Transcription de l'appel de résultats de Synovus Financial Corp (SNV) T1 2020

Transcription de l'appel de résultats de Synovus Financial Corp (SNV) T1 2020

Source de l'image: The Motley Fool.

Synovus Financial Corp (NYSE: SNV) Appel des résultats du premier trimestre de 2020 24 avril 2020, 8 h 30 HE Contenu:
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Bonjour et bienvenue à la conférence téléphonique sur les résultats du premier trimestre 2020 de Synovus Financial Corp. Tous les participants seront en mode écoute seule. (Instructions pour l'opérateur) Après la présentation d'aujourd'hui, il sera possible de poser des questions. (Instructions pour l'opérateur) Veuillez noter que cet événement est en cours d'enregistrement. J'aimerais maintenant confier la conférence à Kevin Brown avec la société. Veuillez continuer. Kevin Brown – Relations avec les investisseurs Merci et bonjour. Au cours de l'appel d'aujourd'hui, nous ferons référence aux diapositives et au communiqué de presse disponibles dans la section Relations avec les investisseurs de notre site Web, Synovus.com. C'est ainsi que Kessel Stelling, président-directeur général, commencera l'appel. Il sera suivi par Jamie Gregory, directeur financier et Kevin Blair, président et chef de l'exploitation pour des informations plus détaillées. Notre équipe de direction est disponible pour répondre à vos questions à la fin de l'appel. Nous vous demandons de vous limiter à deux questions. Avant de commencer, permettez-moi de vous rappeler que nos commentaires peuvent inclure des déclarations prospectives. Ces déclarations sont sujettes à des risques et des incertitudes et les résultats réels pourraient varier considérablement. Nous énumérons ces facteurs qui pourraient entraîner des différences importantes dans nos communiqués de presse et dans nos documents SEC qui sont disponibles sur notre site Web. Nous n'assumons aucune obligation de mettre à jour les déclarations prospectives à la suite de nouvelles informations, de développements précoces ou autrement, sauf si la loi l'exige. Au cours de l'appel, nous ferons référence aux mesures financières non conformes aux PCGR liées au rendement de l'entreprise. Vous pouvez voir le rapprochement de ces mesures dans l'annexe de notre présentation.Et maintenant, voici Kessel Stelling.Kessel D. Stelling Jr. – Président et chef de la directionBien, merci, Kevin et bonjour à tous et bienvenue à nos résultats du premier trimestre appel. Je voudrais commencer par remercier nos extraordinaires membres de l'équipe qui continuent d'aller au-delà pour soutenir nos clients pendant cette période difficile. Nous avons deux histoires principales aujourd'hui et probablement beaucoup plus. L'une est notre solide performance opérationnelle de base pour le premier trimestre avant et après l'arrivée des coronavirus. L'autre histoire tout aussi importante est la force et la résilience de notre entreprise, qui prouve une fois de plus notre capacité à innover pour exécuter rapidement et efficacement les opérations quotidiennes tout en modifiant les priorités et les ressources pour répondre aux besoins émergents. Dès le début de cette crise des soins de santé COVID-19, les décisions et les actions prises par notre équipe ont été guidées par deux principes, faire ce qui est le mieux pour le bien-être physique et financier des membres de notre équipe et faire ce qui est le mieux pour nos clients. En gardant ces principes à l'esprit, en mars, nos succursales ont été converties en service au volant et sur rendez-vous uniquement et nous avons mis en œuvre des protocoles agressifs de nettoyage, de désinfection et d'hygiène dans toutes les installations de notre entreprise. Plus de 80% des 5 400 membres de l'équipe travaillent maintenant à domicile et notre équipe informatique a fait un travail fabuleux en repositionnant rapidement nos effectifs. Nous avons offert des congés payés supplémentaires aux membres de l'équipe qui sont en quarantaine ou qui s'occupent de la garde d'enfants ou d'autres difficultés familiales connexes et nous offrons des paiements de bonus aux membres de notre équipe horaires qui doivent travailler sur place pour servir nos clients. . Pour aider nos clients à traverser cette période de stress financier, nous attendons les frais de service NSF et mensuels et offrons le paiement du permis et d'autres allégements de prêt, le cas échéant.Bien que la distanciation sociale soit plus ou moins éliminée, l'approche pratique en personne que nous adoptons habituellement vers le service communautaire, nous faisons tout notre possible pour répondre aux besoins de notre empreinte, y compris des contributions de contrepartie à la Croix-Rouge américaine, un soutien financier pour nourrir l'Amérique et le financement des repas pour les premiers intervenants et les fournisseurs de soins de santé de première ligne. Je suis particulièrement fier des efforts que notre équipe a déployés pour offrir à nos clients des prêts du programme de protection des chèques de paie. Depuis le lancement de P3 le 3 avril, notre équipe a traité, approuvé et financé plus de 2 milliards de dollars de prêts pour 8 300 clients. Nous continuons de traiter les soumissions dans notre pipeline, en nous préparant à en trouver autant que possible avec les crédits supplémentaires disponibles cette semaine. Kevin Blair parlera plus en détail des aspects clés de notre réponse COVID-19 plus tard dans ses remarques.Avant de couvrir les faits saillants du premier trimestre, je veux parler de notre confiance dans notre capacité à gérer la crise actuelle et à en sortir. en position encore plus forte. Depuis la dernière crise, notre société n'a cessé de prendre des mesures pour se préparer à un environnement économique défavorable, y compris des efforts pour renforcer la gestion dans les principaux domaines à risque du crédit en capital et de la liquidité. Nous déployons régulièrement des tests de résistance et des analyses de sensibilité pour éclairer les décisions commerciales et nous pensons que nous sommes bien placés pour soutenir un ralentissement économique comme celui auquel nous sommes confrontés aujourd'hui. Comme nous en avons discuté lors de l'appel de ce matin, nous avons amélioré notre surveillance du portefeuille et notre profil de crédit comprend une combinaison, des mesures et des perspectives améliorées et notre constitution de provisions conformément aux directives du CECL offre une protection supplémentaire contre les pertes sur créances. confiance dans notre capacité à maintenir des ratios de fonds propres solides et des environnements économiques tendus et notre position de liquidité reste solide. Nous évaluons et repriorisons également les initiatives stratégiques dans le cadre de notre programme avancé Synovus Kevin Blair va partager plus de détails plus tard dans l'appel sur les mesures que nous prenons pour nous assurer de répondre aux impératifs à court terme tout en nous concentrant sur les bonnes initiatives pour renforçant notre entreprise à long terme. Avant de céder la parole à Jamie. Je vais brièvement parcourir les faits saillants du trimestre à la diapositive quatre. Le BPA dilué ajusté était de 0,21 $, contre 0,98 $ il y a un an. Cette baisse d'une année sur l'autre est attribuable à une réduction de 225 points de base du taux des fonds fédéraux, à la perte programmée de désactualisation des prêts acquis et à une augmentation importante de la provision qui tient compte de l'incidence prévue de COVID-19 dans le cadre du CECL. cadre. Nous avons été très satisfaits des fondamentaux de notre performance de base, notamment une croissance des prêts en fin de période de 1,1 milliard de dollars, une croissance des dépôts de 1,4 milliard de dollars et une croissance des dépôts de transaction de plus de 600 millions de dollars. Le revenu net d'intérêts de base, qui exclut les ajustements comptables pour les achats, est demeuré stable pour le trimestre. Cependant, la marge nette d'intérêts de base a diminué de 5 points de base par rapport au trimestre précédent, légèrement plus que nos attentes initiales en raison de la baisse plus importante des taux d'intérêt. Les revenus autres que d'intérêts ajustés de 99 millions de dollars ont augmenté de 7 millions de dollars par rapport au quatrième trimestre, bénéficiant d'une activité importante dans les secteurs hypothécaire, des marchés des capitaux et fiduciaire. Cela s'explique par la baisse des frais bancaires de base saisonniers et l'augmentation des exonérations de frais dans le cadre de nos efforts pour servir les clients pendant cette perturbation du COVID-19. Les frais autres que d'intérêts ajustés ont totalisé 271 millions de dollars pour le trimestre, en hausse de 6 millions de dollars par rapport au trimestre précédent, principalement en raison de l'augmentation de 5 millions de dollars des charges sociales saisonnières qui a été mentionnée lors de notre appel de résultats du quatrième trimestre. Nous avons également enregistré des dépenses supplémentaires d'un million de dollars associées aux paiements de primes liées à COVID pour certains membres de l'équipe de première ligne. La provision pour pertes sur créances s'est établie à 159 millions de dollars et a entraîné une provision pour pertes sur créances de 1,39%. Ces mesures intègrent l'impact de COVID et du premier trimestre de CECL.Je vais maintenant passer la parole à Jamie pour un examen plus détaillé du premier trimestre, à partir de la diapositive cinq et je reviendrai avec quelques autres commentaires en question – et -Réponse après que Jamie et Kevin Blair ont donné leur rapport.Andrew Jamie Gregory Jr. – Vice-président exécutif et directeur financierMerci, Kessel. Avant de commencer à parcourir la performance trimestrielle. Je voudrais souligner que nous avons retiré nos orientations pour 2020. Nous donnerons quelques indications à court terme de la performance financière sur des paramètres clés tout au long de mon commentaire et nous nous engageons à rétablir des objectifs à plus long terme lorsque l'économie se stabilisera. Nous avons discuté un peu de notre productivité accrue lors de l'appel du quatrième trimestre et elle se poursuit au premier trimestre avec une production totale de prêts de 3,1 milliards de dollars. Notre équipe des services bancaires de gros a embarqué 155 nouveaux clients au cours du trimestre, ce qui représentait 1 milliard de dollars de nouveaux prêts. En mars, nous avons constaté une augmentation de 300 millions de dollars de l'utilisation des lignes. Le taux d'utilisation des lignes de C&I a atteint un niveau de 50% en mars, certains clients augmentant leur recours à une abondance de prudence liée à la situation économique.Nous sommes confiants dans la qualité du crédit de notre croissance ce trimestre alors que nous restons disciplinés dans notre souscription. Au deuxième trimestre, nous prévoyons que les prêts du programme de protection des chèques de paie constitueront le principal moteur de la croissance des prêts à mesure que les pipelines supplémentaires diminueront. Les baisses de taux en mars ont entraîné un rendement des prêts de 4,6% hors achats, soit une baisse de 15 points de base