Customers Bancorp (CUBI) 30 Apr 182018 Q1 Earnings call transcript

Good day, everyone, and welcome to the First Quarter 2018 Customers Bancorp Incorporated Earnings Call. Today’s call is being recorded. At this time, I would like to turn the call over to Bob Ramsey. Please go ahead.

Thank you, operator, and good morning, everyone. earnings and accompanying company’s is www.customersbank.com. quarter issued deck website first morning this posted Bancorp’s release slide and was at Customers on the the of Officer; Luvleen Jay president of today Executive Representing Bob Bob and Sidhu, the Ramsey, Strategic myself, and Director Officer; Financial Chairman Relations Chief are Chief Wahlman, BankMobile; on company Investor Sidhu, call Planning.

date are the be filings, yours. our this introduce for time, factors Jay Investor up this our remarks by on to the We’ll Bancorp’s, including website pleasure our morning. prepared we from on forward-looking. we begin, you of of uncertainties referring which and may everyone note like floor information undertake Jay, that anticipated. differ the performance refer that statements Please my the statements and risks remind the to Relations Relations These number website. to XX-K would those these considered statements some the slides no securities the results this that provided obligation deck, different it’s the by that to visiting be speak to for events, make to as obtained to pull our section Please may like I is statements Sidhu. CEO, make future investor may currently extent risk new from been Before this that of we SEC of Investor has of may today a the detailed required in be a results. light morning. also cause applicable Customers the update presentation those to description At forward-looking Form are Copies to the XX-Q affect subject forward-looking cause more except results our I’d including forward-looking of and materially, – or our these only also as report laws. actual risk SEC of

Thank Thanks much, Bob, good morning, first join and welcome, gentlemen. everybody. taking ladies for time this you to and to call. for very the quarter I want us

review items of then our you release, it street, here some that highlights Chief President, covered a Joining is methodology I little along we quicker our outlook this by as open then Dick for give and opened mentioned, details there Wyoming, press discuss we few of on Bob morning. new Ehst, is is slightly Rather – end and the Chicago, making Accounting is the with with that from Dick Q&A, may with Pennsylvania, not discuss to some have a take the be information up heard than you. Wahlman, which appropriately that in – CFO; up our decided calls to Officer. a Leibold, Chicago. in we Carla well Bob going Chicago today, going different LPO, clients us call or and who our things and bit me view I’ll our you. more questions to is announced and a I hopefully, over we’ll Bob already the the in because in as this

release. $XX.X I’d after the a net the million, like provided is know, your Community $XX.X GAAP our $X.XX share. in draw you our share is a banking deck to the we BankMobile income divested business core that’s was quarter, press attention our $X.XX to million, As first or which accompanying and that segment, Business on

our year-over-year. earnings Banking At Community of BankMobile Page $X.XX ratio XX% income per Business X% XX% was at available business our just Banking return the the average number you for deck, quarter, Community was our and first than $XX.X of Community was and the if the below that for and segment share on Business slightly the everything which such. Business net end our year-over-year Banking So other of look as million efficiency so-called is assets this for XX% is rate growth Business a segment segment, X and the represented

this is us. about talk very me So for bit a And clean BankMobile. let little a quarter now just

simultaneously filed much Flagship have is expect confidential in done the acquire – as can those preparation equity capital, clarity earlier as the well line, morning. was only you basis so pleased be then and well filings to BankMobile, similar Flagship’s Technologies, principally me, we BankMobile Bancorp days. which FDIC going of Securities application We with with Commission, April. absolute merging of left deposits also as part filed the is morning, which raising Exchange that now have few for to XX, Form our as was the for next are by the done that is first share a excuse going as get Form this very with about which early over in merger one other their and I’m that And with Customers BankMobile to as to to that divestiture. and XX-K And filing, this business BankMobile filed Flagship’s now public application of quarter Flagship

receipt the issue, for timing third And So quarter of like be is by is of BankMobile further the rest going the – and regulatory divestiture related BankMobile deposits the Flagship the business. might to impact of the the timing looking approval which event. a acquisition still only the

the will retaining target. related are today BankMobile That’s we Community we the majority business the all comments why to So of my on Banking are or right divestiture. that segment be after business

see Page that the out can the existed we last quarter, from take had the as of at last of – year first a that BankMobile you impairment the well took, look the principally some if as deck, we had and laws, year fact you GAAP the basis year, which you first-half regular we as on X in If held-for-sale. of classified

losses earnings and simply financial just focus GAAP X you last last – only if of of you the year this as that’s quarter $X.XX, earnings you $X.XX, if amortization were expense, XX%. out last of below versus that depreciation see, you expensing in last of a take $X.XX year, view, efficiency and year their little segment From first X% year alluded I any and were today adjusted out. BankMobile not resulted they deck, of last year ROA $X.XX, look the take and bit were Page when was XX% or we the And year a at those So that where results our year-over-year ratio can such. and EPS point to

