Investors Bancorp (ISBC) 26 Jul 192019 Q2 Earnings call transcript

Good day, and welcome to the Investors Bancorp Second Quarter Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. We'll begin this morning's call with the company's standard forward-looking statement disclosure.

On this call, representatives of Investors Bancorp, Inc. statements and to business. forward-looking results financial some operations of make with its respect position, may other which These forecast expressed future are actual subject and results performance statements. statements difficult in and some forward-looking are which differ are these to not to predict to risks, forward-looking can Bancorp's materially beyond or Investors are guarantees and of factors, control, of cause uncertainties those from

to harbor night's statement. press company disclosure release, is and into That that safe incorporated you last document In included refers the presentation. its this

Bancorp's discussion For a sections the more Discussion Conditions forth uncertainties and filings affecting Factors, Investors of Risk Bancorp, complete and the with of see the Result certain of Financial set and risks SEC. please Analysis Management Investors Operations entitled in

like turn Cummings, over to I'd CEO Investors now call to Bancorp. Kevin of the and Chairman And

quarter morning. close and Earnings press the Thank the at Conference $XX.X the stock merger announcement a good one the the The Bancorp XXXX earnings Gold of for valued releases being company Call. you, Welcome other of and issued to deal X at Bancorp cash being the the in signing of Second night Quarter normal to and acquire Coast Lisa, a business, million. last agreement quarterly Investors second

on crossover method value approximately and stock deal, counties years one stock-cash in the approximately has X of transaction and is minimal Gold years an X the a has transaction dilution to buying post branches and Suffolk and a the tangible book Long transaction back anticipate The method. closing. on $XXX static and XX-XX assets, with million earn-back in X Brooklyn. Coast, Nassau Island-based institution in with we is This

expanded of post we Melville suburban capital us expand good in doubles potential works step stronger a as is Gold IRR team, and in-market math market our to for second XX%. well math customer an our presence our good strong a franchise Long can low-risk the and recently and we as transaction works Investors that our where first move it upside leverage with the a the is with Long use it the like market. in of BSA, It significant post base. the It to creates message demographics. again, shareholders sheet It our Island, it and lending We and the customers is Island Coast estimated on in and our well is transaction we believe presence balance as roughly for with employees opportunities a is

net June The night reported per million $X.XX XXXX, earnings company $X.XX June for three diluted per three March last ended its and of share XX, XXXX. ended months diluted for this the release, XX, year $X.XX XX also months share the the for ended or income quarter per versus diluted of share $XX.X

early than per approximately For reclassify XX totaled this In the million in $X.X diluted $X.XX then reinvested higher or pronouncement, other XX were were reported allowed us a certain six $XX.X securities the to our which the available-for-sale. in to $X.XX million sale diluted at year. this year, net an securities held-to-maturity after-tax we securities or income securities year, the new share loss These of approximately basis sold million in sold. June portfolio points compared months $X.XX debt of $XXX yielding The previously adopted of ended $XXX June proceeds share. or last as of per XX-K, to share per million accounting

basis points cost. net $XXX expense the of approximately bank Simultaneously, in modified modification FHLB borrowings, savings of which interest million resulted an of XX

to tangible a improve rate to In of environment, results. we one difficult interest a this We value levers continue approximately will earn-back yield transaction pull expect book our year. operating

have and we evaluate months, will XX operating continue structure. branches XX our Over to the core closed last

base an of During for we buybacks approximately X.X our million million $XX of cost shares capital $XX.XX average with per the managed at quarter, share.

of In addition, our $X.XX share. at per our our dividend Board quarterly meeting this Board week, approved

Loans million $XXX the business grew million. with lending growing quarter for $XXX

changes products relating emphasize at evolve New exposure at recently at lending City, escrow that banker business the both with have bank. we regulation offerings We new the services continue to up and bank in this the to and respect to consumer biz into this the to With York full-service a we enhanced to of improved good digital we our cash management time. product platform head believe in as improvements lines. our our rent a a understanding hired have area commercial We and recent

