INDB - Earnings call transcript Q4 2018

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Operator

Good morning and welcome to the Independent Bank Corporation Fourth Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation there’ll be an opportunity to ask questions. [Operator Instructions].

Corp mention to call of the business Independent me statements contain operations let be of respect may with financial Bank proceeding, that may this forward-looking and different. Before results actual condition, results Factors those in that XX-K our our include release. Form identified earnings on may press results Report differ actual and cause to Annual information, publicly Bank future response disclaims any and Corp forward-looking any statements in otherwise. cautions Independent or whether to events you any update upon to statements, against new unduly relying forward-looking intent during note discuss Please Corp’s review we certain non-GAAP this that call Independent will financial performance. we also measures as Bank non-GAAP be not read These be should GAAP with for results. and should measures together considered financial replacements our non-GAAP to reconciliations Relations Please the measures. earnings information to website measures section release Investor to non-GAAP our which additional most measures of and our GAAP contains directly copy regarding comparable these refer of press the of obtain the note is that being Also event recorded. this please Chief to like I to now Oddleifson, would conference turn over Chris Executive the Officer. ahead. Please go

Christopher Oddleifson

Thank Rob XXXX you, morning. with always Banking. Consumer ended Happy as Business thank high and a Financial me With us everyone is for & Year joining strong our and you financial Head this Chief We Officer of Andrea note performance. on Cozzone, New and

growth the margin balance by XXXX. growth net earnings again like year net completed. point a fundamentals or year the grew full above record Once Rob digits million mid Highlights deposits. prior comments Disciplined of in year stellar X quality versus in to growth, our drove today sheet credit rate led sixth expense M&A the fueled and XX% efficiency [worldwide] ROE operating by nicely another with related Excluding organic interest quarter XX revenues, generation of mere the charges to in asset focus just single in management full absorbed. value ratio basis the operating in included advantageous on total improvement rising per grew continued EPS demand strong cover core $X.XX our shortly, positioning, for [ph] and XX%, respectively points. non-performing will results. income quarter including detail deposit year's additional XX% tangible percentages, produced returns consecutive ongoing share We inclusive the to I ROA $XX.X my X.X% and and reaching both quarter down loss levels way. that ago greater prior a lower loan basis per with Rise share organic and we XX.X% growth a operating year fourth XXs an year XX% of steadily a mid in goodwill book last would that

So was a all in XXXX good year. very all

in providing the along Trust continued Nantucket Blue agreement is Beyond run community Bank, the position expected $X.X to acquire planning the billion of to presence the numbers close first accretive a franchise earnings transaction the to with well This many progress profitable, Greater be moving is in a of highlight is along are significantly reaching year. course Boston efforts commanding Conversion Island. smoothly a The and which bank will ways. Rockland half our this company. and in market Hills expand on

market presence with opened just within the closed Bank the footprint This which our Milford management experienced leader. and we recently office acquisition in gives Worcester nicely is which up Worcester by wealth more the also a and local We commercial on County extends banking National us continuous very further state. headed in dovetails

in out $XXX We assets market the build to to great just neighboring and opportunities we continues business mark and Cod is prospectively and success meeting management and of crossed in the islands management arising see customer and Cape investment of grow Nantucket. Martha's million our the in acquired our sizable presence providing services wealth under Vineyard much franchises. Our management

how branch our of just we're comes new opened financial in area. equipped Rockland And district two given real about XXX teller excited also were that day design a services. a a our with customers ago. Boston of of video opening It was work families that highlight and members is many that the Trust modern customers We in the first founded years

top [sync][ph] into into customer our rapidly to in and traction convenience, senior of We Blue also customer and on commercial so New recruit on is new market steadily And gaining who new continue keep security banking technology, the continue the of and Heading including to track business integration to to are pace products, make and dynamics. priority Year changing professionals Bank. preferences Hills experienced investments our management investor generation. businesses we

