Civista Bancshares (CIVB) 8 Feb 242023 Q4 Earnings call transcript

Before we begin, I would like to remind you that this conference call may contain forward-looking statements with respect to the future performance and financial condition of Civista Bancshares, Inc. that involves risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors are discussed in the company's SEC filings, which are available on the company's website. The company disclaims any obligation to update any forward-looking statements made during the call.

the to substitute which GAAP information the release non-GAAP available refer supplement, intended measures. The to may the measures. of also not contains the as but most on the be management discussed non-GAAP other well are measures, to press financial today Additionally, and website as quantitative reconciliation company's directly to comparable GAAP Bancshares will recorded and website Civista at be on www.civb.com. call This available made At the conclusion Mr. of take any and the Civista will have. management Schafer's you remarks, questions team he may

Now I call the turn over Shaffer. will to Mr.

Fourth Dutton, of Chief afternoon. Quarter Chuck Officer Bancshares, to income our team. This Chief and Dennis Good us XXXX Parcher, decrease morning, today Lending is we Shaffer, members Fourth of represents SVP This Officer from or a share, for Operating Rich I you of XX.X% and President which for bank; XXXX. the like of the and would of company of the call. net and CEO Fourth of the Quarter and joined earnings Civista other company $X.XX per executive Quarter I our SVP our reported the diluted in joining Inc. $X.X million and am bank; thank for by

income of which $X.XX per represents Our represented diluted record full performance. $XX year share, our over a net earnings million XXXX or X% increase

of areas loans X.X% was yield by yield of markets Demand excluding from and strong quarter continued rate at and continue markets. commercial new came the performance and up in the XX.X% strengthen the as growth in loan quarter during customers add set an and X.X% footprint our quarter. loans year-to-date most adjustment, urban equipment participation of added share finance market during of the portfolio, our to we our leases a at of new and all and which and for a new our Quarter lease Fourth grew renewed Our XX.X% year-to-date. We annualized in at

we to do XXXX. grow quarter, to at in this at we compared pace not led While very X for increase interest becoming for brokered of points increased a but in is deposits, bit basis to year is This in intense. linked deposits do the XXXX. Competition Net declined to growth more a pace, continued XX still to our single-digit anticipate but comparison income anticipate XX.X% point continuing a rational, the our for cost little excluding quarter. basis

approach on During the accounts higher-tier demand quarter, CDs. a of select taking some measured to we our rates began deposit decreasing and

deposit our compared tax-related quarter. balances quarter to increased our as All consistent X.XX% linked basis by points linked funding for accounts, of during deposit X.XX% quarter, Excluding our it with were of previous much our from our brokered to funded the in, and case funding margin we wholesale and costs face year-to-date. the growth pressures, same did the quarter the as funding. In at at in coming X.X% compressed the XX

earning Our to XX yield and quarter increased on assets was basis the points X.XX% year-to-date. during by X.XX%

year-to-date. Noninterest funding XX.X% quarter XX swap X.XX% on X.X% lease revenues. quarter, primarily primarily was and X.XX% sheet income points basis However, year-to-date by our on during the up and was linked the of cost income, up to the it balance for was fee increased higher

and leasing continue as income division, them significant our move noninterest While of we to integration we a beyond. contributor our our complete XXXX to we as view into

related in a X.XX% XX securities $XX.XX to XXXX, marked earnings XX X.XX% to to XXXX. solid at $XX.XX losses December unrealized tangible X.XX% increased ratio our and XX, came at September our and December portfolio. and September value book This core at continued to $XX.XX compared Our at growth grew from XX, TCE and reduction from

consistent dividend of ]. [ based with growing on week, our a we This We quarter is XXXX and ratio announced prior XXXX. during on per ratio earnings TCE will quarterly our our dividend payout Last focus a XX% continue share. represents to dividend $X.XX

the quarter to the ratio compared efficiency Our was XX.X% and XX.X% for for X.X% linked year-to-date. quarter

were to operating for ratio been year-to-date. efficiency the our if related depreciation and quarter our to out have would expense the leases, However, we XX.X% XX.X% back

return Our linked our X.XX% for XX.X%. to was and the on return the Year-to-date, to assets on quarter was return was assets quarter. equity was average equity average on linked X.XX% our quarter quarter, X.XX% compared for compared for and for on our XX.XX% return our XX.XX% the

primary inverted $XXX,XXX increase $XXX,XXX and interest The the took advantage favorable $X.X to were During comparison to view linked the year fees rate linked swap the of of Fourth in the increased lock million prior in what decreased X.X% in our XX.X% the from curve comparison to quarter, rates. income quarter were as drivers as or Quarter. noninterest in quarter they borrowers

