FISI - Earnings call transcript Q2 2022 | Financial Institutions, Inc.

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

Operator

Hello everyone and welcome to the Financial Institutions, Inc.

Second Quarter Earnings Conference Call. My name is Charlie, and I'll be coordinating the call today.

You'll have the opportunity to ask your question at the end of the presentation. [Operator Instructions] I'll now hand over to your host, Shelly Doran, the Director of Investor Relations to begin. ahead. go please Shelly,

Shelly Doran

Director joining and for factors substitute President today's and measures. the and Community us GAAP Bigham; Plants; provided for Mike and of description relating date, comments CEO, will Grover CFO, Providing will and discuss turn Chief join for Please and Justin Officer, be CEO, Q&A. Banking Harbor these Financial call a statements. us you Reconciliations Planning you GAAP call. over Analysis, Today's financial and that for Marty forward-looking measures this release forward-looking for prepared Jack and of Thank will Marty a variety to historical Q&A and detailed earnings Actual as Form other comments available supplement Investor acted due We to forward-looking We'll also Safe the statements. to measures Birmingham. of discussion measures filed on that not be earnings X-K. risk to results in I'll Relations an President risks, now statements uncertainties, to may SEC filings financial prepared were certain website include differ and comparable factors. note refer Birmingham; XX, only materially of XXXX. the non-GAAP as to information yesterday's from a lines to includes our call exhibit may July today's intended of

Marty Birmingham

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

of $XX.X from to up linked performance solid of million ago a including of million diluted the this recorded quarter, significantly our the from losses We commercial loan team $XXX,XXX having very entire years when we most our year recorded recent normalized shareholders results, loss more loan $X.XX after are During was but of first Results for to million, per the provision positively available year, pandemic. in income second were recovery. impacted reflected $X provisioning sizable down benefit by by environment period, the the quarter, or operating returned work the hard which a credit two $X.X a share. quarter, net that yielded in common impacted

by XXXX our based related the current that addition, as most second market part progress were quarter liquidating network on closed non-recurring made market our impacted properties bank chart charges significant results and existing reflects on million were to and restructuring of and this $X.X value of optimization. locations XXXX retail conditions. offers adjustment of these We've In fair purchase consolidated

pretax higher adjusted million, pre-provision than first was income was the of charges, non-recurring quarter and which these XXXX. $XXX,XXX higher quarter $XX.X of Excluding XXXX second than $XXX,XXX, the

The to productive an company organic one in second delivered our quality, quarter economy. growth, evolving and a asset position we our strong success company, maintained took loan for steps continued for was as

if We annualized are wind more making concluding XXst, touch loans March our as my even important from an which up X.X% Program on remarks. in on down detail loans progress were digital Total Paycheck to I'll expected. continue transformation, Protection in

the recent million demand line $XX we've experienced growth indirect that pool and about afforded loans sell loans saw this indirect to business We strong of small the during We of also of in given were in opportunity period. this years.

the We namely loan our loan manage to continue auto sheet portfolios, with as opportunities balance will evaluate we in to production indirect commercial. growth sell future composition remix and

and total basis. loans PPP the grew an sale, than loans of Excluding on indirect X% more annualized portfolio

a was of the late we I of March grew impact commercial fair business quarter. in note came annualized. up while that PPP X.X% amount on loans, side, excluding our the [ph], that portfolio XXst, commercial from mortgage an second annualized the On basis commercial growth X.X%

third loan these Baltimore and quarter. production the out the Mid-Atlantic see benefit results serves strong we'll of that Since Bank the Washington during was that region. February, new from the of Contributing team gate net to our income DC So, in full joining bill future as and growth. June $XX in performance Star a interest with an believe outstandings XXth of to they to community is and continue support customers moving forward. they this pipeline have market brought apple Clearly, approach advantage will approximately banking in it competitive and out we million resonating our Five be

Looking continues with sponsors current to advance rate developers markets. our partnering in amid high the projects. commercial in remain quality demand Commercial real focused interest environment, unabated markets New ahead, on as our we continue even Upstate York estate

relatively were buyer trend lending, mortgage residential appetite. continue home rates, higher first low changes nation, balances much the equity lending of been opportunities in stock, increases volumes and XXst. markets we our Turning Like have to by flat interest impacted in seen from to have in March housing pressures, inflationary residential but lower, volumes.

