IBCP - Earnings call transcript Q1 2019 | Independent Bank Corporation

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

Operator

Good day and welcome to the Independent Bank Corporation First Quarter 2019 Earnings Conference Call and Webcast. 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, this event is being recorded. I would now like to turn the conference over to Mr. CEO. and President Kessel, Brad Please go ahead.

Brad Kessel

Kessel, you Good Financial is conference quarter Rob Independent Executive Officer. Brad Corporation's Shuster, Executive and joining and morning. results. And webcast Chief me am first Thank call XXXX to Bank company's Chief President for discuss joining and President Vice I Officer. the

not Before begin it you today, the then information slide does you and important X regarding followed have to cautionary presentation. our can If today’s www.independentbank.com. for the already on X by it access statements. prepared a my is of call by at closing release today’s remarks. agenda call, of begin copy the will remarks, with we responsibility direct forward-looking include note the to The a issued will page for anyone press To session, website, follow question-and-answer company’s I along, Independent

solid of significantly quarter closed on Also net of price TCSB, share, loan XXXX rights. million of the XXXX mortgage the to servicing diluted pleased to first with prior impacting start in XXXX share are income in and net which versus $X.XX both value quarter is first XXXX. X results due to first or were April the quarter or changes XXXX fair acquisition Impacting $X.X the of the report our $X.XX We our period. capitalized million per $X.X of per a year income diluted

in tax quarter When increased $X.XX $XX.X after mortgage totaled increase of per an impact per $X.X for by income income positive growth $X.X XXXX on XX.X% XXXX. net $X.X ago Gains MSR loans first the $X.X XXXX or in in a was of of the share XXXX, diluted interest interest share first of million Net compared quarter and in mortgage was the and totaled from totaled negative expense XXXX during the after million partially period. in after million positive as earnings For previously a $X.X million to million XXXX, to of diluted respectively respectively. excluding quarters increase offset million income for year the to range or $XX or gains, the in expenses $XX.X the will loan driven in provide I we million. growth year of of million expense period. change year-over-year of $X.XX first the remarks. The change, our by share net believe quarter prepared compared in million results tax ago first XXXX expected change and Rob by XX.X% detail first to the million $XX in quarterly XX% the quarter per XXXX. and do the on expenses. diluted tax shared the his more $XX.X will to return Non-interest and increase

During loan loans X% securitized million $XX securities quarter net available the transferred loans first quarter, we This is of of by mortgage growth million growth. and or consecutive of $XX the represents annualized. of securitization loan mix. quarter as we XXth grew position, to our portfolio most securities. as of of the purpose The subsequently targeted corresponds well XXXX. first during for our position, liquidity the our We of the sale earning risk This rate management asset sold interest to these

or first the On X% were total during quarter, million side, funding the deposits annualized. up $XX

of a by partially this XX% non-interest good presentation of primarily the deposits, account annualized. checking footprint. our This quarter growth our bearing brokered account a bearing Slide growth savings, were past in offset – balances, which deposits, balances. in decline rate Excluding X was the reciprocal was provides view interest

slightly rate is than it can estate. sales at with In home strong unemployment And is of regional be year X.X%. to X.X%, million X.X% and one at as above X.XX The shown ago. Regionally, estate real a continue the US in our Detroit, X% Lansing in for rate housing, affordable X.X% with and and of Michigan $XXX,XXX. Livonia, is to workforce The lower affordable unemployment at unemployment Grand growth, slightly Rapids’ demand overall inventory. shortage housing, is positive year regards X.X%. market X. conditions business Michigan ago from is price low economic Michigan's The at is Michigan down up X.X%. X, unemployment, of real continued is when one was X.X%. of page portfolios Michigan's on trends Michigan unemployment the Dearborn, sales good can year-over-year job slide be to the continuation is In characterized be commercial Turning favorable continued February a some average XXXX seen price