$X ratio mid the on quality expect share end Banking I efficiency to that very able a little things, NIM you we for somewhere of year, between see few offset expenses bit of a very Community the the initiatives low-XXs were hence are A hence the proud should are one first we to this are We a that credit remained are $X.XX that. have because just segments. and compression. doing what you comfortable pristine. and expecting quarter, talk in that I’ll our about be the by saw Business – are the segment we confident and was we of first expense us to focus the about implemented the the we our we And NIM for continuation quarter. the to to in stating year compression to beat in expect And should to offset Number of to you guidance in you results that talked the

important variable points our basis loans turn-based of were the total multifamily Our of the loans was total of equal is just thing The or a loans, value of majority were only the and XX growth But and rate about the and charge-offs reductions creating the as mortgage net residential in nonperforming well X loans franchise that the low more grew basis year-over-year. the the loan. growth points in as loans. X.X% loans

by So loans XX%. our grew C&I

lending by Our a XX%. grew loans mortgage warehouse

Our XX% are in the were million, but some about year-over-year. shift Community by $XXX deposits they to higher declined deposits, or slightly number year-over-year. as a CDs Business But XX% they December noninterest-bearing favorable mix total $XXX same segments million the and there year-over-year than increased XX, Banking $XXX million about demand declined

rising-rate on they this us deposits deposit period trends, deposits, temporarily. are if we cost ratios with very But time these deposits non-core So institutional our able even those and a balance in deposits are to to high-rate loan of that non-core focused and kind we with confident higher of more core over sheet. replace we quality will deemphasizing be of the environment, improve –

yields were X.X%. at points an flat X.X% discuss lot you first the of And we end impacted rates they interest short-term but put curve give reported X.X%, especially, go of let’s business of our first basis declined margin, pressure because us. this And in year, of prepayments XX the put idea, multifamily and you yield has December XX, the – December curve flat multifamily on for the to To considerably. quarter, has were the at net If at now rising that X.X% prepayments. did a – quarter, a XX the us. included Last interest

not experienced expected reasons. second prepayments However, one, quarter are increased now that to the the plus And X% than booking quarter expect higher fact, we yield yield second loans should all to in up like what X.X% for go in quarter. we in at be the to and less in the have first the XXXX, more the for we are multifamily. Number two higher of than you in be target should the

So the multifamily yield should go up.

to our this loans flattish, were real quarter should a to be noninterest-bearing business like first in XX quarter flat, shared franchise-enhancing were may be which I also this curve, with some rate about should loans not quarter. slight which at time, deemphasizing of up the XX%. and about because the June are increase if fixed as emphasizing more be second by Community to to rates. principally and environment Talking best this you margin the at impacted as yields, lower – outstandings may segments mortgage the in in should They we should the are continue of deposits we commercial or Banking second our Commercial same you, tied higher non-owner the loans prepayments as the loans, well estate of occupied Hence, and our valuable about increase. seasonality, margin, deposits the see lower quarter. companies as. over stabilization more demand remain flatness C&I However, for continue will at in

it’s initiated really that in awards. We which comp to is our incentive our have franchise very handsome due plan,

have deposits recognize Our and private more lot by beta of banking know XXXX. less branch-based since we less beginning but deposit And experienced a bit teams lot the because were deposits generating We the We institutional competition fierce. we XX%. deposits. the our branch-based is consumer of a had pretty way, than noninterest-bearing that, XX% DDAs, deposit a consumer

So much we the be – to of franchise to believe industry betas, we rest going the same no question is about more want But our be the emphasizing time, and to higher towards heading relational increase of core deposits value. at it.

that that as like having So taking the actions result lines see building to loans and But the multifamily in that time, even base some pressure period loans, well we you’ve and believe – term, deemphasizing as as the a will real DDA margin our we to believe community trend short and costs experienced our variable continued longer rate build stabilize such. commercial our stability estate are of on the of will more with emphasizing we our might in deposit we over that deposits.