continues to through we challenges, As top maximize growth moving line and opportunities indirect Consumer business and XX% late talent focus core engine with driving loans in these manage quarter. the operational support from XXst up recruiting key this of our to company, March of forward. we annualized tier a on the efficiencies nearly growth the be even of sale to competency and for a for continue portion

more approach auto our new credit high on focused unwavering robust We franchise dealerships. continue to a to remain XXX discipline. and auto of benefit than valuations We and rate from network

loans transcends stable all Our million or points and approach basis quality million loans lending of total net non-performing and including credit XX credit categories to $X points and average basis resulted in of strong or $X.X XX recoveries loans. metrics, prudent continued of

measured loans losses points at up March basis credit for quarter allowance points Our XXst. from total end, three XXX basis to

that robust results we opportunities New Upstate revenue offering and achieved durable, on York our business and half XXXX of details solid well-positioned and two we remarks, been employee Jack product Our remain our provide will expanded wealth but additional businesses benefits the first profitability. XXXX. management performance his business. bolstered in insurance believe and are and second businesses insurance enhanced business our believe of during to in presence retention fee-based growth development and their by [ph] has support strong the very acquisitions Volume in these quarter new overall, cross-sell

wealth first the the XXXX from management. decline doubt there's Jack? steady at teams throughout to to and did my under amid and It's our provide Jack first and our turn and [indiscernible] and an details are industry for pleasure advisory our guidance. management income counsel the results a on update the On pressures. with call in that we half to Capital assets investment on now of has up additional half Capital engaged X% closely Year-to-date, market-driven been challenging experience the XXXX side, financial H&P clients historic of about guidance over is XXXX no

Jack Plants

areas of Thank Good commentary million from the environment. average and with earning result linked you, I'll on a in interest of income comparisons performance interest providing with quarter Net by first the as was $XX.X $X interest everyone. quarter morning, key a XXXX. assets rate Marty. million, o begin higher up higher a

PPP points sheet linked XXXX quarter eight Just quarter in with and were Less XXX of $XX first second million second than on and basis the the XXXX, of the in of vintage $XXX,XXX first quarter in $X.X fee in compared of for NIM over basis million forgiven quarter. second the million loans remained from fully balance the equivalent XX quarter $XX basis $XXX,XXX up accretion as XXXX. a of respectively, points a on vintage to second and end. the taxable points loans million approximately quarters the loans at related basis $X and of quarter XXXX XXXX from was

of the margin rising market Federal Our cash of this a the rising has environment and because portfolio of improved the year interest fund lower loan second Reserve to earning cash of portfolio were rate down as rates to as on flow Investment of interest compared with deployment originations interest impact result value the quarter. levels XXXX. the of along during the securities

investment As yield additional primarily for flow flow comprised of portfolio is Federal generated balances. durations. These Reserve reinvestment over incremental the securities securities. a into investment mortgage-backed our with intermediate ongoing cash allows securities securities or from loans have historically reminder, provide Cash and portfolio

Our by on up due the by maturities the largest from points the reciprocal XXXX. an sale in investments costs lower, expense employee equipment of of loans duration. in rates performance salaries current from office compared tax significantly our quarter. of in million Income along with tax of tax quarter-over-quarter the Intermediate of $XXX,XXX were primarily a changes $XX.X portfolio. was of points in as of than investment quarter indirect partnerships quarter, on negatively each revenue associated of and reported $X.X effective $XXX,XXX quarter, income linked earlier. technology, was representing expense of up based basis of in market Non-interest regional of linked quarter, deposits. valuation contingent and curve Marty loans loss Revenue treasury limited increase in $X.X higher as higher five-year sale linked $XXX,XXX result Buffalo our the million income borrowings as $XX.X comprehensive quarters quarter. the the position securities wholesale primarily with XX quarter, The gains driven lower the with XX.X% in Insurance rate $XX,XXX was higher million associated of the portfolio the follows; basis rate available the the was year. our the charges, a mentioned impact the and $X.X a current quarter unrealized that up of modestly $XX.X its cost of for from linked the loss was income of result loss and received underlying $X.X higher was by increased quarter XX.X% were the driven categories effective of $XXX,XXX first benefits, million first to million relocation with funds the in the and was six restructuring Non-interest area, other of administrative to primarily of million. And from included on Accumulated sale million net impacted an

are are quality nature value guaranteed U.S. terminal government. impact to at securities to by unrealized given believe par. forward position the our to We a our the losses and these equivalent we loss earnings does the mature temporary explicitly continue metrics of in The securities mortgage-backed agency not expect high unrealized as that implicitly

