F.N.B. (FNB) 23 Apr 192019 Q1 Earnings call transcript

Company Profile

Participants

Matt Lazzaro	Manager of Investor Relations
Vince Delie	Chairman, President and CEO
Vince Calabrese	Chief Financial Officer
Gary Guerrieri	Chief Credit Officer
Michael Young	SunTrust
Jared Shaw	Wells Fargo Advisors
Casey Haire	Jefferies
Frank Schiraldi	Sandler O'Neill & Partners
Austin Nicholas	Stephens
Collyn Gilbert	KBW
Russell Gunther	D.A. Davidson
Brian Martin	FIG Partners

Call transcript

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Operator

Welcome to the F.N.B. Corporation First Quarter 2019 Quarterly Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded. turn Relations. over to Manager Matt like Investor of now the to conference Lazzaro, I'd Mr. begin. please Lazzaro,

Matt Lazzaro

April the Thank contained with our release, you. presentation and everyone, Commission website. non-GAAP this measures. conference file and and our refer to these Good webcast Non-GAAP I Delie, will and for morning, and the A and the will financial of non-GAAP reports Exchange often included call reported in President earnings call. to accordance website. Shareholder our with should alternative and of operating corporate This contain XX, on earnings Relations GAAP of financial with disclosures financial forward-looking be not over to our our call materials, F.N.B. and to results Services release. non-GAAP Investor and GAAP an Commission GAAP. measures directly related Corporation as to of Securities the measures CEO. addition statements on and be reports available in in measures Exchange the and corporate in welcome statements financial to link posted now replay the statement Us and the Chairman, filed until registration available materials Securities Reconciliations viewed section comparable About our Please most to Vince measures and and earnings call prepared forward-looking will are presentation our turn be

Vince Delie

earnings Good morning, welcome call. our to and

up per will earnings efficiency share over balance which the X% I'll a start provide with loans strong call Chief update improved Credit year Return basis, the spot driven quarter asset year the on in was grew where and will this provide leading operating pleased results. exceptional and strong XX% Financial Vince an Guerrieri, average our book Carolinas. then company. Joining Carolina also quality X% increased review than our reflects of Officer; nearly growth performance highlights, XX%. areas Today on On XXX financial spot improved and the contributions in sheet discuss equity morning mix our first per open quarter with strategic the questions. points as more share at with Tangible linked I'll increased our total by all and an by Chief and for to again grew We're share. nearly ratio to quarter objectives industry Gary the solid a value some are to from basis, XX% performance $X. loans. me of tangible $X.XX and annualized very basis Vince to to Calabrese, common year The XX% total loans commercial annualized Officer. Gary a per

company, very origination the across Total concentrated in excluding and year year For volumes of C&I XX% total growth increased loan Regency. X% the growth revenues loan our of over XX%. strong was growth in of impact spot commercial resulting with commercial footprint,

results insurance, markets in contribution Carolinas, more of the record based highlighted $X in segments and of year-ago prior increases by more positive this wealth than our the continued income, and core their million reaching levels our from included revenue, than fee markets to Turning quarter. quarters. markets capital capital Capital contribution from $XXX,XXX fee with management, were revenue double

a management critical front, that an focus. has managing team our year, been the excellent over On expense job past the done expenses something has

share increasing efficiency the levels driving by well were consecutive to improvements XX% in X.XX% TCE expenses quarter, These the generation a rate run decline this months. tangible in profitability internal over in and ratio directly controlled, capital evidenced the resulting last ratio. book the strong and quarter value per expenses third for resulted XX in supporting As the

are pleased common last returning in over rewarding also $XXX We XX shareholders the by while our capital million especially dividends our position, months. strengthened with

particularly Asset with in to the to Gary this and second year. for quality a sale part continued underwriting of risk, balance taken to higher his through proactive expectations to cycles. disciplined of the The well company. of our trend prudent and F.N.B. approach XXXX. These and very and favorably, well non-strategic the with growth the for a were management consistent the half of of risk sale direct future Regency economic assets perform has I that the a proactive to to ultimately desire and sheet muted of difficult their overall necessary commitment the and throughout reduce various result commend philosophy team as derisk actions a positioned to underlying appropriate the team's the actions philosophy, sheet report growth strategy balance were adhere management yet to equipped despite

our business financial to credit model the I in Given quality. favorably, initiatives. forward. more successful become further that first, that positioned Gary confident we about results ask on are will of I'll I'm more comment Later, will execution talk apparent strategic highly moving But

Gary Guerrieri

ended remain and our XXXX of portfolio you, favorably trend our with as multi-year first Thank Vince, to credit credit good morning, at continued the everyone. very and well metrics key We quarter positioned lows.

last points, delinquency while slightly to a a XX reserve improved quarter and XX quarter were good solid Total at annualized, at points, as basis NPLs XX improvement, for three XX the points further OREO point linked net came with at XX levels basis results GAAP basis basis up Our basis point ticking basis improvement points. in stood position to charge-offs quarter. over the

the Let's originated now highlights portfolios. quarterly and acquired some for the of review

slight growth. improvement the solid March to inclusive OREO credit end, delinquency at basis and move delinquency of to to decrease by a originated an results points. million were the and at The portfolio, has point mark, portfolio Originated were the organic quarter XXXX. or of ended a million, over ending in reserve position remains to charge-offs the past for coverage down consistent solid quarter. at covered, The the billion of by prior slight Shifting continues reflecting due down end Contractual and ending net the expense originated total which portfolio, at XX loan quarter XX quarter bps totaled performance NPLs the a million. net linked covered XX Provision adequately since a past reduced our $XXX basis a March $X.X which as level now XX% to satisfactory the ending improvement million portfolio. by the with remained with bps, basis of over adequately evidenced showed reduction X credit X acquired ending first credits at on XX ticked expectations. points basis level loan March which $X.X acquired also charge-offs quarter totaled a be March million reserve annualized. at continue $XX the remains at linked points, basis, Turning directionally million $X.X on at $X.X been The and and line a $XX our represents X.XX%. basis year, favorably combined position quarter

teams with CECL are partnered As to standard, it relates on CECL build the the and together our and to fully track implement we our have comply credit and to standard. platform, out new upcoming finance

start impact, during third the communicate during performance by pleased As results credit portfolio information to and which and we the expected the book additional quarter, the we with and closing, very was the In positive a finalize XXXX our of quarter. a we will first analysis are solid marked solid had position.

