BDGE - Earnings call transcript Q1 2020 | Dime Community Bancshares, Inc.

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Operator

Good morning, everyone. And welcome to the Bridge Bancorp First Quarter 2020 Earnings Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. And please note today's event is also being recorded.

to conference like Kevin over I'd O'Connor. time, turn call the to This ahead. please Sir, go

Kevin O'Connor

sure Good this you. this are and meetings. on hope us thank and access our morning. all to Zoom I'm CFO, phones, safe, McCaffery. web and joined Thank healthy and by I morning, on you I'm accustomed life call getting for joining John

of on and performance discuss well as We'll issues our long current short the quarterly as welcome at initiatives will questions both We impacts, for your the course, term. COVID-XX end.

context I'd BNB Before drove how background, into six the the I culture the for jump like results, to our of provide some weeks. and priorities past actions and highlighting

network acknowledging certainly Although with first applauded heroism. feels saving They Americans, of while the who able and much social of not they're lives support distancing. six be work from are begin responders I maintain themselves Unlike weeks dedication millions the without way. and entirety healthcare in their the or harm's bravery, putting must six professionals home like months. recognized along more to healthcare certainly for can't and

by Island, metropolitan been York of the provides and journey market this includes particularly BNB's reported over Long and over with New time. our many City hard principal which area, deaths. This XXX,XXX surrounding the hit cases COVID-XX too has unfortunately, backdrop for

all by the distinguished and have navigate help themselves health economic an and to displaying who local they businesses public incredible our need to unprecedented employees this Our struggle to as commitment clients crisis. our

juggling In health remotely, made, no In work go of matter at than has to Slide moved to ever. line the every our employees core who needed needed critical. clients, more made, working a protect won't is short I support been time efforts pandemic, and decision on global weeks, centralized and of from of BNB and care, many X, we've to environment a the more our family it's of at highlighted well-being we anxious We've by that our continuing and while employees line. all mobilize The the our and help while clients. teams our order, initiatives

While we've gaps, of There incredibly misses, not no I'm smoothly our proud made. how in were like were lifetime, the adjustments anything no experienced this no oversights.

our businesses fact, neighbors working. working our could an together employees to I'll sure order came they in later. and In in our funding detail own their desperately in the XX/X keep employees more and maintain cover incredible their needed receive to make customers way, that

our industries offices our moratoriums many we understand to customers We Banks open. these sense in way many are the the during on. we to lights cases, surreal times. of one waivers, of on, remained provided have and relief to few long of a of our In shoulder fee also and, normalcy essential provided in lean a communities,

As we're larger healthcare and you increased accelerated grassroots can community efforts, local to shelter all support of the services. our support commitments see, we supporting recognize have food, for helping to provide and and

further these to In fees utilize efforts. the our fact, to portion intention of the it's PPP

increase Net like million. interest net of $X.XX, margin interest to to the of last growing income, also $X.X first the noninterest The million change net quarter's was the versus some X.XX%, with was $XX.X consistent prior quarter. There no year I'd income of quarter high-level share came the first to prior million of with quarter was flat an quarter. which income our to million, year. for EPS in metrics $X.X with the $X.X an for of

CECL. detail a $XXX,XXX Decline will as QX. The million in in prior adopt decrease loss reserve cover in in increase net John loan is from fees. income increased to $X quarter largely to in the the greater and in due to we swap decided reserves

that also impact covers COVID-XX We the this of at believe point. this

continuing We've debt going will reopening to disciplined this will be been require the forward. a ongoing an importantly, most lender principal a markets differentiator assessment service, item. closure and character of related regarding portfolio Although always LTVs, metrics borrowing uncertainty the and and of believe our

again assets, than had million in end year. million We of strong loans, $X.X quarter, non-broker the the at increase $XXX reaching business X% quarter, X% The end over by material year. well, higher of grew deposits a Non-public growth up a or saw the billion end XX% over QX growth in total an the the of $XXX XXXX. increase the as last also

subsequent will the activities. discussing some QX now through and take deck the of John us

John McCaffery

you, Thank Kevin.