Our $XX two our strongest region, in are regions $XXX Grand East and region, in up million the Rapids balances. balances Michigan growth million up South loan loan

very good regions. year-over-year our slides of Our X% couple in We've growth acquisition. Traverse has the City balance The team deposit seen growth produced of cover also our most sheet. since next

excludes of in attractive page working the million non-maturity as X, same portfolio quarter to X.X%. we our or in are of accounts. one reflecting $XXX this the first acquired of couple annualized, a Turning deposits XXXX well non-brokered while we XXX total in billion total ago, TCSB to deposits, deposits increased by to manage Independent effectively as merger. X.XX of quarter XX% base deposit composition million deposits overall brokered of This deposit the charts X.X% cost and has our provide the funds. which year comparing continued growth When

linked in when basis to mix year ago. Our quarter points one the same this on page is a XX. total the comparing basis also Similar portfolios. XX of reflected charts are up quarter But are loan and we points basis cost displaying is of our deposits XX case, up balanced on

million loans XX% $XX.X held installed $XXX,XXX, for aggregate the The to was which were including by portfolio commercial loans billion, XX% portfolio target X.X% We for commercial our or sale. and loan loan commercial, mortgage, book outstanding largest to grew and by mix, business. XX, the now XX% XX.X% mix loan $XX.X X% X.XX balanced securitization. of loans March with of our continue total or annualized At loans a net is XXXX, by of installment a being mix sale. quarter. the million $XX mortgage a held increased up million Consumer portfolio The $XX quarter during million for

XX, levels to of assets X.X%. March In of within capital X.XX% tangible management, well terms XX, to at our equity at XXXX. XXXX capital to This with tangible from strong, X.X% TCE to common continue December range moving X.XX% is targeted our be

to $X.XX on plan, our common XX, XXXX, turn cash and which level. dividend XXX,XXX would in Directors repurchased over the from per share the Board remainder represents I of declared on outlook first presentation Our of an quarterly quality, an share January like comments February and time, the Shuster of XX% the quarter prior company's stock, shares credit increase a average at price repurchase XXXX. CECL company during we dividend this a share financials, the few on to for $XX.XX to Under cash At of share. Rob paid XXXX our our per our

Rob Shuster

remarks. increase everyone. Brad of the I presentation. starting his in discussed our good income Thanks, during XX morning, and our at year-over-year page interest net am Brad

net interest on I will margin. focus So our

ago the late up margin occurred ‘XX. but interest resumption compared principally therefore of or points fourth There due funds the recoveries year move points on growth the quarter XXXX. was quarter off XXXX to Mac the to amount on of assets down XX.X% ago which the was first Page declined and loans quarter the factors This the fourth points, expect primarily Our basis is decline of to Interest amount and expect some net XX non-interest the couple due fourth this loans a earning the loans ‘XX. to the One, of $XXX,XXX two first decrease average first two, from but in year XXXX first less portfolio previously to million non-accrual up of in linked XXXX quarter do of was of fourth ’XX the as X mortgage have assets and more decline a mix couple in very interest topic in $X.XX a the a to a basis I $X.X more persist, interest of quarter lot billion tax these color A the a earning by summarize slide, in X.XX% quarter data deposits. quarter to to earning -- million commercial interest income. a from of compared of of net period, securitization we average in point the billion securities, $XXX,XXX first detailed ’XX were interest in points. a through X.XX% $XX.X on sold points loan interest ‘XX. We in in much compared mortgage Two not compared of declined income days backed $X.XX contains in either by of bearing the few quarter quarter of in of Freddie quarter net Average analysis of loans, linked X to XX cost fourth as basis during charged on the quarter billion The comments balance of XXXX. will growth these moment. in the which basis quarter. more average in equivalent the was of from the average most the loans net fourth to $X.XX quarter of loans, XXXX. of margin represented is in key The factors. the X.XX% were little quarter reduced X of detailed total changes XX.X% assets in ’XX. and average actually the first in decline by of of quarter quarter of XXXX, and of

decline become this do level $XX to deposit a some bearing non-interest bearing funds experienced also We customers more accounts. bearing few in as interest continue average of million conscious next non-interest the into at expect phenomenon moving over balances, We quarters.

quarter outlook specifically our during and expense income average in balance annualized on which our net the compares Page cost for later funds, monthly rate spot of is the earning funds federal the our quarter. by more to XX interest interest federal effective rate during divided presentation. comment quarterly the of assets will average XXXX the the funds for We average

first ‘XX the for to QX cumulative effective the the points of movement see the funds period XX.X% next federal ‘XX of of rate in X.X% and ‘XX. funds then federal beta points low can is XXX movement increase encompasses -- from relatively basis QX which basis effective of rate, to the beta QX for cumulative You the the ‘XX in XX in QX to

quarter first quarter the on XXXX to million Moving in the quarter of non-interest XX, $XX to in year income totaled in and ago million as of page XXXX. $X fourth compared million $XX.X the

quarterly first the QX As million on the mortgage the caused in to in most regarding The mortgage mortgage in gains the $X.X he Brad loan in to and this compared volume net in sales quarter mentioned, million to mortgage of income of comparative increases loan increased variability and ‘XX. due non-interest year-over-year loans $X.X was comparative shared change. the increase servicing dollar figures loan gains -- ‘XX these pipeline.

