Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q1 2021 Earnings Presentation
65 slides from Pinnacle Financial Partners's earnings presentation, Apr 20, 2021
Slide 1: Investor Call First Quarter 2021
Investor Call FIRST QUARTER 2021 April 20, 2021 Time: 8:30 AM CDT Webcast: www.pnfp.com (investor relations) Audio only: 877-602-7944 M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER
Slide 2: Safe Harbor Statements
Safe Harbor Statements Forward Looking Statements All statements, other than statements of historical fact, included in this presentation, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section
Slide 3: Safe Harbor Statements: Non-GAAP Financial Matters
Safe Harbor Statements Non-GAAP Financial Matters This presentation contains certain non-GAAP financial measures, including, without limitation, earnings per diluted common share, efficiency ratio, adjusted PPNR and the ratio of noninterest expense to average assets, excluding in certain instances t
Slide 4: 1Q21 Financial Information
1Q21 Financial Information Once again, most key success measures including asset quality, core deposit growth, fee income growth, pre-provision net revenue growth and tangible book value accretion remained very strong this quarter. 4
Slide 5: 1Q21 Summary Results of Key GAAP Measures
1Q21 Summary Results of Key GAAP Measures Total Revenues FD EPS Net Income Available to Common Shareholders Total Loans Total Deposits Book Value per Common Share (millions) (millions) Classified Asset Ratio NCOs NPA/ Loans & OREO 5
Slide 6: 1Q21 Summary Results of Key Non-GAAP Measures
1Q21 Summary Results of Key Non-GAAP Measures Total Revenues Adjusted PPNR* (millions) FD EPS* $1.61 CAGR 25.5% CAGR 16.9% (millions) $1.24 CAGR 27.0% $160,870 $312,579 $263,466 $1.13 $128,532 $240,269 $126,464 $218,624 $114,603 $0.83 $119,149 $58,271 $0.39 Total Core Deposits CAGR 26.0% Total Loans
Slide 7: Linked-Quarter Annualized Average Loan Growth of 5.7%
PNFP had Linked-Quarter Annualized Average Loan Growth of 5.7% in 1Q21 Linked-quarter annualized average loan growth ex- PPP was 7.2% and we remain optimistic regarding future loan growth Average Loan Growth Annual Organic EOP Loan Growth $24,000 5.40% $22,000 5.20% 20.0% (excludes Day 1 merger impa
Slide 8: PPP Program is a Differentiator for Pinnacle
PPP Program is a Differentiator for Pinnacle Pinnacle continues to provide needed stimulus to smaller businesses in 2021 • Approximately $900 mm in fundings in 2021. Over 23,000 ($000’s) 2020 PPP 2021 PPP Totals applications and $3.4B in funding as of 4/19/21. Total PPP fundings through March 31, 20
Slide 9: Balance Sheet Growth Driven by Outsized Deposit Inflows
Balance Sheet Growth was Driven by Outsized Deposit Inflows Deposit growth continues to outperform expectations Average Deposit Growth $28,000 2.70% Annual Organic Deposit Growth $26,000 (excludes Day 1 merger impact) $27,621 $27,193 2.40% 40.0% $26,352 $24,000 $24,807 Deposit Growth Rates $22,000 2
Slide 10: Liquidity Ramp has Impacted NIM
Liquidity Ramp has Impacted NIM Wholesale funding redemptions and expected rebound in loan demand should reduce elevated liquidity Quarterly Avg. FFS and IB Cash Projected Contractual Wholesale Funding Changes $4,000 2.50% $1,200 2.25% 2.07% Average Balances ($ in millions) $3,500 $998 $967 2.00% $1
Slide 11: PNFP Grew Fees at a Double-Digit Rate YOY
PNFP Grew Fees at a Double-Digit Rate YOY Mortgage, BHG and other fee areas provided for substantial growth Linked-Quarter Annualized 1Q21 4Q20 1Q20 Growth % 1Q21 vs. 4Q20 • Wealth management fees are up due primarily to contingent Service charges $8,307 $8,486 $9,032 (8.4%) Investment services 8,19
Slide 12: Expenses In-line with Expectations for 1Q21
Expenses In-line with Expectations for 1Q21 Incentives will be largest expense growth category in 2021, given below target payouts in 2020 Linked-Quarter Annualized 1Q21 vs. 4Q20 1Q21 4Q20 1Q20 Growth % • Incentive accruals for both the annual cash incentive and Salaries and employee benefits: Salar