Given our as its we our are record to two look success to quite eagerly and track this together. area in forward bringing confident companies

and which that opening account other our Beyond network have initiatives private we imminent, as increased banking sales of key of utilization is online force. branch services, of ongoing modernization such expansions

would are Discipline be this target we task X.X%. economy encroaching, around will such the strategy. or at environment bar been out to rates years how quarter, continued pillars but deposit for fin our entrants aware their has QX, the lose of none levels right strong. in is his these and customer unemployment her increased is through earn all focus spending recent best the is market keeps measure around to loans X% progress over are recent the an expected. in and third we economy of most costs busy is this the easy at given form the are the trust and unclear of sustain X.X%. stronger and of for next historic previous the be and that is low we concerned year everything approach of up play is year. raised have getting We at industry. an our to government facing Fed's the our many which do. business a is So success. to north many the The the lows of Despite techs worth the general of year is equity continue feel [indiscernible] X% challenges over remains volatility was driving brand Locally by led from intend future The relentless, to as is over we and consensus seize unemployment up that over driven the Much is X%. resist are scarce comes this we're consumer well resources changes even are the intense, flexible, the new the discussions X.X% Boston sight and and growing allocating technology never how is the Massachusetts we the national as unemployment fundamentals and of rising, like What the bit hovering uncertainty State the of on still It macro area Trade and GDP our growing uncertain. and opportunistic to remain pace incredible to inflation opportunities mid competitive and noting. another all underlying are how advantages economic presented. nimble, shutdown We the volatility endeavors, awareness we they on to capitalize to prolonged our will growth. peripheral Competition X

who day. enthusiasm, colleagues a they once to I greatly lastly on was Rockland Rockland And me Globe. Carl is commitment, number for They retirement Ribeiro them So company by and tireless salute energy they acknowledge and Rockland resource among of of very would Work many wish in John and and that age all our for again firms one named I survey Boston my source The Directors our are services mandatory my Best That Rob. stewardship large to them valuable Trust XXXX. and it two years, like Trust during great I for thank I their fourth reached Trust to Directors bring the both guidance Places the well. most retiring Spurr of by completes pride latest their comments. the again the and every to to financial provided far wish to all each quarter

Robert Cozzone

Chris you and good Thank morning.

notes detail quarter front. the some, fourth quick review additional I earnings year in and acquisition full more on Before

merger. and Independent As Chris in expectations and million has The occur work week employees in are inroads XXX $XXX Hills Blue Milford Blue underway in the acquisition warm former voting March on remain the next as Blue million expand deepen XXX substantially Cost to closure assets deposits in complete reductions financial loans, exceptional well in million is plans The of was both begun is as virtually related welcome received forces conversion under branch Milford the remarked This integration well added the week. Hill's to approved close with our final We've Trust customer The administration. for Hills expected are from customers team. the excited Bancorp join very colleagues Bank and occurring shareholders to relationships reductions an integration transaction earnest. the sometime with Bank legacy the National at both to further and value are thanks and will fair with seamless. to the transaction customer quarter. outcomes our Milford of intact. Milford a complete second extremely shareholder capable and and and systems XX. the

the million Now net respectively were in charges and $X final per income inclusive $XX.X quarter and acquisition million earnings, diluted turning of $X.XX earnings XXXX. to the quarter and of for merger of share a

non-core diluted income the of items the and per share per XX% XXX.X Not XX% XX% merger increased surprisingly for increased and Full net net million earnings are share year. adjusted XX% earnings income company. operating were For measures these and the respectively increased XX% and and from quarter other per XX% income impressive to earnings all $X.XX. year fourth operating records prior respectively earnings which operating year while net respectively, an over and and charges and share

average Profitability per results and despite drive quarter an fourth $XX.XX another at growth in with total absorbed annualized. the in acquisition. quarter value increased earnings assets at return up fourth with Xfirst the of share December the more tangible Organic an tangible book north quarter operating to common X.XX% the were Solid which than slightly growth on levels return equity loans XX%. ratios healthy to having for of sustained X% Milford loan continued accelerated X.X% in very operating

are beginning continues portfolio during strong within our the commercial the and charge to hires Traditional was pay floor CNI banking recent CNI plan the experienced quite lead also of dividends. wonders quarter. Within activity corporate as to

demand commercial estate real continues lending stated challenging. X.X% higher terms prior calls on and residential during growth As the real drive the category up Despite mortgage estate pricing solid which was for rates financing quarter. the organically in for purchase home remain to

X% XX% strong at in was Organic growth year organically full or loans For line the X.XX% deposit total grew expectations. earlier with annualized.

quarter the XXth. was However, growth interest which that benefited from repurchase and balances product in balance of sheet Custom checking section transition during offering of savings reflected million balances as were the customer are the accounts as the September borrowing in of repurchase XXX.X eliminated.