of exclude mortgage ago compared portfolio first in value fair profit year X.XX% quarter. to was quarter sales the as mortgage X.XX% and sales margin in you loan adjustments, If loan the the on ‘XX,

to April a as quarter commitments XX, ago merger This in real these reflects page compared X other the City due lending on on that loss non-interest the and of our million detailed on costs. increases the healthcare first to calculation with total well XXXX minor million year as occurred as Bank State estate quarter. of As costs methodology in ’XX change for $XX in increase Traverse $XX.X expenses primarily unfunded costs, of in

with comments on estate increased to of loan million first an the points the X.X% of the XX, tax non-performing in and basis commercial at end, presentation. of fixed non-interest X our a X.XX%, were end Page and ‘XX. securities investments first is XX-day Page and XXXX, X.XX%. is less. of later At provides other of quarter XXXX, March virtually early average available duration XX yield decreased expenses total provides portion more X.XXX% for portfolio the overview lives non-performing year mortgage The of and Non-performing million Investment delinquencies the years were is have $XX.X from about of the of sale quarter real for portfolio or years equivalent March rate assets outlook XX, portfolio Total commercial at delinquencies. will data loan XXXX. of weighted XXXX. or XX quarter is our approximately rate assets during XX or We ‘XX. the X average XX in of on loans estimated by of maturities average up X.X variable much were loan March assets which $XX.X $X.X loans, during non-performing million delinquencies XX% stage

including unclassified Moving in loan on low XXXX first page a and X.XX% XXXX. the losses originated allowance to for loan XXXX we information for XX portfolio $XXX,XXX loans respectively. some X.XX% $XXX,XXX $XXX,XXX The assets. expense We at of charge-offs loan data, of to and XX, recorded of $XX.X XX, Page provision compared million of the quarter asset quarter first March and the of defaults increased and in new $XXX,XXX ‘XX. on recorded provides of or ‘XX quality losses net additional of first loans quarter in to of net recoveries loan

New Page of represents first information continues these quarter. defaults of the totaled portfolio This standard. these of in XX% CECL first decline Page of XXXX. a to our portfolio during $X.X $XX.X XX% loans and a implementation million XX, XX XX with just the timeline XXXX. loans that our This being $X.X detailed March March at slide. very on loan million performing TDR were for well XXXX. million new This the quarter at current provides is of accounting a perform XX, provides

capitalized disclose growth losses actual expect fair when to the achieved factors. year we our CECL update Form of XX annualized was better Overall, negative a first our actual impact first growth value MSRs provided actual due original for file Page the out XX-Q that in our believe original second we see, the when that rate January of our back on in is our X.X% loan on can the quarter, quarter we you is the ‘XX. performance the first for XXXX loan we publicly of allowance August. early We than where in our outlook in quarter bit outlook. our As to seasonal we first factoring estimated adjustment Typically, ‘XX. slower performance of compare during to XXXX quarter

expect expectation and loan we rate full So of X% growth quarters over to X% comfortable accelerate the next couple our growth. this year remain to of with

an interest shape by yield With the expect lack moves we pressure of a bit the interest expected our do upward current the of and curve of downward rate net any Fed, on margin.

of net our was XQ XXXX However, growth XX% we forecasted below income level interest of average had rate remain for an for of because $XXX,XXX. comfortable expected loan We This expense with assets. ‘XX metrics. provision earning to a all to interest losses than in our in due for anticipated better asset XX% quality increase of

anticipated loss during growth We our XXXX, main is the expect loan be asset generally stable loan metrics the of driver quality remainder provision. so to of

price our to ‘XX range. income been at non-interest forecasted MSRs, the of would have adjustment high fair adjusted value negative due end the on quarter Excluding first

income We of changes to range I value April continue XX% mortgage that XXXX, the for quarters retraced to and balance forecasted decline might price through we've here about within associated non-interest in to our any of comment rates. be fair excluding due the expect with in MSRs. of volatility the

we'd June, some the expect from that where things end value quarter. of MSR fair decline if to stay at the of they're through So recoup first