current coupon As the the flow we curve, securities bonds. portfolio cash loan for continue into roll redeploy the to down

see book you'll unrealized $X.XX. outlined by by ratio value year-to-date our points XXX presentation, and tangible TCE per the As basis position negatively impacted loss investor the in share common

now areas. return and given We outlook a to XXXX to for I'll expect provide levels metrics continue time, over to quality portfolio. of current take few more key our high these investment our normalized to minutes the

forgiveness the expect with categories the XXXX. the assumes for indirect driving loans to portfolio the to of or of total loan $X growth. majority of year during million continue our growth repayment loan full outstanding remainder in of and mid This We PPP this high single-digit commercial guidance the

attracting to to In decline reciprocal more declined continue half in plan first We're by these interest on commercial the rate expect for and of as We generate new the deposits. accounts growth account. alternatives low new deposit to and average consumer U.S. the the balance in have non-public XXXX, accounts positive single-digit current offset to impact deposits due looked public of to have partially be yield. unexpected customers per and like Treasuries environment focused

For be relatively in seasonality projecting portfolio. we typical to public the the XXXX, second absent deposit of balances half are flat,

to The We noise XXX the year, has since of majority basis excluding the year to XXX forgiveness in repaid. the full are been for range muted or relative activity. of NIM impact the points, forgiven will the NIM be PPP of for remainder to PPP PPP increasing

increase rate year guidance funds are the using a the NIM full forecast. Although on this we excluding reflects the guide that Fed NIM spot in week. we had NIM In to rate PPP. occurred continuing past, earlier on guidance

hikes of rate However, recalibrated year through end. upon forecasts we expectations our have based continued FOMC

range expectations loans. continue investment expect to also position investment the we securities increased higher XX% betas, X% deploy carryover liquidity of portfolio portfolio XXXX a the current deposit reflects rate for deposits. non-maturity a to Guidance We liquidity for to with into as from environment given excess the March due from

quarters our NIM to due average of In quarter-to-quarter earning impact reminder, from lower our the and deposits are asset deposits yields limited to and balances asset duration due funds. the quarters, short-term second invest where our fluctuates seasonality our mix. deposit public and inflows the its higher on to fourth opportunities and are public a both to As given of seasonal the funding earning

We Our sheet saw expected balance PPP neutral. NIM relatively the first the sensitivity lower compression a level modest remains revenue. quarter in level of of with as

of expected impacted excluding NIM year XX% persists. rate quarter environment loan and the We're the positively indexed loan excluding remainder partnership lowering PPP to higher interest rates. to portfolio, as modestly expand projections environment we the the the investment to Approximately margins of for rate difficult low to second non-interest variable a However, prior the our in and if current to decrease limited is year they on are our securities compared forecast. income single-digit income throughout gains

guidance annualized. $XX reduction Our million result environment; to value the due million as reflects behaviors. activity continued inflation banking sale pressure impact on wealth of charge, to management; current non-interest mortgage expense aligns the on pressure full income $XXX to quarterly and gain revenue year We're interest excluding restructuring a tightening tightening a decrease outlook in to our related fees, million spreads range card on refinance of under market-driven $XX spending rate lower as and million management interchange which in the original consumer a of asset with of $XXX to

expect $XX been with can million the inflation as in expense per of the to quarter XXXX wage second now the pushed of the half $XX XXXX plan half current of an You second between pressures. the be year and first has coupled million half to

solution, strategic Our including customer new includes enhancements management further our Banking-as-a-Service. to initiatives, investments spend banking, in in and relationship XXXX digital

these in revenue to expect XXXX. investments producing incremental We begin

be the coming However, are to full over realized likely benefits years.

ratio for expectations investments our to for XXXX in impacted expectation expect in the later efficiency same, remained within XX% associated strategic periods, impact quarter in recoup excluding second the upfront with for efficiency year, by the the range of we initiatives costs Our the XX% our future that driving aforementioned restructuring efficiency of charges. ratio to a is ratio. improvement

rate effective of within a We recent fall placed the to the of amortization in service of years. continue Guidance investments XX%. to tax range in credit the XXXX tax anticipate impact that will includes XX%

would and credit tax tax our further We evaluate continue effective of positively investments. to by opportunities advantage impacted rate be taking

activity second the quarterly half including range to expect the quarter basis net within basis expect charge-off be XX to charge-offs we XX been in We benign points. has year our XX range commercial first net our of to XXXX second annual historical from recovery. for Therefore, the to half charge-off the XX full Net of year, of points. rate

guidance previous that leverage stock new June, the prepared an Our overall time. achieving outcomes. with focus the profitability program over repurchase stock capital strategic a that call for during completed and provided of No Marty. the to-date part new on these initiatives We X% We In replacing toolkit. now to in quarter. program. executing purchased turn concludes is a we the up program remarks. been have program under includes important believe That results operating will line improve my believe shares the of Marty? buyback our announced first back markets shares, will drive to outstanding common I'll