profile, growth As attentive risk in objectives through we opportunities. we which higher can communicated and approach the able and growth desirable been where manage to markets our I previously, balance selectively to achieve position we out most have remain seek our proactive in have credit our

front and principles Our underwriting, throughout in each lending true make of geographies. our line of diversification credit management, and and remain to asset continue and all our we across to decisions approach core and classes across consistent footprint, we attentive various portfolio center and risk tried philosophies committed be business

softness economy, approach Chief our positioned to his Financial that we this later cycles are over closely I any we'll today. to our call remarks. where micro has Officer, the all using for of and Vince the us for now and macroeconomic We during monitoring turn stage risk-focused continue disciplined, will signs throughout books manage Calabrese, are activities

Vince Calabrese

morning, will our I our guidance discuss XXXX. results financial comment Thanks, on and Gary. Today for everyone. Good

dividends end ratio translating share, value XX increasing of in the TCE to from while points on Benefits a quarter good As to in slide continued basis strategies with got operating industry. quarter is executing the year. at per build one start see book highest tangible commercial sustained X, to first total you can as quarter to continue off we EPS featured side, our the profitability The especially $X.XX our build us X.XX. the share, on a the to allowed paying and into still growth, capital loan the

respectively, declines loan C&I quarter increased footprint. the included or balance Now on results across really annualized XX% as pleased and was totaled those On of equity strong contributions up concentrated portfolios expected linked leasing annualized. led they in starting slide in from basis, quarter commercial growth mortgage offset the with look auto was X%, while XX% X. residential let's lending. the home average including The by and in of XX% the loan $XXX a and X% X%. growth of annualized, loan growth the growth by CRE at in partially in indirect consumer XX%, Growth consumer up commercial million, book X% were We for sheet in quarter growth the

basis, On X.X% a annualized. spot basis, million Turning $XXX increased quarter to or linked deposits. deposits

million total decreased normal terms outflows in quarter, In balances, $XX of reflecting X.X% during average deposits annualized or municipal seasonal the deposits.

point balances quarter into is quarter forward. generally to first The the expect and see move those we for as back fourth we the accounts, build low

in market. $X.X average total or evidence and provide ability personal X.X%. business average deposits. low-cost XX% deposits of our a bearing gather of billion, saw in to market, On X% increased We annualized also money XX% figures money These deposits, personal growth year-over-year in non-interest basis,

income level. from interest Looking net at X.X% interest net and the points quarter statement, basis fourth three the the narrowed $X.X or decreased margin income million

number forces the interest quarter rate shifts know were environment. there you a the As play this of at in given

money note market it's in For Fed current of competitive million full key in overnight December that loans Finance's in days the us were deposits, strong year-over-year cost balances higher seasonal Regency for of seasonal deposits, $X.X sale same decrease accounting is accounting factors borrowings, margin average the increase and particularly stable for and the the expense. loan which fewer recoveries borrowings in last by the impact in for the quarter, quarter, offset I Also, with non-interest and of expense on impacts sub-debt $X.X overnight the retiring important time million average continued partially drivers: recent that mentioned, the the the purchase interest of purchase of from environment a comparison. incremental causes net of move growth the temporary deposits yielding was quarter, reflected accretion acquisitions. to impact fully and This a cash as benefit in following accounting

the Let's at by driven non-interest lower on charges quarter, income look swaps now including record as servicing expense on quarter, million $X.X curve. XX. slides X The adjustment largely flatter and the valuation enjoyed typical in non-interest yield income of as is performances in due operating mortgage in international. was service first strong Capital as well decrease and markets and rights to a

management at X.X% securities fees. also continue growth wealth trust also and X.X% We services with and was $X.X see commissions in strong million. growth revenue in Insurance in growth to

quarter, million $X.X marking slide expenses. to declined Turning expenses compared three fourth consecutive decreased to quarters operating the of XX,

to overall that outside drivers services in and Our full-year is increase run XXXX the an in equipment expense few downward were tax lower more levels. enabled and personnel seasonally delivery and an channel. efficient, in quarters occupancy The trend by utilities an expense become and to expense measures expense, in over related the than primary decreases our our report to company efforts reflects The control offset branch high in expense. especially expenses partially increase Pennsylvania leaner Bancshares' rate last

are to we in think on and track that January. a ratio it shared guidance start XX.X% meet Overall, year efficiency our believe to XX.X%. the year we the we for was we evidenced, good As improved from the

Next, about talk our of Vince and cover some XXXX growth will some strategies initiatives.

Vince Delie

Vince. Thanks,

goals the banking, In those you a all teams recall, last As great over XX may laid major progress commercial start. or to on through I the met year, an want to toward we regions origination provide out and are our exceeded objectives. March. initiatives off Nearly update their some

first nice began the and the from quarter, contributions During Central of other parts we footprint, to Carolinas Pennsylvania. our see notably

that Market careful F.N.B.'s S&P's am of led Intelligence compared at robust Cleveland, portfolio, Looking bank, production experience. Charlotte. This there balances the our to customer mobile commercial for report evaluated. Washington more strong prior been recognized D.C., Pittsburgh, was has S&P say for I the consumer the F.N.B. year. commercial average review In that tremendous after increased consecutive progress teams and in C&I features by proud improving offering and the XX% The very to of are toward illustrates than banks year F.N.B.'s second Global most analysis. Baltimore

channels higher fully As digital continuing industry, in for in transaction volumes our we base. trend anticipate growth user and F.N.B. mobile our

channels. with As a users compared consumer banking platform with years. provide outlets transactions over mobile banking their proof the tandem physical experiences point, increased across our significantly refine XXXX, Project with will digital to In consistent we of mobile Ready, customers to our several XX% and multiple the up last with number

strategy expand ahead, its Looking will beyond retail banking. F.N.B. clicks-to-bricks

needs. upgrades learning other solutions tools financial customer aim include with a cart value-added and investment bring streamlining functionality. of which services. to customers number online provide bank, employees purchases solutions, incorporate Phase will tailored literacy our our for products technology and to the our enhancements new improve engaging leverage and the and through identify capabilities to modules. keystrokes technology to also the to website machine investments, clients and new also capabilities one digital training helping training we better understand to extensive customer begun both phase will and Along and of strictly The experience tool onboarding our financially. to our while their our You the with our products We physical customers our from services and in clients are when benefits expanded by Decide investments program, enhanced Foundations and with deployment These have of the Help will more culturally reap shopping first through designed reducing and

optimization branch program, optimize locations branch $XX new Virginia. our markets, de double of higher our and last to deposits per ongoing May in and as including Charleston, as we F.N.B. delivery Charlotte, since Through million. our network add increased have physical in Regarding to continue channel, deposits consolidated branch repositioning locations XX continue will we per to nearly are our million, growth we Northern $XX novo XXXX

loan-to-deposit Spot on for the the over year nearly growth from key our March over entire X.X% Additionally, is non-interest balances ended rate December. interest billion with were up spot XX%, total bearing for deposits annualized million, up A environment. year $XXX focus generate ratio X% current year. of company a pressure under non-interest XXXX year transaction to or across end $X.X basis and margin the deposit given the potential and in

wealth fee non-interest in produced income, management, to Turning capital core based results insurance. segments and solid mortgage, our markets,