par rapport au trimestre précédent. L'impact trimestriel complet de ces coûts de mars aura un impact plus important sur les rendements moyens des prêts au deuxième trimestre. Après correction des couvertures, environ 50% de nos prêts ont un taux variable. Tel que discuté précédemment, nous avons mis en place un programme de couverture pour aider à atténuer l'impact des variations des taux à court terme sur notre portefeuille de prêts à taux variable. À la fin du trimestre, nous avions 2,8 milliards de dollars de swaps fixes de réception associés à ces couvertures avec un taux moyen de 1,4% par rapport au LIBOR à un mois. La diapositive 6 montre une croissance des dépôts de 1,4 milliard de dollars, qui comprenait une augmentation continue des dépôts de transactions de base de 623 millions de dollars. . Au premier trimestre, nous avons profité de la réduction des prix sur les dépôts des courtiers de gros pour augmenter les soldes et remplacer les dépôts à service unique d'appel plus élevés. Nous continuerons de surveiller ces marchés afin de déceler des opportunités et, bien qu'il demeure un environnement de dépôt dynamique et de rester concentré sur la croissance de notre base de dépôts de base et le maintien d'un profil de liquidité prudent. En termes de prix de dépôt global, nous avons certainement vu une réponse aux récentes actions du FOMC. Et comme vous pouvez le constater, notre coût total portant intérêt en mars était d'environ 30 points de base inférieur à la moyenne du trimestre précédent. Dans ce cycle d'assouplissement, le FOMC a abaissé son taux cible de 225 points de base et notre attente générale est que les bêtas du cycle se terminent entre le bas et le milieu des années 30, les dépôts étant révisés tout au long de l'année.Comme vous pouvez le voir sur la diapositive 7, le revenu net d'intérêts de 373 millions de dollars ont diminué de 26 millions de dollars par rapport au trimestre précédent. La majeure partie de cette baisse, soit 25 millions de dollars, était attribuable à la baisse prévue des ajustements comptables liés aux achats. La marge nette d'intérêts de base, qui exclut les AAP, a diminué de 5 points de base par rapport au trimestre précédent pour s'établir à 3,35%. À l'approche du deuxième trimestre, nous nous attendons à ce que le revenu net d'intérêts demeure relativement stable en raison de la croissance importante des prêts associée au PPP. Cependant, cette croissance, conjuguée à un environnement de taux déprimé et à une position de trésorerie élevée, devrait peser sur notre marge d'intérêt nette. En excluant ces impacts, nous réitérons que nous prévoyons que la marge diminuera de 4 points de base à 5 points de base par diminution de 25 points de base. Nous prévoyons que la majeure partie de l'incidence des baisses de taux de mars se produira au deuxième trimestre. Sur la diapositive huit, vous constaterez que nous avons réussi à générer des revenus de frais, qui sont passés à 99 millions de dollars ajustés. Cela représente une augmentation de 7 millions de dollars par rapport au trimestre précédent et une hausse de 21 millions de dollars ou 27% par rapport à l'année précédente. Au premier trimestre, nous continuons à avoir une force diversifiée dans nos activités de revenus de commissions. Les revenus hypothécaires tirés par des niveaux de production élevés et un gain secondaire élevé sur les marges de vente ont augmenté de 3 millions de dollars. Les volumes sur les marchés des capitaux ont augmenté de 2 millions de dollars, nos clients commerciaux ayant bloqué des taux plus bas sur leurs emprunts et les revenus de courtage ont augmenté de 1 million de dollars, en raison de l'augmentation des contributions des nouvelles embauches en 2019 et des revenus de transaction plus élevés en raison de la volatilité élevée du marché. Ces augmentations ont plus que compensé les réductions dans des domaines tels que les frais de service sur les comptes de dépôt, principalement en raison d'une baisse des frais NSF de détail. Cependant, COVID a déjà un impact sur le comportement des clients, notamment une baisse importante de l'activité sur les marchés des capitaux, une baisse des volumes de transactions par carte de débit et de crédit et une perturbation globale des activités pour les clients commerciaux. Cette perturbation entraînera probablement une baisse des revenus tirés des frais de 15% à 25% au deuxième trimestre par rapport à notre récent taux d'exécution d'environ 90 millions de dollars. Nous nous attendons à une augmentation des revenus autres que d'intérêts à mesure que l'économie se stabilise. Au premier trimestre, les frais autres que d'intérêts se sont élevés à 276 millions de dollars pour 271 millions de dollars ajustés. Les charges ajustées ont augmenté de 6 millions de dollars par rapport au trimestre précédent, généralement conformément à nos prévisions antérieures. Avec l'augmentation du niveau des dépenses liées aux COVID, que nous estimons actuellement de 5 à 6 millions de dollars au deuxième trimestre, nous nous attendons à ce que les dépenses ajustées restent relativement stables d'un trimestre à l'autre avant de diminuer au deuxième semestre. Comme Kevin en parlera dans un instant, nous restons confiants que nos efforts au cours des six derniers mois pour identifier des moyens d'améliorer notre efficacité opérationnelle se traduiront par un levier d'exploitation positif à long terme. Nous adaptons le calendrier de nos initiatives avancées Synovus pour nous assurer qu'elles ne détournent pas notre attention des clients et des communautés des membres de l'équipe. Cela ne change pas notre engagement envers notre stratégie, il ajuste simplement le calendrier. La diapositive 10 montre nos paramètres de qualité de crédit ainsi que le résumé de notre provision pour pertes sur créances et provisions. Les imputations nettes à 21 points de base restent conformes aux prévisions antérieures. Le ratio de prêts non performants a augmenté par rapport au trimestre précédent à 41 points de base, ce qui représente une augmentation de 1 point de base par rapport à l'année précédente. De plus, les arriérés de cotisations reviennent au bas de la fourchette récente à 22 points de base. Bien que nous nous attendions à subir des tensions dans le portefeuille à mesure que nous progressions dans l'environnement économique actuel, il est important de noter que nous entrons dans ce ralentissement bien positionné du point de vue de la qualité du crédit avec des APM, des prêts improductifs, des cotisations et des charges passées à ou près de bas pour ce cycle économique. La provision pour pertes sur créances et la provision pour le trimestre ont été touchées par l'adoption de CECL le 1er janvier, ce qui se traduit généralement par une provision pour pertes sur créances plus élevée que la perte subie. Cela est amplifié par les aspects prospectifs du CECL et la façon dont il est impacté par le stress économique accru de la crise des soins de santé et le ralentissement économique qui en résulte.Comme vous pouvez le voir sur la diapositive 11, l'augmentation des réserves au premier jour était de 110 millions de dollars ou 39%. Nous avons accusé un retard sur la période de transition de cinq ans pour le traitement des fonds propres réglementaires. Notre 10-K fait référence à la période raisonnable et supportable de deux ans utilisée dans l'estimation du CECL, mais il était plus approprié de réduire cela pour un horizon d'un an pendant cette période d'incertitude économique accrue, un retour à la moyenne d'un an suit la délai raisonnable et formel. La détérioration de l'environnement économique depuis le 1er janvier en raison de la crise actuelle des soins de santé a entraîné une augmentation du ratio de provision pour pertes sur créances au 31 mars, puis a été modélisée lors de la première mise en œuvre saisonnière et se situe actuellement à 1,39%. Notre processus de modélisation intègre des considérations quantitatives et qualitatives qui sont utilisées pour informer les estimations du CECL. Les prévisions économiques élaborées en interne utilisées pour déterminer la provision pour pertes sur créances au 31 mars ont été approuvées le 20 mars. À l'époque, la ligne de prévision approuvée avec l'agence de notation et les prévisions économiques de Wall Street entre cette date d'approbation et la fin du trimestre, nous avons constaté une nouvelle détérioration des perspectives économiques, ce qui a nécessité la superposition qualitative de notre provision pour pertes sur créances. La superposition qualitative de 37 millions de dollars à 10 points de base correspond à la provision pour pertes sur créances et permet de mieux aligner la provision totale sur les indicateurs économiques et les prévisions à la fin du premier trimestre. Une incertitude économique importante subsiste en raison de la crise continue des soins de santé et de l'impact ultime des efforts de relance du gouvernement. Si nos perspectives économiques au 30 juin ressemblent à ces prévisions plus récentes, nous nous attendons à une nouvelle augmentation de la provision pour pertes sur créances. Les ratios de capital de la diapositive 12 incluent l'impact du CECL et intègrent la période de transition réglementaire applicable. Comme nous l'avons partagé par le passé, nos ratios de fonds propres cibles ont été déterminés par le biais de notre processus d'évaluation interne de l'adéquation des fonds propres et incluent les efforts d'optimisation du capital achevés en 2019. Ces ratios de fonds propres nous rassurent que même dans un scénario sévèrement défavorable, nous avons suffisamment tampon pour résister aux pertes et notre principal capital de puits. Au premier trimestre, notre ratio CET1 a baissé de 8,72%, principalement en raison de l'augmentation des actifs pondérés en fonction des risques, ce qui représente une réduction de 25 points de base. Notre force continue et notre PPNR ont généré 39 points de base de capital, ce qui a plus que compensé l'impact de 21 points de base de la constitution de quotas liés au CECL. En raison du CECL, nous prévoyons une dégradation du ratio de capital plus tôt dans un environnement récessif que dans les directives comptables antérieures. Cependant, c'est cette provision, qui fournira un tampon important pour absorber les pertes réalisées plus tard dans le cycle et nous permettra de revenir à nos objectifs de capital au fil du temps. À l'heure actuelle, la facture de provisions était reflétée dans le ratio de capital total basé sur le risque, qui a augmenté de 6 points de base par rapport au trimestre précédent à 12,31% .Selon le même cadre qui a été établi et utilisé pour les tests de résistance en vertu de la loi Dodd-Frank, nous continuer à tirer parti de nos processus internes de gestion du capital. Ces processus, associés à notre cadre d'appétit pour le risque, fournissent une feuille de route et décrivent les stratégies de préservation du capital en cas de période de faiblesse économique plus longue. Au fur et à mesure que nous traversons cette récession, nous serons très diligents dans la façon dont nous déploierons notre bilan avec une priorisation claire vers les relations clients de