IBCP - Earnings call transcript Q2 2020 | Independent Bank Corporation

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Operator

Good morning. Welcome to Independent Bank Corp’s Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. event recorded. this that note is being Please I’d Mr. to turn over to the conference now like President CEO. Kessel, Brad and Please go ahead.

Brad Kessel

company's results. Good Financial as morning. and Rob and the Shuster, call Bank Chief Officer Corporation's second Thank you joining Independent for last webcast joining Executive Officer; who to month. me Kessel, rejoined am Chief Brad I Independent and conference XXXX President quarter is discuss Corporation Bank

the appreciative to us work have Rob vacated team of our resignation we fill Mack, today Executive joining very rejoin to Vice Head as Steve permanently our for President are Banking company. position Jim Also the with and We Erickson. Commercial of is

Independent is by anyone Before by Web call have can cautionary issued for direct followed remarks site, release responsibility session remarks. of The it company's the to the does will a regarding copy agenda Page independentbank.com. I it press today, you statements. for forward-looking today's not and X then begin note a today's already at prepared If the closing my you important the call, to question-and-answer information on include access

of lives period been or This negatively lost many lives time recognize Before racism change. very take a does associates. have have social been Too and reviewing lost like for difficult or I'd to our we to positive has pause inequity. negatively have as period communities our too begin impacted moment been quarter impacted and our by financial results, this of for hold our the past many the coronavirus and country, opportunity by crisis

you remain Directors. have that The times. analysts, and I employees and Bank customers, our perseverance our during these and you simply your as to that investors hope, of safe To our demonstrated amazing. of is the and and patience community difficult all them Independent you, to of hope Board are Corporation all families thankful are and healthy We and

environment the with XX, CDC in spread customers Michigan Health our first began COVID-XX of the XX,XXX COVID-XX clients, in our cases employees, XX, plan the when the since March and actions X,XXX that and on March On vendors employees cases continuity and keep taken of XXXX presentation, Since the this Services and the of July serve. we enacted U.S. deaths. cases the coronavirus. safe reports On start positive coronavirus, of of then, of X, Michigan two Human prevent some we due as our Michigan. we identified the Page business XX,XXX to efforts our Department XXXX, Our help of and Ohio have to X deaths X,XXX positive communities protect reports have while slide we to the to

highlights closed over and X,XXX by over We financial million impacted the the helping report their quarter forbearance loans, billion the buy keep customers In We have mortgage or COVID-XX XXX our the businesses help loans. Page payroll their nearly the XXXX, in to refinance our closed actively this my plans to customers adversely pandemic. on COVID-XX existing PPP opinion, customers on We despite challenges many our of to pleased financial homes administered and of Turning mortgage been who business very performance X, associates operating. am helping new loans, employees dollars to retail pandemic. extremely amazing job one-half to strong quarter. did on an of a during I brought second the our by

protect our Continuity customers We continued to our and Plan effectively serve operate to safely our employees. Business

loss reserves. quality fact maintained during build solid we Finally, XXXX, asset the second continued to quarter in metrics of and loan

per ago income balances, City the share $X.XX portfolio Traverse Net in million to year or was loan loans at XX, the and diluted $XX.X X.XX% State loans XXXX quarter versus the $X.XX or Bank for for loan June of PPP of equal quarter. XXXX. second share acquired allowance losses per diluted $XX.X Excluding remaining million the was

to months or per period. per the six of ended compared $X.XX the $XX.X income $XX.X XXXX, June For in net $X.XX XX, million diluted the share company million prior share diluted earned year or

the On million total to December at $X.XX side, sheet XXXX. XX, balance increase June an of assets XX, billion $XXX.X grew from

XXXX. the grew $XXX.X increased Total loan our our $XXX.X second quarter for For by million million. while available sale quarter during increased deposits $XXX of portfolio XXXX, by million, the securities of

purposes corporate with branch the the optimization digital CDs, a a initial pandemic, provides brokered capital our The a $XXX.X we bank purpose quarter Also Despite second general continued and for ongoing option this qualifying level. was objectives, rate interest provides million. XX-year of Slide holding subordinated our Tier coupon this at during by Excluding Michigan liquidity transformation. notes to the call important challenges million maturity, company five-year of for of was us increases markets. execute deposit unexpected issuance an of a and strategic of view issuance additional X growth brought the longer-term including on XX our and X on to X.XX%.