While the not see some to impact them our we disruption rent do regulation business. significant changes a industry, the having will on bring

with Of properties stabilization billion portfolio, to of and units billion our is portfolio At approximately half to $X It of $X.X in estimate City. city's York our that market. has our average to $X and this increases, rent is LTVs without in subject always in-place co-ops, in multifamily -- New multifamily weighted and less end, we back than XX%. tax LTVs important the exemption the on programs, weighted approximately based free the a underwritten the been market exposure anticipating note billion rents have the

larger, space longer the for owners our New are are this addition, term. to the substantial that In market York customers City in committed generally

in in reliant as cost of to strong not as loan geographic our anticipate locale type respect do the particularly property successful growth are on loan types. on yields stronger becoming portfolio we and throughout in in the assets these City based the not loan and incremental portfolio been enough -- deposits group footprint. are we've these growth, to not York terms overall on We fund this New the of diversifying residential our our residential market With or

business be our the will market. the of the diversifying and in focus on continues Coast portfolio loan to acquisition Island this Gold Our into diversification help Long sector,

metrics in XXX% -- and coverage Adjusting will XXX% paid adjusted a yesterday $XX strong payoff, to basis loans. loan our we nonaccrual to off our in largest reduction million With loans loans to of in reserve nonaccrual totals. loans in total points that commercial coverage that totaled the million results multifamily report have XXX%. was nonaccrual loans allowance and $XX coverage I'm for in to a X.XX% loans -- loans. of XX and of category ratio approximately continue X% with XX points or a This commercial respect coverage to ratio a reduction happy nonaccrual total nonaccrual relationship of result credit to quality, nonaccrual total to basis nonaccrual an

'XX. ended of net During had the the we quarter, XX, recoveries quarter $XXX,XXX for June

credit loan this we $X growth, reduction quarter. a modest to improvement in our allowance our quality recorded the of and With million in

in XXX With our well residential portfolio, We where next nonaccrual average the for down these to representing are we capital by respect recorded in sale take gains positioned we on positioned million, half the $XXX,XXX. as this as historical of economy year. approach of credit our position at slow status by are quality with should we the cycle significant we years. credit -- the $XX well our bank credits nonperforming in portion conservative quality, have credit point loans a an a the We to loans of the the the past over believe evidenced believe second X of are in loan ORE

continued cost deposits, respect had for the quarter marginal by which Deposit competition X points. quarter, fierce deposits. to the net basis and growth in increased similar X points impacted interest see we basis to our margin With in a

branch and deposits XX drive business the into We have up sales calling our and to business development and attorneys, by and time officers the for are system more to street. of as our hired and feet development with busy CPAs at workflows looking activities. adjusting free put new our processes on the also in working managers to centers branch retail such on more We're teams bank revamping influences,

year. calling our working efforts are teams previous Our hard over the up are and

the the Salesforce every actively activities system, and the team daily is we'll results. results, to significant adding focus proper it. on at continue this on CRM with activities the is focus continue almost resources bank comes time, and satisfied monitoring adding these to up With of in focus of we a priority the management not meeting resources improve We're It the at top bank. our and the It to team's we the almost to implementation the are will fight. but and of

over Burke, CFO, Now Sean additional turn our results. call the operating to will give some I'd comments like to who on our

Thank you, Kevin.

curve prior drove was and margin prepayment X.XX%, a interest costs increasing decline net yield inverted Lower Our and X deposit from points fees basis decline. the of quarter. the

offset the the Our was negative $X positively partially recoveries, level was coupled rent of The credit provision New quality loan in regulation changes $X to including quarter in modest impacted metrics, improved by by reserves compared a loan for million increase City's provision growth, was nonaccrual related QX. multifamily and to with an of net losses provision million York laws. which for loans to

Our remains ratio to the The totaled $X.X was loans for of primarily $XX.X related among fees. repositioning, our a quarter, X.XX%. At increased and million gain a income, nonaccrual peer at strongest in securities mortgage the excluding transaction the activity group. and of first attributable banking from on loan June a stood percent our in allowance XX, loss our was allowance as allowance XXX% Noninterest to deposit-related sales-leaseback our increase branch million quarter. and the increase an

flat million, with compared prior $XXX.X relatively Noninterest expenses totaled the which was quarter.

was also the which consistent prior quarter. with effective rate Our was tax XX.X%,

