FMBI - Earnings call transcript Q3 2018 | First Midwest Bancorp Inc

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Operator

Good morning ladies and gentlemen, and welcome to the First Midwest Bancorp, 2018 Third Quarter Earnings Conference Call. At this time I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open the conference up for questions-and-answers for analysts only after the presentation. It is now my pleasure to turn the floor over to Nick Chulos, Executive Vice President, General Counsel and Corporate Secretary of First Midwest Bancorp. Sir, you may begin.

Nick Chulos

thank joining and today. everyone, morning you us for Good

issued we the earnings of Following These we provide also and call of financial outlook during yesterday, refer this materials released to will and both quarter the close XXXX. today. third for market the our our of that the results year information historical presentation our for remainder

the a the on XXX-XXX-XXXX. would like calling copy Relations in presentation our they you Earnings by or of you If Release or available deck, are website them may Investor section our obtain at us

Harbor During be for uncertainties of discussion These presentation as statements course performance as risks, SEC, The future in legends historical beliefs, included our materials statements. contained materials with upon based recent comments not in non-GAAP our other our current well or filings outcomes. the other and of the XX-K and are but considered forward-looking information guarantees may our or and this include should Safe are call. today, facts and the the statement, forward-looking most today

I’d to Lastly, will statements following that not this like call. we any updating be mention forward-looking

Pat that, of Officer. Scudder. results our Chief Sander, Financial floor over Here discuss to now our Scudder, third Barrett, Mike Executive Executive Vice President Chief Executive Senior our to Vice will and With Operating Board, outlook this and are Chief turn Mike quarter Chairman Officer; Officer, First morning Mark President the and and I Midwest; the and President

Mike Scudder

and it’s you. be Nick. here you everyone. us Great! today, being with Good really appreciate to morning, Thanks We great with

move Pat with practice lifting follow our and practice, the we’ve the this presentation a you a typically for and the and remarks cover you is components. we do and as got a along that started highlights we earlier walk continuation through and year, through As reminder I’ll Mark in supplemental let to as our of heavy

and very active strong was it us quarter. a For

million We which year and third net and The second a quarter a those quarter the see contributed results the anticipated an from were the we quarter that costs. us we terms year income a EPS about $XX.X fronts are for pleased quarter certain Putting the to benefits increase tax underlying execution Net this that excellence to very periods and due year in continued multiple talked and XXXX saw $X.XX quarter last quarter per to of record and business per saw overall, the before. equally again the year we share, in consistently, ago. for quarter by a offset on $XX.X million pleased $X.XX the When $XX.X $X.XX quarter of $X.XX second for was delivering positively impacted same a was XX% with from were quarter our we for adjust share million compared EPS, in $X.XX EPS ago. third $X.XX by implementation compared modestly the to and both was ago. for saw XX% as in of you an that

we commercial underlying will with a equity as XX.X% from environment. were again refer really just from amount lending news, today’s pleased On saw basis the quarter which quarter; to XXX results Loans which tangible of to the the good for annualized X% last downs, what and a strong like ago to up from reflective same last the at up about headwind offset positive particularly within periodically average what’s overall. and third of performance XXX helped an points the points pay basis, we that you some are common same quarter that’s been returns were and ago. with basis year on rose ongoing commercial quarter real-estate When look and Mark the year quarter,

reinforcement base. reviews the overall our of also of deposit strength on We

desperate only maintain prior X% by due higher same XX% from to quarter at core year-over-year, costs a while mix deposits and by Credit loan the of pleased and lower X% remediation at level than income reasonable the grow very growth. are our year our retaining margins while Net to the We timing levels, but a prior linked down slightly quarter deposit prior not little and reflecting up our to from offs, interest provisioning extended but from about transactional comparatively. ago X% also the years, XX%. were was charge average the of quarter

a Our offset for came were by some a They that expenses. our we variety Mark commission commission some reasons categories. of quarter softer expected cover, than bit of in which lower little in related businesses fee were for of the can

remains of core also were of acquisition they will relationships very in have on $XXX group and overhead $XXX some pleased we spending. that, efforts earlier of and track ratio reflected Separately have of and we which to controlled established. welcome our and about for First our excellence remain talented Importantly, saw to performance longstanding timing important, go year benefits some October our see into are deposits when lastly look then additional North to million million colleagues our loans. and on expectations just were excellence, Bank focus pleased a delivering a client efficiency we as our through here very This XX% Systems building to XX you And but also improvement to improve forward Equally add December reflected on Conversion really Midwest of on close States to we next and million unchanged. delivering $XXX and planned.