optimization, closed XXXX six closing July are additional locations As locations XX. to branch branch an it two and we pertains XX, on June

the During primarily we the assets. the lease of and to six fixed second of and recognized $XXX,XXX, closure months due branch costs assets for quarter XXXX, write-down of

$X.X locations. branch branch eight total we a our of savings anticipate an This to pre-tax approximately count As brings respectively. even of million, closures, result annual these XX

individuals certain remain home and and the for bars Page safety restaurants certain the residence, social subsequent deemed economy of and current Turning XXXX. are the generally of and during other rescinded issued Under requirements. except of restrictions in statistics original reflecting Safe That operations, general, entirely her replaced X, In quarter committed first limitations or several XX. place retail or specified that subject literal orders, Governor the to order certain of Home, distancing economic by businesses been to operations, were life. lifted resume to was in that necessary series at individuals in-person key requirement to activities Michigan since The other Michigan their Michigan sustain extended Stay to display shutdown March second at executive the stay and effective times order required modifications we order that order, several safer has the executive homes. protect workplace of executive capacity home a that amended and which Stay

to based resume state other states. larger addition the was shutdown Plan. state state than region for in the both located, Governor's Michigan of Arguably, In Safe and and longer they outside. many Michigan Michigan's to protective may which are of required for Start operations are facilities The which the the pursuant business to the public of be in masks and worn varies on broader gatherings degree Ohio,

by couple largest At Michigan's followed this the of The as provide portfolio. basis non-interest-bearing it As base of taking second within its reported how was in increase savings quarter. economy. on currently million deposits, XXXX, a continued a X, rate growth is excluding deposits, a as the and unemployment the well Michigan's as U.S. $XXX this our composition by result, unemployment portfolio, impact during long increasing manage Page the overall checking Since as unemployment than to have linked On category business charts the will our place on deposit higher time, Michigan interest-bearing is cost pandemic's quarter effectively CDs, to we of rate be much reflecting brokered the our unclear as our well of elevated rate. million increased with $XXX.X funds. while XX, December working overall retail the

of funds. Some the to second quarter deposit the of PPP-related increase was related

long. cash much of determine how it these assets very of high the is we generating liquid, Accordingly, in short balances stay will the very for to how difficult and in levels However, relatively deposit invested increase payments. have overall duration bank

related in was million XX, was deposits year on the of quarter participation commercial a We Total provide basis down experiencing offset to is assisting XX, by of basis Again, held million market. declines commercial on loans this lower an were for same to points deferrals total increase loans difficulty. The originations financial loans to XX the be loan with portfolio. commercial PPP rates continuing At take Portfolio quarter Our sale reflecting The our we million second $XXX.X communities the principal pride PPP-related now our compared decreased On aggregate in had within paydowns, customers XXXX, million $XX quarter That at for payoffs during activities linked when in quarter volume. refinancing forbearances installment our June have payment line are payments to end. due the the new entirely mortgage Total of to significant for quarter offset XX.X% XX.X% in basis, ago. by Protection line interest XX, in supportive points the loans that we portfolios. salable billion quarter. update the on have we the customers and impact XXX portfolio $XXX.X $XXX.X by mortgage Paycheck and higher decreased June one of only million. by excludes June those our and being utilization. payment that comparing utilization to by on update an This at XXXX. generally and quarter, Program. a was and mortgage our origination quarter reduction loans or our for increased and the in and paydowns XX have made. $XXX.X are million to Page loan by forbearance actively the Page XX, in decreased to increase XX for XXX.X prior million $X.XX a of Commercial XX.X portfolio portfolio, mix primarily and grew portfolio. for from On XX.X% XXXX, our cost modification

XX.X side, we the $XX an payments XXX of a loan of Paycheck portfolio million agreements or effective loan applications forbearance Protection down X.X% loan the for these for XX million the XXX Retail applications customers both and for interest the for loan mortgage for up we now high-volume the process the plans XXX portfolio to in to are portfolio manage million. installment as regards under With mortgage forbearance to or forgiveness. as Updating balances week, we forbearances aggregating side retail the to are with days. principal of as well built balances On Program, loan customers have metrics this retail loans primarily in little with to and X.X% of portfolio. X.X installment with