our EPS environment. replacing at growth Now not the Number possibility segments on capital would little that, levels, for quarter, Community Community our track like this average capital. if in for, build to X.X% that and expect bit line our We pipeline quarter the to and assets for in are point that with shooting the have least, number this tempered we our that, growth thinking earn little of in were we the level mentioned businesses. one strong two achieved $X.XX talk see we balance in year, such we we X support expect capital want to range. at about Banking A are tools first we we assets capital on them to a manage our we’re to rate. this upon bit end then our $X even pretty to And be looking a about you From divesting on the view, of to of is between ratios I an at expected, Banking segment And the C&I. as I much is a ratios sheet to BankMobile somewhere market our in taper further of hence mostly this exceed our outlook capital. earlier, also as but year X% look or deck, Business share at to return stronger the lower Business and the Page

ranges is seasonal typically you what at XX, you target And and not are portfolio any should the than pricing from time. right near our see warehouse deterioration our expect numbers you in rates our any mortgage to March to in credit Our which – should XX. From below higher now June like I you and in future. mentioned nature, of credit saw a this see not expect that point at will market the remains credit growth strong view, you, is the at multifamily us

– any for up it anybody open to like we’d that, has. if questions with So

for up Q&A. open it so And please

take Certainly. We’ll [Operator Instructions] question. first our

from morning. Sandler. Frank Hi, it’s Good Schiraldi

good Frank, Hi, morning.

couple a of Just question.

could about – wondered little about bit I Jay, little more First, a if gathering. talk a deposit you

seeing where if greater growth on deposit talked for the still front? have in you’re you Just And the the success? the you about confidence year

Yes, recruitment deposit coming pretty the of significant Frank, starting growth. and new team – competitor team, staffed should completely deposit-oriented in We’ve office We have there, up you board. growth the from Chicago very is too. York announce in expect we our exclusively are that some New over to on a us is and we to see a which now confidence

at also, in a seeing We week. New relationship-oriented coming last plus are will D.C. very confident to and were start we franchise And from up growth England are activity just more our we deposit staffing coming retreat see that we our some there. on some office from deposits the

range deposits we and for We on somewhere have are deposits. seeing deposits. To you give X.X% like pricing. in municipal we we But opportunities focus deposits seeing institutional idea, no of from an that if irrational just shortage are institutional

pay of than not the – We seeing greater end by short-term going then first you’re the deposits are will for that the noticed in those several than have money see you deposit are from – rather we’d kind a us away that and efforts walk rate we And we growth than quarter. see of on. rates you much year, confident in

bank-only at then the that’s very exit just a little And expense I ratio if Okay. XXs. And running on, if this very, guidance I rate a wonder run point? bit just talk a the on could efficiency modeling think ratio, efficiency for And just in about, where once strong appreciate you to decent the purposes, obviously, is about business? you the BankMobile bank-only

Sure, Frank, is earlier, expenses first alluded was hair as The in See jump efficiency, this bank-only under $XX.X I’ll quarter XX% were here Jay million. quarter. a this the Bob. here. the in just

mid-XXs to we As ratio trend I we as said, that year. the through closer the go to expect end the of efficiency

revenues rise trend we So grow faster. is efficiency I as expenses to dollar the on but number, are a think, what see will you lower likely total

of that then just at past the more talked And the – you’ve partnerships point, white do I the to if you front, about this the partnership. And date BankMobile there. public to public you’ve just or filings – until any we there? some closer get have wait, IPO to new Is think in great. Okay, some about the detail get guess, label that on the finally, I know, partnership talked wondered I I

see as flagship application basis the very done strategies. any the to white with And business. We’d Our on leakage don’t partnerships. deposits, with that with of FDIC – and along regarding confidential partners filing are done as FDIC XX to the buy label filing was want FDIC hence, business significant acquire they the a Form the well to their was

can to are. are we that and the be you quarter, is announcement IPO, making agreed that, be on is our is will third And track. what the all in before the everything expectations who they say So they to which and the we making BankMobile’s expected has simultaneously as will partners

you Okay. IPOs Should say color is the on any filing about XQ, timing? had filing, being public actual late give closer point filings – dates. you this you too guess think to talked or early to, less actual made And Do the the that’s I a made public as on to spin-off know that can that you the a at public?