Our points from remained previous At stood XX strong. points, asset XX quality quarter. an capital ratios at basis June XX, in the improvement asset nonperforming and ratios our basis

to Now it I'd Kevin remarks. like concluding back turn over for to some

environment rate continues and we accelerate the the funding Investors help, full-service liability-sensitive bank will with commercial and Okay. next challenge to transition improve Fed week lower-cost by potential our for banks Thanks, a both of deposits The consumer on a be for operating The to noninterest-bearing balance need Sean. our a front. commercial but sheet. a reduction to like

on this and we the its that at Long with defensive of arm, moving a improves the our makes special the BSA difference, serve. acquisition our is a a communities the We've the bank that to forward. Coast Gold foremost, been bank and a step employees acquisition presence team great creating issue, the and gives in with for last on We're first Island years and mission few first create in and bank. a the in momentum shot The customers

and metropolitan creating team communities changes communities The strategic We commercial New our strive bank our is area. are New some time, serve to are -- but who the committed plan the impact. Jersey take in this time we York, stronger in an implementing but a make will to leaders this serving

We on the turn to some thank call and it's execute your questions. plan, we for a you. have for open that I'd a -- to plan. you -- like now We support. time have mission, Thank And to

[Operator Instructions].

with Sandler + Fitzgibbon Mark Your from question O'Neill Partners. first today comes

the guys First, a and see doing to of could that an you effort these more bolster And us terms deployment how kinds -- you we'll sense it question capital in related in likely deal. a priority? give for in of deals deposits? how to rank terms deals Is buybacks of of of

as over strategy. this since step, reported -- the capital has that the Mark, been been we major taken important share second us has Domenick. years repurchases deployment of is and The we've a component to

We especially believe in repurchases, this at strategy. share play continue important our capital valuation, an to that part

terms about highly deal, book to tangible We're particular priced. we've do was that of In looking dilution. this inability been cognizant I our at of very value think anything vocal

we realm of was was the was right, ratio fit good. it our transaction to good. want this priced be. Credit were that a quality so that And where Loan-to-deposit within -- metrics strategically

I good. strategy. back was this thought was in of another As just to addition geography we capital And buying said, use

always part what we're the may out look say on correct to are we do. going tangible strategy of value. future, that forward. it's preserve going obviously, But book going a anything buybacks we the make will And sure as We're we do. hard So to to metrics to be

And I Kevin. is think, this Mark,

We're I think an it It's going both prudently. fits and continue strategy. everything our in to use with not well do either/or. to

on high We chime -- on the to here, in. have most them. I'd M&A passed going It's see only comment our make The bar is is I'm Mark, the last and quite side. opportunities many Sean. of And

So also exclusive. And as ultimately, we of we look are they're strategically. to at what And but not we add pointed has cognizant something out, to our Kevin profile where has mutually trade. fit

can Sean, think us year? half run about million $XXX.X for good back of the you And rate? that Okay. a Is the expenses then, help

of but the well million it XXXX, that. bodes rate guidance inside half Our to second remains going hoping But million, for the Mark, come we're $XXX year. to the for we for But with stick and we the are now. like of run $XXX

I And rest up from? XX quarter. like but XX while, FTEs down people. I had mentioned I new for know headcount Kevin, growth has about been the bounced you a development of And know, looked this trending Where the little it business it is coming think

We I have some when And they all hire. guess, they'll be end back the Mark, out by interns, of go we summer that school. to August, of here,

-- number XX real one is that's mentioned, officers. -- the the So and the those development new business Kevin number

share assuming your the respect assumptions margin, any you us and with to could And Okay. what guidance updated are, -- right? with

We get to a throughout based That's expect stable of rate Mark. will the margin cut. assumption relatively rest the remain on July that XXXX, we

next with Nicholas comes question Our Stephens Austin from Inc.

you and we another can stable of talk under to If comment could the in in fourth that we the seems margin, which inflect maybe rate to in then just a September So the July. margin the were scenario? see get in -- I one appreciate cut on quarter December, rate assume about one cut kind

Yes.