Slide 13: Several Capital Initiatives are Planned to Return in 2021
Several Capital Initiatives are Planned to Return in 2021 Tangible book value per share growth remains our focus, but other capital initiatives will be considered Tangible Book Value per Share** • Dividends – $37.88 • Increased dividends per common share to $0.18 from $0.16 in 1Q21 $33.20 $28.61 • S
Slide 14: PNFP is Gaining Optimism about 2021
PNFP is Gaining Optimism about 2021 The results of the pandemic are not completely known, but we remain confident in our model 2021 Outlook – as of April 20, 2021 (Note) Y/Y End of Period Loan • We believe hiring successes over last two years provide a reasonable basis to anticipate high-single digi
Slide 15: Bankers' Healthcare Group
Bankers’ Healthcare Group BHG’s differentiated model has proven very resilient with continued strong originations, loan sales and yield/spread premium. The gain on sale model continues to provide meaningful earnings to BHG and to Pinnacle. Capital and reserve levels support a very sound balance shee
Slide 16: The Pandemic Served to Validate the PNFP/BHG Model
The Pandemic Served to Validate the PNFP/BHG Model BHG continues to originate loans at record levels while maintaining yields $700 18.0% Gain on Sale Model Drives Outperformance 15.8% 15.8% • 1Q21 was the highest origination and 14.2% 14.4% 14.6% 14.6% 14.5% 14.4% 14.4% placement quarter in the hist
Slide 17: BHG Credit Quality Continues to Impress
BHGPandemic The Credit Quality Continues Served to to PNFP/BHG Validate the Impress Model Sophisticated Recourse creditbuild obligation reserve scoring models was largely produce maintained in 1Q21 impressive results Historical Charge Offs and Reserves • Recourse obligation reserves decreased to (Gr
Slide 18: BHG Credit Quality Continues to Impress
BHG Credit Quality The Pandemic ServedContinues to Impress to Validate the PNFP/BHG Model Vintage analysis demonstrates Sophisticated continuous credit scoring improvement models in assetimpressive produce quality results • Historical credit results indicate that 70% of losses occur Historical FICO
Slide 19: The Pandemic Served to Validate the PNFP/BHG Model
The Pandemic Served to Validate the PNFP/BHG Model BHG believes its unique model is outperforming other online lenders by a wide margin Big Year at BHG Ahead BHG On-Balance Sheet Volumes • Balance sheet continues to grow in a sound $1,400,000 manner $1,200,000 • Anticipate a second securitization in
Slide 20: COVID-19 and our Borrowers
COVID-19 and our Borrowers All borrowers have been impacted by COVID-19 to some extent. It seems apparent that segments like hotels, restaurants, retail and entertainment have been most impacted by the loss of revenue from the national and local attempts to contain its spread. But it appears the sti
Slide 21: PNFP's Asset Quality Has Continued to Hold Up
PNFP’s Asset Quality Has Continued to Hold Up Asset quality metrics continue to remain stable going into the second quarter of 2021 NPA/ Loans & OREO Past Dues as a % of Total Loans Classified Asset Ratio 12.9% 13.0% 0.61% 12.6% 0.58% 12.0% 0.48% 0.36% 0.36% 0.24% 7.3% 0.22% 0.17% 0.17% 0.09% 21
Slide 22: Loan modifications under CARES Act
PNFP’s Asset Quality Has Continued to Hold Up Loan modifications under Section 4013 of the CARES Act primarily relate to Hotel portfolio Total $ Volume of Total $ Volume of % of Total Loans in % of Total Loans in Modifications* at Modifications* at Category Category Mar. 31, 2021 Dec. 31, 2020 Hotel
Slide 23: Credit Underwriting at PNFP
PNFP’s Asset Quality Has Continued to Hold Up PNFP invested significant resources to manage credit risk Commercial Risk Graded: Credit Underwriting at PNFP Percent of Total Portfolio • Credit Officers located in market with bankers. Credit is not a distant centralized credit hub. As of March 31, 202
Slide 24: PNFP invested significant resources to manage credit risk