acquisition approval financial – file with made will statements filings had the deposits – a Flagship to ordered by as as they have have the by FDIC before the they right they be they they were know, Yes, public after had FDIC. of could filed of you receive And they – private the that. from so company, as soon Flagship as to

was April. application filed of week the So in their first

So least, it. – you Frank. love we so quarter, I are full would FDIC, you at talking quarter got third to give would be

I part think, in it’s able likely more if FDIC approval received make of their within a quarter. that this but their Flagship quarter, decision early is to the third

Gotcha.

the shareholders. able time, a it’s to we’ve our that the same what we will dividend to And future shareholders that be will be around sign because of a significant, will determine a be able for And value material them. themselves very record to dividend the be for very a Customers and to is dividend, given it’s potential date would the value then announcing Bancorp providing the

all event. And a will we believe be third of that so quarter

Thank very Okay. you much.

Thank you, Frank.

question. will We take next our

everyone. Perito morning, KBW. my It’s good Hey, Mike from

Hi, Mike, are how you.

I’m Jay. good, you? How are

you. Thank Great.

of had provision So with a other to a some I few questions on financial-driven line. just on questions. – start the couple wanted I – the

space, parallel to a growth the more diversify after which the help with will when in Is little assume now the it historically guess, portfolio of provisioning good. growth? And, when production, CRE still higher it first I as help metrics that – margin, variable like, quarter, kind growing look going the be we incremental little the provisioning multifamily in the you were a look forward, your at C&I will, maybe a and the C&I obviously, rate rates the So seems comments, more lot bit. – Jay, – pretty credit a

of thinking really about? growth-driven is So that be I provision mean, a that we should kind

X is see the provision provision XX the XX take you points, by Form rate and we look where provision rate by this Form you is product. a if XX about Mike, it do points. for at and quarterly historically in the that basis about XX-Q, provisioning multifamily – too, will rate disclose C&I basis XX-Qs point, see And the you’ll as portfolio for levels basis

So yes, will some modest extent, to there the there portfolio, as increase question, your the increase we to answer a yes, the be in difference. C&I provisioning is

a Okay, the margin, just it fees, on was of the of rate the kind shape maybe more penalty going you timing-based environment the do prepayment think that that bit thank it’s And a of isn’t be item? impact could now curious more lower quarter that issue? sounds been you. And any expect potentially bounce higher on that single the like kind thoughts multifamily you you if to the is I curve interest volatile whether then will or back. historically and have forward? book or of And this growing,

drive That’s side And are to other are increasing an does do are interest prepayment at up point a the much fees. particularly opposed finding the that. more there there lot and different commercial bit we multifamily, where be that in of prepayments, businesses number in there a there that that and less the see as act business areas a drivers that, we’re maybe to Mike, the sensitive have but reasons But this rates to different of time lot prepayments we and extend. interesting study question. seems that picking on conversations little it of on that because about which to We residential, tend are of to

So for that years. the average the overall, that we – had we’ve over think two past

this overall may a time. really but changing seeing different reason change number at it products, not that deviate in to it’s point going We’re that we’re seeing mix the of not the from

to Mike, expect this just in we is I do Jason, quarter. second Bob, might add. the rebound

would I soft number, fourth. third the obviously very of right? We part We this say activity a a quarter. volatile good had to, have had quarter, just strong already it in early is a

was The first strong quarter again. not as

it into the number around. to bounce good predict it’s looking We’re very second. difficult and will Quarter-to-quarter, a

make one fair. The maybe appreciate guys. want it no, sure correctly. shifting the Okay, heard I to that’s to I question. And one, color, more over – last type strategic just I to

think and focus the kind release but So the at correct, New of I – press deposit hired Jay? team in hinted that recently, this, that York the the you was team,

team the also of hired market process is hired, in in of That And already we’ve – our process C&I-focused are correct. but we team announcing hiring a New in York. the We’ve deposit-focused in area.

you area, York are or the... the market In just being you New across not

market Pennsylvania New area. and Jersey It’s

Okay.

And there be in if you team – that’s – do on pipeline, deposit place, about or going with that the numbers so, I more about these the might shooting your you guys mean, are see looking I’m I that hiring guess, will question stuff think with side, at, Frank’s is when the good drive deposit you just the you you’re currently feel for? curious, on. the that talk to guys pipeline that you’re earlier in

It’s team, think, appreciate. not area. just all throughout you can it’s Mike, clearly market the I efforts the as one

Treasury-based all an very offerings. we’ve individual improved from for engaged our P&C, XX our So recruited to updating really services our last XX technology in we for has and been the months, who

Chase pleased share or So a practically a to is side for with offerings and between product we P&C deposit between speaking or you no a was us differentiation and that important BofA the are that the there and us.