began, quarter. as So a busy I all-in-all very

for color. I’ll it to and additional over that, turn with Mark Pat Now

Mark Sander

strong page dispersed generated commercial from C&I property we We offset as grew a quarter little in Thanks from as from and Mike in more across everyone. and growth and good sales as annualized. QX, with expected consumer business to presentation, the the banking our and a well teams. book more strong loans XX% resulting annualized a in than on middle-market, robust ago particularly morning Beginning was than Mike C&I alluded loan X% in three growth quarter which year X% well. Again payoffs market. real-estate continuing pressure specialty this at of

Our Commercial the of investments of through our levels strategic hires period. are some and of and the small XX% paying well attractive elaborate from prospects up last return installment nine both risk remain continue high growth, loans as years, transactional a in the than repayments, grew organic is guidance given which year were of as profile. higher the episodic few dividends that additions quarter, talent in first our our quality on to annualized $XXX mostly year. we as will purchases in-line M&A about prior growth future about minutes. pressured the couple same face Consumer optimistic headwinds next steadied real-estate production remain and months loans million moved Pat in in solid their Yields with the

should the again pipelines we close increase the expect solid, this full organic first which as quarter the lead modest very year three posted We growth level remain for quarters. loan to X%

at of We provide Charge assets the with were asset migration, quality, loan XX page support our loans points normalized we QX this adversely reserves the expansion Non-performing for are of levels, and foreseeable continue allowance did a quarter all growth little line rated in metrics to a extra relatively to due offs our is guidance next were which term expect long to future. modest on to stable and for unchanged. but level. and specific at favorable normal expectations basis guidance. our Turning

deposits, the have at a strength deposits Looking franchise. of key always our been

leads growth year, us of industry to further Pat we While into will that core This he our this the net nearly have of loan as detail high cost as increasingly leaned at results funds remain deposits and support interest margin. CD’s in income takes through total. the XX%

Pat Barrett

Thanks or on Mark to call good in. everyone the and morning listening

interest XXXX, unscheduled period was acquired $X million have costs. the higher compared period quarter income in rates Compared securities, loans million Of $X accretion prior higher interest and and we XX% quarter consistent accretion interest in net by from was period up or the six. the on contributed with accretion. in loans. interest Compared XXXX, our to prior same the third growth and for consistent both the $XX income from up to of XXXX, the expectations. slide partially periods, Acquired from million XXXX. $X both same impacted reported and to scheduled of net with to for funding margin down $XX overall yields benefited Net million the $XX by $X higher reflecting offset lower compared loan million in to X% accretion to with have or same prior quarter year-to-date the million quarter combined Turning we million income and

at including accretion million the acquisition. expect the $X We from fourth for to million remain quarter, NorStates $X

volatility some expected. be should always, As

up Moving linked to tax was year. for equivalent NIM X net X X.XX% prior margin, interest basis from of current the points point quarter basis the and quarter

periods, quarter, and a growth period Compared basis than in was year XX both Excluding ago. for accretion, costs. the margin same of drove X funding more points benefit offsetting the points linked rates increases the quarter asset basis rise up higher the from X.XX% and to interest the prior earning

to earning ago, by $XXX securities linked Turning Average million to both to a time by year advances. net $XXX nearly the million up million and funding and sources than purchases. million earning in increase and assets growth assets and compared up average quarter were from due more driven year sources, and increases $XXX FHLB $XXX deposits funding quarter nearly loan linked prior

earning Moving expect in to mid-single digit of our to full-year continue NorStates growth the we outlook, excluding asset range. the acquisition

loan modestly be growth turn that you Once to Net margin. expected excluding fourth deposits as slide mix I We subject in to the want our in you to to quarter quarter. in growth interest again on it due assets, expect to on movements and pressure or rates, over lower to interest to liabilities relative of income the the X% discuss with GAAP to are of is seasonal compared municipal flat accretion modest projections growth. net volatility that yields NorStates margin bring I’ll could quarter non-interest interest X% seven. from the fourth of pace Mark, and remind income third

Mark Sander

Thanks lumpy, industry suffered trends year-over-year from was Pat. reflecting guidance and QX. very as is markets, unfavorable mortgage in comparisons income which Non-interest below capital

and conditions given economic fell further year, expanse avoid more charges. addition, In as as this overdraft people fee out these to our well help anticipated, available of opting tools we than consumers favorable the revenue

elsewhere NSF challenging is much quarters, picture couple comparisons the fee income next be for year-over-year While of will the brighter.