an X, $X.XX on touched and for the on. that's first for year quarter, Kevin versus and of last $X.XX, EPS deltas. the overview some discussed for of first of quarter the prior So quarter, with just you some Kevin reasons those the Slide of which $X.XX

I X.XX%, was QX will margin margin the quarter from momentum our XXXX be note QX, steady that which by down we will margin, first a On net bit NIM interest impacted and out seems so like NIM have XXXX, some our from QX on held our in coming actually well. the little PPP. as it of was also

with significantly the will CECL. become option of economic we something the foreseeable upside due from but to We COVID-XX real to also affected "ex-PPP" phrase of the for opted believe forward because was a The which see didn't of the having CECL. CECL future. the press provision, with releases of did have delay adopt to first I impact speak our by that, was going for and any did staple So we in crisis up we impact not adoption an quarter estimation

provision, adjustment an took quarter. to $X crisis COVID-XX million a which the ACL and our of impact $X that million CECL $X.X million on $X.XX had day-one related the was to We of a

Some balance sheet highlights.

obviously, of and we into bolster beginning As from this million the at liquidity points went $XXX borrowing. liquidity borrow we see, bolster ramp in basis able crisis of XX of the the light we decided decided out, we entered we and We the was to did end up, March, around. actually, to in -- were to rate anomalies for months the coming to that of some markets, negative first three because uncertainty interest

investments We for let liquidity deposits. flatter municipal requirements continue the our and managed decline to we as for lower-yielding posting

C&I fourth loans significantly we up quarter CRE-heavy were very quarter. First a after had

non-public holding are deposits, deposits up on XX% of which IPC our those basis. at as Our percent non-brokered, were a is XX%. DDA an our IPC annualized deposits And steady

a that March the XX. of of the capital, we we repurchased caution of million. At end spend decided abundance shares preserve XXX,XXX the During at on cost as quarter, again, an to to quarter, $X.X we

statement Income highlights.

that $XX past one $X million week. And X.XX%, to just we million and PPP was the going NIM I QX, due close, at next the for impact an related the additional of slated income of recurrent say million as million in be we'll of QX, again, loans. to quarter. interest the stayed mentioned So reported million thus quarter residential up we and through those a loan $XX is in second numbers sometime assess to this of significant as that quarter-over-quarter. go end is Past $X in want loan have out to are due At had we today, and have that margin quarter-over-quarter. $X the been on and taking we

noninterest quarter-over-quarter which QX QX swap drop up fees that were a income were then and in QX quite significant. year-over-year. to charges was And line. SBA, the SBA function real we estate swap year-over-year in from title up of activity The commercial had, Service certainly income and fees, the was

reaction Again, buy have concentrating controls. lot I occurring will expense response expenses this. we Noninterest other have this we and we on would our to to that impact down to quarter-over-quarter, as cost and been at may manage been in through of is the expense our a try and to crisis -- we've we more through believe state cost noninterest going we're

The or based for that COVID-XX recoveries -- this then and upon first have where going we ended I -- XXXX. was first a were would whether V-shape And we're that Going continue U-shape of chart the obviously, by the crisis. $XXX,XXX. quarter quarter. to feel more provision and allowance the have charge-offs as making, assess take model flat one through in the adoption down we're million kind that's response been assumption current quarter, model $X.X don't spoke we a or we'll a that in last a we little net We the CECL V, within $X This know during increased CECL the million just first million, assumption impact will the we $X year, us day forward. it the on our to generalized but quarter the about. to that's the -- move

time first time, most predictable that saying the ever, the doing was is we and this the CECL our at thought We're that of time. for again, this prudent done. had calculations the not But when were at we and forecast the period one

yes, So we reserved. feel do we're adequately

I from we of in fees fees taken received that will, the $XX we provide loans in as would fees at guess, million the PPP expect capital haven't point. report we on those about some additional we them raise, those get we will But come Additionally, as to yet. any

shutdowns some Next slide, area current for areas will we're all showing have continue concern the We additional monitoring certainly and for and weakness. of has shutdown in we been have for as areas of being come or our effects we've to of businesses probably susceptible and to customers, some lingering reported. kind will portfolio these see our particularly forward. loan identified continuing we us enhanced going just signs -- and the the industry press we ask of relief look of look in of and weakness, We're certainly see unfolds and the to what generally just at all additional to any