We announced – public been our done. of to so had this to if – year, that have all we Pfizer. to since March have done, AFIS that’s work is the switch we we can from – had we So

the the the higher to side turnaround remain an But confidence than Those the relationship-oriented and you will accounts, will and our in that’s products of deposit in much on or institutional such, a that core will sheet. with ability our is more with why franchise-enhancing-related balance be to see so there our coupled core much the and needed are those end our and teams improvement to And year municipal have to by ratio. as deposits deposit in loan much deposits. rather have see

We a our when in will deposits divested. BankMobile see reduction is

is that is efforts quarter, because rather on for growth working than end as it’s in the right – before all try it’s to the be So objective to to get takes now our third as important these at place. divestiture us possible of much deposits

So some of to continue that we to decide don’t growth If maintain by numbers deposits meaningful borrowings. to our not add shrink and we to sale the amount BankMobile of Flagship.

Jay, And tracking. for and me. the just yield I’m lastly, Thanks, guys you curious launched of just higher guys what mean, – just curious, launch helpful. then very the I from you I’m learned of reaction kind the kind guys kind on of internal – thinking? have And of impacting your saw? with product? share if forward program the that thought, any could you are you that What you

of the in seen since consumer initiatives, Yes, the consumer of million $XX which consumer product. increase were by consumer was The our We’ve much driven launch deposit the that branch-based area. deposits introduced a our in our beginning year. pretty principally

I Okay. you my Well, appreciate the guys. for thank color. question, taking

Thank Mike. you,

question. take next We’ll our

Hi, Capital. Yes. Gladue it’s Merion Joe from

Hi, Joe.

quarter was give us that? change $X.X to first I quarter and Just the bigger you of the quarter-over-quarter first million sort detail the a expense significant the some fourth details some driving of increase. income categories in the What on the of from on the income of Can and items. And about get fee want the others guess, one to I sort on, few line guess, just fees change. few

The the other line Joe? fee is question, income

Yes.

first XXXX And first quarter quarter XXXX? this or

the first fourth Well, versus quarter I was asking quarter.

Yes.

quarter like mean, the there more little Joe, begin go bit but in to thing that don’t was one are little that there items we bit was this was was you, notable. any I I light fourth can looks back a quarter a several circle to with, it there, think

they is an being of is to number are are that incurred me offset different there uptick University elsewhere, come lease there are do some in that things, there for point expenses been commercial and big change in, was probably item going in that’s and in are that or excuse happening, in that’s $XXX,XXX depending is where you rates way. included fees one there premiums know value. going that into this is that’s can that those to quarter, some that now financial of then And is upon sales There really fixed valuation derivative is go, $XXX,XXX particular a down, up income. there. increases derivatives but disbursements revenue, are with this there and going that’s they your time. in the interest our our again goes to now assets Also things the Interest some there, swap that a subscription go aid also such either as There there rates put for up in looking increases in $XXX,XXX, – at the income

and things had stands of lot different nothing really a mix said, out. of Bob it’s so as a And

question was course of line. the I to benefits a salary just you going Okay, and ask similar on

that days just quarter was the guess about $X there but and where else guess think about down salaries I which million – quarter line that? there quarter I first to I is in lowering fewer fourth the was any, talked XXXX a XXXX the release versus press anything but first increased, quarter, compared

us you think in little the that I believe have I We see a adjustment with up we we – impact bigger accrued quarter. fourth lines first the bit, average than go you fourth benefits little bonus was FICA by usually taxes the salaries in as for four it was, I and after always and can tell that in the know and the had have you pools bonus bit. quarter, but dollars above – a a quarter offset and whatnot a quarter, more the by we higher

Okay, thank me. you. it That’s for

Joe. you Thank

next Gunther D.A. go Russell to Davidson. We’ll with

Hey Good morning guys.

week. look I you to forward Russell, seeing Hi, next

out Yes, guys my you to questions. Thanks very good for have there. taking

follow-up a could you deposits? provide be loans just for to of or targets that of come any color some bit some a the on hoping around newer just others, it is have one First of the teams you some

deposit addition Russell, mentioned, Like a of we I announced oriented have team.