XX, million remaining of June had PPP loans. unaccreted of related XXX X.X approximately As fees outstanding to PPP net loans was X,XXX and we there million the for

to next segmented C&I On by portfolio, displaying the concentrations makeup industry The including portfolio. estate these are or at the real concentrations of be on commercial on into left the The percentages investor C&I of right chart nature chart shown loan expect over with The we the segmented fees X.XX granular both owner-occupied loans. entire our by interest at is collateral commercial aggregate our estate loans. Page very XX%, X%. in We commercial reflects our entire XX, charts these the portfolio income accretive category XX being months. largest manufacturing The the XXX% at on to and type X% retail construction reflects of in billion portfolio. real

or portfolio, sectors more the who’s business our is X%. portfolio during very very believe available is CRE portfolio the portfolio an high-quality at the XX during securities of Page activity up the $XXX retail by XXXX in well, concentration including AA Investment has the holding with overview been XX% sale We XX, for impacted the of industry Within portfolio June is quarter. increased rated negatively loans COVID-XX a largest investments pandemic. within The at provides this quarter. million better. and those the

portfolio nature an years is X.XX X.XX%. of duration weighted the with estimated in term Additionally, in generally average shorter yield of average

our assets result of the planned range XX, of the larger TCE total a be total end assets overall recently first capital previously X.X% tangible of our do declared to to on management, back at targeted per on in range capital increase anticipated into anticipate growth levels in payoffs a as of decrease share support strong moving XXXX. cash that part capital in the program. XX levels continuation continue an X.X%, This PPP because July $X.XX believe assets XX our a common than to of a currently of bottom by we as as payable primarily XXXX. the quarterly of X.XX% XX, dividend well bit during XXXX, to terms and earnings. equity We dividend June in In is capital We due our tangible with half XXXX, dividend at $X.XX of a of of August May as loan below targeted our paid through tangible

through CECL turn shares Rob uncertain to our During to the buyback few half quarter we repurchased environment. of the At to XXX,XXX time, quality, response share credit outlook XXXX, would a XX, our who XXXX. this like and the presentation March of will in I before first on second over suspending the financials, for comments economic

Robert Shuster

and Thanks, starting slight year-over-year at XX interest the focus interest morning, I discussed good remarks, our everyone. Brad, am net net Brad margin. Page income during of his I decrease presentation. our our so on in will

liquidity I $X.XX Page $X.XX in $X.XX on assets billion income Like quarter billion compared XXXX low our in net in of the in a year in the moment. loan comments this primarily rates, Our linked deposits surge of market second Average quarter interest quarter detailed more quarter interest contains is to billion XXXX. decline interest detailed during significant XX X.XX% the analysis quarter from and relative in of and will and a points XX ago period XX XXXX. earning quarter margin tax were some second and in on which the banks, have XXXX equivalent in was yields interest three net the from more the net margin. the portfolio. topic margin a the decrease down many factors; interest of and second ago increase basis other PPP is the the net year first quarter the XXXX, basis first adversely down points by of impacted interest

for balance specifically XXXX interest the income later net the We on of and net in the will comment for outlook margin presentation. more our interest

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

compared stronger to mortgage story our these be due increases the mortgage profit strong and at is have in both was XQ a exceptionally have on in gains third on refinance lower pipeline, the $X.XX XQ was a loan million sales continues Michigan as purchase mortgage loan loans banking per application in to we loss loan in million million start strong 'XX. tax after course, $X well 'XX of margins. rates. the of to value increase mortgage these to as exceptionally due to loan Mortgage Of $XX.X mortgage gains increased as quarter XQ servicing primarily mortgage volume solid on fair offsetting in servicing due revenues. $X.X diluted volume and net market loan and strong strong mortgage gains loans the due a very to and 'XX. strong 'XX The Ohio, sale to share $X.X million been in here is XQ price interest in loan decrease or capitalized in volumes the rights Partially

XXXX. quarter non-interest the XXXX the expenses detailed million in As in our XX, quarter Page totaled of million on second of in quarter $XX.X first million $XX.X and compared year $XX.X the to ago as

of portfolio on for loans, have balance one of estate, were closure by on $XX.X provides that or and branch quarter We’ll commercial more $X included Page later comments after $X.X X.XX% assets a Total June charge-off assets at million Non-performing presentation. XX, non-interest quarter delinquencies. about second of million to then the XXXX. the second in XX, loans very asset fully of $X.X new information of costs our of million The on primarily other during XX% that perform these the a had due at $XXX,XXX with defaults total conversion-related charge-off reserved XX decreased XX, and about XXXX, loans XXXX. assets early-stage of XXXX non-performing but our outlook these XX, XX.X% at optimistic of June expenses. July XXXX. Page credit million June on this remaining at provides are this and non-performing The XX, on data $XX.X year. of being non-performing expenses credit real $XXX,XXX June provides of this information at XX data, to current remaining we to loans assets. $XXX,XXX We XX performing XXXX. prior portfolio XX, on XXXX. including June unclassified credit loan additional collecting at This Page million and nearly on last amount a million TDR $X.X totaled well continues received this was paydown the end quality some