work who continue resistance. with borrowers ask We our to

financial those plans balances, positions we through balances them sure granted exposure. To assess loan which craft each borrowers, workout totaled in make the in which is our on XXX this strategies we loan For what help are crisis of $XXX we've get to partnering to with their of moratoriums, them million that custom date, X.X% total one are. and

some by where and on see continue to have we you broad this report the been will here these categories of forward. as moratoriums, So, we've and we these at can breakdown go granted of

individual these discussed. interest depending upon moratoriums forbearances various, or principal and are X-month all situation whether principal or the as it's interest

kind of ramping carry crisis who customers where we efforts When needed the and XX became to liquidity. loans an PPP relief some emergency be loans program a offer are first up able of before time was some our something to These of that customers loan through our needed existing, were, immediate became Protection as to size program speaking of of And have small the call to period did that Payroll was to the they back XX it of Payroll the loans in support. I'll existing. the $XX,XXX. totaling and with as Program $X.X we program And to ask suspended questions. hand Kevin of million discuss kind this an up These and soon wrap average Protection Program,

Kevin O'Connor

Thank you, John.

last the a way something customers. us it Paycheck think This the very of think recognized from help slide was is communities us took we standpoint tells certainly for all the PPP I and that our this We obviously Protection our personally. program. I Program, for to that

approved. embraced importantly, over in were time engaged employees testament again, We or able Our within million three $XXX to getting one-third it, our to like again at and seems are in of $XXX as probably employees weeks. days point of was that and million months, really it one, fully the funded a but people, it's this three two it last, I do three probably and think was our almost around some

back another million been successful, as do been other We've $XXX take people able that We're our honestly, quite able advantage, have still $XXX of plus may in. to again to and markets in two. We round we're million, not jumped in continuing.

think is us. the bulk done I that of for Although,

I of small how quite these note important are very think to honestly, that it's loans much loans.

also the see across a what and live employees $XXX,XXX. to median communities opportunity. little loan feel they're less has contribution us than from an And the our back than us it's a less honestly to average great a provided a standpoint, in industries. is for which it's making serve. As all They're provided been $XXX,XXX. was they here, for And like that opportunity we The nice

stood month April, opened we I know I course that of accounts. the close the went In first we're as bank through up the to And not alone we've community X,XXX new of a guess, out out.

best X,XXX accounts new and they want is of as are existing those that new we this of customers sort between But Some are as to segregate get for accounts can money. X,XXX have we've from got or customers come banking with that of over. are publicity part either this as with for bank of success us us that the the PPP from being program,

rise So opportunity demonstrate that that can great to industry up has this I institution been when we necessary. our our a think for and

reasonable there, think the with it'll is dealing that the probably criticism hindsight an they've undertaking. look but out or in I SBA think job a done I incredible

So we were to participate. happy

our And obviously, we'll grateful the been And have are out think highlighted do tired, the problem. ultimately with I of John check, fees. while figure part solution when it. I has we'll we the of first those being instead to what employees, of get part think

none not money. any have that navigate we times. something we which difficult to as we We of yet these received that us revenue make along is continue have recognize other this will with But help that

sure questions bit So with in to over it that, there on. us some going I the because ask to what's I'm are chopping probably people will turn

Operator

your from Sandler. from Alex comes with [Operator Please Instructions]. And ahead today our question. first Twerdahl go question Piper

Alex Twerdahl

guys. morning good Hey,

on but for come they from of banking sheet, -- was from how kind you Just the customers your large just little to existing to the -- obviously -- is helping out little any Kevin, where PPP, you pretty that opportunities, alluded want this stay opportunity of etc. minute, percentage of kind balance potentially and love end, talk potentially frame bit touched at the that versus some new which and to size some their could you institution? a a that bit the relative customers weren't on getting a Can existing I

Kevin O'Connor

bit, customers. XX% but XX% the to be trying And round, think probably the second closer I little it's information. that gather was were understating In or all non-customers. think a first -- in we're to round, I may XX% I it non-existing over were

done of treasury new products XXX said, already And we've remotely I As opened accounts. X,XXX-plus I as management these installations newer we've for understand, customers.

