As evidenced tangible XX we value means the book the in improvement $X.XX by have an basis points of months. over the ratio astonishing over TCE quarter, basis that and added linked XXX point TCE which

As last of unpledged non-objection the March position in holding the a XXXX Short in liquidity $XXX the $XXX resume and borrowing bank is Mentioned is well. we company XX, in that additional stock capacity, XXXX, securities. quarter we million in excellent, at December undrawn have strong Fed million repurchases. approximately as from very to received an

close We quarter. last haven't getting it's done based anything on the very I yet, discussed but rationale

expense be in than paid as maintenance forward benefits near and occupancy linked million benefit in from well well as quarter, increase the in growth lower I salary Noninterest on benefits increase costs quarterly employees base in due in and the to million depreciation due over taxes, the to prior employee quarter. as increased XXX(k) to small and primarily the and matches quarter office term. going remodeled rates and payroll $XX and in salaries increase $X.X first Salaries annual expect previous benefits seasonal an wages employee as costs a new employee branches. reflected the to

Given Those we that costs within on artificially high, to it as the well. Say of saw of conditions quarter revenue have issuance. stock performance, That performance high. been on this that salaries also had performance-based kind maintain better-than-expected make ability we will dial impact rate X employee include or back the $XXX,XXX items kind an $XXX,XXX tax warrant. X to the linked running quarter investment but as

Jim. With back over that, turn I'd like the call to to

James Eccher

Okay. and ahead we confident Second. Thanks, are in Brad. sheet Old opportunities our that In are balance the for closing,

portfolio optimizing the asset loan earning and reduce Our within order rates. to our interest monitoring to the today risks remains sensitivity overall mix in on and primary assessing focus

me are XXXX. our income morning. this well that comments The Net another in stable and are concludes to gives interest confidence strong record expectation That margin positioned at remains trends statement efficiency year continuing we deliver levels. for prepared efficiency

for the and up So we'll questions. I'll it over turn moderator to open it

Operator

Nathan first coming Your is Piper Sandler. question Instructions] [Operator with from Race

Nathan Race

thinking updated on quarter. stability the about we some forward? how curious thoughts you be should Just going loan classified to kind had in and [NPA] get of Obviously, your charge-offs in levels

would just to the owner from bucket. first, it driver charge-offs. the came looked curious owner-occupied So score like The be of CRE hear the

not past sure in two. we've if the next of these content the the been quarter about are generally, that loans And over of you're recently. I'm terms seeing kind what or some talking loss quarters So just in of

Bradley Adams

million possible. that back If quarter, that, we -- you thought last expected charge-off loss. to We call, last we timing million to $X things refer would that make had quarter's could said had into that of a $X fall but the didn't

of communicate surprise kind I we So changing $X this a $X don't We point inflection have million or losses, that, expected terms but next communicate charge-off significant XX% I was an that reached in of something we quarter, were to had last or tried likely. Absent may We view as absent cropping million up. trying to see quarter. what anyway. that

that change lead We to us in since the anything months X haven't communication. would that seen

James Eccher

Nate, only the quarter up that realize really on so we any charge-offs and last credits. seen crop is likely here will other previously any more than be The haven't future in thing new I'd problems allocated will or we add,

Nathan Race

see you you kind Jim. well Great. the on to remind guys I on, of about Okay. as is I can pipeline of thoughts But loan you XXXX. kind you're And I imagine us over how just growth going believe how deposits course and loan touched understand trend guys also growth and slowed of of how thinking cadence demand you as low just expecting any the the forward? are

James Eccher

you the payoffs say, is with Brad we significant relative is some loan would pretty muted had that But usually fact sales to somewhat large to in pay can touch quarter year, deposit let the loan moderate. coupled was if our this about properties. year. last talk of some Loan up. and Activity committee XXXX, again case origination downs I due first pipeline, out our throw picking the is loan That historically, flows. on Yes. I I'll demand,

still And loan returns attractive we're well. this performing to we organic The growth cases. the still produce not some the marginal year. origination are certainly, mid-single-digit looking internally have feel some in are of at the on capacity loan opportunities teams overly We low to in

point we're to margin compression. We're we let mitigate to still achievable flows. we're looking balance about opportunistic. feel selective So very Brad's sheet to -- low digits I'll is not to before, swallow But year. and being Brad talk mid-single this deposit