base. Ces processus régissent également la façon dont nous considérons les rachats d'actions dans notre dividende sur actions ordinaires. Grâce à ce processus, nous avons décidé de suspendre notre programme de rachat d'actions précédemment approuvé. Nous évaluons continuellement notre approche des dividendes sur actions ordinaires dans notre processus de planification du capital, qui est guidée par notre évaluation de la suffisance du capital ainsi que par notre projection de bénéfices durables à long terme. Nous pensons qu'un changement dans le dividende commun n'est pas justifié pour le moment. Comme nous l'avons vu, nous restons confiants dans notre suffisance du capital et nous évaluons continuellement nos perspectives de bénéfices à long terme. La gestion des liquidités a toujours été une priorité chez Synovus et nous continuons d'améliorer notre profil de liquidité. Au premier trimestre, nous avons émis 400 millions de dollars de dettes bancaires à des niveaux très attractifs et nous avons augmenté notre garantie de la Federal Home Loan Bank d'environ 2 milliards de dollars. Comme le montre la diapositive 13, vous pouvez voir que nous avons environ 14 milliards de dollars de liquidités disponibles au bilan. Même si nous prévoyons que les soldes des prêts, à l'exclusion des prêts en PPP, demeureront relativement stables à court terme, nous prévoyons une croissance considérable au deuxième trimestre associée à nos efforts de prêt en PPP. Gérer au mieux nos risques et maintenir nos sources de financement existantes pour les autres besoins des clients. nous prévoyons d'utiliser la facilité de prêt PPP de la Réserve fédérale pour soutenir le financement d'au moins une partie de ces prêts. Nous pensons qu'il s'agit de la manière la plus efficace de gérer notre position de liquidité globale et d'atténuer l'impact associé sur nos ratios de fonds propres.Kevin va désormais approfondir les portefeuilles de crédit les plus impactés par COVID, quelques détails sur nos réponses à cette crise et fournissez une mise à jour sur Synovus. Kevin Blair – Président et chef de l'exploitation Merci, Jamie et je passe à la diapositive 14. Avant d'entrer dans le détail de plusieurs secteurs où la crise COVID-19 a actuellement un impact plus important sur les opérations commerciales, cela semble être le moment approprié pour approfondir la composition et la qualité de notre portefeuille de prêts par catégorie ainsi que l'importance de la diversification et des avantages dérisoires qui ont été réalisés depuis la dernière crise financière. Le graphique de la diapositive montre les principales composantes de chacune de nos trois catégories de portefeuille, le tableau en bas à droite montrant l'évolution de la composition par rapport à 2009. Notre portefeuille de C&I totalisait 17,7 milliards de dollars et est principalement composé de clients du marché intermédiaire général et des services bancaires commerciaux à travers un ensemble diversifié d'industries. Au sein de C&I, les divisions spécialisées telles que le logement senior et le financement de primes ont représenté environ 14% du total des prêts et ont contribué de manière significative à notre croissance, tout en possédant certaines des meilleures mesures de crédit au cours des dernières années. Le portefeuille global est bien diversifié par l'industrie et la géographie et est extrêmement granulaire avec près de 35000 prêts avec un solde de prêt initial moyen d'environ 770 000 $.Le portefeuille de la CRE est de 10,7 milliards de dollars et 86% du livre est composé d'immeubles productifs de revenus avec bureau multifamilial, centre commercial et hôtel étant les plus grands types de propriété dans le portefeuille. Nous adhérons à une philosophie disciplinée de gestion de la concentration. Par conséquent, notre plus gros prêt à la CRE est inférieur à 50 millions de dollars avec une taille moyenne de prêt d'environ 13 millions de dollars. Ce portefeuille est diversifié tant du point de vue géographique que du type de propriété avec des niveaux de couverture prêts / valeur et service de la dette solides. En conséquence, ce portefeuille a continué à bien performer et en ce qui concerne les radiations nettes, le livre de la CRE est en position de reprise nette au cours des cinq derniers trimestres. Le livre de consommation est de 10 milliards de dollars, près des trois quarts du portefeuille des consommateurs sont dans les catégories hypothécaire et HELOC, le reste étant dans les partenariats de prêt, les cartes de crédit et autres consommateurs. Vous pouvez voir par les notes de crédit et les statistiques de prêt à valeur que ce portefeuille est super-prime et reste très sain. Dans les conditions économiques actuelles, nous prévoyons que notre portefeuille de consommateurs diminuera à court terme, car nous avons diminué notre appétit pour les prêts non garantis et les achats de partenariats avec des tiers.Le dernier point que je veux aborder sur cette diapositive est l'amélioration substantielle que nous avons apportée. à la diversification et au dérisquage de l'ensemble du portefeuille de prêts. De 2009 au premier trimestre de 2020, nous avons considérablement réduit notre exposition aux terrains résidentiels et immeubles de placement pour une à quatre familles ainsi qu'à la CRE dans son ensemble. En utilisant simplement les taux de pertes historiques, le remix de notre portefeuille entraînerait à lui seul une réduction de 50% des pertes. Combiné avec les améliorations de la souscription et de la gestion de portefeuille, nous nous attendons à ce que les pertes diminuent encore plus lors de l'évaluation de l'impact du scénario sévèrement défavorable. Passer à la diapositive 15. Bien que l'ensemble de notre portefeuille de prêts soit continuellement évalué, nous avons mis en place une surveillance renforcée pour les segments noté à la diapositive 15. Ces segments totalisant 4,6 milliards de dollars avaient été identifiés comme ayant un impact plus direct et immédiat de la crise du COVID-19. Nous travaillons en permanence avec nos clients pour évaluer comment les conditions économiques actuelles affectent leurs opérations commerciales et, finalement, leur taux de liquidité. Nous tirons parti des reports de paiement ainsi que des programmes de relance de la Loi CARES pour aider à faire face aux effets financiers à court terme. Une souscription solide et une solide performance de crédit, associées à des bilans plus solides qui ont été construits au cours de notre période d'expansion prolongée, nous donnent confiance que ces portefeuilles entrent dans ce ralentissement dans la meilleure position possible.Dans l'annexe des diapositives 27 à 29, vous trouverez plus de détails autour de chaque de ces portefeuilles, mais je vais en aborder quelques-uns maintenant. Notre livre d'hôtel est franchisé à plus de 85% et contient principalement des propriétés non hôtelières, plus de 90% de nos hôtels sont classés dans la moyenne supérieure ou supérieure. Ce portefeuille est doté de solides paramètres de crédit avec un ratio prêt / valeur moyen de 54% et des ratios de couverture du service de la dette de 1,9 fois. Nous avons environ 1 milliard de dollars d'exposition de centres commerciaux dans des centres qui ne sont pas des épiceries ou des magasins à rabais. Compte tenu de notre empreinte sud-est, ces emplacements sont des marchés situés qui continuent de connaître une bonne croissance de la population et des revenus des ménages, ce qui a créé la croissance et la stabilité de ces entreprises. À ce titre, ces portefeuilles continuent de bien performer du point de vue de la qualité du crédit. Le livre du restaurant coûte 800 millions de dollars, dont 56% dans les restaurants à service limité et 40% à service complet. Plus de 60% de nos restaurants sont des franchises et ont une taille de prêt moyenne à l'origine d'environ 1,5 million de dollars.Les 2 prochaines industries sont le commerce de détail non essentiel et le divertissement et les loisirs artistiques, totalisant 1,2 milliard de dollars d'encours. Ces deux portefeuilles se sont bien comportés avant la crise et sont également très granulaires avec des montants de prêts moyens à l'origine de 1,8 million de dollars et 1,2 million de dollars respectivement. Enfin, je mentionnerai que l'exposition aux industries pétrolières est relativement faible, à moins de 1% du total des prêts. Compte tenu de notre empreinte de cinq États, le pétrole n'est pas une industrie répandue, en particulier en ce qui concerne l'exploration et la production. La plupart de nos expositions et opérations de transport et de soutien liés à l'industrie. Ce portefeuille a affiché une solide performance de crédit, mais compte tenu de l'état actuel de l'industrie pétrolière, nous surveillons de plus près notre exposition.Nos banquiers et membres de l'équipe de crédit continuent de travailler avec et de fournir des conseils financiers et des consultations à nos clients et de s'assurer que nous fournissons le soutien nécessaire pour atténuer les perturbations à court terme et les flux de trésorerie. Comme pour l'ensemble de notre portefeuille de crédit, chacun de ces portefeuilles a affiché une solide performance au cours des trimestres et des années de suivi et était aussi bien positionné que prévu dans l'environnement actuel. La durée du ralentissement déterminera évidemment l'impact sur ces entreprises et la rapidité avec laquelle ces industries retrouveront des niveaux de flux de trésorerie plus normalisés. Bob, Derek, notre directeur du crédit, est avec nous ce matin et peut répondre à des questions supplémentaires lors de la partie Q&R de l'appel d'aujourd'hui. Alors que nous passons à la diapositive 16 et que je m'adresse à Synovus, je pense qu'il est important de renforcer le message que Kessel commence. avec dans la réunion d'aujourd'hui. Malgré le déploiement de notre guide de jeu Synovus en mars, nous avons rapidement reconfiguré nos efforts pour nous concentrer sur notre réponse COVID en commençant par la sécurité et le bien-être des membres de notre équipe qui sont d'une importance vitale pour soutenir nos clients ainsi que les communautés que nous servons. Nous avons efficacement mis en œuvre notre plan de continuité des activités, qui permet à nos employés de travailler à distance tout en continuant à assumer des rôles face à la clientèle dans nos succursales et centres d'appels pour répondre aux besoins de nos clients. Et franchement, c'était notre autre objectif principal, la sécurité et le service continu de nos clients. Bien que nous continuions à pratiquer la distanciation sociale, nous sommes ici pour servir nos clients et continuer à fournir des conseils et de nouvelles solutions pour les aider à naviguer dans le climat changeant des affaires et à soutenir leurs opérations commerciales. En fait, au cours du premier trimestre, nous avons mis en œuvre plus de 6000 nouveaux dans notre domaine Treasury & Payment Solutions, ce qui représente une augmentation de 320% par rapport au premier trimestre 2019. Ceci est une autre preuve de notre engagement continu à servir nos clients et de notre capacité à le faire dans un climat difficile. Et malgré la