sensitive think recognizing created So people these very a in are banker. times. value But value difficult of knowing always to the I

at enough spot sort size. sweet the without throw We point. I at belaboring of think the were this we're it have and of resources it at throw the large to to program

The technology. first what degree, of when applications, and disadvantage use ability to any to big you of you're processing the round a hundreds no have great of this, had was there adopt to technology larger banks because thousands that's

-- tech, people get publicity. this a and a method. done, working it which you you're resource interview -- it of If bank, you SBA smaller kind that in we bank brute sign-ons got that throw force I followed the We larger the and the don't get had that we've call a got the we will don't We a television it. customer -- have XX with round. at say some a to XX/X was didn't first nice on who was with used

make to were to round reach trip us. customer him We afterwards PBK able out for

a a with this and as think need as alone -- that you my colleagues a view banker, not banks community my I I I'm -- this know this -- is So not time in bank. when point

Alex Twerdahl

to in going we PPP second we heading If quarter different loans of obviously, probably slowed activity year? quarter, here throughout substantially rest business some Yes. your balances the That's into the exclude the markets. the overall should loan Thinking have loans, and about parts how the about with, of great. buckets into think second going moving

John McCaffery

couple hope of happening, of So there's real that would activity weeks. over that some loans I still there's we commercial this level estate phase still some the say would people closed. come still where out is closed activity, loans -- we past getting we've say pick and kind I there am initial quarters, the of two I would of see as can quarter, in in the the term, their activity and going the the through sure not that models. level get we're second activity kind of on, I past in seen going near certainly. what's up. to We're ex-PPP, our bearings will of see that

core I like it overall, think X% to again, ramped down something growth the loan annualized.

Kevin O'Connor

mean I to back have -- think normal. the somebody is we new I what get to

shock from Alex, knows we when who for point think And I XX went recognize the a marketplace May to still XX you there's opening we here. same April that do, live and certain I to -- just think shell in there's right aspects. we

so think on about calls of know And that -- widening these honestly. a spreads and there's maybe been I some of talk smaller volumes, on I spreads lot quite widening

the tracks. So, or is, -- the opening the an work, have what getting you that to how going through whatever think means think opening of to, I the this see -- understanding half back year is I to second really

Alex Twerdahl

or using piece the $X then million what assumptions provision, CECL And the reserve can Understood. give reserve? Yes. you of that you're just us on color for additional some the on

John McCaffery

the recovery downturn -- a pent-up in the So, whatever and CECL, and selected don't that by in will That unemployment XXXX, drove in rate. link We back. the doing a the the assumption with and basically those demand our severe economic of things there is we quite evaluation, that wasn't that implemented necessarily we that bring truthfully, down historical provision our said in as model to CECL model, kinds additional in the because CECL XXXX correlation our us $X the unemployment were charge-offs was that Fed to assumptions million. have historical assuming statistics is

about I then next we the to more years, severe severe downturn months, of the the broadened So, economic think downturn -- kind X of this so economic -- low in it the near X a severe level the in economic And projection term. of XXXX. in economic, CECL had -- that recovery and goes was assumption X a out for

Alex Twerdahl

use Okay. forecast that That's the helpful. for stuff? Moody's And you do

John McCaffery

me? Pardon

Alex Twerdahl

Moody's the of you for use use that other that? Do banks lot a forecasts

John McCaffery

we that had We from incorporated we how We did. was. scenario Yes. that selected the in

Operator

from next Boenning Scattergood. Erik Our Zwick question and from comes

Erik Zwic

Thanks.

bit information funds then was helpful. supplement if net thanks with you and John, margin, start on wanted Fed in for provided press you cut the today. quarter I drivers, I to including continuing of ended the think quantify of know margin I March all kind very wondering in comments, excluding the through the more in some say, happening that PPP? to release just come margin X.XX%. And expectations but just allusions in comments, for think you the kind your LIBOR the can in the XQ, could rates a you additional to us? the mentioned if first First, us just the mentioned in made of of XQ, down the and kind impact I the for little in interest you the it That you later that at walk the quarter but I here Can in and