$XXX,XXX as We residuals also annual primary quarter from The interest decline rate the revenue lease the increase. the our environment division's on driver from debit contributed an to partner an our the earned production. put prior year's $XXX,XXX in bonus in brand that decrease pressure higher was for leasing

on year. division paid recorded from generated result of division this prior in as the the revenue was year's consistent their $X.X million premiums the lower the a the noninterest end XX.X% declined was leases we primary our received were and originated management lease million to of by fees with loans bonus year-to-date and $X.X and First drivers million made in sheets debit brand balance up the as agreement full $X.X compared increased million linked are acquired leasing or the and the which in increase the Year-to-date, in a lease income $X.X of for In a The comparison payments prior a for we less income quarter revenues interim residual by in October buyers rent operating new gains entering into lease not of did we less equipment addition, during prior noninterest have year. gains became income that leasing and $XXX,XXX other sale we slightly sale quarter to our payments Wealth term. Also fees. liquid. our included of These primarily our XXXX. division, and year. Quarter This were at in on of leasing

While as uncertainty in our Year-to-date, improvement in continue from to of linked a continue across year. noninterest we anticipate our Quarters opportunity of quarter of we line Third represents Fourth to diversify our for expansion an of footprint and we Much growth for some noninterest or these grow time, increased of from income. Noninterest is services as BFG experienced view to will the quarter XXXX. $XX.X that of market million Comunibanc over expense expense the X.X% the decline and attributable expense. XX.X% every acquisitions million $XX.X this increase nearly item prior the and noninterest

million new year's over the volt increase merit of increase employees or The is $X.X last compensation Our benefit and ] this expense benefits prior to from attributable $X.X due attributable commissions [ increases. salaries, XX.X% year. acquisition. The additional to and million increased is in normal balance to

by losses we operating expense to expense the in While end offices in as in until to CECL The $XXX,XXX the an other result Comunibanc an under lease depreciation industry, additional related have $X.X new experienced unfunded resulting was adoption of an category lease occupancy a related That noninterest due increase and like new branch acquisition, January, our to for depreciation due in leasing credit loan our provision operating increase a bad division. to was many depreciated on from was increase of Civista we our of of primarily expense equipment equipment primarily $X.X owned an X and year-to-date. do $XXX,XXX on is the term, in leases losses Equipment expense year-to-date. million was a commitments. million the increase check in

XX.X%. grew $XXX.X of the loans, loans by million which Year-to-date, our This Turning represents leases the adjustment, annualized balance leasing to and by million includes participation the rate sheet. growth division. originated total excluding $XX.X of

of our markets last enter in a our call, which for efforts, that opportunities I During relationships some us existing number expand their into relationships. and lending new curtailed created noted to some had banks

more banks markets As noticed the active. XXXX, we regional into have move larger our are we in becoming that

the not the to do loan rate experienced of we we into continue growth expect So XXXX. quarter during

X-story category, estate rate secured less. While office secured offices real by secured single significant make we of loans of or virtually loans, financing The are predominantly receivables. X.X% total years loan CRE in portfolio. nearly rather nonowner-occupied by by have Loans leases are about and our every C&I, are or originating buildings loans loans outside central lease in our disc rates. located X and adjustable all than and residential experienced buildings are most were maturities they of high-rise loans up not we increases These business increases all office

loan our production, XXXX. a by risk by at remains in We $XXX.X year-to-date December with to or rate well loan were undrawn single-digit with diversified concentration Our geography. moderate CRE growth Construction to portfolio XX. anticipate property million Along type lines no low

the funding or On increased the deposits $XXX year. XX.X% since the total beginning side, million of

we if were deposits, and X.X% tax balances deposit our out program back However, broker noncore year-to-date. declined