We treasury and fee growth wealth as low strength management management, forward card going in single digit given income as steady income. overall increases well in continuing expect

in fee Back QX, million off with result, income lower previous slightly to in should line base. guidance, a you Pat. As about albeit be $X up a

Pat Barrett

items to quarterly expense that several eight, Moving slide to note affect on expenses on run right. our

First, advisory by costs Delivering quarter Excellence includes restructuring of $X the primarily expenses. implementation current combined employee with costs, severance million closure, and driven branch general

quarters, areas quarter As re-class card revenues to previous and to XXXX of were mentioned merchant quarterly impacted of $X income. for expenses million each by and relating expenses a these non-interest in these

were financial statements period prior not Our adjusted.

quarter efficiency benefits was guidance this present from controlled There with XX% per and is earnings end net run by to disclosure and impact not from continue mind expense rate in to year of low first in recurring efforts. Away Delivering $XX were Keep the a of eight. million slide just and in previous both you We $XX on these through quarter, expenses in $X XX%, tightly income. reclassification. the The change this and down items, Excellence release quarterly is ago. the million, XX% million seven of our line million ratio $X to from decreased of for additional resulted a in including

Also this leave is tax of included result the fourth ongoing and Excellence note in $X for lines the reforms. million on costs on NorStates, was million non-recurring $X our $XX costs. outlook remaining Excellence before rate approximately to million million. $X of $XX fourth quarter, of expected million to million, to an plus in million benefits and that acquisition is the integration the XX% Our growing from XXXX, implementation acquisition Northern slide, taxes Delivering while quarter expenses quarter effective for benefits federal income for the are the to for $X States expected I recurring remaining additional Last to tax $XX with approximate Delivering note that's

rate. been Excluding XX% year reflects lower this have a ago, would XX% rate benefit our compared effective tax our which to corporate tax

our quarter, be continues fourth the to For tax rate expected XX%. effective approximately

capital on side strong on Moving maintain continue capital we nine, to levels. to at

on the ratios loan growth weighted risk partially capital retained increased Our prior quarter assets. from the reflecting offset earnings, impact of by

on of see a deferred million of conjunction leaseback rules. Tier of as increase billion lease sale you'll This will the for during capital keep the Also loss which also Trust gains cross XXXX Preferred see Tier January fourth levels from to of Securities to the Tier of to As reclassification quarterly increase This retained capital, you'll treatment reflects adoption both the be approximately the on a our accounting that and expense, X in of shift from to approximately all mark. a $X.X remaining $XX total the accounting. over X total new transaction. Tier earnings in reminder, lease related our $XX directly quarter TRPS the reflects adoption past our with we occupancy $XX million asset X, the million X X mind

Mark the we a we’ve on next the earned rapidly acquisitions. We deployed comments Excellence few continue Delivering on to recent how be slides. has pleased back in with capital

Mark Sander

Relative comments quarter. I mirror our last to made the Delivering the views Excellence initiatives,

track established so our are the future at will levels, financial relationships client confident XXXX will service slightly, are benefit on impact. the increased cost highly beat we and was targets achieve. our deepening We remain or we levels and meet savings unchanged We early, but around implemented targets

term our of adapting are and improvement focus leveraging talk commitment on remains teams to culture our continuous and experience NorStates. this a now the service upon systems and build about processes bit longer requires. Our to that will little Pat our well client

Pat Barrett

completed of XX NorStates on Turning is the recap slide the to transaction. a recently details