that, would the when we be and in cuts. get in following even get impact and year if Austin, those them, will particular full year the see be -- You more impactful would we the of fact, the that for one September they December, cuts, do,

cuts when of runs of hikes kind that and would off, of or a maybe we -- can to runs about about, And assuming talk fixed that have what us couple you little bit Understood. before, the talked remind off I be but impact on. swap that a we've rate have And you a just rate then couple floating know when here. this the

Yes.

we approximately to February billion XXXX. comes that off have floating or but swap ends we of So that swapped have rates, in $X

And billion to so -- having that to back then we go $X fixed. turns back

a that XXXX. be in benefit February would ends of when that swap So

you of growth of Understood. -- I have Can the maybe in that. small, you on acquisition can have the growth. on That's know it's growth helpful. announced for talk And of of just then assumptions that bank? you but in just maybe about today, part just kind terms terms guys congrats -- assumptions on loan you M&A, any what that on the

We're Yes. about deliver was our modeled but growth that can Coast more than X% acquisition the in expectation we an in, hopeful approximately growth rate. Gold

in me. is there on understand you just any all a well Can while maybe I loans That's have risk share those Okay. to weighting portfolio. that that? could you to about risk know multifamily there get risk perspective, And risk from those Is on that LTVs. talked That any helpful. any speak make risk of may I is any gotten And -- sense there's low maybe there then you of types the that valuations may -- protected weightings you've modeled could have us? maybe anything to where or move you with up can And hit? credit, if that, -- certain

would to to it, less what But a impact us. Our don't risk major risk weighting is origination. LTVs, there's be pretty could assets rule, they is impacted purposes. large or portfolios, the how with measured weight there, for the The conservative at respect that relative impact regulatory we is see likely are others measured they so to which be and here multifamily impacted, with the it's Austin, for LTV rationale

And little to to bit, just add a Austin. that

rate. cap stressed our to a process last years, underwriting a X.X% in and we the couple had and adjusted the X% underwriting During of

that market rate -- underwriting where So sub-X, a not we time. that it's rates cash the especially period of we're and over the like in adjusted our the X.X%, for X in in we were in, X% underwriting, Brooklyn coming

feel of change, So going cap underwriting. us we type the well conservative that we've been bodes in rates Should this situation. into

broken also perspective? your done that billion rents. has in you to a peers more had of but portfolio on maybe to from considered way have similar is on as Okay. the loans could market kind a portion of down of or rents their -- considered And $X small a meaningfully analysis billion helpful. rather then that $X.X be borrower they've a Have portfolio where strategy or that made they've or you a of stabilized what to That's they have, strategy little some bit increase a -- exposed ring-fenced value-add any that

is essentially borrower underwriting qualify our gives borrowing and rate. look by We the equity. one helps the translates But less the risk us a at as mentioned, rate, item the -- low Kevin second that to haven't, And to the that Austin. loans loans which protect of then then ways a to And using certainly, higher in cap we moderate come dollars strategy also the as into more we we in. is a that which XX-year

borrower the rate. for XX-year term, P&I in a a has event -- -- have a borrow So X-year at him if to we qualify going so even is to

So into to those dug try ways protect to understanding are the rents. really we we at building haven't the the protect simply who's try point the decimate that we and credit. But and to deep raise just buying, two all that down this

haven't that. We done

know of this one, sense. maybe could what in us look some think new number what X% you know guide growth. maybe when last opportunities to maybe mentioned as Okay. And That can your next -- just on over your assumptions layer in then original loan that. one acquisition, look how on But the makes just we you couple give range. then quarters. could kind that on you kind thoughts X% out of you give here, And you? that was of I I that

by at XX%. CRE pipeline the this down for down Austin, actually is Yes. point. about It's

that put from going in the forward. and of gives area bode And We pause that portfolio for is my pipeline that Gold C&I That's come our we've But we not point. me come on to is at sure for That's growth, feeling CRE $XXX billion believe still pencil for last the or focused an remain to we week -- but through the to on. I'm will addition it going these Coast, have which how paper we growth pipeline portfolio. CRE. the will going overall our haven't so, is notwithstanding seen in just healthy about primarily $X.X And a over numbers our million, so growth this hitting down impact XXXX. which have a

just that So at looks get that front, way. what help truthfully at right of CRE limit us growth yield don't curve now. at really look areas. down. those in And that it may we is our it. a it's believe on That in and And this to number. will it is point, I But by like design market, the shape the prudent add we're given I to the to to the do just thing just current production risk look a