Our the from linked remained quarter. core deposit balances consistent

in our With broker own up million the is accounts accounts or program, deposit total $XX,XXX. Noninterest-bearing Civista's deposits, tax a made as term and limits deposits to demand XX.X% insured to CDs, the with December those deposits base we XX. focus, deposit of account, what noninterest-bearing test-related excluding December would granular respect Our FDIC of the average fairly excluding XX. remaining excluding of from at XX% related our deposits, continue approximately deposit $XX.X at be FDIC were excess deposits to

million XX across unpledged our concentration these XX, municipalities refund ratio, and the was at $XXX.X December uninsured loan-to-deposit December were XX. At with $XXX.X deposits than our of program deposits. deposits footprint, we at to processing XX.X%. more which related excluding December public funds had Under cash no covered various tax Our in our securities million,

lenders, and and private customers. bankers cost dorsal requesting Our deposits [ ] management balances are from having commercial success additional our our treasury eating officers

XX, to for X.XX%, from most think how September our to in will at continue we be ratio brokered million. December had wholesale as is and year-end, at well it security what to an associated September will our deemed which million our of portfolio available in net franchise interest equity improvement basis $XXX.X ratio capitalized low to and deposits, funding over well strong sources is losses sale. margin believe $XX.X was XX, take of common improved we we year-end sense. XX tangible all million and profitability. At disciplined X profit and Civista's purposes. our for which cost our unrealized was regulatory advantage Tier were improved contributing We our valuable significantly year-end, our At characteristics, At We when to classified of X.XX%, XX makes price with securities one point overall $XX.X is above leverage the

and growth potential is to strong maintain capital this continue capital create support earnings So acquisitions. remains to goal overall adequate organic our to and

during stock did shares we continue is to value. a not Although believe repurchase any our quarter, the we

repurchased the $XX.XX During stock price year, common $X.X per an we XX,XXX for share. of million shares average for of

our XXXX activity All Third Quarter. occurred during the repurchase of

authorization approximately on program. an $XX We million have of repurchase our remaining current

we to we earnings and and would borrower million ratio dividends we was our strong, lease a metrics growth. Despite end, the remains levels We the balance the will X% tangible on stable. make any remain strong will While $X.X repurchases recognize the between attributable like to associated strong and quality our of which credit to with X.X%. TCE capital common we our that payment provision continue the building quarter, with have expense ratio stream credit growth. to To primarily during space, active remain low, to publicly loan support capital and and economy uncertainties our did our pressures and that our on equity stated our rebuild focus

from CECL to XXXX allowance X.XX% Our at loan reflecting XX December December in during ratio loans the Quarter. and X.XX% XX, of adoption of growth First improved losses for our at to

at losses to allowance slightly nonperforming XXXX, XXX.XX% XXXX. XX, at $XXX.XX% In addition, declined December our to loans for XX, from loan December

shareholders conclude be I of means year, proud. team part our not like to a our customers, each another my most entire was me I it a communities, about team more As to thank and I could showed cares our that Civista other, remarks, importantly, be and challenging what would once XXXX our they again,

year Although our remain a vibrant, while of under expect pressure, to remains at piece a earnings margin in we continues pace. do growth. anticipate markets we relatively loan XXXX, margin continue to growth was organic do a to exceptional grow not and And our strong. similar we strong at and our be generate mid-single-digit XXXX

tough stress believe we'll we and examine shareholder material our any is increased be environment, address interest we rate to continue far, a of will seen per our We X%, you focus indicative for now so for quality. In earnings portfolios, attention no credit in but our value, deterioration company. continues afternoon. to questions. your And in our be XXXX, happy share on have approach the XXXX, this our managing to to which disciplined Thank creating

Ladies question-and-answer and Nick question gentlemen, session. [Operator we will Cucharale now with from comes [indiscernible]. first begin Instructions] Your the

Just outlook? balance your And margin. the the rates? net then Can sheet reacts interest to once you start near-term term, starts quantify on the Fed us how help longer cutting

model, way forecast got the that So our mean, doesn't -- to and a I in I anticipate year. model X that's again, it Nick, contraction projects second kind for I our this rate much. use about blue of model point rates would we we says is chip point And model kind Rich. up rate, in I guess has that the rates And our and run think trough. guess of cuts. basis hit And of that The half X down move margin. each is basis we it loaded the the

[ those $XXX CDs a bucket replaced -- may little I'm like matured The million QX color you QX We in a will December. looking have XXX I amount, did came a say, at just go that's of -- or in we with XXX. December answer, to may CDs Nick. I of due that think or million-ish and -- QX, a of was brokered cost of give at ]. better those a XXX. about of cost CDs, CDs kind to QX Todd

with frac CDs, [ of $XXX it'd going to group about We've So will XXX, points today was CDs cost we roll The there. similar March. XX basis we be another in million off of on X%. ] picked at X-year if that those got up about and replace brokered were those