The XXXX. best quarterly of our fourth And both expect is our with the tangible be XXXX XXX% of XX in run the XX% in XXXX, years. of estimate generate around the quarter of on minimal outlook finally in rate see transaction in As and approximately consistent basis less quarter's summarized earnings a a current in with $X.XX relatively X.X economics a middle and deck. value remain XX bottom slides to line we'll usual by earned back that the full Today benefit XXXX. expected we’d we reminder, of practice, to XXXX. the getting than and book earnings our favorable of we’ve On this

it Now, final for back Mike over I’ll remarks. to turn

Mike Scudder

Mark. thanks Pat, Thanks

active I it quarter. started, certainly As as you heard and and was a busy

Just before open up a it we questions, few comments. for

we look positioning. we’re ahead, our remain As about feel we where We at. excited good about

up holding well. is sheet balance Our

have solid capital a We foundation.

we good production there. has are and described, As we solid Mark been feel about where

we deposits across all Our core deposit grow will recognize lines. continue for base remains to the strength, business competition but

things on to add with are the against it the a of economic a forward to progress environment. as delivering We fairly pleased on continue acquisition, interest move rate our XXXX as NorStates momentum of excellence rising navigation the continues combine to serve backdrop those move strong, of and forward to all realities will we and

it you open So that with for to questions that, happy may up have.

Operator

[Operator Thank Sir you, Instructions].

Young The state of first question. come question will Michael from SunTrust. your Please

Michael Young

morning. good Hey,

Mike Scudder

morning Michael. Good

Michael Young

appears experiencing loan the just kind can on to you of pressure, you and CRE kind give as – normal pay that might start of you of you continue whole new to everybody's be wanted over and/or this or a so. the to know growth think much to book down how as year outlook know but of not next any or outlook down CRE I the kind susceptible be the whether pay to

Mark Sander

and over is two an normal? I if answer say. the the we new in to is Is think end have ways candidly it prepare as Mark. horizon see I’ll don't I Michael. would This this sight we short

believe on production them market kind and into to of think normal. have we new But of solid of Again, the been sales outsized have that's future and going one the – hand terms and it monies so for it’s are of the says, a like is the terms good continue most it’s I hard strong alluded to That this is property in payoffs still to because reflective the forever. in going assume portends I we you think I know of of have yeah, normal. So things are as to foreseeable to sector. that that activity think still of new

here for a quarters Fortunately grow we've row. in several able it to through been

Michael Young

know granular off? the or of experience susceptible CRE you characterize a you good Would there a properties is out being is that’s kind that a of might kind portion the book that more dollar same smaller to of theory carve a not pay

Mike Scudder

It's question. a great

the we’ve other some long have I of a across I would apply more know do. do we would fundamental You don't as hasn't the term There as portfolio what seen element but smaller larger candidly. in of been the it transactions the say, of reasons is so think people fanciness a little really will hit end much,

insurance a again and taking to it past would been there’s us apply portfolio hard is of candidly. normally does small portion a we pinpoint maturities to of like So not out does most that it that property the the But and of sales it's portion it companies the do. has that and

Michael Young

guessed. Can Pat in this Okay so I was seeing growth maybe the you of why CD than one the deposit little you and in guys maybe NIM and of environment talk about outlook you the quarter. the would amount pricing is just thanks, quarter guess a and just are what I much this increase CD maybe you kind on for have higher know

Pat Barrett

Michael. Hey

We’ve so growth talked funding of being us big for rebalance effort delivery we of needs the with a multi-year part our competition. kind this been a are to has of about year. driver This than yeah, CD So loan rather all growth. actually

are and – I up. now; Chicago and larger starting price promotions taker to for marketing consistent with are and increased are and seeing competitive deposits pick more banks continue probably that's markets definitely remain more to deposits that think on in, widespread so competitive are markets competition we're most a we and and we of remain will the in where we We you know across

we costs So know our increase. continue you are anticipate going to funding to

running which going Having to costs these be our mix we out on continue most. interest to in forward. are but We that our we solid outcome effort what go think to platform that, as across retail said continues keep one liabilities, we the CD's term to deposit see base, year see two our costs an XX% across a expect lower for all bearing with to higher promotions and ultimate will we be know pretty than you will

Michael Young

Okay, thanks.

Operator

McEvoy question. Terry of come your will question next from Stephens. state Please The

Terry McEvoy

Hey, good morning everyone.

Mike Scudder

Hey Terry.