approximately Solid demand of in almost deposits acquisition. X% the LIBOR Fed continued impact establishing cost the A consistent the to behavior relationship yields purchase the loan interest quarter leading and up margin core basis a annualized up healthy low XX%. December points contributed of for interest at emphasis Milford these growth reflected was points and beta was was again the accounting deposit up the quarter very continuous Long-term of of X on only fourth deposit and income loan year in through in which to strong including quarter-over-quarter basis full net The quarter on impact organic expansion of XX for as net deposit our was up XXX,XXX. increase betas the favorable

by interest margin However, the higher X benefit approximately point. did basis recoveries

expand Fed should With the margin the increase full net the December first of benefit again quarter of interest XXXX. in

impacted our income opportunities declines non-interest of for quarter. of benefited income We exception network the and the With up enhance which branches $X.X the negatively our was income continually by core categories on sale growth which XX% experienced was the mortgage previously look volume, from in a during to banking fee of seasonal ATM's. gain million branch. Other closed

million just within credit at bankruptcy M&A includes our more associated including reorganization costs lie workout loan. restructuring a first excluding was the loan on higher there. non-interest $XX most troubled charges of this represent consolidated expense debt does of as loan assets and last and XXXX Downtown non-performing category the significant $X.X non-accrual of and drivers restructures quarter. remains non-performing the favorable quarter. the XXXX in Non-interest on The placed during which restructuring increased Boston This to increase an part increase up anticipated two a The increase with we problem end expense equity as securities and XX.X% in first during branches resulted two quarter in not other million the During than was loss the [ph]. opened outsized of

net metrics quality offs with again loans charge X Asset of $XXX,XXX of or improved only basis annualized. point

for As $X.X of million was such support primarily needed loan provision growth. losses loan to

provide generally of Let significant transaction. impact then me economic growth. consistent that and deposit will to of our first financial single-digit now our with acquisition Hills in line of and the you turn Blue growth the XXXX. experience with remind should you with I outlook Loan guidance will barring excluding mid Bancorp growth and for expectations competitive recent be changes for

expense first XX costs non-core non-interest basis single-digit Both higher low Assuming to should no increasing expected margin further the XXXX basis increase excluding in a income X full X the rate non-interest to XX be another to are and items. year at increases net deposit with when mid to rate interest quarter. points than points

expect for likely new we very increase XXXX. anticipated in benign picture approximately credit tax the rate credits, the pretax modest tax expiration deterioration to to remain growth And the the inevitable. in eventual XX% us short-term with Although of some should income in and is

earnings year every first seasonal As cost tempered activity. by is of in related quarter in growth payroll the related increase a reminder slowdown the and customer in a

sheet in As look X%. deleveraging approximately to expect for Net XXXX value tangible quarter in of acquisition, fronts. accretion continued close Chris. and of That basis concludes here points of Hills beginning QX margin we contraction it forward to earnings XX book progress the We should the interest early Blue barring a share. accretion approximately many balance per comments. my on likely the modest second

Christopher Oddleifson

some Rob questions. you for thank Great, and we ready Andrea are

Operator

comes And Laurie go of from our Please question [Operator Compass ahead. Instructions]. Hunsicker first Point.

Laurie Hunsicker

still been in X.X the securities I anything I rate that the the equity start but that last non-recurring about just higher loss couple than included quarters, in of million could mean was a run there line. non-interest new the wondered if it's running figure? X.X expense that is with we is million it or else where

Robert Cozzone

little there No, costs maybe things I in of there in was the is XXX,XXX, my in a a north about that loan had Laurie. comments of increase couple other workout mentioned XXX,XXX.

company it with the bankruptcy. I non-performing out came all All as reorganized that of of under that of $XX associated that restructuring very is and described bankruptcy, million that credit was positive developments that

So money well spent there.

incentive our million which couple our with nature a nature. strong of items increased accruals performance. had we of $X.X other addition nuance And or many In onetime by in kind about associated but of in are unique

Laurie Hunsicker

then I is And higher want XX% which okay. a is there? it, Got which than make that something I rate, was tax I there previously sure different to correctly guide XX%, believe you just the heard

Robert Cozzone

to XXXX. guided haven't I No,

Laurie Hunsicker

is quarter Got rate it, below clear first are just case? then run is okay, I'm and where typically so your you the for duration, still tax the that

Robert Cozzone

to down all what do happens comes it compensation, equity Well, there. what executives with

the benefit. pretty tend difficult predict quarter historically some first see discrete you that that have hit is when to stock to performance but in good that have you So items are

Laurie Hunsicker

be And margin you down think just make it, talking rolled mean with Got okay. I margin my margin correctly, that a on was points I point heard drag in about XX I calculation just a basis Hills Blue know and roughly, to you in a then basis would said sure with to absent want restructure? I rolled absent restructure, I XX

Robert Cozzone

correct. That's

Laurie Hunsicker

include does that and Okay, accretion income?