PNFP’s Asset Quality Has Continued to Hold Up PNFP invested significant resources to manage credit risk Comprehensive Credit defense work completed during the 1st quarter included a comprehensive review of: • Hotel loans $1MM and greater • All non-pass grade exposures > $500,000 • COVID-impacted low
Slide 25: Moving Forward
Moving Forward The impacts of the COVID-19 pandemic are not yet fully known. We believe our long-standing differentiated model for attracting talent and competing based on client intimacy should yield best-in-class growth as we exit the pandemic and, more importantly, better position us for the cont
Slide 26: Moving Forward: 1Q21 performance demonstrates solid foundation
Moving Forward 1Q21 performance demonstrates solid foundation • Asset Quality metrics remained excellent • EPS, PPNR and revenue growth are strong • BHG’s asset quality, originations, placements and spreads remained very strong • Well positioned for future growth 26
Slide 27: PNFP is uniquely positioned for outsized organic growth
Moving Forward PNFP is uniquely positioned for outsized organic growth • Earned reputation to capitalize on competitive vulnerability created by COVID-19 pandemic • Attracted an extraordinary number of revenue producers from vulnerable competitors • Situated in advantaged markets presenting outsized
Slide 28: Presence in Desirable Regional Markets
Presence in Desirable Regional Markets ✓ Presence in 56% of the top 25 MSAs (14 of 25) ✓ Presence in 48% of the top 25 MSAs (12 of 25) ✓ 94% of our deposits are in these markets ✓ 67% of our deposits are in these markets Top 25 MSAs in Region by Population Top 25 MSAs in Region by Proj. Population G
Slide 29: Q&A First Quarter 2021
Q&A FIRST QUARTER 2021 einnacle FINANCIAL PARTNERS
Slide 30: Supplemental Information
Supplemental Information Slide # • Balance Sheet 31 • Income Statement 53 • Peer Group 64 30
Slide 31: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in millions) Amts. % Amts. % Amts. % Amts. %s 1Q21 1Q21 4Q20 4Q20 1Q20 1Q20 1Q19 1Q19 C&I $6,355.1 27.5% $6,239.6 27.8% $6,752.3 33.1% $5,419.5 29.8% C&I – Paycheck Protection Program 2,221.4 9.6% 1,798.9 8.0% - 0.0% - 0.0% CRE – Owner Occ. 2,869.8 12.5% 2,802.2 12.
Slide 32: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in millions) TOTAL PINNACLE TENNESSEE LOANS CAROLINAS/ VA LOANS ATLANTA OTHER UNIT LOANS* Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 C&I $6,355.1 $6,752.3 $4,437.8 $4,970.4 $875.6 $970.0 $40.0 $0.2 $
Slide 33: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in millions) TOTAL PINNACLE C&I & O/O CRE CRE & CONSTRUCTION OTHER LOANS* Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 Nashville $6,377.7 $6,778.8 $2,764.4 $3,231.3 $2,506.0 $2,448.7 $1,107.3 $1,098.8 Knoxville 1,794.4 1,80
Slide 34: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in millions) Amts. % Amts. % Amts. % Amts. % 1Q21 1Q21 4Q20 4Q20 1Q20 1Q20 1Q19 1Q19 Residential – Spec $230.1 1.0% $230.3 1.0% $347.7 1.7% $355.2 2.0% Residential – Custom 210.6 0.9% 168.4 0.8% 145.2 0.7% 131.0 0.7% Residential – Condo - 0.0% 0.4 0.0% 1.5 0.0% 0.2
Slide 35: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in millions) TOTAL PINNACLE TENNESSEE LOANS CAROLINAS/VA ATLANTA LOANS OTHER UNIT LOANS LOANS Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 Residential – Spec $230.1 $347.7 $161.5 $249.8 $68.6 $97.5 $ -
Slide 36: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in millions) Total NOO and Multifamily Total Construction Total NOO and Construction Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q21 4Q20 1Q20 1Q21 4Q20 1Q20 1Q21 4Q20 1Q20 Multifamily $785.9 $618.3 $550.3 $602.1 $750.9 $491.8 $1,388.0 $1,369.2 $1,042.1 H
Slide 37: Asset Quality Has Continued to Hold Up
Asset Quality Has Continued to Hold Up COVID impacted categories continue to outperform expectations Outstanding Balances % Nonperforming Loans % Classified Loans % Past Due > 30 days 1Q21 4Q20 1Q21 4Q20 1Q21 4Q20 1Q21 4Q20 Hotels NOO CRE & Construction $987,773 $974,263 0.00% 0.16% 0.68% 0.87% - 0.