There local and existing the and coming interest fulfill specialists of pipelines teams clients earlier, to markets strong across the local ethical capital fees, our for to mentioned highest and our our I In indicate notably continue specialist we've half months for we'll bankers F.N.B.'s North stands the been a markets a enables occur first attracting complement a customers and revenues product insurance making across recruiting Carolina; while grounded differentiates grown our Philadelphia; Columbus, D.C.; footprint, Washington talent benefit. comprehensive Charleston, institution current banking, effectively our and decision is providing employees Recently, our opportunity footprint in have offer syndication international in and our disruptions the that As position continue and larger customer against smaller both collaborative to access our more product significantly platform by in successful and in incremental we to results Mid-Atlantic throughout shareholders, engaging add Carolina. approach key high-quality with derivative banks. service commitment teams. to us, providing with bankers F.N.B. these in to managing clients It We revenues. to professional rate teams that manner. is Ohio; crucial us and to and as industry the risk unique in Carolina South achieve expand compete better markets. and

needs are the benefit to I'll our over turn With fellow serve better providing ultimately constituencies colleagues, to call value. creating highly and greater our operator. now that, customers, future We for focused their shareholder and listening by to communities, the

Operator

Yes, you. thank

We question morning's And Young [Operator Instructions] begin will from session. this with first now Michael question-and-answer the comes SunTrust.

Michael Young

maybe quarter. start morning. kind some first I in been the a ratio upon where to expansion headed progress the just for Hey, year throughout for further? just that's as just Could expand of and move wanted efficiency going are network, or while. that the know you radius like of to something catchment the Good on Should we good expense the see or outlook. here kind we of with continued a branch a that I forward? focus we company a little expect

Vince Calabrese

Sure.

expense at the in level it's down. it a for very look that level. having quarter, good you the comes the If first quarter -- with Happy it row that third

If the baked our year the I that guidance there's base. through for things the rest you kind of into mean and what's for of full expense variety the look at of year, come a

have merit April that kick annual in increases We on Xst.

that So kind a to little your of a moves have do as costs variety commissions bit. you for some activity. that markets expenses well there, that geographic We mentioned have are of tied as increases start-up Vince into in the expansion up

in impacts invest between that's kind So CapEx revenue our comes that systems, through, infrastructure of systems. to increased continuing and tied to of and invest infrastructure to our also just in

kind things the year. of the of through those of through rest all will come go So as you

just things those a up. first activity I the that guidance level I very four. and multiply good includes wouldn't by expenses general seasonal as quarter of our that is picks increasing I just of but a level, So mentioned all mean,

Michael Young

the of was loan all the purchases Was to that switching Okay, originated during Shared added great. or in And just that portfolio growth Credits maybe quarter? quarter. were there any commercial strong gears the or National

Vince Delie

across really it -- board, participation was heavy Michael, from It very with Yeah. the the footprint. was across

during call numerous C&I that recall of opportunities did nice the January pipeline very companies, with including a we mention investment-grade strong had You'll I very that some credits.

yes, there size are part become able So the with opportunities group to to is a are bank do and meaningful opportunities there Credit --- where the there. in want National manufacturing, balance exposure administration, now and industrial we the participation board, some the of public that of Shared very industries, sheet. all earlier. really insurance, wholesale and and of It really good broad trade, and government that was so across the including numerous across mentioned finance from Vince services, markets Those professional

Michael Young

And in just Credits current I could if of how last it the the -- balance one, sneak in, bank. National Shared what's

Vince Delie

The the in the of that performance out over side it's of And a portfolio Credits is National current on strong Shared satisfactory. touch grating terms of balance just billion. $X of

So it's rates of a very out one high performing that and strongly. very book business

Vince Calabrese

leading the we're That includes syndication, left way. by the lead where

So management have not instances, have sheet. get our just We've bankers philosophy many team led in their larger to overall the We the those to into our balance In in institutions. footprint. at or a transactions those involved relationship institutions. tend is bankers hired meaningful were transactions with leading rent prior from we many where transactions

the underwriting. actively syndicate is that and in the the tied there's we're credit. in So somewhat left, we're our participating ancillary I'd we're that assists there's with If to not say -- the book unique, syndicating participation extreme the where business

Vince Delie

in and capital of the nice us our put with good has some that from Michael, a position out Also, very, positive markets very standpoint platform companies. build been

Michael Young

great. Thanks. Okay,

Operator

the And you. Advisors. Shaw Thank comes with Fargo Wells question Jared from next

Jared Shaw

growth the the margin in of will FHLB expect mortgages? the here at Fed see portfolio residential pausing that in the margin, borrowings residential portfolio, sheet. some extend we to to those then the trying when could rolling margin Hi, the of the the be growth morning. of and with we I duration If balance the we by mortgage look with off, that good with should some growth And the partly is or offset in guess start

Vince Calabrese

low-single just the from guidance margin, mean, I may I of few kind digits, last year. is total using number guess, guidance, far as for overall as debt recall, as our the a you comments.