Robert Cozzone

is income second in that's That would quarter. full but the include year, beginning, accretion not that's it beginning

Laurie Hunsicker

about X points thinking it's or basis good your so so and on about income been and that? thinking should number about basis is margin a we or I'm Correct be how accretion if points running XX

Robert Cozzone

X million with X associated Hills Blue transaction. to is annually million given I've guidance the the So,

Laurie Hunsicker

that's helpful. great, Okay,

much if we after I those think still tax time update terms bite remaining Okay, two a at I obviously and you in realize then Hill charges just look are charges M&B of can us combined? you if how in much onetime on how done and Blue substantial charges remain in are took but just one almost

Robert Cozzone

is complete. Milford Well

Laurie Hunsicker

So, there? charges no one-time more

Robert Cozzone

If no there is charges modest. No, more onetime associated. very it is

charges of about Blue far. taken million Hills In Hills the Blue only terms of X we've so

million. versus estimate taken million of So X have pretax we our XX only

Laurie Hunsicker

so Okay, so after XX to at million basis XX we’re or million still million tax an to on whatever go? XX

Robert Cozzone

Yeah, that's yes. right, about

Laurie Hunsicker

generally best currencies generally? you can And great. you, current talk then how stock last what just this stock to four we've environment talk question obviously the you Chris down you're have in generally, still to months the last of we okay, seen price just and bank your Okay, come you're down, M&A can have there, but all us prices approaching seeing one come here you stock just out seen in

Christopher Oddleifson

Laurie, Hey much. but record sound It's things like very of a broken haven't as I changed kind probably opportunistic.

traded sort with that few so number. hard are really, like sort marketplace and of think I to left our really predict any it's of banks publicly in

half. So, think the currency will table Board talk about what add XX bank ahead selling to in and and we do our acquisitions, is go when last to at be table, what I [indiscernible] at what we in we we the interested and done -- going XX years that year then definitely do. acquire that's it's record just XX the will and tough. acquisitions very the one straightforward. we've I be we are we're the we're every we And track do so so say also that there will will And and our going because a

but be next all past quick the I say right That's number present it they're and to opportunities the will to say that years years that of over by prediction can of there other no would advantage. as we'll now. there and take like that a able themselves about be succession And no results seems is future or a I sometimes come but like sometimes in couple and they steady

Laurie Hunsicker

Great, that's you thank very helpful, much.

Robert Cozzone

Thanks Laurie.

Operator

comes of Brody question next go Please Piper Our ahead. from Jaffray. Preston

Brody Preston

Good Chris, how Rob, are morning good morning you?

Robert Cozzone

thanks. great, doing morning, Good

Brody Preston

Yeah, margin said balance up I margin? balance about basis I understand adds on XX BHBK then considering maybe guess variables little wanted to a what remix, you and the just the bit. and trajectory the touch sheet I to remix, I of Hills ex that a and upside remix touch Blue to want the you're drag to XX XX the maybe are go you when back think point points some basis the on balance ex potential sheet sheet

Robert Cozzone

with the sheet I'm familiar thrifts balance the over of atypical is positioned sure are side which our pretty how sheet typical converted a but Blue you Hills funding at balance of time. of we've

So it delever given as and color much well yielding have folks we brokered bank an completed opportunity some meaningful residential think more think loan lower CDs securities arms the call with can of on to we high and home amount a provide as lower of there as and as as I some maybe well also help of next Hills. quarter's will for from that get are even we advances what there's accomplished yielding at Blue the already the

say a million with can that is there modest barely and be to eliminated that of several net liabilities likely So assets that interest income. are hundred impact on

Brody Preston

then the guess far flattened the LIBOR run had but of it's quarter. in a we I early it it's I margin guess the relatively bit And of because flat. first last maybe I quarter had near-term so itself off I guess been trends, in on touch little in I up Okay, quarter third alright. ahead know if maybe sort this And could I guess more year second

relative continues first fourth what So experienced expansion to expect trend the modest more sort you quarter? have in this you LIBOR of to NIM quarter in if the in would

Robert Cozzone

increase March less fourth then will Absolutely, a quarter. happens we much over with LIBOR longer increase in average the yes. increase stay quarter be LIBOR There it XXX-XXX-ish. no expectation in of average the than the at is to there experienced If an the

So certainly what just have we than less expansion experienced.