Slide 38: Hotel Portfolio
Hotel Portfolio Amounts as of 3.31.21 Hotel Property Types Hotel Flags ADR, RevPAR & Occupancy Trendlines 38
Slide 39: Top 10 Hotel Borrowers
Hotel Portfolio Amounts as of 3.31.21 Hotel Construction Type, Delivery Dates, Volumes Hotel Type (Construction) Hotel Flag (Construction) PNFP Hotel Property Type Descriptions are as follows: Economy – The economy sector often is used to categorize the smaller, older, low-rise buildings. Exposure a
Slide 40: Restaurant Portfolio
Restaurant Portfolio Amounts as of 3.31.21 C&I and Owner-Occupied CRE Restaurant Borrowers with Exposure Greater than $10mm Restaurants by Type Exposure at 3.31.21 LTV at CARES Act Section Location ('000s) 3.31.21 Food Service Type 4013 Modification Nashville, TN $39,333 37% Fine Dining No Lebanon,
Slide 41: Retail Portfolio
Retail Portfolio Amounts as of 3.31.21 CRE- NOO by Tenant Type 10 Largest Exposure at CARES Act Tenant Type Descriptions are as follows: Loan Retail 3.31.21 Tenant Type Section 4013 • Grocery Anchored Shopping Center is otherwise known as the “Neighborhood Center”, Type Top 10 Retail NOO CRE Relatio
Slide 42: Entertainment Portfolio
Entertainment Portfolio Amounts as of 3.31.21 Entertainment by Type Motion Picture SBA PPP; 5.6% 10 Largest Industry; 1.7% Entertainment Exposure at CARES Act Relationships 3.31.21 Entertainment Section 4013 ('000) ('000s) Loan Type Type Modification Needham Heights, MA $50,000 C&I Recording Industr
Slide 43: Balance Sheet – Loan Portfolio Lines of Credit
Balance Sheet – Loan Portfolio Lines of Credit ($'s in millions) Linked Qtr. 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Change CRE – Investment & Construction Net Active Balance $ 3,814.50 $ 3,870.10 $ 3,929.10 $ 4,090.80 $4,067.10 $4,106.82 $4,051.74 -$55.08 Net Availab
Slide 44: Current Expected Credit Losses
Current Expected Credit Losses Total Allowance for Credit Losses for loans = $280.9 mm or 1.22% of loans at March 31, 2021, or 1.35% excluding PPP loans Allowance for Off-Balance Forecasted economic metrics(1) % of Loans Total Credit Losses Sheet Base Case Outlook at: 2Q21 4Q21 2Q22 4Q22 At December
Slide 45: Current Expected Credit Losses
Current Expected Credit Losses March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 CECL CECL CECL CECL CECL Allowance for Credit Losses Amount % of Loans Amount % of Loans Amount % of Loans Amount % of Loans Amount % of Loans Commercial and Industrial $ 88,032 1.30% $ 10
Slide 46: Asset Quality
Asset Quality AS A % OF AS A % OF AS A % OF ($ in millions) March 31, 2021 December 31, 2020 March 31, 2020 TOTAL LOANS TOTAL LOANS TOTAL LOANS NPLs and > 90 days Const. and land development $1,558 0.01% $1,954 0.01% $2,391 0.01% Consumer RE 19,778 0.09% 22,463 0.10% 26,623 0.13% CRE – Owner Occupie
Slide 47: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio Net Commercial Loan Charge Offs by Loan Type Net Consumer Loan Charge Offs by Loan Type 0.60% 3.00% 0.50% 2.50% 0.40% 2.00% 0.30% 1.50% 0.20% 1.00% 0.10% 0.50% 0.00% -0.10% 0.00% -0.20% -0.50% CRE Construction C&I Net commercial charge Consumer RE Consumer and other Ne
Slide 48: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) Description 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 Loans secured by real estate: Construction, land development, and other loans: 1-4 family residential construction loans $548,614 $514,819 $527,743 $580,193 $582,106 $578,443 Other construction loans and all la
Slide 49: Balance Sheet – Deposit Portfolio
Balance Sheet – Deposit Portfolio ($ in millions) TOTAL DEPOSITS CORE DEPOSITS NONCORE DEPOSITS TOTAL PINNACLE TRANSACTION AND MMDA CDs PUBLIC FUNDS and OTHER DEPOSITS 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 Nashville $11,224.0 $8,122.5 $10,557.4 $7,266.4 $456.3 $556.5 $210.3 $299.6 Knoxville 2,276.
