Independent Bank Corp (Mass) (NASDAQ:INDB) Q2 2019 Earnings Conference Call - Final Transcript
Jul 19, 2019 • 10:00 am ET
Mark J. Ruggiero
range as previously guided, assuming normalized loan accretion levels. However, a reminder that impact of loan payoff activity can provide for upside potential in any given quarter. Non-interest income in the third quarter is expected to remain relatively consistent with Q2 results, as demand over mortgage banking is anticipated to remain strong into early fall, combined with decreases from non-recurring items realized in the second quarter being offset by an anticipated gain on the pending deleverage residential sale. With no anticipated non-recurring gain, and mortgage demand expected to wane in the fourth quarter, non-interest income is anticipated to decrease at a mid-single digit percentage in Q4 when compared to Q2 and Q3 estimates. With no further transitionary costs in full Blue Hills bank cost save expectations to be realized in Q3, quarterly non-interest expense is expected to decrease at a low-to-mid single digit percentage compared to operating Q2 results. And as we have been saying, although no credit concerns are noted for the near-term, eventual deterioration is likely inevitable. And lastly, the tax rate for the rest of the year is expected to remain around 25%. That concludes my comments, Chris?
All right. Thank you very much. We are ready for questions.