People's Utah Bancorp (NASDAQ:PUB) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 12:00 pm ET


People's Utah Bancorp (NASDAQ:PUB) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Altabancorp's Second Quarter Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded.

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

Mark K. Olson

Thank you and good morning. Thank you for joining us today to review our second quarter 2020 financial performance. Joining me this morning on the call is Len Williams, President and Chief Executive Officer for Altabancorp.

Our comments today will refer to the financial results included in our earnings announcement and investor presentation released last night. To obtain a copy of our earnings release or presentation, 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 and listeners 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 except as required by law.

I'll turn the call now over to Len.

Len E. Williams

Thanks, Mark. Good morning and thank you for joining our call this morning. We're about five months into the economic downturn resulting from the COVID-19 pandemic. The situation continues to be rather fluid for our clients and for us.

As events began to unfold with the health risk of COVID-19, our immediate concern was the health and welfare of our dedicated associates. We immediately executed on our pandemic response, incorporated into our business continuity plan. And response effort has been the largest coordinated project undertaken by the bank and I'm incredibly proud of how our associates responded and continue to respond to the challenge, and so quickly and dramatically altered how and where we work. We've seen strength and leadership emerge through this unprecedented business twist.

While all of our branch locations are open and fully staffed, approximately 65% to 70% of our workforce remains working from home. Protection measures are in place for our associates working in our branches and administrative offices. Masks and hand sanitizers are available for our clients as they enter the buildings.

Our technology team was able to respond quickly to the needs of our associates working from home and purchase the necessary equipment to ensure our continued operations. Our sales force continues to connect with our clients to ensure that we provide whatever relief we can offer through either government programs or through our own deferment programs.

While we rapidly deployed our back-office support areas, we did so in a safe and secure environment. We continue to ensure appropriate data security as