Terry McEvoy

I’ll Maybe know offset revenue should around soft? it I I expense much about we is forward. of – the is bounces an just and start think markets going capital how guess when there revenue

Mike Scudder

does around, try notably anything fairly but else, bounce to It commercial real-estate It production loans. We and lumpy. until is floating even do they you know want tied don't and than they into decide them production that. it out rates curve way there the gets want rate minute have want talk more And push – clients don’t the fixed to clients until rate. waiting they to fixed to before shift them starts a of yield last to most if

part not second the of is there is, lot a really some markets capital revenue offset no but is of to there is expense, down. your So – when question in terms

upside. if a So split it’s down, hit there is some when you its take even an but not We’ll will.

Mark Sander

middle production good it I’d pretty linkage add denominated deals. to that to with current larger or and was CRE

less opportunities fewer the space business. the quarter this to which slows that just extent did bit is demand in production there for it So and and a and that swap

Terry McEvoy

yield, the diversity I strategy yield? just about above the talk then loans, to portfolio are geographic purchase then could and Is achieve the the there just, you looking guess portfolio? they consumer are of And that that size around you

Mike Scudder

is little generate. Midwest would that put we stuff that we high not more we saying opposed normal of which I as we FICO on – the our and we but it's in way diversity tend to would we because that know – to purchases average does what although books is we’ll in quite would the also we’re is higher oriented, footprint put that mix, on another going The more. transactional than with the FICO our are than If geographic higher The to would to wider people the we we say, yield which stay way. a books ourselves, occur footprint stretch be we stretch, would the we when generate like is outside, what tend stretch buy bit by

beginning a at Every not as to use return good to good at it's we year the we in about have risk we much how of and plan of transactional a So really and yield. with liquidity to year want a laid and – out and budget us chasing year opposed what we of keeping it’s do at the we the look think done beginning what of the that this activity the year.

Terry McEvoy

Thank I you. appreciate that. Okay,

Operator

The question. of your next question Please comes from KBW. Chris McGratty state

Kelly Motta

on Hi, deposits. would good for actually today. thought morning. Chris I This circle to maybe is Motta I back Kelly

you You I mentioned are running your you wondering CD into have one they was at them Thanks. that promotions. running are rates still been ongoing? what and if

Pat Barrett

Sure. Hey Kelly, Pat. its

that, and attracting moved just really existing will and a that it specials. rate to for successful, XX sheet we to money and XX month continues out month new XXX think there's on time yesterday both I rate each a We saw I respectively to XXX hike those and generally been So up automatically rollovers. might have either be those move or Friday

than, in the from still more least at at I money think we're promotions. half coming new

Mike Scudder

XX% new I think it with was actually about money.

Kelly Motta

you move did where them And up from? Great!

Pat Barrett

We were think. at I and XXX XXX

Mike Scudder

exactly That’s right.

Pat Barrett

right Is Mark? that

Mike Scudder

right. exactly That’s

Pat Barrett

market and market promotion that’s depending We going kind where in lockstep. banks, other. as rates, generally but longer that what XX in are with again said about see CD with it in are earlier, There up staying we and Whenever move at are, are points the to and we’ll looking and to non-promotion look we X really a increase rates national. watching competitive on pick each rates for sometimes basis data be so we a at get the of rate will they I stay XXX

Mike Scudder

me to add that. Let

for for the running are you long this are As this running are the we quarter, we aware, term. not all

go our out is through clients we grow be and to we’ll the for expand. our hard we sales continue that, we'll the market, and competitive that remain and there in working commitment folks make as working to So

the be always case. will that So

Kelly Motta

then just and States, mean stable clarification looking what Thanks, you at When from ’XX. in am that? on away I deposit XQ your do outlook you a say Northern X-X. by

Mike Scudder

Right.

reasons NorStates banks buy of loan the going funding we like would base fourth as expect year, deposit for their into So runoff and I balances is quarter so the back guess to outflows as our at we second, our not from growth be continued because the relatively flat, municipal now and of kind last and which inflows year. of one are early kind accounts first away which of of our growth been deposit each year with quarter, – annual reflects has strong last end seasonal third third the and NorStates hit from highs

And down balances of fourth $XXX activity by so third quarter bring a quarter averages. obviously million will couple that the versus in

Kelly Motta

Thanks.