of C&I addition oriented team. We to be announcing are going

the we teams in and various We together business is to It that in talent their and have well plan. and our small New we base additions the also have making as with of Washington and important and they book added to over are their Chicago align to our some DC what York, bringing New England. teams as put teams our business that they we us are in

first good we time So a and any usually team we their expect that previous of for not are time. bonuses within at them bring had we more any we other months, a this more us, they’ve after even and you typically should that from team look acquisitions additions all is quarter have looking is employer to breaking at and their at a not also see robust that quarter this at us six so on, significant team teams, for

that in earlier, to color capital more could seek and for divestiture little Jay. to that there comments not like? provide terms Switching BankMobile, you a you might Okay, on then there of thanks made that look replace you might are mentioned what a if just certain the assets you of strategy with

quarter, $XXX one about go seasonality to or times – BankMobile they of point the sheet sell that either such. that by million $XXX deposits, $XXX say, then or million has somewhere and our that’s to million would options and they in let of different at as so the to other third between at a other from So for of term may certain are in we the on about side them go place view, us assets BankMobile the range market shrink the choose length and in million $XXX a arm’s balance million $XXX million between deposits $XXX let’s

we look view. what capital at from is point that of allocation So a

have that’s I another, saying be expect we capital steps So significantly take impacted ratios remain. our beat for will of not by what to the you ratios in that by divestiture be we the meant at BankMobile better negatively one or year XX And our saw them. March the to to what than capital and goals end way

Flagship capital about sense raise then just do one Okay, for very to the get much guys completed? And for needs there. this help good. me have a Thanks transaction you last BankMobile to for is, how

Bancorp range. $XXX not a or And significant XX% $XXX market be Customers a cap hence, million, Flagship because keep million-plus this tax-free so to in approximately own it’s of you amount, more at as look has to the transaction. our so will shareholders It’s

it. Got

Okay, thanks for for my questions, Thanks taking guys. that.

And our question. we’ll next take

couple of questions. A

first BankMobile? First what’s needed was secondarily, noninterest year, of what growing quarter relative for get all, to about to income income? BankMobile’s that of then noninterest last And special

I’ll Luvleen is you? line. that, know if the how don’t But I take on because are Bill,

I’m well, you. thank

Good.

fees any is charge BankMobile significance We of at BankMobile doesn’t charge all. think I noninterest any don’t income. –

of income use So debit of sources and to there’s we main fees. which – was – the they raise interchange three income which and of significant the besides Those some and seasonality but there BankMobile are noninterest the the when it’s network. the an did which students pay out that that. lion And pretty any and nothing non-enrolled income, the noninterest much then ATM, by is share or card fees, followed the is and not

fees anything think, will customers income. approaches for IPO, with their go do of to life these incentives BankMobile building if noninterest ahead and moderating retaining they increase questions. looking ask of that team for new do you time giving the management to them than to short-term be I by BankMobile the more the But when and remain making simply as rather sources fact, revenue In is customers at and

We we talk are the the any IPO the BankMobile. sensitive and to plans future closeness to would prefer of of about not of

fair. very that’s Okay,

first then. questions early about unique of you – with success what past? in move to more Circling relative us to is share that year, of can that able having two back the the are since they that you quarter students, are this ask was what to And retaining secondarily, then quarter me workforce? Let the into you highlight last as

think, and IPO customers. in retaining the I about strategies will BankMobile attracting talk their for

but can would from mentioned for the no I management speak you And affected the financial forward-looking, – students team to to if of I’m who far you’re as year interested, where that. sorry, on details we the have but prefer have there comment some were with that earlier, like could we details quarter. activities. arrange last quarter statements exactly not last graduates don’t first But BankMobile as for So BankMobile’s today longer But are I and team.

nice and quarter you, on Thank side. Bank Great. Community the

Thank you.

[Operator Instructions]

please joining a questions with Davidson’s and in. Okay, forward have hearing again And D.A. meetings. speaking no we next gentlemen, you much, very other to follow-up questions. look us other I week. for at Thank if give you any call conference various ladies at and you we’ll know be

Conference. going Bob? What We Financial Services to be at KBW’s Bank we’re be at will else, Global also Deutsche also, conference

Three in Boston week, Part next sir. Conference Advisors

Conference Three IDEAS Boston. and Advisors Part in Okay, best

so looking Thank good going are forward many you to and we of So day. meeting much be to have a you.

you And again, conclude today’s We this conference. thank participation. your does for

You may now disconnect.