Regency, to mid-single If get that you you kind apples of normalize for digits apples.

as the far now to that margin did, curve you're rate had we here so And going yield the too, the those expecting as have with to two for when So back as quarter, that was as that quarter. our as to put we the obviously, a we built lot cut to market of increases higher from in the on in inversion guidance rates, sit January, opposed budget, gave before. other not the benefit obviously, pressure there compared outlook banks today, a

going mitigate interest expect year. I as first income the as with compared interest we the pressure Fed were income into then think mentioned, expectation continues net less basis quarter of mentioned repricing in don't $XXX see So you the build the quarter the our I deposits the million. loan on NIM borrowings guide, like the have I that first to that should up. pressure spot And We second that far strong deposits also given, on have the quarter mean, and in a do seasonal to impact overnight pause, for the growth the up you net the on full

deposit overnight to build. So basis down spot came the on come nicely down and as level the continues a borrowing

mentioned, see that'll of that'll you pressure of the the So deposits that the on mitigate some -- I on pricing some pressure -- too.

you first the net second overall, into that that as mean, still to of for I the the interest was from compared see margin I the expect mentioned And guide. go income comfortable quarter the more quarter. in with flattish all guide, kind as there the So to definitely reasons we're here pressure

Jared Shaw

commercial the And the where was for -- where the was new quarter? yield

Vince Calabrese

than kind specifics don't overall, points basis of pure purchase basis. on just portfolio I about the the higher it they're in I kind at looking it here, coming of you mean, if at it excluding rate a the loan look a mean coupon I -- accounting, for you the have have I could -- total, overall, tell book loans commercial. I in XX

and all of XX in in prior coming portfolio mid are to -- about -- That's XX in, points loans everything. to starting New the than the yield. is which kind points XXXs higher basis quarter XX basis the comparable loan in,

Jared Shaw

Okay.

Vince Calabrese

don't know you comment we're spreads, maybe guys want I what Spreads, seeing. on if to just

Gary Guerrieri

as are in here, cycle tighter assets not continue Higher bringing quality pressured spreads. late really quarter. also Spreads you're the to difference the much be from but prior

Jared Shaw

at probably looking good we've then earnings. payout capital continuing ratio see projected And capital on at now TCE point to are growth it's to expect go and quarter the and down be with another we've all How looking level the the more -- a capital, book capital at see with to and you're maybe that of build should the turned there? corner what the you growth to dividend -- and in XX% ratio tangible we sort all ratios value management the little of good of you now active right around

Vince Calabrese

past like pleased higher the I being the being obviously We're range now last think the between Yeah, we've and the kind with very up and couple talked in mentioned. with XXs, X% dividend the of in about earnings you movement right the low ratio X.X%. the quarters payout operating

increasing the So, important. so. And I that's is been at too, that's every you increasing rate, the book a also or little in an really been nice last bit quarters The of quarter five now. go that's think build range And back over obviously operating value is right important. which if tangible

is value key. tangible think I building So that

work sit CECL modeling we that. we today, through to here still have finish as think I and

as answer best If we higher that then thing get closer strong, loan the company think the to growth. of time, to loan to I the CECL X.X% -- growth opportunities we the that would in way I on the is do. there's depending investing stays once range, answer, the is have the over end So

capital So you it level those at answer to you CECL, as higher you that as kind levels the loan range could range. But of you're the and far of growth of once that know the opportunities on of kind as take where higher potentially action depends levels. there's get at

Vince Delie

given capital profile return with can't portfolio, some build we the not would capital we levels. organic of in form. deploy build looking not capital looking the risk -- Yeah, if growth, we're to to We're the the

Jared Shaw

then And great. Okay, ...

Vince Delie

Beyond what…

Jared Shaw

Great, thanks.

expanded you had sort been Just taking me, into and plan? there? Carolinas, think coming finally near the the since there's more just incrementally with of SunTrust too, of you think dislocation initially higher confidence Do term than lot some advantage with existing there's up gives And the big Or in do deal that the of opportunities, expected? that more more your it you market consolidation. for you you've hiring is just see that been provides BB&T. Obviously, we of in it could more a already

Vince Delie

we've Well, throughout least hired southeast. did I think from turned hires -- job of come over I of the analysis we've larger the XX% mean, we institutions hired the those already. we've done XX% an a most terrific of people hiring about team's and have at of bankers and

about feel the have. attracting no good We've problem talent. that had pretty we talent we So

a some culture a well company product I relative to think the has large perspective. banks great is from situated and

disruption. people to in, able bring been the we've So having Jared, without

great I think SunTrust BB&T and institutions. are both

we're transaction, such today. as ability Having said visible. the now done entrenched. I think become not a to through positioned underestimate that, large those being that's one We've well We're markets. even would more compete highly I their in

we've So client. in with elevated markets ourselves those set considered decision standpoint into many of a from the a

to to how it. think and we're us it's we I place, in execute. That's good So up view really

get driving we'll So and we'll what continue to our take focus plans. we on

Jared Shaw

Great. lot. Thanks a

Operator

Jefferies. the And you. with question next Haire Casey from comes Thank

Casey Haire

digit in a you capital and touch fees. then just of your products a But there's I guess guide sort pipelines that's part if thanks. Wanted confidence on Vince, to one. a the up a mentioned well. markets guys. Yeah, insurance also couple and tracking to little your of corollary shaping growth that. one I morning, that that Good fee know light, guide, are hitting it's low-single of

to light in were the you be there would upside on come on to If the guys fees, side? price expense

Vince Delie

the Yeah, upon quarter think strong our don't anyway, way particularly syndication and in pipeline, next we're the to actually going next have plays itself. the But are with use project crystal two be started areas -- it's if syndications beyond Syndications, large ball, a we've we sheet out in to assisting We've really obviously, everything difficult deals I based of what gotten quarter. a standpoint, so opportunities. to a number expect. balance the the we derivative I have from those where participate think in syndicated we to

we're which paid we So is wanted to premium getting be. economics, where

size I our that the given the in makeup of think participate to we're of and uniquely space positioned the bankers company.

market income, wealth, So that's fee a is. I'm confident for where capital the very in segment. thing it particularly Insurance very positive and

The our We've international got first very strong quarter in record quarter banking. two the banking, first out team. we about. seasonal typically a peak. a successfully pipeline. confident We've International built feel is already There's Those I areas growth. had not

So product upgraded are spread We've specialists the our footprint. across there platforms.

that tremendous leader a have We in derivatives. as space, well as

the that to servicing the down company large this solid portfolio. southeast. a brought was the the get banking across given from I good has repeat. they confident trending contribution very obviously, banking income where is side. changes We there in quarter the that I'm expect mean, So need business we is to in on We've fee down. to which us been really space. The added the in I of impairment got The volatile, in unknown consumer don't guide. pipelines consumer really to mortgage terms mean, will be the the teams mortgage variable rates. We've on the interest mortgage

So production... we've got some good

Vince Calabrese

... pick Seasonal up

VinceDelie

seasonal ...with comes. that up pick

feeling about we where sit. good pretty So I

execute to a I'm expect hoping and we're don't be deliver miss. I that something to able better. So

we'll So see.