Bradley Adams

Yes. The easier. game is getting

the and you trends, industry seen the So at think look thing one from if and flows I've captions. other deposit that noninterest-bearing I deposit into our

and grower For historically absent open-to-close . time, the us, has net period for out as coming Second the positive in mentioned, the checking first been long Old time of ratio accounts, volatility is of a I of acquisitions. a

is anything that's the the and struggle that function attrition lower of deposit else, I end than think, Our more scale within at caption the seen just a demographics. demographically, pay lower

pressure some We saw The match. the of well and And we of overnight out we surprised that certainly, mix balances, overnight levels. rates pricing borrowings coming us can't below shift speed deposits but seeing borrowing commercial are little nothing at time a in account coming bit. into that

I funding, in rate amount tell I'm can can continue, sense does don't into expected certainly, bleed be ready make as on than know through see that deposit that. more bullish well for fair to some if expectations, you you and of from I but that. volatility I deposit interest volatility to it markets market will a

James Eccher

deposit us a portfolio have position future our any to for floor noninterest-bearing, obviously fortunate I provide a and that margin nice XX% to certainly compression. DDA think in of going we're is

Bradley Adams

certainly a in the period deposit very this It overnight reducing But position of to at of weeks. asset our goal stated front sensitivity that on feel was point. have things That doesn't interesting. borrowing help good have

Nathan Race

you stability for And have obviously you greater guys Brad, to expressed understand to duration turning And just quarter a a then that think too. context, Okay. just environment from securities in book. I margin, here short overly alluded longer rate the Great. next higher I within pretty

So guys fairly the loans. are quarters thinking just the over curious much of about in that you're next how cash environment couple growth just securities portfolio you coming off soft for and how the redeploying flow given

Bradley Adams

mind out point, the XX million like at the maybe be securities million trending period won't it Maybe $XXX significant. next If to the so, a or trending months. $XXX keep portfolio this of things over they're over grow

it's value there when I coming it right -- that going in rate to And opportunity. of of at be think to will is and that more kind least my continue out fixed. the continue in I trending now, interest markets, volatility terms favor creates is be our thing bias in this the there curve. will is when variable And rate to sell there buy further expect

see If we we we'll that's too. okay, that get opportunity. So don't, if

could What that What have we've months there that, over additional the you've taken to trend tried to off table. expect the XX been XX certainly is gotten continue. last margin stability as margin sensitivity to instead communicate is we've I upside. asset

Nathan Race

can Right. remind just or cash how flow maturing. much you're off And you coming us

Bradley Adams

would natural off million So $XX about quarter. amortization of throw the just portfolio million per to $XX

Operator

Your coming next is KBW. question with McGratty Chris from

Nicholas Moutafakis

into you Any for here? the priorities Nick specific the is of to the to -- from for lean speed on stock capital the builds, versus the given the on buybacks Chris. could M&A? on Moutafakis guys buybacks more you of level This just speak Maybe

Bradley Adams

It's it's one, trade. a I at little difficult quarter. arbitrage game, this earnings. M&A in if about variable, a if talked a very That a PE last that, do one is, of crappy you're to you would we trade that's say bit not Xx kind math So but

versus a of When at buying pulling higher-quality quality balance stock hat becomes attractive. number sheet X.Xx. lower a So just say, our buying talk sheet, a balance about relatively the out X.Xx, you

was share? communicated per methodology last months current tangible we that projecting forward, And book what's the are price. the we below that terms earnings of So XX quarter trading value in

remains attractive threshold. that comments the case. I that's that that's prepared that I to close us, to think alluded the level in a we very very are and

Nicholas Moutafakis

consensus. the then [ the And outflows quarter, the any more a think one towards towards longer the narrowed guess, largely more are of NIB right. that All Or I seeing kind bit I on think of outflows you higher you just deposit end became do the for more maybe ]. of end the quarter?

Bradley Adams

doing factors. when to that's And people accounts, don't of It's of We interest $X,XXX I It's function bills as speculation. and stuff. normal versus seasonal periods $XX,XXX when have well. rate and tax base tried refunds allude a tax due to pay occur, this and is and made and deposit it's a purely when payments up checking just people are payday

Operator

Instructions] Terry is with from Inc. next McEvoy question Stephens Your [Operator coming

Brandon Rud

for the maintain This lines? forward? profitability. unchanged on is I have quick market the And on high going and impacts just current, and Brandon would occur salaries also If the Can Terry. levels Rud you have expand rates one. on a then these of you rates of what remain benefits

Bradley Adams

not in line. rates It's One, higher. out that on interest a benefits of bonuses couple It's got are it paid the you've drive and the salaries first items that quarter.

fully you're employees. higher FICA paid for out maxing your So

share higher earlier target Old in peer got stock ROTCE there. performing came XXth a mentioned the vesting And that Second performance-based restricted then of percentile and on the on group at you've efficiency. above I based So

roof. a going The us type the can this expected about salaries about step even that it the go be and million loathed are was that and an tax say, here. increased virus of rate, to get but wrong first stock bit lower a what quarter That's per of has I'm I stuff. health know people it. $XX related always or that had rate kind little is, which stuff just talk tax those there's predict, listened can't closer It's I that no sick wrong one-off That there's through forward. issuance if below and care quarter. of is performance a because the to kind to of that impact on make you benefits bunch share also quarter claims change thing said on I'm Those only

Brandon Rud

just are you about maybe talk and classified in And can your it. your low. markets trends I'm one, Got seeing what loans you're portfolio? your pretty in own curious, multifamily Okay.