So points there. we pick up another XX basis

I changes impacts So positive, didn't those and think, we on X much kind our grow of real if nothing are margin.

to rates. on deposits, are at our some have loans CD the and of of some Well, new just in inch books rates, loans we our the repricing started going higher are higher Existing at some specials and saw couple we've impact we things there, general no from just time money stuff, started rates done if to we And any and some a And real see of small impact. market that moves mid-November. that. down

seen not have impact. real far, so And any

So some continue that, we'll watch be do there. I think there's going to opportunity but to

end side. year, high CDs. brokered saw And your Okay. the opportunity Great. historically relative the And where utilize of vein, then point, close the same this pretty you on to in you you that to the loan to is At deposits. the are XX% of

assumption the year. your is are over you that down? a replace brokered that core So at with of the terms in of funding? drive funding peak course Or that you

we've noncore what place we're in more Yes. kind from going a transition it. But of to number got back XXX% and I replace done or certainly, broker historically. of of initiatives funding to with line away mean in something we've

leasing the And business. then on it. Got

Just different a question.

on the liquidity rate lower How a Just given and your commentary get constraints. on the Fourth lower business, think And premiums there. partners line. with the there? sale gain we pipeline due usually, [ production environment on appreciate obviously, borrowers up reasons leasing step your I your Quarter, you the for with the should tax ] about specifically to

overall, thoughts there. your Just

Well, we we leasing did on we're to in do our group. what from able 'XX think to be going improve

strong is this going quarter. think what's dictate I a rates they're Fourth quarter on. usually of lot

just that took like from their consultants in think I sales. of in So company, lot regulated bit we a training, we're spend Fourth that, were a first looking a of looking little quarter company, at But spent IT systems, unregulated time there, it will an time. softer at a and and that what probably was than be They lot things away Quarter. compliance we with

didn't to So 'XX additional we do in some expect that up income in make we have 'XX.

them And Nick, perspective, would to bit would year, nothing little Chuck. for more I a budgeting from than needle. this production a move say really is last the be we budgeted but that

on just expenses. then And last question my helpful. Very

forward, of in what bit relative Your thoughts volatility it on little rate this like to quarter you're the expecting? run going looks a

I year to always but and what sloppy of is a little know at Well, [indiscernible] technical got of our a than end if maybe little the the year of true-up the at probably accruals kind we the have a we more don't end have we term, traditionally up trued and sloppy done.

you $XX.X guided and expense, million million the to merit that in Second $XX.X we quarter our the normalize for guiding $XX.X Quarter. Quarter everything, think into guys recall coming you'll the effect I at what in about When we're we is for First will go end increases of million. to

and decent is bit we're rest little a a the at, that then of XX.X% jump what there a for rate of year. would be there'll looking So be the run maybe

question comes Terry from next Stephens. Your McEvoy with

start your afternoon. commercial in this the Are your real past from good loans your New community liquidity been you estate getting clients week. just Maybe Guys, questions, off, headlines that's York concerns position? the bank to or of on any

We have the hardly calls heard there stuff, unlike quite so when we've far and in banks know the -- York that calls of, was not Comunibanc stuff. and we've really failed struggles few nothing no I with gotten any gotten but March, New a

to hear. good That's

rates, had multifamily the in as release, in the good being your underwriting bit about growth conditions? vacancy seeing more Next in what cautious in nonowner-occupied at markets those question, your on you loans. just developers you are are you've you commented talk maybe press Could multifamily trends? a all given terms really And of

they the we're looking But we've cautious in in what is you build are the can't the being as as that the some a rental Columbus units really multifamily that Yes, we're little and that it. say, coming Columbus for rates up deals XX% higher Cincinnati Terry, markets strong than on far Cleveland, got doing they we're in yes, bit build would and on of Chuck. fast projected tell this be at to enough. were more probably I a would predominantly appraisal. And and I sure

So those markets in multifamily. are really, really strong still

would is say, lot to more too, to make mean, bit cautious Terry, interest driving of I into work. have little the because rate I the as these more equity the have environment you we numbers as are a And I of deals, that a being far think some deals

think, midsized sidelines. that's some even of putting, the your I smaller the so going developers And developers are or to

are the pretty doing so of cash because them put the XX% Molen-family into deals lot that We're a deals. So deals work. guys into times borrowers ] seeing make are that [ to well-heeled they to extra [ the those going have or ]

you're maybe last that but type fee for When in I get earlier, one. the of know income growing range a together part budget, just one it insight And lease year? you residual of your and of stream income you're talked about how the put about and full thinking revenue is thinking it for XXXX any terms some line? you maybe

know number, ]. gave You if [ a I'd kind you what, I Terry, be budget of

Let you front all I'll of don't of okay? number, me. you it get me look I'll out in that to a get and guys, have I good

from question Perito Your comes with Michael next KBW.