Casey Haire

flexibility to on I versus come the if light, there would side you Okay, expense mean, ...? in be flat were the

Vince Delie

if manage demonstrated to expenses aggressively, we've we have think necessary. ability I the that Yeah, here

think the company. we're delivery I location de novos out to we've great in but had growth start a channel, what higher mean, is do areas one already. cost there. and have contributing. also of that take only tried We've success contribute reinvesting the We've opened number I Charleston should in we in that of

from we've nicely. bankers commercial perspective, retail fairly had the and prior a from So growing a that's portfolio sizable that acquisition market in

to the have we that cut think obviously. I ability expenses,

to taken we've would branches, to into a because additional fruit. point now Some physical spend, location have consolidate out our the we're to branches. of require and the where I out the low-hanging CapEx of new if one going channel we would mean, the to think probably we're take changes two concept find getting I delivery

require So CapEx that would spend.

that. at looking are We

that on continuing there's -- are lot what website product we The is So of we're I that. focus a doing mentioned, to proprietary.

have So to there be in I've investment It's extraordinarily with the be is terrific the going to That's website, happening. those pare an back well if is in coming are some seen capital to. obviously, Amazon-type the are year. things experience. going the shopping need I ability we prototype. later received. of development which our the to we expenses that And think Anyway,

Casey Haire

that actually great. the credit, all -- your of quarter. starting the looks for very And or metrics $XX conservative, the first of you just that million some point rest year? to here that the you on right, versus conservative baking charge-off pretty are which actually in are I'm actually are Okay, guide -- $XX is And switching credit to million, normalization stable. just in -- the just

Vince Calabrese

comment $XX Yeah, Like data I quarter. at $XX million million. look that, year, last full just was $XX.X I if points. year to a Casey. we The ranged can few a you guess from million on

our So the expect current had to loan outlook, and to strong of we based growth of that million obviously, guidance for combined million, the on XXXX continue. the $XX credit need kind with to $XX reserve

the had we with that. $X.X provide charge-offs at if quarter, you to provision good net look of we So, to were a do $XX.X start year, a first need And the for million. million,

The one basis the basis down point. allowance. So I we've think came dollars points built of

lastly, good. function the quarter in So planned the charge were first And net in of of the the then very a kind offs growth portfolio. it's

typically the charge-offs. first quarter lowest net quarter The for is

So you you can't work just can't to try annualize just to that. that. going annualize We're to level. But at that be hard

the So I low very quarter out and to level loan first you expected combination the there. that the charge-off guidance for gets the we of growth think in have basis

Casey Haire

for me, housekeeping items. going run-off what's first one last and the just two One, during And forward rate tax the great. Okay, quarter? expected acquired

Vince Calabrese

full little around it'll bit. the year I for mean, guide move XX%. the Yeah, was a

that We the for quarter. third tax have some are the second teed or up credit either opportunities

for good level So still XX% kind year a to of around full is at the I use. think

the I And down -- in I acquired mean, was That was little million Carolinas. the runoff, total to quarter. XX% had of good a $XXX there. a we as quarter around the far $XXX the for number As the acquired million runoff but very last mean, loan moves to total bit, book. from is XX% about that related

activity generate on Gary growth of through there about number So, down going net more, the let by million, and of that show earlier. talked obviously, come some $XX and Vince down having that the some

Operator

Partners. and you. O'Neill Frank the & with Thank questions Schiraldi Sandler next

Frank Schiraldi

morning. Good

-- Just couple of a couple questions.

get on given of look geographically, just talk couple couple I relationships runs like kind it little that to like strong maybe of the that a these are you in And like trying just versus relationship clients mentioned, gamut and Gary ago. now growth, on just -- onboarding what average what but look they on-boarded know versus First are years of are the corporate onboarding bit sense the could years were a what if -- terms the the of of size, a looks biggest about wondering being ago? you what coming C&I

Vince Delie

I Well, and on we're there's a few years of on we much today. not what what ago difference that, were all, bringing first bringing a of between think

philosophy. in incented market. and So We of in The we're still is to lower-middle book. way. million services still just and have And we banking we are while not balance sheet. rent just spot the for million million $XX for in treasury $X the market market management, pitch the a still full focusing pieces the terms middle $XX still private in We on million for sweet go credit don't same us same to of our service Where outstandings. the looking bankers the upper-middle to the $X principals. are provider, We're

We compensation years. changed incentive for the last our five haven't materially plans

the we've capital platform. there. become our a institution, markets larger focus Having invested sure, is still So, in

to part to or a bank, we're actually up we're where and the agent starting we're and still larger are companies. services And products and provide can to able lead title. those see transactions, we We where step opportunities of the group agents'

of I our size with the and that's -- larger to balance So only companies. really ability the things the sheet the occurred is change change do think

don't the in private equity So actively sponsor play we space.

provide focused So are doesn't transactions mean that growing. on market we I leverage we further. hasn't do can capital comment Gary, solely to really know from want companies don't if, we're focus still That you to changed. the that time But in are don't that to time.

Gary Guerrieri

Yeah.

good XX company. is that very, the at only up some to at you the Frank, a add, book due The committed the When it's average I other balance across for The clients, to look continues larger $XX on borrowed amount little the sheet to million. is handle thing granularity in top million our XX be clients, total mentioned, very moved that the the now. can clients Vince top has ability $XX those

So, the sheet average a in XXs. again, the the it's When the house at average very on low you CRE low from the look side of balance outstanding the is granular The XX side. CRE standpoint. in look and and at top XXs the

manage positions the granular continue, the the based book. very company very, way So on we across

Vince Delie

certain the don't we've take our last this saying taken Frank, to credits but we've And XX months to XX that criteria. out for been opportunity, meet the months,

Regency new leadership we Gary's into, was given job. job report on markets And emphasizing credit quality sold to a cycle. sold credit of incredible team us but that that particularly growth, a team expanded five thing did portfolios, an Gary prepared growth. Company our there under six we I Finance in the that easy over And pressure Gary's So we comments I credit that's has done terrific present. not my felt terrific to in the in to mentioned are where has

to headwind. growth a lot We're solid a believe, that position. So better of going without that numbers in I with report, behind us, more we're

Frank Schiraldi

And to us just then All right, of I commercial a speed you on a from about regions just growth if of the not the up regions great. there? you can update, have I little expectations do to but to talked I'm you if sort sort more color of get or sorry, there other the last two lastly, talked having just missed standpoint. four already, call know about Okay. give And Vince, and what an met Carolinas the wondering

Vince Delie

mentioned comments XX%. XX production Well, linked was standpoint prepared in and North are up all in regions on I my total basis from quarter tracking that Carolina a that a

board think there. beginning So the contribute. across to they're we -- There's I pipeline a good

do So pretty confident they're continue I to that going feel to that.

more to the We've we've of them. been We the have company to of committed position and great a the the a spent We're to lot They're hire. retain able markets. people. for very embedded proud company. tracked lot all from and in the I'm people doing very mentioned XXX They're progress on before centralized took the of them We in those training training. the that trained managers, everybody and comments. teams. training in We've market. through significantly my here. I branch prepared production's after up We've that money

think I've have So deal fewer And to we're headwinds we we've our indicated. with. plan as said, executing as I

Frank Schiraldi

the for Thanks Okay. color.