crise, nos banquiers continuent d'appeler et d'intégrer de nouvelles perspectives car notre approche relationnelle sert de différenciateur clé dans cet environnement difficile. Nous allons déployer notre capital dans des domaines où nous recevons des rendements optimaux et, bien que cette approche commerciale puisse produire une croissance globale des prêts plus faible, nous continuerons de nous concentrer sur l'acquisition de nouvelles relations de service complet et l'approfondissement de nos relations actuelles avec de nouvelles opportunités. mentionné, nous avons également adopté une approche proactive pour fournir un soulagement à nos clients en cas de besoin, de l'ondulation des frais à l'augmentation des limites de dépôt ATM et mobile pour l'octroi d'ajournements sur les paiements de prêt. Notre programme d'ajournement de prêt est conçu pour permettre aux petits prêts sur demande de recevoir un report à court terme de 90 jours des intérêts et du capital jusqu'à la date d'échéance du prêt. Pour les prêts plus importants, nous avons mis en place une approche axée sur le crédit pour examiner les circonstances spécifiques de chaque demande, la consommation de trésorerie annualisée et obtenir des informations financières mises à jour tout en déterminant la nécessité du report. À ce jour, notre pourcentage du total des reports représente environ 13% du portefeuille global, les secteurs les plus directement touchés par COVID-19 ayant des pourcentages plus élevés. Nous avons également suivi de près toutes les actions de relance et les programmes mis à disposition par la loi CARES. De toute évidence, le programme de protection des chèques de paie a eu le plus grand impact sur nos clients jusqu'à présent. Nous avons entamé le processus P3 le 28 mars avec un portail de manifestation d'intérêt en ligne. Nous avons commencé à recevoir les candidatures le 3 avril, le jour de la mise en ligne du programme. Comme Kessel l'a mentionné plus tôt, à ce jour, nous avons obtenu un financement pour plus de 8 000 clients pour environ 2 milliards de dollars. En terminant, permettez-moi de passer à l'avenir chez Synovus Forward. Comme nous l'avons partagé lors d'une conférence des investisseurs en mars, Synovus Forward est notre programme nouvellement créé qui a été conçu pour générer un revenu supplémentaire avant impôts de 100 millions de dollars dans les années à venir et pour conduire à une performance de premier quartile parmi les banques à moyenne capitalisation en termes de rentabilité. et efficacité. Au cours de l'élaboration de ce programme, nous avons évalué plus de 20 initiatives uniques et distinctes qui comprenaient une combinaison d'occasions de dépenses et de revenus. Lors de notre présentation en mars, nous avons partagé un niveau élevé auquel nous prévoyons réaliser des avantages de dépenses compris entre 45 millions de dollars et 65 millions de dollars et des avantages de revenus compris entre 35 millions et 55 millions de dollars. Nous confirmons aujourd'hui que l'opportunité supplémentaire est encore très réalisable. Cependant, de nombreux avantages ont été retardés en raison de l'accent mis sur la crise actuelle. Bon nombre des initiatives de dépenses et de revenus qui étaient prévues pour le premier semestre de 2020 seront refondues au deuxième semestre ou au début de 2021. Bien que nous ayons dû retarder certaines initiatives, nous accélérons également des actions dans d'autres. This includes increasing the efficiencies gained from the third-party spend initiatives, accelerating the development of digital and analytical capabilities to drive growth and manage risk and leveraging our remote environment to aggressively think about our physical distribution and locations.We have also continue to invest in technology and more specifically, My Synovus, our consumer digital portal. In March, we deployed major updates to enhance the bill-pay and transfer experiences of our customers. And as we made improvements, we've seen higher levels of enrollment and utilization while seeing our overall operating increase and it's important to note that the current crisis is creating opportunities to add new initiatives to the portfolio and resize current initiatives that we had planned. The Synovus Forward portfolio is not rigid it and will continue to evolve we are committed to delivering and growing the value as we address new economic and customer behavior realities. There is much work ahead of us and we understand the need to balance both short term and long-term priorities. The end state benefits, their timing and sizing may continue to evolve in this fluid environment. but our Synovus forward goals and objectives remain intactKessel, let me turn it back over to you to close out our call.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerThank you, Kevin. And before we move to Q&A, I want to again thank our team, our customers and our shareholders. And for a brief update on the weeks activities just wanted to share that on Wednesday, we hosted our first online only virtual shareholder meeting. Among other actions our shareholders overwhelmingly approved the elimination of our 10 -1 voting structure and super majority voting requirements. These changes reflect our Board's continuing commitment to best-in-class corporate governance.Operator, we are now available for questions.Questions and Answers:OperatorWe will now begin the question-and-answer session. (Operator Instructions) The first question comes from Ebrahim Poonawala of Bank of America Securities. Please go ahead.Ebrahim Huseini Poonawala — Bank of America Merrill Lynch — AnalystGood morning.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerGood morning.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerGood morning.Ebrahim Huseini Poonawala — Bank of America Merrill Lynch — AnalystI guess if we can just start with capital. So when we look at this — obviously you have enough capital from a regulatory perspective, but when I look at the CET1 at 8.72% just talk to us Jamies, Kevin, Kessel in terms of how important is it for the capital CET1 just to be over 9% versus where it is and what are your expectations in terms of when you look at the PPNR given 39 basis points that you showed for 1Q. They do you expect that to lead you back to over 9%, what are your expectations on growth in other risk weighted assets given PPP should not really impact that. Just if you can talk to all of that would be helpful.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYeah, Ebrahim. Let me start and then I'll turn to Jamie. I think your first question was important is it. We've said that we believed a target of 9% was an appropriate target leading into this and so we've dipped slightly below that. Quite frankly there was — the big driver was a growth in risk weighted assets this quarter and driven by great production value chain, as you saw non-PPP loan growth over a $1 billion. So certainly, it has now dipped below. We don't expect that level of risk-weighted asset growth that will diminish we believe in the second quarter. And again you'll see the PPP loan growth, but that will not have effect on the capital ratios.You had multiple parts of the questions, I'm going to flip to Jamie to go a little further.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerThanks, Ebrahim and Kessel just to tag along with that, you're right Ebrahim to ask the question. We feel really good about 9% CET1 at the starting point. We do a lot of stress testing in our capital adequacy process that we refresh with many different scenarios. And when we look at severe adverse scenarios, if you went back to our DFAST from a couple of years ago, you would see that we had about 2% capital degradation today when we run our stress test and severe adverse scenarios. It's a shade more than 2%, so right there again. We feel really good and we expect capital ratios to decline when you head into an adverse scenario. However, you are right. We have PPNR as the first line of defense against that capital degradation. You can see in the first quarter, even though we had a large build in our allowance, PPNR was more than net allowance.As Kessel said, it was the $1.1 billion of loan growth that really depleted CET1. So as we look forward, there is definitely some uncertainty in this environment. We don't know how everything will play out. We feel good about our ratios where they are. I did give some guidance. You will like to see PPNR decline a little bit in the second quarter due to declines in IRR predominantly. NII should be fairly flat. And so that's — as we think about it, we feel good about where we are, we think that PPNR as the first line of defense really covers off on our need for allowance at this point. However, we would acknowledge the uncertainty in this environment.Ebrahim Huseini Poonawala — Bank of America Merrill Lynch — AnalystGot it. That's helpful. And just on the margin, so the comments you made ex-PPP essentially we should assume like 5 basis points, 630 basis points of degradation somewhere around the 3.10% margin would be kind of where you would land in the current rate backdrop. And can you talk about just how PPP will work through the system. If these are forgiven should we see a spike at some point in 3Q on the yield side to these loans?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYou would Ebrahim. Again it is Kessel. Because obviously in theory, able to find a mid 35 basis points if we were to match fund through the facility and we put them on the books at 1%. And then there'll be some fee associated based on the average loan, which will flow in through the loan yields and then when they're forgiven that will come back through the NII lines, so you would see an increase in margin there. That's just a lot of uncertainty there to-date, but we've seen those fund, we've seen kind of corresponding growth in DDA deposits, but we know that behavior won't continue, hopefully those customers are using the funds to pay employees. You'll see that come down and we'll begin accessing the PPP liquidity facility. But I think you're right. And your thinking there about about how that will play out.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerAnd Ebrahim, let me just add one thing to that. When you look at our margin forecast, you're spot on with the 4 basis points, 5 basis points per 25 and the impact of 150 basis points in March. And then there's two other things top of P3, we would say the P3 at about 2 basis points to 3 basis points of NIM impact per $1 billion just to kind of give you a way to toggle that. And the other thing — the other consideration that would not be in our typical sensitivity is holding elevated cash and so we're holding more cash on the balance sheet today than we would in normal times and so that will be a little bit dilutive to the margin.Ebrahim Huseini Poonawala — Bank of America Merrill Lynch — AnalystGot it. Thanks for taking my questions. Stay safe.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerThank you.OperatorThe next question comes from Jennifer Demba of SunTrust. Please go ahead.Jennifer Haskew Demba — SunTrust Robinson Humphrey, Inc. — AnalystGood morning.