This is Mike's associate Andrew filling in.

looked quick And was so, margin I would what a the any core Just have like this first. the if quarter? wondering, accretion just impact here there for me X for XQ? NIM was on

points, accretion impact. was X of of it terms which consistent, basis in I think, for has quarters the last been pretty number So

see changing would it that's of it, the So and And I forward, basis over don't X be. off what quarters anyway. next points guess I take it going X

of that's now, opportunistic. push I Obviously, And kind here on know TCE kind broad X.X% the with great. But to kind color of here. maybe comment you May? here have a thoughts high-level repurchase capital is be any be up to you're the broadly focus just not M&A. right but of there then I market to the yes, said just towards to know X%, started going return conversations And front. would focus on the I appreciate the that in all expiring back the

now. like talking quiet partner to everybody right I at -- it's are just you are and I up, is a they banks are struggling heavy so where would fairly it. and just and get I trading there's but front. to think think deals The are tough marks that banks the still to but do on trading other M&A few mean that done we're are banks

to hard think I deals those do. are

TCE happening for So to we trying now, the this right year. a I just focused grow first lot because don't ratio half laser capital are our see over that of increase

going we're in be So line. to growing that ratio TCE banking laser focused

Davidson. Your next question comes from Manuel Navas D.A. with

have expectation kind kind BFG overall it's you part an guide feel for just I for Do fees business? an -- of in that like by include trends the driven guess include overall but of fees? that

have and quarter. we're run $X that what looks guess maybe operating residuals, than item a lease million was I what did line bit that's like that of rate we would be it. so a a the think I revenue it seeing the And for little piece of That about year. did better this

Okay. other the trends? pieces And with then industry grow

They as of income. of in buried of in the at mean, far and as leasing. do. kind the mean, buried whatnot, other I I guess And ] [ equipment stock end that's lease -- they're selling interest in kind the they're I not

this leasing? fees or Is overall question just

appreciate As the overall I but lease itself. fees,

I'm lease my sorry. I to mind. on had

this fairly to going what year we probably and was I close say did fees. will we So in to do

there. we are we If also loans up of some pick income little fees. Chuck books reform, that But slightly, there. can move we did that over least and got into overdraft loans, which that fields, I can flip swap we some we a think that little on residential bit probably yield even with put down up we've -- rates frees curve fees liquidity think We saleable so portfolio the we're some have lose inverted, we overdraft now do that right had at the overdraft a

that in million is close fairly $XX-or-so that we of I income So did think noninterest probably our to 'XX. guide

million. I X.X from budgeted -- you $X And if $X.X because the the the usually would little high. First Quarter million I so I close it that I we Shaffer way billion, to and tax linearly think don't for if a had to number that's Mr. shoots got X, the we've think say $XX grows is know probably year.

cuts, comments see the loans of the with about quarter. do NIM the kind next quarter? -- this you put more near even on term, like -- lot just I the but where What for going of of you rate a next kind NIM

might I again, loans float just higher November. we mean side, lot higher-yielding a little don't and a it on I the again, based what on in know. and we on December But put funding did of

stays it of hope where on it's well hopefully down troughed. then some do see going repricing. with there. think we about we've I to the at. getting We talked and things We're which better We'll think it's funding some we But about, costs, started stuff. hopefully the get because improvement are to pretty bring pricing we've to broker

optimistic we're So [indiscernible]. be the able we'll that improve to

Yes.