Operator

The you. Stephens. comes Nicholas with from Thank Austin question next

Austin Nicholas

back saw margin this of hit the of morning. given some that, variability number in Hey, kind just is XQ margin, kind deposit that it, Maybe flattish X.XX say on debt core we we call comments flows? there on the to that or some Good exit extinguishments of in guys. the the off fair is it as quarter to that, is

Vince Calabrese

that worth extinguishment, Well, benefit the is in million of debt the the for about the was points $X.X margin two basis quarter.

million, just XX So yeah, slide, the you're $X.XX from -- the you accounting. looking total up if at purchase basis had the points pull the in

the go sub-debt you just you you cost And And cost of that So million couple retired. to what that minus mentioned. brings we basis the points you as then were $X.X forward, the down there that new of $X.XX have million. a from

for we that's you items as had three mentioned, in quarter So if driver of short-term the accounting. to borrowings wanted of impacts the all number the expect And pressure then excluding kind core of my I where get underlying a that biggest recur. that to kind really other to the the that you were being mentioned margin basis the purchase the don't I about points on the that with remarks, number

or million up mentioned, $XXX as the another something the spot have getting move. down overnight I deposits come quarter, during the by not already Fed amount. borrowings similar are and You're And,

forward. that second benefits the kind So going of quarter

Austin Nicholas

it. Got

That's question maybe you. Gary, And -- then a thanks. guess helpful. Okay, just maybe I for

that past, necessarily worries then in than today your of the terms broadly in perspective maybe -- I -- were market, are in were terms five in book As a those maybe that or anything would a maybe they offered you year be six to different ago you're in that helpful. from seeing credit are specific not you think the you're that seeing about and portfolios maybe specific businesses that more that sold guess the

Gary Guerrieri

Yeah.

the in at well last the it has We've of take when we've in to terms risk aggressively In touched performance. hope that the that its there of very there's to this continues number the portfolio, pleased as any we're -- the me at causes as you segment with you on over very Naturally, to the position years. continues of as positioned no table portfolio at today concern two look economy portfolio, been three point, of look and -- point we've look of we all as forward. worked at it to a it quite earlier, be off that stays Austin, hold cycle we the this and But when the and whatsoever. years positive,

Austin Nicholas

mortgage. saw on kind just versus were on spreads but this your Thanks. helpful? quarter? last of exiting you of of And spread Appreciate any Understood. the kind in comments quarter one be last -- just And comments how of one coming where quarter would be terms them gain then would maybe on in the there, kind sale

Vince Calabrese

on the quarter, comment was -- Little but down than XX for million. basis the bit higher $XXX basis about than points fourth Yeah, can points. margins I XX higher year-over-year quarter gain-on-sale

for It at the And get the you were pick production to expect. depends for as number $XXX know on the up correspondence the well expect buying million. we would kind of as kind into that -- you first you It as around lower, the there. of as But is retail as So a of quarter, little bit. season. that million we $XXX just pressures a versus seasonally was quarter. And do under competitive the the mix quite for

Operator

the question from with KBW. And next Collyn comes Gilbert

Collyn Gilbert

Good Thanks. morning, gentlemen.

Vince. quickly, for the presume NIM there -- holds? to that the guys still accretion Or had million are any given 'XX changes had you you on back guidance circle $XX million of $XX that first, to wanted Just that that I to outlook? -- your

Vince Calabrese

that's Yes. the number, good to $XX think a No, I million $XX still million range.

re-estimate The that there. is good portfolio every itself quarter, and first We was a shrinking, performance the quarter obviously right.

down So year loans over about it's will of come a down year. pool XX%. came It that discrete

high So it's a quarter, the just payments been amortization We're like through the shrinking balance the that's it. basis come first just if a continue the at generating will nice continues accretion. I mentioned, pool good incremental to you're not there. -- Obviously, puts quarter because first it even you the piece at the normal points up was end XX two ranges But comfortable annualize to level. last above It's to stable with adding quarters. and normal and the still or But the end. the the down high

Collyn Gilbert

in I I you loan on happen maybe your on really quarter that indicated Okay, Vince, that's you -- helpful. And was you’re specifically think then in see saw was strong just And what the quarter. this 'XX. last than through C&I, the on had pay-downs growth, you'd less guess, XXXX,

your you year give this what outlook think outlook curious what Just pay-downs? what quarter, be to then thoughts any can you for like in pay-downs could as the this to if as the trends were and is

Vince Delie

of Well, were had that accelerated the the planned. the Gary portfolio some think and exits that because of sales last I pay-downs year

Vince Calabrese

real ... commercial the And

Vince Delie

real was Collyn, market take-outs that much terms of us. the bit I slowed a think for active, estate more in And commercial little

the I we're on the got the I last a From that first call had a with mentioned up in certain opportunities think quarter. larger fundings pipeline. just funding and side side large here pushed decent there to from construction that construction were fourth we that position the perspective, several the opportunities. good think on C&I I that

had benefit. place of production were we kind We in good footprint. just there. So to fell able Everything across the

had contribute So we planned way along. for it all to the contributed

contributing, think we're and continue. I So the big and without to that growth, the everybody that leading what's -- optimistic to will payoffs the that's

Gary Guerrieri

the kind The and a year then market, look to more you was construction secondary those heavy. ago three of fairly activity the There CRE of into period, It's Collyn, back piece finishing last when projects. years moving moving of projects, on. of type when those you stabilization, was started getting function plus

or but -- sporadic it You'll years very of started was based four, the one this or investment heavy the activity point ago. it on three, at that five there here the have was cycle,

Vince Calabrese

over acquired, -- the there then -- look the had. the been five as as quarters. back if as has last last I we've five million million $XXX as $XXX just It's been And lowest the quarters, high is low the Collyn, at I as run-off far would this as

range does where So higher as date, I relative to more to move we to this at the end acquisition quarter. the be but the number a lower of the think than I would are lot from quarter expect at end of range, it

Collyn Gilbert

what mortgage right Okay, book, is resi split book and what the you the then that's on the Vince helpful. the then now? know And between resi just and blended is fixed yield on ARMs

Vince Calabrese

the handy. I to ARMs have fixed don't

Vince Delie

It's XX/XX.