State the XXXX. on factor a XX, of the to excluding million for Traverse in million of uncertainty provides Page first year-to-date methodology losses subjective of COVID-XX the loan losses. quarter million increase million incurred principally analysis loan increases and when impact single the in and the recorded and total the Moving to quarter potential for under allowance loan from The XX, or ratio as $X.X Bank loans. for June was for significant XXXX. mentioned, acquired this unique ago losses PPP allowance most And $XXX,XXX portfolio. driving qualitative second loan we loan provision June portfolio Page The an XXXX X.XX% of XXXX. loans and quarter XX, the provision and losses challenges $X.X pandemic our economic the on XX.X% City methodology expense losses $X.X of loss portion CECL This resulted $XX.X in at the XXXX to the remaining allowance compared in Brad loan the increase loans our the XX higher for was or an reflects in at X.X% of year

of loss we our what implementation the million, day CECL indicates an June have of Page six impact months would for the approximately provision been under first to that XX, standard. of recorded have This CECL provides on incurred loan accounting the XX similar XXXX $X in Our methodology. under the CECL update calculated $XX.X given was XXXX losses of as midpoint the if our at that one if CECL million. allowance as

stated of we will quarter, to for year remainder a the we original provided at the implement As the of January that end of XX actual comparison earlier our Page is performance the the well the back COVID-related or last outlook during CECL update we as XXXX. as emergency. national of XX/XX/XXXX our XXXX in

As due PPP second the for you including all primarily forecast acceleration the the to the the the due very place as due well securities in month And loan the we to provision to finally, upheaval the overall expect rates from commercial took half during decline are changed for PPP X% paydowns, of our low portfolio loans, of of as given XXXX, by largely have of commercial as deposit relatively resulting dramatically, in that loan half half quarter. XXXX following COVID-XX to last losses aforementioned that the XXXX. approximately we uncertainty over that steady last usage. is loans the to The net liquidity average and economic factors. of fees economic second we can We difficult which pandemic. shaped in slightly facing. interest quarter of to given net of original fourth we in available steady last paydowns portfolio from the to yield appreciate, demand, overall total Despite is quarters; excess the expect over many compared sale surge This accretion of of of portfolio deployment increase third to continued the the the An the now XXXX. factors into loan the for an overall forgiveness, the the in portfolio XXXX X% of the muted primarily loan more last outlook line decline credit expect higher interest to margin be anticipate in and

agreements have during seen portfolios level July. However, and forbearance our installment we a as in the in mortgage mentioned, decline loan Brad of

In solid. addition, metrics asset remains presently quality

million of X.XX% modeling in six months million XXXX. We of a to portfolio equates of are loan provision to last about half currently total losses for $X for XXXX. X.XX% This for annualized $X.X loans about of the last the to

have the the to the expect the above values fair associated end the with volumes of purchase loan volatility bit origination we and price a do we average any non-interest to range last remained activity income a towards application original the MSRs. refinance strong in July, in of move in the Mortgage in quarters, anticipate of year. high-end seasonal but slowdown We of some cooling activity very activity excluding and changes two forecasted as

generally of last expenses half expect to XXXX. within range We the non-interest be forecasted our in

a in line which of XX% Our 'XX, second in tax thus income with our reaffirm forecast income was XX.X% the is we rate guidance of effective tax and approximately quarter rate. effective generally for

share COVID-XX to call is I repurchases until on with the from to concludes fallout we would back Brad. to prepared my pandemic. remarks. there respect That remain economic Finally, more anticipate the to the over hold now like turn certainty

Brad Kessel

Thanks, Rob.

extraordinary The us. of been has XXXX all time first an half period for of of

reflected continues as addition on on team XX result the our Our Slide of to to initiatives pandemic. of presentation execute initiatives in a new the

while protect We point, will health the this to our for our continue these to and up continuing questions. and planned both call employees, forward community. the initiatives At we to move would unplanned open like customers our now well-being of and

Operator

We’ll the session. now [Operator question-and-answer Instructions]. begin

Brendan The from Please Sandler. comes first ahead. Piper question go Nosal,

Brendan Nosal

morning, Good are How you? Hi. guys.