competition line going a we're of see kind more like waiting. side like the felt some fourth had lending seem perspective. pressure think though, of I size take to they lot that the kind and on on Quarter, of too, we we the from to Fourth were

pricing all kind going a competition competition back the pricing mid-January, right. of back lot So treasury in or rates right our now to to as was back the in fall not, compared here up X% with believe in they the piece. I where it over deposit the the first think now renewed almost which of we and We're costs commercial where seeing X%, new production, December, marketplace time eclipsed is off and

there some single-digit also of drives deposit commentary, I to upside amount commentary. low enough that could growth? the appreciate on guess give that loan that is I but some probably side you -- Overall, the loan there a success growth of is

focused really think the so Well, I side. on we're funding

to in 'XX, us going for be I think only challenge big that's for but Comunibanc. all a

that So -- consumer as the deposits. a to, our those that's customers with alluded know deposit commercial, other or faced don't We've that of loan have are substantial Rich or we initiatives number have thing. we some same we're existing there relationship all a portfolios, scrubbed just of have got whether underway,

be we'll those a go that So around after campaign customers. putting to

So build that of focus our will to be is deposits. to try X core

firms and process businesses of the deposits. We'll creating business and professional probably law area. bucket associations clients to go try after more like books throw niche of and the companies, on cash-rich these commercial product some management of cash treasury in are to side. to that's the lenders get kind are of -- another success We business those title identifying or on some with connected we've had and We've done at of who pretty treasury dollars great that hiring our then well

I our digital offerings. some to We're think deposits. we move expand deposit to may do that they more and if over going product see want

core number So we're the to of opportunity there's will build strong a think, some that give throughout initiatives, be upon embarking year. our I on do that going deposit to franchise. to us

next Daniel Your question from Lancome comes Cardenas with Janny Scott.

A couple of questions here.

rate on to throughout basis? the of kind run guys you a a use Your tax jumping for year. rate has kind good around What's been of go-forward

I is for XX XX XX probably. mean, or quarter, the

settling at. I think we're that

loan? portfolio to of And it in us what section coming then you And The it give quarter. that multiple creep in I noticed a also, of watchlist what a trends was a Was Can of look that then the X your loans? little like it as little up nonperformers terms bit this from? driving for guys? -- you was was color

was reason [ your for It and that missed Chief the of last This X $X.X Muller big the a I We relationship part That The moved million. question. Credit -- Officer. nonperforming the to is long nonaccrual. had job. about was Mike ],

Yes.

loan, sense commercial for a -- well, to a was that X that get -- loan that trying Just of is assuming?

Yes.

seeing systemic are loss stable. You and yes. Yes, of the quarter asked credits about issues great watch list. pretty Very think And that's for now. the right changes pretty few that I we're

on not rates it interest from And are very causing have been and not we're in loans a, We all, But at those all as some cash on of far remains seeing lot seeing much in handful a jump of not our always repricing, really pressure we're as way. we're that looking flow. also loans movement stable the it's them. you're a and

segments not the particular any you're as tapping that your Or in into there are then that brakes you 'XX? the is case? come And necessarily on Okay. maybe portfolio

we're the let from basis obviously, piece too as mean, not very we're points that high. else, well. hotel pretty and everybody to flat I like a watching much stayed of office of exposure we office but percentage in much pretty get mindful it,

and earlier are think the but we taking they taken multifamily, look at somebody multifamily. on a to see can growth sustain looking still I mentioned place. the We're has bullish of if multifamily communities, closer especially

we're think areas. probably really So down other I any we're than not that, a cautious, being shutting but touch more

then the is you the last quarter. guys the your substantially do it down through achieved? loan how And like raised? did you in the have advances that broker came Was Or deposits that just that -- question that was fairly I looks home

Yes. to broker It was that's was and cheaper available. from readily what Loan go it Loan the Way. get was something just we because stuff that's the the Federal keep it borrowing That Home out it deposits to -- exactly Home up freed was. try And generally, than was Bank Federal

free of we'll also in economically just or try case. and kind or efficiencies see as makes just opportunities to other the financing And always it and to can Home broker Loan because wholesale risk at. we down standpoint, a our the looking of from take markets line chunk we We're in there we sense, again, keep So it's Bank market. advantage Federal a as just if

have do left much capacity on line? how And that you guys

It's you. back lot. you to a have I'll

There further Please this are at no time. proceed. questions

in In for Well, to want be and those thank environment to today's closing, thank us call. joining I just everyone rate you. continues interest The challenge. a that participated Okay.

strong of I'm positive record solid. share for of fact had year-over-year we growth. had remain net am we those do there's expansion, that margin proud year, and Comunibanc X margin remains lot a say earnings earnings I very had the income. per all of they We our that and However, the our sure things. And had can

And to optimistic core results. to to the and just continue produce First So our months forward in I that share to will remain next deposit franchise I our talking few to approach results. solid pricing superior our Quarter disciplined look everyone

So thank you.

that ask today. your please you for for and you this and We concludes thank disconnect your Ladies conference call lines. participating