other a bit range that we discussed our and I budget primarily loss As healthcare at due estate, quarter zero. non-interest forecasted first were expenses actual previously, to a real on costs above

totaled items totaled of first sold forecasted which commitments, taxes, mentioned, XXXX. $XXX,XXX back which in the of we of expenses that removal $XXX,XXX collectively the the ‘XX. within lower the on quarter and loss believe to for which areas three the reimbursement first expenses, payroll ORE, loans, unfunded for Specific ‘XX three anticipate related as do include lending where on in costs last fall the in we credit related range quarters include provision Brad will non-interest and next then quarters quarter However, costs, snow loss

about exercised. due of vested to by I of benefit reduced were in as over tax awards tax call options XX% first That rate quarter forward or concludes the to tax closer first income expect ‘XX the $XXX,XXX prepared effective of ‘XX that and like of XX.X% effective was were we going our that to remarks Brad. and stock now although do XXXX stock income the Finally, rate an quarter turn the ‘XX, my to in would back

Brad Kessel

Thanks, Rob.

of assets two drivers shareholder For many return. shared which significant to goals, of most equity, years, we return we on including have be the on performance return our believe total and

Our current XX%. and include an goals ROA of X.X% ROE an performance year of

quarter average increased respectively. to For the X.X% and assets average the equity These XX.X% on when our after-tax were of and excluding of XXXX, first XX.XX% return on the change. and ratios X.XX% return impact MSR

initiatives our listed strategic have slide We on XX.

XXXX, made strong continue of on first the believe we initiatives each During progress these these. drive We execution returns. successful quarter to will on of

a of our in call strategies open serving at is and in focused on bank, our to As our questions. now investing community point we'd time, markets like and for in our customers, the all center the At up people. staying this

Operator

comes question first Our from Instructions] Nosal Sandler O'Neill. Brendan of [Operator

Brendan Nosal

start outlook. the on want NII Just here to off

growth would maintain it side outlook XX% is it XX% But like year. three the guys throughout now looks we than ago. a like for ramp have to growth pressured up that and should the feels quite more of holding little in NIM you the So, and months the thought is loan nicely

it for maintain XXXX? that to growth XX% us worse. if NII or and allows the a outlook growth NIM same you the XX% outlook is help the is that how, to more guys less understand What Just little is

Rob Shuster

loan bit a a we're probably that end on One side, going couple range. is, higher to I the of more of things. think be toward think that growth I

The investment the more being continue or I And change at the help second bit thing is, securities mix a to level down a do will bit. think loans. with maybe

remix will would curve, help even I average loan say little the the flat bit or thing we're generally, well. at So yield last portfolio. generally the And is, a better with the the for the as than new growth seeing

on expect hold an curve. of assets, earning upward move we’d Fed with even on kind So on and flatter a the yield

interest those in net think things it's feel comfortable I overall to growth that combination So us of allow still dollars in with income.

Brendan Nosal

Got it.

that Okay, things of the more a and start of sale for moving for side gain then And the obviously on makes strong sense. me, to mortgage over one to mortgage. year

Just curious, the banking refi year. obviously you mean, your the volume. seeing rates could your throughout updated thoughts are on But mortgage help how in dip things progress I markets? in

Rob Shuster

so we pickup mean, Yeah, in I some did refinancing. see

through growth, Now, capturing the bit quarter a volume in recognize acceleration you're here of first first pipeline with that an gains. little three application with within even we've the the But sort seen April. weeks that, of of

activity activity. So seasonal working, XX% you home have factors plus we're things sales you purchase have two where and mortgage and purchase

that volume, there we come up had mentioned, then you subsequent the back and some as March although, see in I treasury XX, a picking is to pickup rates up and mortgage So of refinance bit. XX sort year

more anticipated think think the to year So the be I with it's a combined at to refinance we necessarily it's boom. be purchase But market. of going strong a don't I outset than what going

add you our want to part going is don’t few results next know feel Brad, quarters. anything? if we of solid the be to a that that for So I

Brad Kessel

No.

think you’re there, track on right Rob. I

Operator

Our DelMonte Damon of next question comes KBW. from

Damon DelMonte

on can to the be margin, first compression amount couple little give could a Rob, the of of expecting color you question, kind you the just circle of quarters? my next on back in So