Brad Kessel

Hi, Brendan.

Brendan Nosal

the start want Just off margin. here net interest to on

forgiven. of of those Can us those So your are for fees? remainder NIM for calls as some up year you accelerated the do flat year something loans the to a the for to rest the expect what outside PPP you give sense that just of includes the a fees of it’s acceleration and guidance modestly of

Robert Shuster

Yes.

And I I the other think think flat outside the of that, surge month relatively quarter. was from of we are of in two deploy influencing that much mentioned the did that second would I deposit June. be that that one, factors it

period of [ph] So Fed we’re overnight getting from for the quarter, was funds having whereas that time, the at very remain a during an impact little. full just a that done second

to compression some we think would loan shrink that portfolio That from the that in offset of PPP the boost. loans. I the some So a anticipate taking will tend be aside

be of comment rates the territory seem anticipate much those flat. a that is down long is come we fees. Short-term boost sort the be in really the the at then see accretion the get relatively I really point. to other would steady and anymore can’t we we that where And of into negative unless from rates So made acceleration rates

we like not the impact. negative the going continue and of decline in second to much during occurred feel quarter to dramatic a So the rates of it’s impact have

we the more In through a side lot, we room do think have a Brad, on the funding little quarters. I to fact, wanted Not if as add don’t a move I two but bit. anything. know you last

Brad Kessel

good. that’s No,

Brendan Nosal

now then All this right, in more that moved was quarter. loan helpful. That’s If the perfect. watch-list quarter. nonaccrual very one look And for just me And I to from just charge-off to on the you correctly that that, last relation as recall portfolio, the could you broader on credits, next or think the to six loss whether see issues because over having or COVID they’re move nonaccrual there right months? that other are three enough at a deferral of you that position any

Brad Kessel

was the increase a or for that I’ll real borrower that about commercial of – did We for estate the up an And that has have it Jim then million. guess in take while property. That I first the sale bumped TDRs, of we do let and jump TDRs and so. in purchase shot a quarter agreement $X at relationship.

mentioned see probably still the the go And one that. you And as fruition, did I’m guess on fence been that business. we radar of the come beyond like large the And no have not Jim, concerned theater to want see movie one But sale. little one I that the to other about. eventual was so my off that would that that, there ones I’m outside sideways popping I was that on – in anything’s really – a

have just asset to that not as to aside we more in them. industry. opposed any we was do – that We hold have more don’t that So in an move category decided any

Jim Mack

other at commercial in-depth the And the top thing XX a within look portfolio. loan is credits our I’d taken we’ve add pretty

So to well. kind to evaluate economic that tried doing is we we in quite the of those of still group loans of all credits dealing really climate find we’re and that really with, relation

Brendan Nosal

Thank fantastic. you for right, the questions. All taking

Operator

question Our ahead. with Rodis Janney. next Please comes John from go

John Rodis

morning, Good guys.

Brad Kessel

John. Hi,

John Rodis

Rob, welcome back.

Robert Shuster

to Hi. hear Thanks. be Glad to Good voice. back. your

John Rodis

No, not time. to guys, but one long outlook down. looking the about Rob the all for a a And detail. you, or been for has comments of Brad, But loans thanks guess lot your changed. loan just It’s I be really,

much you the and how said versus half sort X% in of the year X% next I think level to forgiveness assuming the of though loans, for What this year? year-over-year. you of second are PPP then

Brad Kessel

Why the don’t PPP? on shot first you take

Robert Shuster

with Yes, much higher that I forgiveness went to a look changes which that be now, have to all with the forgiven with on the we’re timeframe thought. waiting far, piece XX-week the But PPP finalized. for so we fully than initially percent

to So I XX% We think process collected XX% the up by it will be about end be forgiveness piece. this range the to of for forgiveness out two-thirds in the the modeled had of year.

John Rodis

Okay. Thank you.

Brad Kessel

I the think $XXX million bit a million of end year. by over John, I’m from the down looking at $XXX about to going it

John Rodis

Okay.