Marty Birmingham

Thank you, Jack.

our digitally-focused complimentary solutions open partnerships, been Our sourcing our it's launching have FinTech digital reach services. consumers to extending banking and or customer our and our differentiated deliver are of network, products we payments for momentum whether this for of continues challenging size. experiences, businesses, Traditionally, would as a small transformation we bank meaningful the build building

our or broader digital foundation and in businesses digital expanse are before. However, learning, than opportunities efficiencies, solid Banking-as-a-Service and well-established of ongoing and small artificial see consumers acquisition are disruptive benefits opportunities the of machine we through capabilities a further payments, community businesses, digital complementary currency. platform partnerships We reaching ever small the bank building in and across and a and a revenue way, In investments operational retention, BaaS. on delivering and customer intelligence

and month. went quarterly working CHUCK, kind payments to table customer brief allows banking payments I'd with a for During and unique lean like small receive others, This I preferences send to Books, we to efforts and open Bank us platform. digitally-focused this call, choice. to small among our business about earlier helps Auto any any banking grow [indiscernible], several approach initiatives create as today. stakes. We're a hub digital provide live update our on and and underway spoke customer enabling honoring view last while Five customers At of into Star businesses. engagement, partners and solution Numerated, and CHUCK

that existing much to their banking. will and This approach are efficiently position However, digital hub digital-first like small recognize in beyond relationships small business we consumers, businesses expansion for footprint. becoming strengthen current us our

As AI testing to extensive working points XXXX. our Star of credit Bank is a with provide approach efficiency, rollout intelligence. part enhance using undergoing The to phased decisioning operational efforts Five been friction program improve and the pilot associate data-driven Zest lower to experience, we customer has through anticipate artificial and

BaaS Our into anticipate we beginning XXXX. it to into success and growing XXXX pipeline through translate is

have We testing entered have the this phases live to onboarding several that year. BaaS expected later and go and partnerships are

customers, our Five collaborate the don't our NYDIG. in to build while would issues a be IR External the building to take a acknowledge Relations of and questions, been and Director offer line company's I in investors, to served Star consumers and customers helping communities. to Financial as continue information exceptional will to have efforts for remain among efforts retiring our Bitcoin we for colleague our We Shelly regulators who Lastly, of requests and responsive in Doran very program XXXX, to our long-term Investor exciting I value has has up with on and anticipate reputation our who out like to-date. teams for moment September, Bank instrumental our to And enhance with communities Institutions to since and opening the been pleased before partnership shareholders. any support with

efforts and a and much mind exceptional years wish her we retirement. and attitude over positive deserved for her and are the miss her will well We grateful

more Corporate relationships, working working and than with than prepared we to coming billion we're than in assets Relations consulting assets of Kay with more role Operator, to Shelly about in ready firm for management. experience most financial where years questions. dozen Investor agency, will my wealth months. $XXX to in this Shelly's her the Communications, been national supported under call brings closely management $XXX ranging forward be client from of many and you XX joining a a introducing in concludes banks at more and and a with Kate has to Assuming look Kate the remarks $XX billion weeks since including us open [indiscernible]. and service June recently she million

Operator

Thank Our of Sandler. Alex, Instructions] you. Twerdahl open. your from comes [Operator first question Alex is Piper line now

Alex Twerdahl

Hey morning. good

Marty Birmingham

Good Alex. morning

Jack Plants

Alex. Hey

Alex Twerdahl

then kind market the kind and the Hey that's line first business -- sale of quarter, the ask changed a get decade than a on off, wanted remember to about to rate I sales from this indirect loans get consistent of into that renewed kind even indirect a this Is of And I revenue the you future? whole the now bit in more effort a you guys auto stream maybe that ago. be to gain a on started having little it's you. into something did more

Jack Plants

is this Jack. Alex, Hey

remix you balance We've some and a lot item recall, particularly on space, gains. of may we've sheet option demand we modestly, and capital an have the our sheet As line that's as certainly a the this balance over some grown. pandemic to the the indirect had relationships, on to execute last and used couple take market years, of throughout

further we So, certainly remix to that in sheet balance periods. a need opportunistic. option, was future should it viable But it's