Okay. know you few that ago. one Great. maybe started one. last then I have online And an just a bank you quarters

grow maybe the to beyond goals think Any then rates was how maybe to just to there able I it bit going? you that? any Have million a And that's recently? $XXX deposits. goal grow comments been in lower on to

Yes.

the competitors level our rate of are the And same this cut there in We're million thing. the $XXX we're and rates the point, been to impending in seen at looking rates. feel monitoring of not it's lower as online doing Fed At an will lower is some are as to look raising rates same an about market. a pretty rates. of here competitors the to we And right time lower accounts. perhaps number hopefully, closely been As the the competitors opportunity at we had alternative that quarter, our we've do our second we who rates, this But it We although some well. at have at.

like to continue the We vehicle.

on to it. continue work We

throughout going bank. a at use bank website rest specifically alternative online this grown this $XXX our monitoring team to But and continue And to alternative as of the the have watch an to increasing we're We of said, and dedicated tool. the all point, as going as we're funding I we've to and an rates it to it that. above use that's the million

Jared from comes Wells with question Shaw Fargo Securities. next Our

said type of additional maybe off? already on that expect Had a release of guess there's I any see any as And end the the to a of you'd of recovery that? provision result post credit. the Kevin, charged should quarter. been that we

yet. they recovery say quality that small strong it be and extent impact anticipate they We do, we still haven't really provisions But ratios but stays wouldn't year. that would if improving. are It's for looked is, ahead it really to where far that asset a wouldn't large there, allowance. early, our the our the the to continue there's of I -- that remainder nothing we would And anticipate

looking for that was That's item that on that. That detail that growth. then at Okay. specifically, helpful. And a doing hires And good where you sort a give you're you've Can is little the with C&I when growth. quarter sustainable the been on of seeing line we're there?

pretty we'll in able Most we business City number. our market did in of some -- are it in think this morning, below we we is. boroughs. of good We met York I to did the matter New feel We Yes. general be folks but for budgeted year, the we of fact. a lending that And just as number and C&I our area, our some the just just with was, the hit slightly that

benefit And as rest to how so of the the focus business. the year. so good. It's so out tell for hires to pan additional the too far, of on the it's will reap starting this and to early the But

business of that second It's part the business. The comes in Yes. of a year. good the seasonal half

in and quarter momentum the slowest second. First usually the is they gain

to a and have fourth expect stronger We quarter. third

anticipating not issues on M&A, good assuming deal, probably with And a you at look Is it? That's the any I'm regulators helpful. way to discussing that that and that are this the Yes. with along way there. then you're

fair. that's Yes,

yes, since with fact, in XXXX. of in of discussing this we BSA been Our deal regulators our order have December was And table. came the all it lifted to

another it we opportunistic start out But is at before has specific this reevaluate closed before criteria. M&A this is -- And guess, then understand very I you're would guess deal to closed there? and see to integrated? or I or could that as looking when you Or this is I meet once opportunities

said that I before. it's whether And it highly deals difficult would at the I it's all this there unlikely. do and we going earlier are at announcement to think Sean are make to say that looking say Jared, time. another point, we're

a done quite haven't transaction We in time. some

We new of have operations a lot of members the team. technology and the management,

this so a which time. of our works And handle deal all also a cited from only in the that strategic reasonable number not one I but within of perspectives, earlier, perspectives of teams can convert and amount

to in to do something this first I'm team. hesitant undue on want that's this some we've some put the first going get is So one I burden want done one to time. through quite the to since

Our comes with from Jaffray. next Brody Preston Piper question

just just had the expected cost saves as know want on I were of what deal. a and I result. questions couple a to intangibles the

The cost saves were XX%.