John McCaffery

drivers Sure. the out, I pan can sure the not to drivers. I'm but. know how are tell you going I

in, then it I think this was we -- kind So And certainly the little deposit like everyone -- back of jump before drops in rate would could had a don't begun last year, we beginning well, of year, bit much was reach customers been pushback than we what rate we in felt last we the the on Fed knew revisit environment more -- got going to the more. at rates it I as when And was even in I and happening. had Fed certainly, why in the pretty lower aggressive March, while, of cuts. additional deposit with for time stepped cut, when -- our the some we think think a

even month. especially part got, was the we and it full the So of that March, month the wasn't in lift of

at past be side, asset in swaps, X.XX a it some really spreads we're the what what the year hearing and now. really out tight the that of widening we're the pricing, getting whereas into experiencing to looking On loan is there would spread sensing you was on end are

spread high we're hadn't come kind money on the widened our are to and mid home of were C&I of on loan a of able LIBOR using to and all LIBOR prime reason holding also to swaps borrow have was we because kind getting think recently. negative out. local spreads X-month multifamily why competitors down or CRE at and bank X-month of advances even on kind loans, until I Xs at the that LIBOR

back-to-back the swaps of some did on loans into fourth the we versus have LIBOR. do that we Certainly, quarter

yields this a those will would spreads doing. the generally think But be in think of the have on down. I pricing that again, deposit come corresponding impact I marketplace as loan much of we're not rate the the like beneficial holding and drops widening

Kevin O'Connor

I think John, forward I PPP. look margin, you of to margin as alluded also the ex the on sort we think

margin. I a be think up sort little I John of I there's the banks extra looking into some a this, going probably think of ex think I and other things liquidity. we lot like that build highlighted you'll at mean in

we some what haven't. for sitting in needed Even honestly, quite we We money have quite honestly the have might of at PPP that, Fed. anticipation

The is and PPP media, sheets credit nature of bank X% it's spread. so what's loans and literally on happened a in balance we debit

left. we and borrowed money this at sitting get some it. then whenever of dribble next borrowed forgiveness. basically it's bit X We point prepared. also to X%, liquidity, need were But to money and so earning going to in in we've DDA accounts, time, the out went be is of until weeks, little don't thinking extra we And going a got about money to we that money paid. conversation going And it, It's not amount open the we're some not really over even out

noise will the of a the in the take So I think, second lot explanation. quarter margin, on

hit part. core John think the I on

I we lowering nice did think a deposit rates. job

also are in up their We is think additional wind loan of accounts checking We made widening. think because lines the liquidity. looking they're on for credit have spreads their just draws customers

things me, think is, it's environment, they've your interesting what is, I for question one this in totally actually are overdrafts been. of lower too, not than and the

they're not their cash, been who holding there's paying people think are I the bills. their

accounts. they're their not overdrawing so And

have a explain to guys. modeled we I So for us understand be can in parts, any it many the to you moving going is that quarter for to be challenge it this think challenge will so way second a of

Erik Zwick

utilization in comments $XX quarter increased of characterize about kind the Kevin, kind people much new increased all just of of of how No, in hold the mentioned helpful. line you Sure. that's kind C&I one C&I, you increase utilization there. curious, organic of loans draws more I'm rates. the challenges the cash? And for on understand to just versus million as those would there, wanting hitting this I business

John McCaffery

little. Very

Kevin O'Connor

which I draws more That think the XX%, than line. probably and a it happened in of probably was less month between XX% April.

who have have it for X conversion to sitting can making in he person a ones. We one MTA liquidity, couple have and on in I his we big took individual drew finance in a line quite business. things for they customer that was went it was And company, making One actually a a from and ventilators. then the name to honestly, high-tech on took to he of they basically X the unique And his that their checking cab.