Alex Twerdahl

ACL an -- little really I Okay. you a could there's in then, noticed kind And I your and on if just wondering what that of higher was it's this seeing drivers of metric. us kind give update quarter, of markets ticked that you're bit the

Marty Birmingham

stable be our to portfolio continues our we and certainly credit our as in markets across very experience see it. So, in

shared before, given economic the way we've working the seems the As seems which we the speak. outlook be rate, drivers, to through all volatility primary national unemployment counterintuitive as that its

of our quarter factors taking And a we thoughtfully took, worked and well. we were a by relative have influenced provision provided was the resolution out final that that had well this that to about been credit that we thinking recovery -- as we qualitative us. did the we So, for as provision actions

Jack Plants

that this basis pre-pandemic Alex, coverage current that Yes, of is it's we're CECL and aligns XXX I our points Jack. ratio our something so level, day one certainly with. with would comfortable say

Alex Twerdahl

want XXX, I PPP. guide just Jack, I think XXX And understand make to you NIM Great. to I said sure excluding your

I this First we're right half of wrong. -- XXX, think if I'm around correct year, me

the difference XXX, So, deposits, right a closer XX% the that a you'd the and difference be is think to between XXX. XXX that had deposit on about pretty Is where deposit closer that -- to -- beta of beta way if sort from the XXX X% you dependent much and here to it?

Jack Plants

in a non-maturity magnitude November, expected mix And a is traditionally X% rate No, hikes for the then are of the and forward modeled just We given to curve which betas, December. to hikes continue for from expectations we've stress standpoint, yesterday. have the that what betas deposits would September, occurred modeled conservatively XX% year, we this in versus future the occur. and that for hike for to in of management see occurred Fed

feel modestly So, to a standpoint, end. expand conservative us for that just by there's level XXX approach from to opportunity year we

Alex Twerdahl

deposits comment. at I'm deposit X% of are confused a the a certain that's so and by Okay, certain XX% X%, beta the that little kind that XX% -- beta, to is

Jack Plants

Yes, that's correct.

of whereas beta, higher the market a accounts of more balance demand So, have zero. is some money XX%

Alex Twerdahl

Again, you're emphasizing that that a concern? is

Jack Plants

as And our-- to compared that's approach established conservative Yes. our that we've Correct.

Alex Twerdahl

lot but I seeing competitive right pressure the, bit and of in pressure, certain kind on public trying little now your core are are you deposits of deposits and markets? in your Yes, and maybe so far, see in beta to that pressure know a municipal much a deposits, deposit, higher increase

Jack Plants

portfolio point. core this at the In

Alex Twerdahl

for my questions. Thanks Great. taking

Marty Birmingham

Alex. you, Thank

Operator

you, Thank Alex.

your is Backer Our Sidoti. line now of Marla next open. question comes Marla, from

Marla Backer

Thank you.

lot converted customers or Have at initiative for -- little in going any potential in of, testing couple talked mode was that? yet we point. could get a And a days bit customers it's this live I to of questions. a customers more still early you about the color had terms Banking-as-a-Service, I you of So, BaaS hoping on

Marty Birmingham

across early still that Banking-as-a-Service With I would is natural that last lived Marlo, it's couple of experience Consortium, in has a experience our LA of doing years. the us with extension soaring say ultimately produce adoption Labs digital through and and customer segments, that Generally, go we've all upgrading live the digital CHUCK. allowed in all of our days, working own to what we're our own CHUCK, platform, with

continue technology that We to the of the extend into small is collaborative services, doing pandemic And work with That business we're in companies. platform during that an and our banking partnerships of in PPP kind with our process. others, program we the work with that's mentioned did the and outgrowth that space. Numerated automating we --

So, small enormous the approximately terms bets, -- small are equal time, quite revenues. a the incremental see equal being in opportunity breakeven are we're series but we the of investments if that, of expenses are It's steps taking this in will, we at exploring. we to a you the bets, to is speak of point the today, array as that

Jack Plants

sorry, Marla in number we approach integration testing year. this and a we're one the are is phased I that the suggest do Marla, there have to I to point the -- want would presentation. this some slides have to And go just referring and Jack, couple outline that are later we investor We taking you where in in expected have a and live that that’s onboarding