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerGood morning. Jennifer.Jennifer Haskew Demba — SunTrust Robinson Humphrey, Inc. — AnalystKessel, long term, how do you think about some of these portfolios that are kind of more pandemic sensitive over the near term. Are these loan portfolios you think you'll continue to be active and over the long-term and specifically how do you guys feel about senior housing credit and the future demand for senior housing depending on how this pandemic plays out?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYeah. Well, let me start Jennifer as you addressed it to me and then I'll ask Kevin Blair to jump in as well. I'm going in reverse order on senior housing. We're very confident in that part of our book. There's a slide in the appendix slide 30 on senior housing that's about $2.1 billion and again that's a vertical that has performed well sets we onboarded that team in 2011, no credit losses in that book, it is a diverse book spread across 33 states, not much on the West Coast, large majority 77% of that is private pay. And again, there may be some short-term impact related to new admissions if there were in theory a facility that had had an outweigh the reports I've had our facilities are in good shape, but you have to be careful about what information you know, but to the best of our knowledge, those really are in good shape. So long term this will be a lot of demand there. Again, short term, if you had a facility that was slowing admissions, it could be a short-term but we again, we think that part of our business is certainly a strength and I would put the team up against any in the industry.As to some of the other books and then I'm going to turn it may be to Kevin. Yeah, I mean, in hindsight, if you knew, there was going to be a pandemic that would shut down the hotel business you probably wouldn't make hotel loans, we like that part of our book, it's 50% to 54% loan to value, has got good operators, mostly franchised not really focused on resort-type properties. A lot of operators that have a lot of experience, a lot of equity, a lot of external sponsorship and so short-term that's certainly going to be a stressed book, but one that we think over the long term will rebound. We think ours are really well underwritten.And so again I'll just touch on a couple of the others. The shopping center you've got the anchor, the grocery store, the discounts the pharmacies, those are in good shape with pretty good cash flow. And then you've got the non-anchor where we've got a lot of attention. So I mean yeah, this is a chance for us to look at everything we're doing third-party sponsorships everything that's consuming capital on our books. Today, we are looking at that as we go through this crisis, making sure that capital isn't consumed long term by a business that we think doesn't give us the appropriate returns. So again we feel good about the book, we feel really good about the senior housing book and those stressed areas we've got, we refer to it as enhanced monitoring. I can assure you there is enhanced monitoring of every day in our book. We want to highlight those that you all would bite of interest.Kevin Blair, let me kick to you for any else you'd like or Bob Derrick would like to say about that book.Kevin Blair — President and Chief Operating OfficerI'll start and I'll give Bob a chance to mention some of the actual statistics. But I think Jennifer to your question, if you think about all of these industries, we believe that they're going to return to some level of normalcy at some point. I mean these are needed services in so many different ways and the way that we thought about them as we've underwritten them as we brought them on the books for the years they've been here they are lower LTV higher debt service coverage borrowers that generally have recourse and so we believe that the short-term nature of this crisis will have an impact, but the long-term viability of many of these industries are going to return to normal. And in many situations, you're going to see revenues pick up because people have been social distancing and they're going to be more prone to go and use these services. So I don't think there's any second guessing. But to Kessel's point, I mean if you knew there is going to be a global pandemic you might think about so many different industries differently.Bob? Ouais. Hi Jennifer, this is Bob. Just a quick follow-up, I won't belabor it. But Kessel is exactly right and so as Kevin. If you go back and look at these portfolios, specifically the CRE portfolio and what it look like in the previous crisis in terms of percentage of income producing properties that amount is way up. So we now have a more cash flow centric book of real estate, the underwriting is obviously compatible to be speaking a lot stronger than it was from an equity coverage perspective in that book. In the C&I space in terms of strategic industries that we want to evaluate or play in probably nothing materially changes. We like the space is we're in and the customers we are in and they generally support our communities where we serve. But, so I don't think, strategically it's going to changes in an industry as Kessel mentioned our largest vertical is a senior housing vertical and we still think that has merit long term.Jennifer Haskew Demba — SunTrust Robinson Humphrey, Inc. — AnalystThank you.OperatorThank you. The next question comes from Brad Milsaps from Piper Sandler. Please go ahead.Brad Milsaps — Piper Sandler — AnalystHey, good morning guys.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerGood morning, Brad.Brad Milsaps — Piper Sandler — AnalystI appreciate all the detail on the color in the slide deck, that was great. I just wanted to kind of follow up on the, on the margin discussion. Jamie, I think I heard you say that you could maybe expected total maybe deposit betas in the 30s, if I heard that correctly. If I look back I think Synovus interest bearing deposit costs were around 40 basis points in '15-' 16 know that you have order community now with that a little bit of higher deposit cost relative to the legacy Synovus but just looking at a few the categories jumbo time retail time some of the others, money market accounts. Do you feel like you've got an opportunity here to really kind of rightsize their book with kind of legacy Synovus and get back to that level. Just kind of kind of curious how you're thinking about the deposit side of things and the opportunities might present.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerYeah, that's a great question, I mean as we look forward and in 2020 we really we see opportunities to continue growing core deposits. We have a steady trend there great performance and we expect that to continue in 2020 and when you marry that with flat loan growth due to what we've talked about a little bit of shrinking in 3rd party, it really does position you well on the deposit side. And so as we look into the second half of this year and into early '21 we agree with your premise there that there are opportunities for us to further reduce deposit costs and we will be looking at that.Brad Milsaps — Piper Sandler — AnalystOkay and then just as my follow-up. I'm sorry if I missed it, but just kind of curious, any early indication on the GreenSky portfolio kind of what you guys are monitoring there just kind of any update that you can give on that relationship and how you're thinking about it.Kevin Blair — President and Chief Operating OfficerBrad, hey, this is Kevin. I'll take that. So one of the things we have been monitoring is their level of deferments. They are a little lower than most of our consumer categories are about 5%. So it's holding up well. I know that that team has been modifying their underwriting criteria on new flow to make sure that they're bringing in the right type of customer. But for us as we've shared in the past, this is really for us a return a discussion and today with the waterfall arrangement that we have there, we still feel very good about that relationship and about those asset classes. But over-time, as Jamie has mentioned in terms of capital conservation and making sure we're getting proper returns, I think you'll see us reduce our appetite in general for third-party purchases and flow arrangements just so that we can use our capital for full relationship based opportunities. And so it will over-time become a in the near-term will become a lower percentage of our balance sheet.Brad Milsaps — Piper Sandler — AnalystGreat. And Kevin it sounds like approach through to the deferrals is a little more strategic growth than wholesale. Have you seen the pace of those requests remain pretty steady or have they started to tail-off at all, just kind of curious on what your thoughts are kind of where that number of deferrals could head?Kevin Brown — Investor RelationsIt's a great question because we did see an inflow of deferments — request for departments very early on, and I give credit to our line of business leaders Kevin Howard and Wayne and Bart Singleton working with our credit team because any loan greater than $1 million had to go through a credit driven process. So I think about it is like a credit committee where they're going through each individual request. Looking at the underlying aspects of that bar gaining new information on the financial statements, trying to analyze cash burn. So it's, it really served to function. Number one, helping our customers when they need, but to giving us an up-to-date view on the underlying financial stability of that customer. So yes, it it was I think a well well run process. In terms of the timing, as I said a lot came in in the first week or two, we've seen it trail off considerably to the point now where we're really not adding many deferments to their book and just want to make sure that we're clear on that. It's really just the 90-day program.Brad Milsaps — Piper Sandler — AnalystGot it. Thank you, guys.OperatorThe next question comes from Brady Gailey of KBW. Please go ahead.Brady Matthew Gailey — Keefe, Bruyette, & Woods, Inc. — AnalystHey thanks, good morning guys.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerHi Brad.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerGood morning, Brad.Brady Matthew Gailey — Keefe, Bruyette, & Woods, Inc. — AnalystWhen you look at Synovus forward I know near term, things are kind of moving around, but I think you had targeted at the $100 million of pre-pre-improvement to be realized by year-end 2022, is that timing still on track or has that been pushed out?Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerOur commitment remains to the $100 million. But you're right at the timing has been adjusted. The beauty of this strategy is that we started and we did a lot of diagnostic work, a lot of work in 2019 to determine what we're effective, possible initiatives to help us get better and we had a list of about 25 different initiatives that we looked at and then we prioritize a subset of those. In the past, we've talked about eight to 10 initiatives. We actually have about 16 in flight right now and so, but as we look at those, we have shifted. We have some initiatives that are full steam ahead still at the same pace as we originally felt. We have some that we said, what we need to hit upon and we need to step back in this crisis environment is not the best times for polls and those.And then there are other ones that we have accelerated. But the net impact of that to us and to the financials is that the benefit will be delayed. And so the benefits that we expected to start seeing come in at the end of 2020 will be in 2021. And so you're right. We will see a little bit about the way in the impact of those on the one expenses. The only thing I would add to that before Kevin to give more insight into Synovus Forward is and then our forecast for expenses in 2020 is the same as it was in January. It's just we're getting there in a different way. So in January when we talked about it we had that benefit of Synovus Forward coming in the second half of the year reducing, expenses improving efficiency, but now the reduction in expenses is more due to declines in business activity in this environment. We have just had natural operating leverage that allows us to reduce expenses and so our expense outlook is the same, but to your point, the impact of Synovus Forward is delayed.Kevin?Kevin Blair — President and Chief Operating OfficerYeah. I think Jamie covered it well. I will highlight one activity that Jamie mentioned just in terms of one of our bigger initiatives on the third-party services and we continue to work that initiative throughout the crisis and I'm pleased I mentioned in my prepared remarks that we are actually increasing the expected benefit from that program. So although we're delaying some things, there are other projects that have been accelerated and they're actually bearing better fruit than we had expected. So to Jamie's point, we're going to get there, just going to be on slightly delayed basis.Brady Matthew Gailey — Keefe, Bruyette, & Woods, Inc. — AnalystAll right, that's helpful. If you look at your stock that trades at almost an 8% dividend yield, Jamie, I heard your comments that there is no expect to change in the dividend at this time, but maybe just expand further on the safety and the stability of the common dividend here?Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerYeah. As we think about our dividend policy and how we think about it, it's really a function of two things. First and foremost, capital adequacy, right. And as we've said, we remain very confident in our capital adequacy. We're well positioned. We run a myriad of stress tests. We feel very good there. The second thing is forecasted long-term earnings. We believe that our payout ratio target is long-term, forecasted earnings of 35% to 40% is appropriate. And this is an economic environment is really difficult for any company to forecast long-term earnings and so we continuously evaluate our dividend and our long-term earnings forecast to ensure that our payout ratio remains aligned with our objectives. And so based on those factors and how we see everything today, we believe our dividend is appropriate. But as we go through the crisis, we will continually evaluate it.Brady Matthew Gailey — Keefe, Bruyette, & Woods, Inc. — AnalystGreat. Thanks guys.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerThanks Brady.OperatorThe next question comes from Kevin Fitzsimmons of D.A. Davidson. Please go ahead.Kevin Patrick Fitzsimmons — D.A. Davidson & Co. — AnalystHey, good morning everyone.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerGood moring, Kevin.Kevin Patrick Fitzsimmons — D.A. Davidson & Co. — AnalystJust a quick question on, I know the obvious focus here is on reserve building and you guys took an aggressive step this quarter and you implied that it's possible, there may be more reserve building to come next quarter. But as we would probably suspect that as we get later in the year maybe that's when losses start emerging. And when you think about the reserves you're establishing now, do you think in terms of utilizing those. In other words, there is going to be some point of letting that reserve bleed down in as opposed to matching those net charge-offs, when they come and is that just how you're thinking about it going forward?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYeah, I mean, as we think about our allowance for credit losses, I mean it is our best best estimate at life of loan losses of our loan portfolio. And so we had that bill this quarter that we believe positions us well 1.39% allowance to loan ratio ICL loan ratio we feel is strong and it reflects a pretty, pretty severe environment. As I said on the call we do think that some of the forecast you've seen in April are more severe and so there may be further build for the year. But you're right that as you go through this, basically CECL forces you to front load those losses and so you take that expense earlier in the cycle and that's exactly what we're seeing right now.Kevin Patrick Fitzsimmons — D.A. Davidson & Co. — AnalystOkay, thank you. And Just a quick follow-up, I know there were a couple of questions before on PPP and in terms of the impact of that over the next few quarters that we would see balances go up in second quarter and maybe presumably come down in third quarter and there is a dilutive impact of the margin that you referred to in the second quarter, it may be that comes off in third quarter, the origination fees, should we expect that to come in theoretically through the margin as a benefit in third quarter and then you, I believe you referred to a $1 amount of expenses. I don't know if it was related to PPP or just generally, but are there going to be expenses related to this program in the second and or 3rd quarter and just trying to gauge a origination fee when it flows through how much would conceivably fall to the bottom line versus bonuses for your employees and such?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYeah. We mentioned COVID related expenses. So we kind of grouped more things in it than just P3 and now $5 million to $6 million in the second quarter, bottom line with the accounting treatment as we see it for for the fees in that flows through interest income and you are right when in forgiveness happens that we will realize the fee and so that would likely be a spike. To us it's uncertain how that forgiveness process will play out. And so you're right, it could be the third quarter, it could be later, it could come in over-time, but that's exactly how it work. You're right, we have expenses with the P3 program. We have an army of volunteers that are working all hours of the day, there is used to be a saying about bankers hours being 9 to 3, I am convinced right now the bankers hours are 24/7. Folks are working around the clock to deliver P3 to Synovus customers and so we're pretty excited about that, but I would say the expenses associated with P3 are fairly minimal.Kevin Patrick Fitzsimmons — D.A. Davidson & Co. — AnalystGreat. Thank you.OperatorNext question comes from Tyler Stafford of Stephens. Please go ahead.Tyler Stafford — Stephens Inc. — AnalystHey, good morning, guys and thanks for taking the questions.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerHey Tyler.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerGood morning Tyler.Tyler Stafford — Stephens Inc. — AnalystHey, good morning. I hopped on pretty late, so I apologize if you guys have already covered this, but I just had a question about the uptick in the non-accruals. Those were up I think around a little over 50% quarter-over-quarter. How much of that was to the reclass from PCI to PCD and can you talk about kind of the underlying I guess core trends, excluding that noise if there was any?Robert Warren Derrick — Executive Vice President and Chief Credit OfficerYeah. Hey Tyler, this is Bob. I'll try to give you a flavor for that. It was slightly related to the backing out of or moving away from the purchase accounting on the gross-up of non-accruals. We also had a specific credit that we had previously identified that did moved to non-accrual and the credit secured and it has an impairment reserve. But that's in that number as well. To your question more strategically about these levels, as Jamie mentioned, I mean the broader credit metrics we still feel really good about the level of of non-accruals and the other credit metrics in that book, the credit cost for the quarter that we did have, we're not systemic they were not in any specific market, very specific line of business. So the answer to your more overall question is the levels, which is pretty low 41 bips on NPL compares favorably to a year ago basically about the same number. So we feel good about these levels and where they are. We look a step back and analyze our past due ratios and other early warning indicators that we have and all of those numbers seem to be favorable as well. So kind of going into the crisis as consistent with a lot of others credit was enough, it was really pretty good shape.Tyler Stafford — Stephens Inc. — AnalystOkay, thank you for that. I appreciate it. And then I know you touched on some near term fee income guidance I think for the second quarter and again apologize if you missed this, but what's the fee waivers that you'd expect to see in 2Q or provide in 2Q given the COVID related?Kevin Blair — President and Chief Operating OfficerTyler, this is Kevin. So we've had less than $1 million of fee waivers to-date and so it's going to be in that range, it's not a material amount. We are doing it on an as requested basis. So we're not just providing fee waivers across the board. So at this point, it's minimal. We'll continue to monitor that, but it's less than $1 million.Tyler Stafford — Stephens Inc. — AnalystOkay. D'accord. Thanks Kevin. I appreciate it. That is it from me.OperatorThe next question comes from Jared Shaw of Wells Fargo Securities. Please go ahead.Jared Shaw — Wells Fargo Securities — AnalystHi, good morning.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerHi Jared.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerGood morning, Jared.Jared Shaw — Wells Fargo Securities — AnalystJust circling back on the expenses, I guess the $5 million to $6 million, that's incremental expenses that's interest rate to come in second quarter or that is in the first quarter number. So I guess you will looking at that — sorry.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerYeah, that's a second quarter number. So our guidance on expenses is we will be flat quarter-on-quarter and first quarter to the second quarter and that's inclusive of the $5 million to $6 million of COVID related expenses.Jared Shaw — Wells Fargo Securities — AnalystOkay. And then, and then assuming sort of everything starts opening up again those aren't necessarily repeated in third quarter come out and then are you seeing additional expense cuts beyond that or is that really driving the back-end lower expenses?Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerNo, it's not driving the back-end. Those are the largest line in that COVID related expense is the $50 a day bonus we're giving to our frontline associates. So, yes, you're right. That will go away at some point, we will have lower expenses in the second half of the year, really due to the change in kind of economic activity.Jared Shaw — Wells Fargo Securities — AnalystAnd then just looking at the allowance and the qualitative growth you saw this quarter, if we sort of end the quarter where we are today, should we expect to see a similarly sized qualitative growth in the second quarter just with deterioration since March 31st.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerYeah, good question. The qualitative should be a little bit unique. If you recall, at the end of March, every week, major the Wall Street economist, rating agency economist, they were updating their forecast really on a weekly basis and you're seeing a tremendous change in every week the outlook for the economy and what happened is we had approved our economic forecast on March 20th and by the time we got to March 31, we were out of the outlook that significantly changed. And so we went back and layered in that qualitative overlay really for the delta between March 20th and March 31 and so that should not be our continuous adjustment. The only thing I would add though is that model in this environment, model efficacy is difficult because of the stimulus programs. It's hard to say what the impact of spike in unemployment really will be with these stimulus program. And so I would say that the first quarter qualitative is unique. However, we will always look at the outputs of our model and make sure they are appropriate.Jared Shaw — Wells Fargo Securities — AnalystThank you.OperatorThe next question comes from John Pancari of Evercore ISI. Please go ahead.John Pancari — Evercore ISI — AnalystGood morning.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerHi John.John Pancari — Evercore ISI — AnalystJust a clarification on that last question on the qualitative, we see that that's unique. Are you implying that it's not like we could be as large or just not likely to occur at all because we've already adjusted for the change in the macro backdrop in April versus virtually we saw at the end of March.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerI think I did understood your question. You're asking, so at the end of March, we had our economic forecast and so if you want to just to put kind of round numbers on that you would have unemployment the scenario 1.39% allowance for credit losses represent the scenario where unemployment would go higher than 9%, big declines in GDP. However since then if you look at most of these economic output, our forecast they are more severe than that. And so should we do this in the end of June, if our base case is what you see from some of the Wall Street shop today it's likely we will have a further build in the second quarter.John Pancari — Evercore ISI — AnalystRight. Okay, all right. And then bringing that longer-term I guess once if you can help us think about how you look at through cycle loss content for your portfolio given a crisis like this. I think the last time you had disclosed DFAST data, it was before Florida Community understandably, but maybe you're looking at about $838 million in two cycle losses at that point. So how do you think about it now. Can you give us some idea of when you run these analysis, what you're coming up with in terms of through cycle loss content?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYeah. So the DFAST result that you're referring to has 3.6% losses. And if we looked at it, if we were, when we run our severe adverse stress losses right now for eight quarter loss is 3.6% still holds. And that's another thing that we've looked at when we look at our allowance for credit losses at 1.39%. We are right around 40%, those eight quarter severe adverse losses and we think that that makes sense. It's in line with what we're seeing from other peers and other larger banks. And so we do that comparison as well.John Pancari — Evercore ISI — AnalystOkay, all right. Merci. That's helpful. One other follow-up on the reserve, the at-risk portfolio that you plan you have the amount of allocated reserve to those portfolios.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYeah, we haven't disclosed that.John Pancari — Evercore ISI — AnalystOkay, thank you.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerThanks John.OperatorThe next question comes from Ken Zerbe of Morgan Stanley. Please go ahead.Ken Zerbe — Morgan Stanley. — AnalystGreat, thanks, good morningKessel D. Stelling Jr. — Chairman and Chief Executive OfficerGood morning, Ken.Ken Zerbe — Morgan Stanley. — AnalystI guess I just wanted to ask about the sort of how you're thinking about the CECL reserve specifically in terms of the two-year versus the one year reasonable and supportable period. And I guess specifically by moving to a one-year forecast period and then kind of assuming everything goes back to normal after that reverse back to normal, does that reduce your CECL reserve versus if you had taken a two-year forward look, using some of the economic data that you're talking about?Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerKen, we made that decision when you look at the economic forecast that are out there and we looked at pretty much all of them. You see a large decline here in the near term in the second quarter, third quarter and then you see a bounce back and really when you look at the two-year cumulative GDP in all these scenarios, you get to down 2%, down 5% and so we thought as we looked at this, first there is extreme uncertainty. The forecast were all over the place and we are that our ability to forecast for two years, it would just, it's not there to see that far forward. And so we adjusted went to one year, it is something that we had planned It's something that we have planned for in an adverse environment but that's why we did it. If you look at the impact of one from 2 years to one year it's really hard to quantify because of the adjustment we did with the qualitative factor that really, that gets us back to where we likely would have been otherwise.Ken Zerbe — Morgan Stanley. — AnalystGot it, OK. And then just as a follow-up, really quick one. In terms of the CE Tier 1 ratio, is there a level that you just absolutely don't want to drop below or maybe at the same level where regulators by start asking pointed questions? Thanks.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerWe can't comment on regulatory aspect of that. I mean, look, in our capital adequacy effort in our work we do, we have scenarios where we see capital attrite severe adverse scenario, obviously we have a going down approximately 2% in severe adverse but we feel good about where we are today. When you look at that and we were constantly looking at this. And looking at you know the scenarios in light of the balance sheet and the risk in the balance sheet and credit metrics and so I would say there is no, there is no hard and fast number. I mean we obviously have a risk appetite. We obviously out ranges that push us to different decisions. But, but those aren't are public.Ken Zerbe — Morgan Stanley. — AnalystOkay, great, thanks.OperatorAnd just a reminder to kindly limit yourself to one question and one follow-up. The next question comes from Garrett Holland of Baird. Please go ahead.Garrett Anthony Holland — Robert W. Baird & Co. — AnalystGood morning and thanks for taking the questions I appreciate the detail in the appendix of the deck and all the different COVID portfolios. But just wanted to follow up on how you're thinking about the potential loss severities for these portfolios and the collateral protection that limits any downside.Kevin Blair — President and Chief Operating OfficerSo first of all, back to the earlier comment, I'm just trying to put a separate reserve in for these we don't talk about that, because the model is largely formulate a view on the severity based on the underlying economics and obviously the models are going to project some sort of a loss on that as it relates to the portfolios themselves obviously, what sort of loss content will be determined as we said earlier, in terms of the severity and the length of the revenue shortfalls. And so we model those and we look at those, that's part of the reason we've been doing the individual deferment assessments and we look at cash burns for each of these respective customers and try to make an assessment for what the duration and how long they have in terms of cushions in protection. So it's very difficult to say within any of those industries, what the loss content will be. There's a lot of uncertainty a lot of factors that drive that. Bob, I don't know if you'd add anything to it.Robert Warren Derrick — Executive Vice President and Chief Credit OfficerYeah, just a quick follow-up, this is Bob. I would just say that as we go through our evaluation process of the ferm exits as these credits begin to come out of our deferment portfolios. Certainly, then we would get will get to evaluate kind of where the revenue accretion they can get back, have make an assessment of how quickly but generally speaking, we are staying with sort of the risk rating as they go through the deferment process and then as we begin to graduate credits out will make further assessments and begin to build our models on the loss content. I know that's the question everybody wants to know the loss content in these identified portfolios. But we're modeling that and we'll begin to do that as we bring these loans out of deferment.Garrett Anthony Holland — Robert W. Baird & Co. — AnalystThanks, Kevin. Thanks, Bob. And just had a follow-up on asset quality. I guess what are you seeing in the legacy FCB portfolio at this point? And what, if any, is remaining of the unamortized loan mark? And what does that mean from a pro forma reserve coverage?Robert Warren Derrick — Executive Vice President and Chief Credit OfficerYeah, Hey recall, this is Bob again I'll just start and see if anybody else wants to jump in. Just a couple of quick comments maybe if I could take a step back. We started due diligence on in that, that's legacy FCB pro forma two years ago, this summer. A lot of those can, as you recall, that was a wholesale type of book with, not a lot of what we would call legacy smaller business credit. So it's been almost two years since the sort of Synovus team has been in there. We've gone through a number of renewals that there's been external and internal exams. So my point in telling you all that is, I do believe we have kind of graduated this portfolio into the Synovus portfolio and we feel pretty good about where we are in terms of the market itself and Jamie or Kevin could probably speak to the accounting, but the market was more than adequate, we didn't get the the losses. It was more than adequate to cover. So we've kind of graduated beyond that sort of the legacy FCB legacy Synovus approach and we like to think of it is, as one market, and we feel really good about the credit metrics that we're seeing, relatively speaking out of our Florida portfolio. Recall, Garrett. It is about a (Indecipherable) our book of business, when you look at it from a statewide basis. So that's kind of some general comments about how we look at that portfolio, Kevin?Kevin Blair — President and Chief Operating OfficerJust from a business perspective, we continue to grow and that South Florida marketplace it's represents a big percentage of our growth and those loans are similar loans than what they've been doing in the past and as we've said in other calls in general, the portfolio that we acquired from FCB in what was there today performs at a better level in the aggregate credit metrics of Synovus in total. So we continue to be very pleased with the credit quality there.Garrett Anthony Holland — Robert W. Baird & Co. — AnalystThanks for taking the questions.OperatorNext question comes from Steven Tu Duong of RBC Capital Markets. Please go ahead.Steven Tu Duong — RBC Capital Markets — AnalystHey, good morning guys. Thanks for taking my question. Just first question, on your $2 billion PPP, was that all with your clients? And do you have an industry breakout of that?