So it's think, aggregate. that's as XX%, numbers there XX% on utilization are But a get I it, obviously, I into story. to great more in from think, April, we -- went think I drawing people

Erik Zwick

Do of you then additional expenses revenue thought, at thinking how are outlook? Got and full And maybe and to impact it. income fewer see opportunities lower quarter lower get XQ? we'll then as a a kind activity. another about business XQ mentioned kind if look to overdraft, so, of And in expenses headwinds you you you noninterest with potentially of potentially manage

John McCaffery

see will you think I fees. mean, I service probably in drop charge overdraft some and Well,

been there's -- what's east I end. in city, don't of can't going think I -- I don't the know speak I that the to on think time business,

or people when Times want there -- in a They if lot of may or I I go could everything a you article, argue was City people that rented rent there's I to think And New home guess, rent I back was that now, and in so think some would deciding, there and title may potentially are may The upstate, a Hamptons. that York decision. business. people now can in never it the it Hamptons drive you trying Although to the by buy rent today I an it something something make I

-- side, it. will. think any you expense probably alluded normal to On have the We if months. we last there I not John attrition, in Obviously, even is two the hired

loves think basically new of great We get that at ideas things it's home the home. everything. I -- started. have not sure I'm probably and But happen everybody one to new work from projects maintain

I So place you it's going expenses, on if think pulled sort to in be of will.

Erik Zwick

and the trend Has And then one Have noticed round the I last I'll exhausted? pace you drop how Thanks. one of last is the me, that of of it. request? would since you initial kind off guess -- out. PPP to me surge? that second dropped for forbearance once Got And question expect the

Kevin O'Connor

it's I been think holding steady.

ones early, that not I think in the early. came in come And I've that. seen

to think that sad come heard can gotten some all people -- it. of about after PPP, kind I for potentially the of stories who've happen it the great we've them with some stories around

we think have yet happen to to I is we So see. why what again, is what that's --

Erik Zwick

taking you my thank for so much questions. Great,

Kevin O'Connor

Erik. Thanks

Operator

Bishop from [Operator with your Davidson. Instructions] comes ahead from Please Our next question go Dave D.A. question.

Dave Bishop

of rent in and quick of market the under given the the of sort collections in environment terms A there. multifamily rolls some We're the stress question here. hearing here pressure the are

in seeing of at what efforts rent point curious the through this terms cycle? collection you're Just

Kevin O'Connor

It's funny.

I differentiation this on the different and there of obviously, up and some You The Long get, I came was April XXX%. see, because some know best saw the mid-XXs Island, think, yesterday can higher that calls. we

certainly the May question. is what happens big in So

and I getting is think though People the they're some have just moratoriums. probably still paid. that's -- the point moratoriums even interesting

be three spend done end really like monthly look may We're some And slowing, going of money net. going months, you've we're gotten want time. more a So at if to it is your paid I that we've one at to the and rentals. of bit enforce the that. something I things of feel that. And

And going customer's dialogue, character. working to to gets so the with and that back that's be

debt just is LTVs sometimes that. with and I know banking relationship and that up that service, mixed gets but lost

about work at with and But the in our so and it, depends out there this lot get Island, dialogue and a that. keep are collect and and Long all point worried when and you. provide goal business boroughs, part do. community some collections, people And of making has in whatever sure all the I get some LTVs The are -- that to rental And time, May and sure will make that too, of and should to collect incentive where what's buildings all of a made you it your think opportunity what professionals part of up piece right? we'll to certain ongoing you you buildings what should of us you here certainly the June -- is on continue that while we like do

So right it's I XXX%. now, said

Dave Bishop

inflow. terms And the inflows deposit quarter? of be then terms were might in -- deposit first of some in noticed in Any seasonality the the of strong

Kevin O'Connor

Usually, business quarter basically dead. about in think in third the the quarter. starts keep of it if tide. that certainly to our to markets, the on and Usually, -- finding middle legacy when the it's and -- second all lights rents the quarter the peaks customers their you the in paid, We're is and first liquidity spend build the

that fight tide we every year. So

they the at conversation are of this analysts the deposits time, end investors. April, were the have at with year. and We In lower than

pay XX offset be may won't May some taxes, April have corporate was that XX, a of pay, because although do they think. of to taxes some their it little Now I bit

is you think has too, impact don't even and the I there monsoon is some activity sort a on is markets there's take western in still and West, business-wise there for And deposits. -- construction I have since end you too we be, But seems but and So I where lot colder that that the think of people as of what the slow to it to think there seasonality our get it. to an should the seasonality we've a down, businesses back. discovered, the year do of a

yes, long So still apologize. answer, there's I seasonality,

John McCaffery

-- deposit ramp is public we this up And Additionally, with the overall extent. up. is to funds broker an number, some did

and receivers, relationships. call I because in this think the we've tax of late. kind year-end in about lagged we that talked went bills are added some Things sub-accounting out

that as send January. the a school we that And have money the would as of around into of is to customers departments more. XX/XX, at couple a big whether it's more receivers or taxing the the fire little where have or So authorities, weeks more kind of surge library, well. few first money stuck tax districts Then a led we