James Eccher

Yes.

asset I two. think or on are quality certainly, care in health the main some new to focus that seeing or X that care. we're matter cropped up for areas office be Nothing continues Those stress. office our last in with the and health has quarter

work to continue that. through We

one we're the struggling almost things loans are other our is the voice we have think some a whereby of of X/X with participations X/X I classified and table. are credits, purchase SNC don't are at

So going declining think working to a future be a year challenge. X/X good migration. from that of the is going It's out for XX% of those your criticized to news classified take you I time. certainly have well But almost when ago, is bodes and

Operator

is Your from coming Janney. Martin next Brian question with

Brian Martin

million? your it, number? you quarter, missed that that the have I about be the of -- I level was, to on I know the but criticized it clear just you just but what the $XXX maybe Or classified loans said? was in criticized the know Jim, down, level it's Is quarter, the just in do in comments, just

James Eccher

Yes, that. sounds It have we right, Brian.

Brian Martin

Okay. looking you're ahead. And just -- go maybe while

James Eccher

Yes. It's $XXX million.

Brian Martin

$XXX million a Okay. quarter.

on securities thought treasury that's million it know... Brad? it's year. -- And securities, I Are so like then sounds for Brad, repricing, just those mostly what Okay. maybe or this I $XXX don't the

Bradley Adams

yes. That treasury. is -- is That entirely almost

back X X-year in of we kind So through treasuries XXXX bunch a XXXX. had and of bought

were, we get our money and to were which right got we money do, looking back. about our we're what back going we if Just rates to

answer portfolio. asked totally we've I coming what So somebody first bit more right, common. the didn't question a that up little the got cash

amortization at XX Normal XX but we've us next things some still [ to lumpy ], X over is coming got months. the

plenty to where So we cash I got relative reinvestment like were terms in where we that. yields higher opportunities We we of on today got out. coming the to for find quarter of are last opportunities. certainly

Brian Martin

and expectation I that about from off the it but there that the like million due]. book maybe it sounds on was [when seemed coming stuff was $XXX grow it loan into securities of treasury it redeploy that is Okay. like just that due, mean you demand quarter, becomes maybe last now

Bradley Adams

overnight that. that, no as mentioned Jim, we with we're if loans, being and believe $XXX substitute short a about especially issue there's we I can have million -- something still for that grow a with wrong problem rates. No us level. don't reprices at gives it and borrowing

see any is shrink reason So guess, I here. don't to main the balance I the takeaway sheet,

basis. on This better a than balance quarter the I light would came sheet an period-end the And to a period you average basis, more little guide average in on end. so

Brian Martin

Got you.

That's just helpful. capital that Okay. absent has. the the versus then maybe mean, impact And price kind given, is the I just M&A. your how heading the the and you're the a stock as is the market far on guess stock buyback then tangible level where I opportunities just to, as for and the the with of of versus balancing price thinking seeing about that on M&A book earnings side potential M&A as But potential.

Bradley Adams

be fair mean that, underearn also struggling awful scenario, will people where higher I the marked. are those lot terms that people balance value in sheet right? certainly especially challenging an the over are years but of to is a M&A and of there's in still likely a problem for longer here, ahead, have

kind that capital. an takes awful lot M&A So of of

not some it is equilibrium it deposits. activity lot that transaction is who's undeployed people know do it, awful an it I'm think muted of fall. opposed where rates to level but somebody but it expectations onerous. the alone the easy is is M&A is, got terribly And to that and don't pricing of versus of hoping -- And balances there for rates marks I fair I and still versus the value where going level to

our not are going that at to I on price be something recently, current but seen we of compete think those able with we've that's one valuation. to

Operator

the closing section. to to Thank turn like back Eccher you. for Q&A now remarks. the This I Jim does floor conclude over would

James Eccher

and this interest look morning, Okay. you again company your and joining us with for next to speaking Thanks, quarter. Goodbye. everyone, we our for in forward

Operator

you, This today's does conclude everyone. Thank conference call.

your You a for and your day. disconnect have may phone lines Thank this participation. at wonderful you time,

Old Second Bancorp (OSBC) 18 Apr 242024 Q1 Earnings call transcript