I we think that's modeled. what

On the intangibles, or... what, $XX million

it's core deposit. of of $X and million think approximately I million goodwill $XX

any overlap cost include of footprints? the cuts does that number branch the not assuming I'm And the just save between Good. Okay. given lack

correct. That's

Okay. Great. larger specifically And underwriting that have the similar And do they their to then have, guess, multifamily, are to surrounding a they rent-regulated relatively book? yours? underwriting I standards with regard

up clean They a book. very are bank, Brody, but of their multifamily component small a pretty loan makes

small. it's XX% I'm or probably not XX%, it's think so very I mistaken, if

moving once forward closed? the there of deal And the is in accretion the to of deal, accretion will margin the material be impact Great. any terms as a from then result Okay.

Probably flat, right?

really the little us. Yes. for move It's margin too needle Brody, a to small,

down of how one, specifically there on competition? industries last in the competitive first you're the one quarter, or then it you're conditions where less I And much that but is guess, LIBOR segments seeing not pricing right. Are competition of the as more end how or With trended? All -- any in C&I. terms seeing deal, just as

to actually. or I competitive C&I them treasuries, that we would our that chasing deal market to say everyone is get hurdles RAROC and me have And treasuries. there is Many a say price deals. out to we to large priced that A spread we and deals LIBOR get has first, LIBOR, the LIBOR hit. of just to priced of portion let the have that we have fallen do extent to

to So when that return the what we a capital it risk-adjusted lender run brings model on a will in, be. deal tells a us

in even RAROC to LIBOR, spread levels. So ensure the the that adjust with reduction hitting we'll we're our

Great. segments or are more than any competitive others? less there And Okay. any lending are that

say would the not. remains segments competitive. active I that would most say competitive. care are health and in segment, We're I that

York Within one segment we've that competitive. number of any others. were than my remains bidding banks can't finger on against high-quality deals. the a particular the New I less done City market, also But some those We in hospitality. put That other market is of competitive the

Great. I for guess me. last Okay. one one

on health Is follow-up. regard a particular there focused you're with in the lending? Just to any segment industry in care that C&I

No. We office. run the gamut between hospitals, doctor practices, dentist

Nursing home.

Nursing home facilities.

there. run So there's not really the one We in particular that on. we focus gamut

Point. question with Laurie Our Hunsicker Compass from comes next

Is book how potential are you if, that do you're on I interested? wondered that the as or very a bank share approaching concentration you appreciate a Kevin, regulation? multifamily has step Or from, acquisition a with that? you think going just would front, look could you all that that about How concentrated a rent us just not bank and I away out slow. you in

a Well, certainly, not portfolio thing. has in of is strategic to class plan, thrift move us our diversify good from served want into it The bank-like. our asset more transition a our well thing much lending. a very too we good served multifamily But And a us to and in the well. more business

is could with looking mindful cost we targets. marketplace. where little business credit lever class. want portfolio the the greater a when profitable being or entry market, to funding our in maybe at very is of asset into All the or the bit fund with some when But we're low uncertainty there up the it's and we so a get to lending growing that costs, we do to of it pretty brokers There it today's There's an love C&I we it the business. look area change deal with opportunities And in a you gathering certainly, is It's you know at shrink customers. have for So regulation, metrics. very the in potential whether deposit acquisition with the some quickly. also, opportunity just to maintain rent

Great. your That outside go you Can far remind would geographically? you makes sense. look? would footprint where all How of us you

-- outside center and Laurie, County where targeted. our we've that areas when footprint, would been about city we've you I we've targeted vocal, the say we been Philadelphia. And has Nassau We also one of mean go. Yes. Suffolk

mentioned believe, on attractive. a we've we is I think market, of number the Philadelphia occasion that

branches of number a transactions in Philadelphia the the suburban looking on the market and have enhance Philadelphia franchise. city potential the of work could side, by that to center we New in think at Jersey We areas

So is -- Island we the it's Philadelphia at point, extreme of this where now speak. right on as would go and we Long

would band go? how Great. us remind would potentially small. larger smaller And Coast was certainly, How there? then you much you also the then Gold consider? much you And What's would

a I much this that's given one million smaller get required especially think just don't like work just Well, we to assets. would done. transaction -- go than It's in the $XXX

that have anything us answer. and big transaction, confines tangible within the would Laurie, And earn-back. the of also -- that are all In to deal to we is difficult look I terms a it's we for metrics book believe would the value terms of at that of would a of dilution question say in fit suitable to

Great. Okay.

billion, billion, and within there it And you sit would $X about that? so $XX think billion, something that at do if big if billion, a that How too would look your earn-back $X billion was to theoretically, book I $X be $X is parameters or tangible you deal, digest? mean

of is very mean on where based Laurie, I we're trade, that. mindful this we realistically, just Sean,

so where it would we And return profile premium likely size situation and expectations and or are that our not trade to for a dilution ideal earn-back. create to anything at is value a where meet may book be and tangible our

Right.