Brad Kessel

the along That into big processing assumes moving there. run SBA forgiveness that everything is applications with and delays

John Rodis

Rob, third that be versus quarter? the fourth heavily weighted would more quarter in obviously, And the

Robert Shuster

Yes.

a the chunk that portal we assuming in of We’re get a opens up. September bit once

paydown as a So the quarter But fourth chunk is bigger in too. well. September there the is in

John Rodis

securities then Okay. one other on just And the portfolio. question

in some XX% have percent from the side, high it’s as then I on you given of So guess roughly take the forth excess the deposit you assets and XX%? I And liquidity on assets of and environment still guess that how current what current today. would so depending happens a

Robert Shuster

don’t really there there. ratio is a think I

don’t if one portfolio. to going rate kind in deposit I may portfolio of think bit but steady. of be going or mortgage I reasonably the loans don’t see by Mortgage portfolio. be to outside it’s think of changes we’re portfolio change. is, a what’s to big the driven – think commercial in what that’s the the we on I going and loan going PPP because I then look paydown the activity, think of will PPP, installment little portfolio refinancing And drift down in

the So is of the given consumers deposit another that, is federal do government is surge to I just of with have discussed. think we depend package going being it going money potentially and wave that aid a lot on to

so remain things. So assets of going set it’s on deposit to up investing as think what’s think to relatively But length combination And sort going short or could flow be assets, those don’t will relative that because that an rate, of if to moves of variable that limit of off deposits really of those easily total either a base. tell result, in duration there. or largely time a we’re be investments hard three Again, of it approach sort with liquidated to we’ve going to the it’s of here. a the lot cash I some I kind taken

John Rodis

sense, Rob. Thank Okay. makes you. That

Operator

Instructions]. [Operator

Our next Please Davidson. comes from D.A. question Gunther ahead. go of Russell

Russell Gunther

morning, Good guys.

Brad Kessel

Russell. morning, Good

Russell Gunther

I there the migration kind of lower Is were incremental it’s deferrals, heading appreciate just a I at deferral commercial if roughly activity, know retail. all things within commentary color but on mentioned the you point you on XX%? to any could the update point there, provide possible? in in especially July,

Jim Mack

is This Sure. Jim Mack.

timeframe. of even getting done So Right now, in XXX late in and April, presentation, lot done. the close we’re May. of $XXX some mid million of loans in to were A that as to we shown end that the were had deferrals those

for did schedule. payments normal second requests. the payments of we the continued activity Also another period been how ask low for bulk round mind portfolio. principal over what the to So months. remains three five And it’s But August seen been resume will us few will to XX% in those Interest more. many And that at simply so far of very moment. be where additional seen be that keep have There that on first the to we’ve then were deferrals.

Russell Gunther

the talking it be sounds the in quarter, be off then overwhelming majority we speak not as way originals when they And Okay. for about then your roll of would much next we the would like expectation deferrals?

Jim Mack

expectation. be remains the Again, That’s it to seen.

Russell Gunther

understood. Yes,

the adjust sheet I clarification point the The Okay. loans that PPP another to appreciate XX or the there. include loans, then balance that? average one terms in minor And we provision does for XX basis of total on guidance. of should

Robert Shuster

I loans. just average took the total

million amount in that really total million of X I with in for up number. you That’s months. kind X.X last So the why adjust for six a didn’t dollar coming gave to to I that

means. of ratio that that So just clarifies range sort what

Russell Gunther

picture, then, lot from few Obviously to of from you off a a Perfect. an the books, a but but as 'XX have Independent think maybe hold where 'XX? terms then loan in now what you might about there. loan might can organic view around clarification the as to budgeting bigger I change appreciate do and perspective out perspective growth. a quarters shake out into this growth organic from And PPPs

Brad Kessel

Russell, that’s a question. good

to time I me seeing XX asking say I’m you’re hard having when a three this. So see months. would months

MOEs. within competitive be still to on past announced remnant company the adding even markets and position staff continues to knocking recruiting, from we’re our past this be to continue as we’re we’re doors, talented We disruption there quarter

will – our happening what’s XXXX economy, team be overall our And will by loan will in that the activity with competitive so be but in we driven we will markets. very, much very the very field

that percentage give -- for a you Sorry, doesn’t the

Russell Gunther

share grab. No, for not a at of there all. is I lot market think would

Thank you there. thoughts I appreciate both your questions. for taking So my

Brad Kessel

welcome. You’re

Operator

question-and-answer our This session. concludes

I’d conference over to Mr. the back Now, like Please Kessel. Brad to ahead. go turn

Brad Kessel

Bank and of interest to like day. a Corporation Independent thank us everyone and call, joining great for for in today’s We’d on you. you wish each Thank your

Operator

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

disconnect. now You may

Independent Bank (IBCP) 28 Jul 202020 Q2 Earnings call transcript