People's Utah Bancorp (NASDAQ:PUB) Q4 2019 Earnings Conference Call - Final Transcript

Jan 29, 2020 • 12:00 pm ET


People's Utah Bancorp (NASDAQ:PUB) Q4 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the People's Utah Bancorp Fourth Quarter Earnings Release Conference Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Mr. Mark Olson, Executive Vice President and Chief Financial Officer. Please go ahead.

Mark K. Olson

Thank you and good morning. Thank you for joining us today to review our fourth quarter and year-end 2019 financial results. Joining me this morning on the call is Len Williams, President and Chief Executive Officer for People's Utah Bancorp and Altabank.

Our comments today will refer to the financial results included on our earnings announcement released last night. To attain a copy of our earnings release, please visit our website at

Our earnings release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and beyond the control of the company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied, or projected by such forward-looking statements. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made and we assume no duty to update such statements. Our earnings release and accompanying 8-K also contain statements that may be considered solicitation material. Shareholders and other third parties may obtain additional information from the proxy statement to be filed in conjunction with the company's 2020 annual meeting, the company's most recent annual report and other documents filed by the company with the Securities and Exchange Commission.

I will now turn the call over to Len Williams. Len?

Len E. Williams

Thank you, Mark, and good morning. Thank you all for joining us on the call today. Before I discuss our financial performance, I'd like to take just a brief minute and express my deep appreciation for Rick Anderson, our President and Chief Operating Officer here at Altabank. As previously reported, Rick will retire next week after 12 years of service with the Bank. I appreciate Rick's vision, guidance, leadership, friendship and the selfless hours of service that he has provided to the organization. Rick will be missed, but he deserves this time for himself and his family, and I wish Rick and his family, the very best as he transitions into his new chapter.

People's Utah Bancorp achieved strong financial performance for the fourth quarter and the 12 months ended December 31, 2019. We accomplished a return on assets of 1.9% for the fourth quarter and all of 2019. Our return on equity was 14.1% for the same respective periods even as our tangible common equity to tangible assets increased to 12.8% and our allowance for loan losses to loans grew to 1.9% at year-end.

Total assets grew 10.2% from a year ago. This growth is primarily the result of strong low-cost core deposits. Total deposits