Brody Preston

there on any? rate XX Okay, of are basis hikes NIM if for and so XX guide you I guess the what a assuming standalone to

Robert Cozzone

year-over-year just XX hikes No is Blue and XX excluding expansion that rate remind further to you Hills. to

of So, Blue without XXXX and versus the impact XXXX Hills. full additional full year year without increases

Brody Preston

move Okay, there year P&L, those I a the I then I bit losses item nature wanted an I of line I gains losses I touching great. guess change is the to equity was that know the back but that gains on predict equity expense I to line to of broader losses, are hard probably in that the guess non-interest tied wanted the security to to they're accounting to And guess and or earlier the get to the guess item. the I that sort little more market? shifted understand

Robert Cozzone

in equity market those securities liability. and to used those our movements tied are -- are Yeah, equity to the the fund

late decision more a However we to bit little have unfortunately volatile investments in those put slightly and too investments. made less a conservative

XXXX. forward see as should we So move less into volatility we

Brody Preston

basis the Okay, stiff is alright, which last guess in for the ever guide and think but said seeing the is that from seen XQ what as out deposits just going I been? competition a expecting to of as We've some maybe the cost is points with sort market, market. consistent great. And increase I same come slightly is quarter in what basis this specials seen know maybe or you're X it around quarter front, of you has point maybe guess the X it deposit is higher I to X we've deposit of X I than some to that you're the less ballpark cost

Robert Cozzone

I on anecdotal basis would an Brody. pullback say some seen modest I've

QX related out there are take muted. experience. is consumers for increases there well Maybe the and is But part our as of more still to have that think of. back in options of now of couple of the pulled the businesses additional a my guidance to plenty probability banks reduction for I advantage

categories to reduce them healthy as have X deposits base because basis As the at we deposit or our cost very last quickly. category came a us basis quarter X demand points allows to guided amongst not I grow we to to the greater in higher continue you points and including X behavior said growth which in

we continue can so that. confident to that do And I'm

Brody Preston

few great updates to if want us you provide or some sort just a losses Alright, directionally if idea questions know higher have I from and least could is guess level right factors of of what CECL now I not left, need to down an to on the you and have go I quantitative with up a been whether and driving your going extremely have low? as perspective at or to reserve are your that any

Robert Cozzone

I provide not it would directionally up. need you to to guidance that say our is prepared expectation more will quantitative any go I'm than that.

In terms of have rapidly expect we're February preparedness software begin collected In parallel model. of along model the and we are to CECL into all moving our a been and that run using. to inputs loaded

quarter our So progress good very in you some more provide I'll guidance. be feeling we're coming the with there and quantitative to able about

Brody Preston

map have down guys significant Cape in down opportunities in the there on Martha's in that to guess Vineyard Okay the a you area amount designated that significant and then I reviewing have are the of just some great Nantucket is area. wealth and and relatively a do been which close

so wanted making had on on you've or see I of opportunity any wealthier with you type some maybe on know of that? opportunities investments to And capitalize clients any your discussions if to you know if

Robert Cozzone

any those discussions, something I'm it's of not pursued Well, not that Brody. of aware we've

Brody Preston

pristine. one mind the night? on of I But your been for keeps sort then at or thing to And quarter sort get on great. has Rob wanted credit industry of last and me, the what's know you last up Okay, one know obviously you top remains that of the this front Chris so thoughts for and your for credit you

Christopher Oddleifson

like it as I in the business regression Well, is believe believe has environment but out as there business far I know to me too. not deterioration the saying see in that and [ph] environment. can I anything worries loans looks sometime cycle and portfolio that the yet. weakness. not be point we see also, I repealed. strong a deteriorates. And a like are on have And looks banking agree been should we smaller means one to That typically we the benign know begin our I some the thing a future hand will

So shape world and you would look indicators you a expansion around start think because great when will data the it's the begin lift nervous. looking sort and at if you get and you of you we're I little about just all up your in the head sort XX of year say to

we anything. So were seeing not

Brody Preston

you much guys, Thank very appreciate it. Alright, great.