Rob Shuster

deposit side, costs, of one you're a rotation what managing wild fine that's I on we not from where if walk happening X%. trying was the bit yet of losing bearing mindful this of exactly be to did little the where deposit and non-interest a harder Well, of predict. relationships see to bit it's interest funds out really north replacing line our we're But, extremely of the into interest to going one pressure card, bearing, knew

any I'll expecting side. fact more We're my with has kind that comment expecting up last significant of So, deposit pressure it quarters. the as the we're few on caveat move not that the

anticipate seeing being the So, I and yield growth benefit a that compression the incoming the and asset we're modest. accelerating loans, side, in where on earlier, sort of earning versus given we portfolio, would average given loan loan with incoming and our rates loans what be the mentioned very on

points. customers balance with quarter, I'm anticipating off our see maybe we it balance fair first amount could peel So, and say kind yield will deposits. that, And sheet see odd table, average growth first in of you deposits item in quarter the in we anything significance, not in of a to or typically with our had municipal sort basis We that of of seasonal and a couple broker particularly one the growth. the and weren't of in able lockstep I

So, we deposits, overnight had about XX million which more in yield. lower kind at were of

margin here kind expect affected as the of first recur quarters. next to quarter little that the of that couple move through I So we well. And a as bit don't

that's feel interest not the I be going the other margin. net is reason very pressure the to like on significant So

Brad Kessel

probably deposit if going it's again, I But to base. be on miss, that

Damon DelMonte

this XXX,XXX. from think as it quarter. was impact is I And far value accretion, XXX,XXX then quarter as like Last fair the

be range? modeling we in to should something So, $XXX,XXX $XXX,XXX that

Rob Shuster

drifting just by a down quarter. little quarter it's Yes, bit

of rate probably could couple of kind the you kind quarters. of project that So, next for decline,

a end growth to bit interest income, going expectation about when below it's be we maybe down talk of toward in account. drifting that. take So downward into being year, we XXX. of maybe by that But drift And our net

Damon DelMonte

disclosed previously you’re best growth, and the of of And what some a the could respect the the the seeing to about you’re loan little of end then kind the bit of the drivers guys higher you talk are you of opportunities? range, comfortable footprint with areas saying your on growth

Brad Kessel

here particularly really was group, Michigan by southeast with closely nice, growth but our It’s good Damon. feel what was Michigan our market balanced gates that’s saw business getting CRE only looking and it’s was in here I it terms in of the one really over West strongest intentional actually at followed million. commercial that we some and is and new very credits Brad of the reports during XXX,XXX a out and those and We granular. and credits Sure, what C&I had XX $XX in and very and quarter mix above very about XXXX, the first of I was team, were the of

So, CRE. And, spread through C&I good mix granular. out our very footprint, a between and

Rob Shuster

balances And retail right on then side, for just gate. And seasonal area consumer the certainly add the the mortgages the we sale. factors, I'd time seasonal of where loans on side, the we strong the those mortgage both sale on have during pickup installment started historically earning where side, then we'll larger period, holding we're that's see pickup seen portfolio on we're for another a there, out holding interest and although then for held them side, out some of on

movement that things contribute of toward the to range. will higher end all we our those of think up So

Operator

Partners. next Our question from of FIG John comes Rodis

John Rodis

your Rob, I sounds guess, guess like comment, I per it flat correct? securities down Is to portfolio, earlier that some. on the

Rob Shuster

the what's some will Yeah, side. just be driven by on, that of going on deposit

although high, you're that bringing there that it of and interest contributes it thing one income. the in is we to of dollars earning the liquidity putting reasons, spread for first relatively quarter. added want wholesale what our to duration not net that certain And see if assets. that a portfolio funds in of percentage into you're So, do But we, doing short were is securities, we kind represent

And help so as I the positive, doesn't NIM. view that a it

kind made think So little to yeah, the a portfolio. of flat with a good loan is up maybe in I place the dollars drift be, being to down the

John Rodis

bit you in the activity How opportunistic? Is X% over about to walked And think Got back guys going of want we the Or back do quarter? on it really you shares this should sort so buy year? the a it. XXX,XXX little buyback, more forward?