Vince Calabrese

XX/XX?

Vince Delie

Yeah.

Vince Calabrese

Yeah.

Collyn Gilbert

fixed versus ARMs other XX/XX around? or way

Vince Delie

ARMs. versus Fixed

Vince Calabrese

No, fixed yeah. versus ARMs,

Collyn Gilbert

you have ... And Okay. do

Vince Delie

or right, production, portfolio? current That's

Vince Calabrese

Portfolio.

Vince Delie

production, current Not Portfolio. Collyn.

Collyn Gilbert

Got it.

on And the yield have current Okay. do the -- you what happen then is resi to what the blended book?

Vince Calabrese

And handy. with we up that. follow that have can don't I

Collyn Gilbert

Okay.

of the in guess detail you the take specifically, sort you initiatives advantage near-term of a the Vince, to just targeted of that ran any I to lot merger, any very Okay. just are opportunities as of you bank. or be the of just finally. strategies have SunTrust-BB&T But Carolinas, And disruption? guys kind there on-the-ground some ongoing through I given more initiatives then that to have within what know

Vince Delie

do. initiatives. I We we we have mean, calling -- have

pretty We that tracks a prospects. robust system have

to able understand we're are where So domiciled. prospects

southeast. run They're BB&T big middle most But solid great a both as institutions. campaigns. recently our the good, across do I competitor both But, in SunTrust think good banks. I those competitors. they're great market. we in it's more was -- only us they're So footprint; said They're least, earlier, the At for of

to easy. Nothing's to going have just So we're execute.

client takes to keep I fairly develop their takes they're seat We point need and have transaction. advice an fight relationship they good they're just disruption, where we'll and going they to the typically get get ideas a a little yourself. we'll bringing to that and a a easy, there's to time want to there's where their the long with They're get consistently more going to you to while of calling I clients. it offering move -- eventually. make up table, than But to really to -- execution believe So think something to to announcement good but the a you to relationship a it and It keep trust standpoint screw institutions. from

So a challenge. be that'll

Collyn Gilbert

Okay. Do you have ...

Vince Calabrese

on Hey question the Collyn, your mortgage.

the fixed adjustable rates between origination between rates and where rate during the quarter. And quarter three in kind are rates the those we XXX were fixed were adjustable the the So the first on is around the XXX mortgages putting is rate. for were the last of XXX-ish months where for of

Collyn Gilbert

yields And Okay. book did -- to -- in happen ...? portfolio you each you pull the what did the on are

Vince Calabrese

I just have the origination.

Collyn Gilbert

can We follow up. Okay.

Vince Calabrese

that yes. can but obviously, slow We

Collyn Gilbert

Yeah.

you of overlapping do discussion, Okay. the or have relationship And much within have customers portion have banking a maybe you your at BB&T maybe you your then SunTrust lead or sense how with of Vince, within institution? it, BB&T-SunTrust a client would their that guys relationships back but have to be just, of the -- base markets,

Vince Delie

have in -- banking SunTrust, we idea general obviously. participate or where BB&T have a Yeah, we we commercial with a

there side, we methods. relationship, us we it's methods -- But if to those have explored we've consumer the split On for a a little and challenging. more determine are

think good after business, like So a routinely. we I I we do plan we like -- said, just to go have pretty

do going really we outside normally this do. of not generally. We what we're So

consumer we based is even So help generate internally. if that's our leads time and provided services we some for algorithms see leads that a the source how with the us that all happens write And And other of upon that us. pursue that are bank. we the being commercial and by normal institution to split that's course actually the opportunity, relationship institution. lead, We

Operator

Davidson. the from you. Thank Gunther next Russell question with And comes

Russell Gunther

Hey. Good guys. morning,

futures and for Fed the fund rate potential Vince, mentioned, a You pricing cut. a

from So, this any that you strategy two, against NII guys one, rate considers to your point if rate a increases. there's And to confirm at are sheet environment? guide anything guys' cut the longer I ask no balance wanted then considering protect

Vince Calabrese

we the we're actively say sit space shelf analyzing is of to the opportunities components we're would portfolio, sheet commercial of could where off talked today that. here I I books, to strong on-balance portfolio place there. mortgage, about create The Yeah, definitely mean, always loan that. things and as very balance that like like move there we sheet the we growth securitize earlier, like is opportunities for things CECL with the especially maybe evaluating analyzing the do a some the or for coming longer-term some sales portfolio indirect

sheet, on during given that had well the we at as asset the that the different the looking balance loan as all we're So strong growth quarter. particularly classes commercial

will XXX, have down, mean any plus far asset of as for sensitivity there be if our XX-Q. out in XXX, figures the I disclose those that XXX, the rates information impact and we go all the as minus the we So and plus

would I So, pause there.

Russell Gunther

Got it.

any would you done, of capital Okay, more ask complete would so deployment. anything the on third raising conjunction implementation? just in X.X% in is analysis on that where consider early mentioned some but return capital that you Vince, the answer get there then for suggest I great. CECL kind appreciate with that Gary, you've you might a CECL is front, quarter, of bogey the And we'll TCE innings consider capital based And

Vince Calabrese

here as going would through process. we're we today, I sit as the commented, say, still Gary No,

on in now final, track that with So won't in to but We're scenarios. a quarter, the And forecast We're point. need where the parallel lot like, we moving about we'll runs. outlook doing at results that those to And talk third we're what parts of CECL. There's time. on point then different based right be the at the look analyzing economic be.