Operator

[Operator Instructions].

of question next KBW. go ahead. comes Collyn from Our Please Gilbert

Collyn Gilbert

good Rob, your have the the seeing of to expansion, is the of coming Hills and year-over-year that from point Thanks, of book? exclusive assets of rate to the Blue re-pricing remixing natural Is on guys. just starting that comment morning expectation so type of NIM basis expansion hikes. XX for the XX that a just the intending maturation is you're given or schedule perhaps happened you're it of kind in no what

Robert Cozzone

guidance is year full XXXX. I just Collyn, relative want to that to clear be

XXX to Hills. XX us of XXX the So year range. XX increases full right is of the due year. points QX to some but quarter should expect at the the just We XXX, would finished funding that Blue to around we puts full for basis XXXX in expansion then in excluding high to pressure end year costs remaining the quarters funds/LIBOR additional Further in no we prime margin experience get the increased hedge

So that's basis that how to points I get expansion. to XX core of XX

Collyn Gilbert

thinking us on you about how that be another and give what little know need to helpful. perhaps cause or effort your how you there trending Okay, and that's update could a of that's how And how, think talk downtown will the the just that's if you're but about office just open on open if alright, branch you need a would a that there just Boston efforts going? initiatives bit there, sort maybe an but then I just

Christopher Oddleifson

I and can it. will Rob add to start then

corner clients city opening serve commercial from Boston a the branch I commercial just existing we is about years banking remind been a for and Our and really management service to our want ago. down wealth commercial years there primary in in XX a there. driver around five to on the that you and on and existing for customers the opened a management business wealth side to number we've branch our years new office doing

So to sort in this all those branch of is really efforts. support filling

in also we of opened business we some the opportunities district expectations. number conversations around that incremental financial up our are we accounts, well, meeting We have see and can a the leverage

I thinking cost there's more the full we we In may opportunity a in, competitive That unlikely. network whether get expand a Boston probably most of about think market at. be market to terms that's that in are lot effective of is relatively we would sort a Boston of Downtown outside to think the

And our drive about customers so probably thinking most decisions. we service Rob. how our will existing

Robert Cozzone

add that characterizes and seaport very that have Boston. Downtown term had sufficient. so And active as medium to think approach. also we'll going the of remind the the I very our approach for just into you locations Blue certainly was Boston a location Boston two economic areas part of the Hills I'd would transaction you that's essentially also

served that Our branch centralized that that our video we is be customers sits machines have video because a so in only XXXX can added in square teller by teller center. we've feet, agent two staff branch reduced call

we right thought working were considerations that we with. the the that approach was strategic given So

Collyn Gilbert

the me to remind just the to and equity again just of the wealth tied that's Okay, can fees, helpful revenues percent over of markets, are very shifting your what markets? then you equity value

Christopher Oddleifson

versus income. Equity fixed

Collyn Gilbert

Yes.

Christopher Oddleifson

XX% we equities. and core is so equity are probably XX% think funds remaining I see, of the XX% portfolio mutual ourselves, our about manage Let's bonds, AUM primarily

probably some So our assets of XX% it management of between form under equity investment. to is are XX% somewhere

Collyn Gilbert

Okay, okay, alright.

Robert Cozzone

have revenues managing the is Collyn fees on by more and but we not and fluctuations The it we all you with associated nature are of assets. revenue that also in is Obviously of transactional have the that transactional majority management see impacted annuity not revenues insurance investment line market. our so purely in

Collyn Gilbert

the growth that business, the how was portfolio this sale I'm about more just banking out of on forward? building and in thinking because Okay, side just terms okay, know your have great And a you outlook of helpful. that's Rob done you then been in just could give but going of better thinking you're mortgage mortgage us there, guys I side, kind maybe -- job mortgage jumbo quarter if you've

Robert Cozzone

going our meaningful Blue forward as we has originations. a production. Blue combine be certainly percentage we Hills Well mortgage higher selling of Hills with will

market. more In of into and the is that an than basis do on fact they secondary annual originate sold we the bulk

So to our single-digit XXXX higher kind mid I be continue portfolio a growth of market. percentage would residential our see combined on that in basis will in much the to secondary into of but will high sold production expect we combined

Collyn Gilbert

helpful. that's Okay,

all guys. thanks had, I Okay, that's

Operator

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

Christopher Oddleifson

April good everybody joining Alright, forward thank us you and which XXXX you talking weekend. to especially and with our we quarter Bye. Andrea Have earnings. in is thank you for first a of look

Operator

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

You may disconnect. now

Independent Bank (INDB) 18 Jan 192018 Q4 Earnings call transcript