So why are really reason I'm it up sure if is another is quarter-over-quarter. not dynamic but deposits there, the

Dave Bishop

see any coming a of maybe -- you could But operate here. terms perspective? back fee you big change any from change more and of sense any out get do this? step the come too or just operating this see question back post-COVID, many of picture -- operating of pandemic the maybe out Do as the and all to we a Kevin, given sort you strategy. then, branch that day-to-day state And efficient end early opportunity or footprint disruption And way at in the the of

Kevin O'Connor

think to think through. have only our that there I of them had branch X different obviously, to you our I Well, times. mean, are of -- close XX we've -- at branches,

been an that's is volume activity open think day but I all X. ongoing trend. down, they're Obviously, since

of wants look greater down need out how and a to community, we'll can sometimes at seeing. everybody continue volume and and little solidified But to here. down. I figure be see the a basically suburban because come drive-through I continue what that branch buildings. time, to hard they will more footprint, to They go we're We and based we space today want control to over model to spot shrink assess transactions in the have usually there. careful what efficiencies know to bit it's And with that market bigger be to to a in try continue actually traffic upon creating

do out to those to how further smaller, going and I you're to and footprints lay have evolve going apart. people in because we're people things. this global that things. balance them their I've actually of it I'm to it two But about know going so going seen we're make So sit but spacing

sort impossible. of I actually that and be less kind will But I remote There'll the think think of branch and model more that's to evolve. physically stuff. certainly, activity continue

Dave Bishop

then final John. Got question, just it. And one

of Just floats of LIBOR? portfolio curious, the what X-month exposure, to LIBOR X-month sort percent

John McCaffery

million probably fourth say of $XXX there. million. lot it's I up we LIBOR to to X-month still But $XXX activity quarter, exposure. I after want had $XXX that to mean have recalibrate have a it's probably around to I'd million you the

Kevin O'Connor

of get we'll up. you sure that hours I'm time time to the And by answer the at you're the up

Operator

I'd for this back the management call remarks. no to closing at [Operator showing questions. I'm conference any Instructions]. And to time, additional like turn over

Kevin O'Connor

you. to Thank Listen, going overstatement look like. in all we we're is I I think to of future to think understand what say for it's an unprecedented times. the think us And

kidding we're ourselves. think I

at and communities move look think the and some understand the and at market reopens that institution on it as and how in for I'm our comfort least our track serve. we we've as taking record our the forward means disciplined what I I this underwriting, had, customers neighborhoods we

to opportunity throw I and can't the enough. thank the customers to great. I of think was lifeline program it, appreciate that I PPP

people will, process. through our be factory created people know really in getting difference crazy shareholders and in, they've feeling you, month, an on they for We I are X.X number XXX-plus efforts can make of employees This for serving a up the things that I world. have and the delivering phone weeks. from They you if basically been approach our of for in they should congratulated. to the the a laptops has a put stepped customers, delivered our a last matter in basically and a a like IT all-hands who both became

We've through many I years institution old. So crisis. weathered We're financial storms. the is lived XXX that number this believe a of has

figure we the that But out XXXX and place the you. chosen in to well again, we've of looks. with team it think customers try I to how hopefully viewed they how the balance I that's thank associate us as serve and will

sort apologize our today. for us. bit. again, thank will time But here been you. around call, please, any be and you for there's thank follow-up, your has a further I I your patience of and I This If little with on rambling around. But longest John will be

Operator

Again, that today's joining Ladies presentation. conference we with you call. and for thank will conclude today's gentlemen,

lines. disconnect your may now You

Dime Community Bancshares (DCOM) 2 May 202020 Q1 Earnings call transcript