Operator

Please Jaffray. come The your Piper question. of Instructions]. Race Nathan from next question will state [Operator

Nathan Race

good Hey morning. guys,

Mike Scudder

Nate. morning Good

Nathan Race

thinking you and we expenses, NorStates, if the XXXX assessments that but on I cost help can the this, get from also got so progression get base early just as ‘XX expense into in contemplates apologize FDIC you I us about and late, that touched may if any when you forth. you if on so wondering know relief we’re think insurance of kind about

Pat Barrett

Hey Nate, its Pat.

really not exiting we fourth a guidance on haven't have we're recurring caveat million I'll as earlier rate year. XXXX next our quarter where expense of in what for a it the the NorStates. of we’re if quarter fourth you rate to million And so we is of guide now, for quarter But run in benefits giving see the have adoption the Excellence, run of year accounting that. put mentioned a keep the staying to about million be our quarter back NorStates, think with plus again for outlook $X terms, transaction Delivering sale or full we're the I a going then in broad those going lease on due coming yet, mind with I'm to $X.X in So out full leaseback so saying $XX quarter to $X terms brush about with which $X out million million expense, increase books,

got another we’re we a so So doing $X quarter, excellent. million

the benefits giving broad across merits and in XXXX will terms, guidance sale XXXX board. for from offset there back. delivering the So brush inflation higher increases in occupancy lease Again, excellent the will without be

X% to is that because X% would pressure think on picking I expected and know is talent you although salaries know competition reasonable, saying to and for I caveat of by more the that know be that. up you wages You there’s

Nathan Race

that's Okay, curious know and prices higher Mark, And loan with question it, the then on helpful. we've rate Thanks hike. you got Pat. just yields, base as each seen rates move

kind Just maybe seeing on portfolio you of any any you're yield. just curious relative weighted what point know this if color at average spread to new the erosion and rate on the loan pricing is

Mark Sander

new been has the couple we level but also – remained would last stable the some compression saw say the like the and lower have I the year spread for that’s of year. spreads that compression – in Sure. quarters, this early

year. in quarters, we of stable but the the as off base lower again started a So couple last of

XX portfolio have you to the you rate. across our in yields yields, know of the board, know basis note points Our increased terms X

know have rates in non-swapped book, up certain a As a our a gone XX% you and about of LIBOR about tied keep mind is that off floating a amount certain not. the basis of is to is bit, on and book amount half little

time give of the So rates you that. point every is anything full XX basis go know up add? don’t we would all Pat, you points of the

Pat Barrett

segments yields so that third competition just continued in basis across pricing commercial I’ll still add super the continues on around know points, the most of quarter the or in the did are you to a tight, at X% few range, so tip pricing. production general ratchet It's up. but pressure down by

Nathan Race

I on credit, I in relationship reserve allocated guess reserve non-accrual. just here already quarter there or was want to then XQ? And has outside that just the the got Okay, was it. specific clarify, to previously moved third a established

Mark Sander

QX. That reserve in was established

Nathan Race

it syndicated was a of or a got issue up Was with newer that Yeah, or this was recently? banks it. this kind transaction popped other

Mark Sander

of I shown multibank It screen but time, a radar has been that say on have the was deal last some deterioration yeah, in some quarter. our would a for

Nathan Race

appreciate guys. Thanks all the Okay, I color.

Operator

Instructions] [Operator Scudder over There for to call questions. the back closing will are no now I further turn remarks. any Mr.

Mike Scudder

me I you was up. before had reiterate good know This Let kind I it Great! a of what opened just quarter. said

of base we about momentum good number addition, in well. You is strength superior talent where and know feel and our clients, a terms Excellence levels; and we have our doing to deposit it, as a is help which NorStates a our to that’s that that service sales well market in forward. them promise and they've we're our deposit overall financially, on focused know feel business good we of and positioned; successful about our be we Delivering think is terms look levels both good of production and doing through capital that the the experience in recognized the and about remain we’re come nice you we to feel expect. our and through going activities about we

investment our our to take I be So and colleagues want before would I our for too remiss I who thank and to the their call leave their opportunity performance. to think listened contributions that, in all of all I of in

of on our So face they promise our deliver they and every continue day. to the be company

everyone your and great Midwest Thank close. for a with So that, you First interest day. in I'll wish

Operator

for conference now the All Thank may concludes participating a all this disconnect. nice and gentlemen, parties day! today. and for you have Ladies

First Midwest Bancorp (ONBPP) 24 Oct 182018 Q3 Earnings call transcript