Marla Backer

quarters. either continue? branches And, a identified of you that think supporting initiative any what's in changes, -- number we that over here, the downsizing? past branches given Have of Do is closure you digital further big -- you towards than it's a this part are Okay, will potential you. others and that great. factor several also close for XX or strategy seeing Thank did obviously, these

Marty Birmingham

banking us. while comments have -- meaningful I customers' continue and But service work ability why to have digital big Couple said, being. of And embraced that also choose part on core substantive as the for are big personalized this my -- terms that think for our to as challenge honors how we of drive to to offer pointing And we're be we comments, doing want the need into to they opportunity really you're with of optimization. experiences empowered drive and a and I to there's deal our to is efficiencies exceptional that that a is that opportunity is would to in-person it reason operation. about our out, in strategically, is branches customers

here, is comment our responsibility with network? retail to Chief Justin you our want as Officer for Banking

Justin Bigham

it. more they're the Marla, consolidations we Yes, any the have consider information but that very we would do markets branches, for plans time, our obviously, don't we of geography, consolidations. time, that and serve, we don't one regularly about have at should this present detailed each planned that monitor certainly at in, customers But they something this and itself, we have any

Marla Backer

team, came with the Mid-Atlantic understanding one in, came my then been And had last they question business or of conversations topic. on pipeline having. or when as Thanks. The they in Okay. they

in now, conversations how pipeline of can some their Star is terms converting some business new they're or Five that -- new give of So, us under sense umbrella? going of Institutions' of are sourcing you're into some business there what their seeing actual you Financial

Marty Birmingham

following. has very team. the years, in been number team working of very active. operating a a as a of It's together got They've -- They've market years the a of number and strong in terms for been

So, million the about $XXX a Marla of in closed they pipeline the $XX second -- and quarter. million in they approximately develop

here. I impact off very strong excited say, just to by articulated. include that And team are start Jack of guidance we our So, have the the does the and pleased gotten would loan that they

Marla Backer

you. Thank

Operator

line Marla. questions, KBW. Damon, from your comes for next Thank Our Instructions] Damon [Operator you your DelMonte question now from is open.

Unidentified Analyst

into -- for these is I This on questioning can maybe everybody. Are the pipeline it had of morning up you Matt the they XXXX some in on a fee-base in just Are the businesses that’s currently? what of to Banking-as-a-Service in bring And wealth the follow do lines more types they slide? good outlook selecting? types revenues? Is side? listed clients? to Rank the just FinTechs? you are and these of Damon. filling then what expect customers of of all Are line four in like, Hi, four What get [ph] they non-banks

Marty Birmingham

said, I as slightly we're number a of Well, each exploring different. opportunities and is

And positive well drive so revenue that as positive for would company. -- as our on partnerships the and income fee total impact net deposits and say interest the I could

Jack Plants

just I Matt, this add XXXX. Yes, Jack. is the impact colors to And on to want

us. FinTech these are for breakeven essentially So, first to pages relationship, the in modeled year

expense. as We guidance indicates that do them and in So, our XXXX XXXX any offsets relationships grow. revenue our up expect ramp to

standpoint So, from year. provide the of be a at on this XXXX P&L the end will when we larger impact guidance seen

Unidentified Analyst

when you the was and outlook onboarded year, say breakeven of by profit, all The it XXXX, generate end the a for it doesn't so in XXXX. Okay, correct? first

Jack Plants

It on and up a after the itself, the from speed upward speaking, conservative deal with deal and that. it the of standpoint from but depends ramp then generally standpoint, on stage the one they're -- in high profitability a breakeven at they year depends which trajectory pretty

Unidentified Analyst

And one kind speed guys people? Or as to normal is the of up these of time just takes pick deals? will you think Okay. more that do complete onboard you that it

Marty Birmingham

you get opportunity pace. as natural push finalize a the that sure think significant. at going forward, it we're and experience, We know, And want very we we our in make we to Yes, is right.

Unidentified Analyst

Okay, you. great. That's me. Thank for all

Operator

over this Thank I'll closing But that, you questions. Instructions] time, Marty this any Therefore, currently have no further to call. remarks. for [Operator today's At your hand Birmingham questions, concludes for before we Damon.

Marty Birmingham

quarter. forward their for to this building of for everyone morning. at end I want thank participation help on and Thank your conversation look the the we third the to you, operator

Operator

Ladies and call. today's gentlemen, this concludes

lines have your disconnect now may and a lovely day. You

Financial Institutions (FISI) 29 Jul 222022 Q2 Earnings call transcript