Slide 50: Balance Sheet – Bond Portfolio
Balance Sheet – Bond Portfolio Conservative bond portfolio Portfolio: March 31, 2021 Total Investments $4.7 billion Net Unrealized Gain $89.5 million 5.1% 2.6% Quarter Duration Avg. Yield- TE 1Q21 4.8% 2.3% 4Q20 4.4% 2.3% 3Q20 4.7% 2.4% 30.7% 2Q20 4.6% 2.6% 53.4% 1Q20 4.3% 2.8% 4Q19 4.8% 2.9% 3Q19 4
Slide 51: Balance Sheet – Bond Portfolio
Balance Sheet – Bond Portfolio 4.00 40.0 Effective Bond Portfolio Composition End of Period 3.50 35.0 79% 80% 78% 3.00 30.0 76% 76% % of Total Assets 2.50 25.0 2.29 Bond Yields 2.00 20.0 1.50 13.3 15.0 1.00 10.0 24% 24% 22% 0.50 5.0 21% 20% - - Mar. 2020 Jun. 2020 Sep. 2020 Dec. 2020 Mar. 2021 PNFP
Slide 52: Interest Rate Sensitivity
Interest Rate Sensitivity ▪ Change since 12/31 largely due to increase in fixed-rate PPP loans; expect to be materially reduced by the time rates rise ▪ Numerous options available (or already undertaken) to Bank to increase asset sensitivity when the timing is right: ▪ Unwind all or portion of $1.5B
Slide 53: NIM Adjusted for PPP and Liquidity Impact
NIM Adjusted for PPP and Liquidity Impact Estimate PPP and Liquidity Build negatively impacted 1Q21 NIM by 0.27% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 1Q21 Adjustments Entries Interest Adjustments PF
Slide 54: NIM Adjusted for PPP and Liquidity Impact
NIM Adjusted for PPP and Liquidity Impact Estimate PPP and Liquidity Build negatively impacted 4Q20 NIM by 0.29% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 4Q20 Adjustments Entries Interest Adjustments PF
Slide 55: NIM Adjusted for PPP and Liquidity Impact
NIM Adjusted for PPP and Liquidity Impact Estimate PPP and Liquidity Build negatively impacted 3Q20 NIM by 0.40% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 3Q20 Adjustments Entries Interest Adjustments PF
Slide 56: NIM Adjusted for PPP and Liquidity Impact
NIM Adjusted for PPP and Liquidity Impact Estimate PPP and Liquidity Build negatively impacted 2Q20 NIM by 0.32% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 2Q20 Adjustments Entries Interest Adjustments PF
Slide 57: Income Statement – Revenue per Common Share
Income Statement – Revenue per Common Share LTM Revenue Per Share Growth* vs. Peers $16.00 14.5% $15.78 15.0% $15.50 13.0% 13.0% 13.0% 13.8% $15.07 11.9% 11.9% $15.00 11.6% 11.3% 11.6% 11.3% 12.0% $14.50 $14.35 Y/Y Revenue per Share Growth $14.05 $14.00 $13.87 $13.54 8.7% 7.3% 8.8% $13.44 9.0% Reven
Slide 58: Income Statement – Mortgage Volumes
Income Statement – Mortgage Volumes $625,000 5.00% $550,000 4.50% $475,000 4.00% $400,000 3.50% $325,000 3.00% $250,000 2.50% $175,000 2.00% $100,000 1.50% $25,000 1.00% Purchase Money Refinance Gross fees as a % of loans originated 58
Slide 59: Income Statement – PPNR
Income Statement – PPNR We believe key to success in 2021 will be our continued focus on growing PPNR ($'s in thousands) 2017 2018 2019 2020 1Q 2021 Adjusted PPNR PPNR Trends $700 Net interest income $543,306 $ 736,342 $ 766,142 $821,788 $222,870 Noninterest income 144,904 200,850 263,826 317,840 92
Slide 60: BHG Financials
BHG Financials Strong equity to support business model • Strong performance in 1Q21 • Strong cash position to provide increased liquidity and, thus, better withstand any Pandemic losses At Mar 31, At Dec 31, At Mar 31, 2021 2020 2020 1Q 2021 4Q 2020 1Q 2020 Cash and Cash Equivalents $ 243,771,546 $
Slide 61: Reconciliation of Non-GAAP Financial Measures
Income Statement Reconciliation of Non-GAAP Financial Measures 61
Slide 62: Reconciliation of Non-GAAP Financial Measures
Income Statement Reconciliation of Non-GAAP Financial Measures 62
Slide 63: Reconciliation of Non-GAAP Financial Measures
Income Statement Reconciliation of Non-GAAP Financial Measures 63
Slide 64: Peer Group
Peer Group Institution Name Ticker City, State Pinnacle Financial Partners PNFP Nashville, TN Valley National Bancorp VLY Wayne, NJ BancorpSouth, Inc. BXS Tupelo, MS Bank of the Ozarks, Inc. OZK Little Rock, AR Simmons First National Corp. SFNC Pine Bluff, AR F.N.B. Corporation FNB Pittsburgh, PA Cu
Slide 65: Investor Call First Quarter 2021
Investor Call FIRST QUARTER 2021 M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER
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