Independent Bank Corp (Mass) (NASDAQ:INDB) Q2 2019 Earnings Conference Call - Final Transcript

Jul 19, 2019 • 10:00 am ET


Independent Bank Corp (Mass) (NASDAQ:INDB) Q2 2019 Earnings Conference Call - Final Transcript


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Christopher Oddleifson

volume, our assets under management now stands just a tad below $4.25 billion, we had record commercial loan originations, record residential loan originations, and record new core consumer account sales. All this tells me our brand recognition, our standing as a top place to work among all employers and our reputation as having the highest customer satisfaction in Massachusetts continues to serve us well in building our business.

Our footprint continues to extend in a continuous fashion by both de novo expansion and opportunistic acquisitions, providing us a real opportunity to capitalize on the strength of the Rockland Trust brand. We now reached westward to Worcester, to the northern suburbs of Boston, southward to Cape Cod and the islands and throughout Greater Boston. These markets encompass the strongest economic activity in new England, along with the most attractive demographics. But, as I've said before, size alone of becoming the biggest local bank is not our ultimate goal. Rather, we seek to sustain our track record as a high-performing company and the preferred financial institution to customers in all our markets.

In order to do so, we must continue to balance and need to remain nimble and maintain intimate relationships while possessing significant sufficient size and scale to continue investing in critical areas, especially technology. We devote considerable resources to the Blue Hills integration efforts and our deep talent pool allows us to move forward on other key initiatives. Foremost among them are the significant strides we continue to make in a digital space. Our implementation of online account opening technology that allows a customer to open an account in five minutes or less is proving [Phonetic] quite successful. The deposit accounts opened online increased 18% over a similar period last year.

We've introduced new services such as video tellers, card swap and Apple watch access to enhance the customer experience. We've also begun to use robotics for such things as processing address change request with a goal to free up our colleagues from handling routine or repetitive tasks. And we continue to strengthen our cybersecurity capabilities, protect against that growing risk. The stakes to remain competitive in the digital space are unrelenting and we intend to keep pace in an intelligent cost effective fashion by our prioritizing efforts in areas that improve the customer experience. We've also enhanced and broadened the scope of our enterprise risk management program in tandem with becoming a much larger institution. This included forming a board risk committee, revising the membership on other board committees, refining risk appetites and thresholds, expanding dashboard reporting in key metrics, strengthening our internal risk department and obtaining independent third-party reviews. These are just a few of the things we're working on. Needless to say, we're not sitting still, and we're optimistic about the future.

Despite the clouds of trade disputes, weak global economies and and the Fed appearing to signal that the economy is about to weaken unless they cut rates. All this contributes to uncertainty, but the local