Russell Gunther

it. Got

then, on there guys moved And like one quarter. meaningfully Okay. last this looks little market, in you a the Philadelphia more

of is what's your Just see going your give what forward opportunity there XXXX? you growth exposure what currently, kind the for us -- for a as sense

Vince Delie

while. a of calling Well, Philadelphia out our for we've been into operation County Berks

were around into that are that I that we were were So was we say our market. anything. market Berks, in would -- Chester, hiring so we move calling more we than in centered opportunistic

a our at market opportunities of we do estimation, our did on that. we there, to because least having from up and it because competitive, there. the with we're from we pursue market, analysis that the a we at outside do to companies, M&A gain that when to That calling that I we other market sort time of candidate some that we and there office compete assist are of enough not we did loan this was is the individuals. to So felt production in, had couldn't still market markets while activity calling of appropriate came for and And planned scale benefit highly us number find to an in in several think on pursue reasonable market opportunity somebody -- feel us really

matrix, we looked we've if out at. scores So go top MSAs our the on very high analysis can of our it XXX in -- that

that having into that's there presence similar. time. We've people felt And we some from So loan for what made Columbus some really that's commercial Columbus is a standpoint -- drove And sense. had that. calling

and situation. the on illness. So a We've unfortunately, there, ground an person similar had had he

had had person. that -- to replace we So to

So have pretty I've -- markets, both that. And portfolios. we in we as have sizable we did said,

Russell Gunther

Thank Appreciate you. it, guys.

Operator

comes Martin from next question Brian Partners. you. And Thank with the FIG

Brian Martin

to of can today year where quarter how that is came and Maybe pipeline couple already, gave the at kind guidance to pipeline, about guidance today, but be But of upper talked looked strength we're today? just Vince, just kind to talk through, shown portfolio, Carolina kind on your you loan questions, these the stuffs' based the pipeline the appropriate kind quarter, answered. just just transactions a the the loan of the on this of you that but been larger end just today. suggests some of that you last the X% just about Most given more pipeline strong seems that X% maybe start the hearing, of what was

Vince Delie

pipeline. a a in It's position with good we widely the Yeah, sit dispersed. pipeline, pretty the good pipeline. It's

to is of assessment guide is your correct our end I think upper guidance I think, correct the our Vince, to say... that and

Vince Calabrese

Yeah.

Vince Delie

growth. because net loan ...on pressure, ... though, I income margin we've too, I would caution interest right, you because perspective, think there's that we from a --

Brian Martin

Okay.

Vince Delie

control. So out expense it with balancing all we're

And we are ... so while

Vince Calabrese

businesses... fee The

Vince Delie

fee The But businesses good our we're changing think I in hopefully the mix that and liabilities. place a here. of

the on about gave. the we end confident that pretty feeling we're So range of upper guide the

Brian Martin

funding of with the of just And the the is have guys that this the leaving perfect. of on pause, Yes, you're some Fed the quarter? the like with thinking kind how kind starts Or I market? the the first pressure just of it Again, sounds it. kind numbers see Okay, quarter, easing that in to side? deposit on funding -- guess started side, you in on

Vince Delie

Yeah.

we've internally about that bit a here. I quite think talked

side irrational the marketing seems like on into put On in had It rates. saw before their outlook consumer some pricing. the programs play change banks we

same. aggressive So I'd some rates there the market were in pretty marketplace. say Commercially, the money

some in were bit that's had kind where backed pretty of stabilized and early there the clearer a competitors. initially, of a off I as from market money people think think out view there aggressive going. quarter, I But rates little rates were

are more So People climate. here. shaking competitive reasonable, a think, we're back heads I to their

a that's And good economy. all think happens the sign. it depends with on I what So

I that happens think if things what continue Fed. to who impact knows along there's chug could demand, the But with then pricing. loan and

just big to of we're starting trying we're inflows earlier, deposits So on mentioned we now. obviously, drive focusing -- we get --

started. So it's already

quarter first then builds the usually is significantly. So and negative, it

happen, with lower we baked increases That it should that forecasts That overnight borrowing deposits. but us trend. because bit, that funding So we're reduces had to going aren't cost help seeing helps rate our so. little a into

Vince Calabrese

is Another Brian. reference point just deposits, time on the

the on some of few market describing. kind last weeks backed actually we've that the off just our of Vince CDs over given the rates So is environment

Brian Martin

Okay.

particularly know I Fed side So of on -- than the different deposit was you think was of were Nothing you this there year. year else to focus the about I because going doing ask, strategies, yours the here? a before doing -- on the this to was said that what you drive deposit growth on anything that based when was change

Vince Delie

I'd say consistent. it's No, fairly

they and compensated to people, transaction bearing grow get accounts. non-interest Our

comped on the a they so on is they're use get efforts the consumer the marketing step -- time consistent. -- We whole able deposit we builds area should new here, of felt opportunity spend, our did But the really us another some the flow through. bank so categories. markets because there the an so we So in market in the the perspective. deposits fairly up the that from marketing don't that accelerated way. or some year, good over it that tool That's that We forward as high-cost to household. But behavior get brought some expense It do for so was it We things seeing momentum. we're to by course the we in. were an to

and which So should then here robust had April the digital we forward help. in a more advertising brought campaign

Vince Calabrese

the non-interest bearing is deposit focus so... And always there,

Brian Martin

Okay

Vince Calabrese

Particularly there there's opportunity in New York market, lot a still. the of

Brian Martin

was And type gave of doing. that thinking XX%. The you the one. tax rate the you're next some of include Okay. also about quarters talked I just tax credit strategies over strategies you're about XX% thought And Does that couple the some guys of the That's last helpful. you rate?

Vince Calabrese

and that be Yeah, would the of that's tax -- credit Brian, rate, include Yes. yes activity. kind would full-year so that some

Brian Martin

Okay.

Credit you it Gary, idea? or this linked have think, was of that was Shared an mentioned how Was I a quarter, change a balance that pretty insignificant? you Do year-over-year much big National that quarter? the change

Gary Guerrieri

slightly, Brian. anything extremely that up was large. It was wasn't It

Brian Martin

Okay.

Gary Guerrieri

in diversity names lot it. a there the in of that book, Again, was

Brian Martin

it, guys. Alright. appreciate I Thanks. the year. start Good to

Operator

questions, Thank no management any comments. would I closing you. for And as turn more floor to like the to there are

Vince Delie

questions. all, thank to I'd for everybody like of First the

the quarter. with hope I we're pleased I quarter. you're very with pleased the think

the expect We continue to momentum.

interest really deliver you position and the company I thank think just to to the in hard and worked great would continuing questions. on to I thank team our has F.N.B. execute say like show the for plan. to to for you

everybody. So have care, a good Take day.

Operator

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

You your may now disconnect lines.

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