Rob Shuster

levels I I first more kind about get feedback we what the from we've of mean, we'd mean, see of we'll kind I generally we certainly, year where, getting quarter, the to opportunity what I mean, XX. think we're and we, we of presents, out. did in fall I what say would a back see it's But, the set buy where south to somewhat buying I to things on you it's last if did more. where been opportunistic. of think lot we been But at, if X%. of don't like kind

Brad Kessel

function within And shares, XXXX, get there. today, are. also bit quite to Rob, all a I’d our other what cash. there Yeah. were buy And range, a targeted the TCE running few we back above of of a It's in add a And able was we a period, we our opportunities little range. were back used lot

Now very see we'll level. balance John. what the And, here are comfortable we're in for a XXXX, opportunities of the

John Rodis

seen any of or sense, me, but thank merger, one you And, makes sort that Okay, Brad, you. the chemical early too to opportunities just TCF early, guys, other it's have early probably know, tell. question for still just I the,

Brad Kessel

branch ongoing. we probably our say, with them, locations, -- dare when one And it, competitor our with up is a that us base, XX matches say XX we That anybody let’s be XX footprint at chemical than else, locations. probably look of more would on crossover we on

having our and sure all good And and race I'm the on there, knocking end. so a it'll success team but in, is good long doors they’re be competitor. out at it's a And

Operator

Scattergood. Boenning Scott & comes Our of next question Berry from

Scott Berry

previous kind year-over-year, just pressure how there forward? going commentary And of at questions like noticed looking to from charges, answered. down the on of you you're curious, actually piece, prior industry I already I I fee was one just the income any have have thinking Or is been TCSB. on Most the that my was ongoing service thing was about curious, that just source? levels, they're But that revenue looking

Brad Kessel

of seeing and mobile on do has balances. base, their a they're higher You're a time And, and with higher that account real our with, I lot customer views rate online we of that dead are adoption And, of think observation. using to banking. getting

managing more I about just smarter being are think money. so prudent And and their about people

see the category hands probably in customers swipe continued so have incenting a them getting in And new frankly, towards board, line, we quite and customers’ so we to and, that those geared are and efforts and to getting expect on debit cards, interchange observed income. interchange that, that our challenge generate on

Scott Berry

stability just a a endeavor. that it item a other that you that mark to high that this change. I quarter MSR some move line only rates do, of the had hedging volatility My you're on with know portfolio, level definitely helpful having programs? sophisticated obviously, anything a quarter, in can on and the as But, even seen put prepayments was to you've in to is get quarter relates That's explanation. there to as every of some I Is MSRs lot question kind

Rob Shuster

Yeah, to here And have is, quite observation. that that's fine some there's hedge, time. a The twofold. when is for you One we that. cost have a debated issue we

So example, a no and matter sometimes, and it for where how get good mortgage treasuries. you're treasuries decoupling if than you differently are you can using to hedging hedge, at payments move rates pre

a you of effectiveness. Even just have could it. very to if a bit effective at you hedging, more cost were still hedging So little than there's

value smooth to you're So giving up earnings. real economic

origination. on to probably it not which do someone community us, for least we wholesale banks, who but to more is retail the might side, and unique, is all is point other be The at

So our that in of belief recapture some refinancing. that is we value, when fair volatility get declines we will and eventually,

because a though allows we're of activity, good economic which natural hedge, an rebuild retail recapturing a out refinance that a smoothing standpoint, So we of share shop, us earnings from we asset. kind even kind servicing that believe not it's we’re to have of

is, fortunate and to see, that the or way get, more of appreciate do the against operating So, the to sort looks not economics it weigh again, hedging the our gets it. that. I we'd the volatility think we feel thing core earnings analysts But really and group we we like numbers

mentioned, about first just of I quarter As we've already retraced XX% decline. the

So if that out, change. a that jump fair to likely back get value holds on we're

where settles. we frustrating, So kind end while when that's all up the dust of

Brad Kessel

volatility for at XXXX, was we there fiscal And the look Rob, year. when of lot a there entire

Rob Shuster

changed – We XXX,XXX. it

lower were two three then were the to in So fair in if fourth and at gave quarters in it we look numbers, year, back last the you quarter. value the first go of price up most we quarters, due middle

as Brad plus So we the said, we're year, ended XXX,XXX.

not of kind know when year this but number is too. big year get us either we frustrating the we it settles for when all what that's I it's dust So to hope end, a way, that

Brad Kessel

question, Scott. Good

Scott Berry

That's a answer. Yeah, explanation. you And It's how simplistic the about it. giving understand. thanks on I a not for great guys are color thinking

Operator

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

Brad Kessel

wish you a you to thank great of call. day. us for for interest Independent Bank on like would Corporation your and all We in We each joining today's

Operator

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

You disconnect. may now

Independent Bank (IBCP) 22 Apr 192019 Q1 Earnings call transcript