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerSteven, it was, it was a mix, it was primarily clients, but early on. I really want maybe talk about other banks, but let's just say our team stood up our portal quickly a very efficient process. The large majority of our goods customers because of a lot of reasons. Obviously I know your customer and other policies that you really could process there more quickly. However, in a lot of our markets given I'll just say frustration with maybe a customers other banking partner, we did see great opportunity, and in fact I think our small business new deposit accounts in the first couple of weeks in April hit record levels. I don't have that detail in front of me, but it record levels as customers of other banks established banking relationships in order to then apply as a customer. So Kevin, you may want to say more. But I'd say a large majority customer but a lot of new customers they just felt like, and I've been really diluted with letters of thanks from new and all I will say this, though on the PPP program, we are not celebrating or high-fiving the fact that we put $2 billion out is I've said to our team and Kevin And the great people that are working 24-7 really there is no cause for celebration until the last application in our Qs yes process we can't guarantee funding. We don't know how long this next appropriation will last, but for everyone who is really happy we know there are others that are waiting. So again we'll hopefully I mean I've heard different indicators today when the B TRAN portal may open back up. Seems like most people are pointing toward Monday. We were, hopeful then it would happen before them because we're ready. And again we'll celebrate probably not the night the right word because in this environment. We're not celebrating. But I can tell you, our team is passionate and determined to get that last one through our Kevin, you may have some more on the customer customer break out.Kevin Blair — President and Chief Operating OfficerYeah, look, as you know it, it's about, it's 95% existing customers. We did bring in some non-customers who came in and just from an industry standpoint is just as you would expect it's going to follow some of those other industries. Our top industry is on the accommodation in foodservice side the arts and entertainment recreation physician services are higher, as well as retail trade so ironically, it follows some of those industries we mentioned earlier, in terms of the enhanced monitoring.Steven Tu Duong — RBC Capital Markets — AnalystThat's really great to hear. And then just a follow-up. Just on the loan deferrals, I don't know if I missed it. Is there a number, an amount of the loan deferrals?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerYes. So if we said about 13% of our entire book, so it's less than $5 billion and it's about 11,000 less than 11,000 notes. And I think what's important to note there is, of those 11,000 notes 90% of them or on the under $1 million side. So as we talked about our process under $1 million were more of an automated process, over $1 million went through our credit driven process, so 93% of the deferments were in the under $1 million and then 7% over $1 million and that was really spread out among CRE and C&I and some of our private wealth loans.Steven Tu Duong — RBC Capital Markets — AnalystGot it. And that's typically a three-month deferrals, is that right?Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerThat's right. It would be very rare for anything to be above more than 90 days.Steven Tu Duong — RBC Capital Markets — AnalystGot it. D'accord. I appreciate. Thank you.OperatorAnd due to time constraints for last question today will come from Steven Alexopoulos of JPMorgan. Please go ahead.Steven A. Alexopoulos — JPMorgan — AnalystHi, everybody. Good morning.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerHi Steven.Steven A. Alexopoulos — JPMorgan — AnalystJust first, in terms of the $5 billion on the loan deferrals, could you just break that down into C&I Korean consumer.Andrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerYeah. So when you look at the deferrals and total if you break it down in those categories we have about 17% of our CRE book is deferred and about 13% of our C&I book and 6% of our consumer book.Steven A. Alexopoulos — JPMorgan — AnalystOkay, perfect. And then one final one for Kessel. So your branch is now operating with only a drive through. How is that going and based on what you're seeing could you see a future where you only need to drive through. Thanks.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerHey Steve, that's a great question and the answer is maybe yes. Now, just to be clear, all of our branches are also operating as appointment only. We just need to know who we're admitting, control how many come in and make sure that they're properly distanced, but not just to the branches to our whole way of doing business. Aabsolutely I think we could look at, because you know our team has responded remarkably but so have our customers and other than maybe some complaints about longer waits and call centers, which we don't like as it relates to our branch service, our customers have adapted well. I've got lots of notes about the Houston drive through and the appointment only and got to the special treatment they get that way. So as we go further and kind of segue into Synovus forward and look at branch rationalization, I think Wayne Akins and his team are looking at how we have served customers, what's the right staffing model going forward and what's the right physical capacity going forward.And just on such actually want to come back one thing Kevin commented at all. I think Brady, you asked about the timing of the expense and revenue and I want to take full blame for any delay in timing, as we went into this crisis. I said to our team one day I don't want to say any more consultants in the building in Columbus and Atlanta distracting our team from what needs to happen. And then quickly, we realize that our effort really needed to be focused on again, what we said our two guiding principles were the physical and financial security of our team. And again the same thing for our customers and their safety.So we paused it but I can tell you yet to Stephen's question and others, I believe it's been an eye-opener to our team about how we can do business differently and so while Synovus Forward paused, Kevin mentioned procurement we're also again betting all of our initial thoughts and throwing new ones on to the table because of again the way we've changed. So Steve that was a long answer but the branch system has worked very well. We drive through and appointment and it certainly is allowing us to think about again number of physical locations and the levels of staffing to support what we've been supporting.Steven A. Alexopoulos — JPMorgan — AnalystGreat. Thanks for all the color.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerThanks, Steven.OperatorThis concludes our question-and-answer session. I would like to turn the conference back over to Kessel Stelling, Chairman and Chief Executive Officer for any closing remarks.Kessel D. Stelling Jr. — Chairman and Chief Executive OfficerWell, thank you. And as we close the call, I just want to once again thank our team members for all they continue to do for our company and our customers. They're are facing new challenges and opportunities almost daily in this unusual environment, it is truly amazing to watch them successfully and greatly handle each one always doing what's best for each other for our customers and our communities. I know Kevin Fitzsimmons asked about the cost related to PPP and there will be cost related to over time related to all that we're doing with bonus, but it's also probably a cost of weariness and working 24/7. I've seen team members holding babies at 3:00 AM as they input PPP loans with one hand. So the dollar cost maybe one thing. The cost, the physical cost in our team is probably a little more severe. But I can tell you every hour I get multiple emails from team members, telling me how incredibly proud they are to be a part of the company. So thanks for the team and to our customers. Again who've been incredibly patient and flexible as we modified the way we serve them just know that we are committed to doing all we can do to minimize your inconvenience and just we want to thank you for allowing us to be your banking partner and apologize for any inconvenience as you faced and into our shareholders both those new and those that have been with us long term through other economic ebb and flows. We thank you for your continued trust in us.So with that operator, we'll close the call. We want to thank everybody for their participation and interest in our company. Please stay site and we look forward to talking to you in the very near future. Thank you.Operator(Operator Closing Remarks)Duration: 87 minutesCall participants:Kevin Brown — Investor RelationsKessel D. Stelling Jr. — Chairman and Chief Executive OfficerAndrew Jamie Gregory Jr. — Executive Vice President and Chief Financial OfficerKevin Blair — President and Chief Operating OfficerRobert Warren Derrick — Executive Vice President and Chief Credit OfficerEbrahim Huseini Poonawala — Bank of America Merrill Lynch — AnalystJennifer Haskew Demba — SunTrust Robinson Humphrey, Inc. — AnalystBrad Milsaps — Piper Sandler — AnalystBrady Matthew Gailey — Keefe, Bruyette, & Woods, Inc. — AnalystKevin Patrick Fitzsimmons — D.A. Davidson & Co. — AnalystTyler Stafford — Stephens Inc. — AnalystJared Shaw — Wells Fargo Securities — AnalystJohn Pancari — Evercore ISI — AnalystKen Zerbe — Morgan Stanley. — AnalystGarrett Anthony Holland — Robert W. Baird & Co. — AnalystSteven Tu Duong — RBC Capital Markets — AnalystSteven A. Alexopoulos — JPMorgan — Analyst
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