Reliant Bancorp, Inc. (NASDAQ:RBNC) Q3 2018 Earnings Conference Call Transcript

Oct 25, 2018 • 10:00 am ET


Reliant Bancorp, Inc. (NASDAQ:RBNC) Q3 2018 Earnings Conference Call Transcript


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Good morning and welcome to Reliant Bancorp's Third Quarter 2018 Earnings Conference Call. Hosting the call today from Reliant is DeVan Ard, President and Chief Executive Officer. He is joined by Dan Dellinger, Chief Financial Officer; Louis Holloway, Chief Operating Officer; and Alan Mims, Chief Credit Officer, who will be available during the question-and-answer session. Please note, Reliant Bancorp's earnings release is available on the Investor Relations page of the company's website at Today's call is being recorded and will be available for replay on Reliant Bancorp's website for the next 30 days.

At this time, all participants have been placed in a listen-only mode. The call will be open for questions after the presentation.

During this call, Reliant Bancorp may make comments, which constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties and other facts that may cause actual results and performance or achievements of Reliant Bancorp to differ materially from any results expressed or implied by such forward-looking statements. Many of such factors are beyond Reliant Bancorp's ability to control or predict and listeners are cautioned not to put undue reliance on such forward-looking statements. Additional factors, which could affect the forward-looking statements can be found in Reliant Bancorp's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Reliant Bancorp disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.

In addition, these remarks may include certain non-GAAP financial measures as defined by SEC Regulation G. A presentation of the most directly comparable GAAP financial measures and a reconciliation of non-GAAP measures, comparable GAAP measures is available on Reliant Bancorp's website at

I'd now like to turn the presentation over to DeVan Ard, Reliant Bancorp's President and CEO.

DeVan Ard

Good morning and thanks for joining us on this morning's call to review our results for the third quarter 2018. We appreciate your continuing interest in our company. We had a very strong quarter and reported record net income, loans, deposits and assets for our third quarter and nine months ended September 30, 2018. Third quarter net income increased to 121.4% to $4.1 million and earnings per share was up 63.6% or $0.36 per fully diluted share compared with the third quarter last year. Our strong earnings growth was due to the contribution from the Community First merger that we completed at year-end 2017, growth in loan volume and earnings assets, higher non-interest income and improved asset quality.

Loan growth accelerated in the third quarter with solid gains across our markets, and we ended the quarter with loans just shy of $1.2 billion. Since we went public in 2015, we've grown our loan portfolio 13 consecutive quarters. Loan production increased 35% to $167 million compared with $124 million in the second quarter of this year. That follows a ramp up in loan production as we closed out the second quarter.