Okay.

those? Just and of can much currently us with deposits, last Muni are guys remind where quick you they question. are how cost you

in Jersey. We have billion $X.X about here deposits in muni New

are And what those costing?

average just a is X%. touch above Weighted cost

Gilbert KBW. Our comes Collyn with next from question

confirm just a loans? what way guys I your couple rent-regulated I the outstanding hopped if But City Can is York of questions. balance late. on for New this you multifamily already. apologize just covered you

Yes. it earlier. Kevin mentioned

$X.X billion. Somewhere between billion and $X

Okay. can did you growth And portfolio that what general? outlook within covered if was But I you and your multifamily again, just the within read transcript. cover it, in

don't multifamily. the we growth from Yes. potential coming vocal about that We've been fact see

that a projected As $X.X when in of that shape multifamily. XXXX I'm the year Truthfully, was plan, if about attributed terms the that we and at original of being I our in able $XXX as I sure million curve fact, to -- of the even we billion XXXX. strategic where not down be we'll yield break matter achieve only are look to the for pipeline, in

Okay.

But just think Okay, -- on that's NIM, helpful. And where then guidance X lot just can your ask. would your go cuts? you if I on sure a it, would of bit a saw you covered or thoughts I'm in what we the of you rate little NIM offer XXXX

But it -- obviously, really counting that's would hatch. on We're help... July. focused before just That's chickens counting the they

week. next points basis XX

We XXXX. when on the the year every and of of XXXX Collyn, we did of stable is call us. to beneficial remainder liability-sensitive, a rate based a respect We're to the the remainder in cut, -- the with said earlier expecting for we're July guidance cover for some margin cut

Okay.

Okay.

So quantify you happen didn't said one, the know every first cut just point but the... I basis margin? did with I you the what maybe would XX with just about know with stable

off of and rolls talked in not, we February it an asset at because change play about did XXXX. there's different here because We that swap dynamics we've had will on

will that an have obviously, So impact.

cut So XX different that helps the point probably it totality, it better gets And when to we go. at but further it basis up degrees. every the balance you in helps look sheet,

Okay.

And sorry All if then, again you just and covered it. finally, right. Okay.

transcript. you say go and I'll to did back the just can You

the On would I guess, you and what what probably buyback maybe maybe less did you appetite -- I guys the thought? where have would caused is, the already majority to than market thought, of maybe just than, cover that? have But less buy back your what

is buyback we concerned, an the mean in the of use as far I efficient believe as buyback as Collyn, Again, No. capital.

$X.X last step. years we over billion the billion, bought took in over X the $X have We back almost since stock second

buying rises. the falls price stock as look when stock use the less of more price and So strategy we when the out, back to we continue

was quarter, over maintain our equity and just that do we our with for buying less ratios, growth to your XX less line capital the question, to In for in terms tangible to CRE really of concentration and common balance trying buying continued direct ensuring more XX levels just that enough next the months.

So I'm buying back not our stock. saying that we're not

The changes obviously stock occur on vary the We'll will continue the the in degree As a price it matter over based saying to that the future. I'm opposite. of fact, back. buy

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

today. like Okay. to Suffolk, and acquisition of on say along That dividends, very call part along meet in thank along you We're that the that that organic is smart to like still tangible acquisitions book Coast us. plan integral an those the to market management also value are participating metrics. with operate Thank market exciting the the potential, in I'd you, our buybacks excited requirements Gold capital the very Nassau they with in. about growth of and with I'd Lisa. for dilution

road, a game this have summer, out And good I to on remainder on of forward We're the seeing company forward. I everyone to you and a the and We're move excited. a day. good plan look wish

Okay.

your So on very the thank you appreciate and much participation call.

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

disconnect. You may now