Renasant Corporation

Q2 2021 Earnings Conference Call


spk_0: it gay and welcome to the renaissance corporation twenty twenty one second quarter earnings conference call and webcast all participants will be in a little only mode should you need assistance please signaling hundred specialist by pressing star than their out after the date presentation there will be an opportunity to ask questions to ask question press star than one on your touchstone been to withdraw your question i start than to please note this event is being recorded i would now like to the conflict over to kelly hutcherson run about corporation please go ahead
spk_1: the morning and thank you for joining us rented that corporations twenty twenty one second quarter webcast and conference call participating in a call today are members of renaissance executive management team before we began please note that many of our comments during the call will be forward looking statements which involve risk and uncertainty he they are many factors that can cause actual results to differ materially from the anticipated result or other expectations expressed and the forward looking statements although the market in which we operate reopened over the first half of twenty twenty wine and connection with the rollout of the cave nineteen vaccines the spread of the a variant were amanda said the impact of the pandemic and the federal state and local measures taken to arrest the virus may remain significant back there is impacting our financial condition and operating results for the foreseeable future other factors include but are not limited to interest rate punctuation regulatory changes portfolio performance and other factors discussed in our recent filing for the securities and exchange commission and quitting or recently filed earnings release which has been posted to our corporate site www dot renaissance dot com at the press release of went under the need and market data tab we undertake no obligation and we specifically this claim any obligation to update or revise forward looking statements to reflect changed assumptions the occurrence of unanticipated event or changes the future operating results over time in addition some of the financial measures that we may discuss this morning or non gap financial measures a reconciliation of the non gap measure to the most comparable gap measured can be found in our earnings release and now i will turn the call over to our president and chief executive officer match wake after
spk_0: like you kelly and good morning we appreciate you joining the call today before kevin and gym discuss results for the second quarter or water all for comments to the twenty twenty one results those for and share our outlook for the second half of the year many of the trans present in the first quarter continued into these last three much we experience slide
spk_2: lee improve credit metrics saw more deposit inflows and produce net loan growth earnings reflected a lower margin contribution which was partially offset by gains elsewhere in the company looking forward we are optimistic about long growth continue
spk_0: and despite the head wins of elevated pay else our team is focus on efficiency gains from both revenue and expense initiatives that should be increasingly evident in future periods we operate in a number of dynamic markets that will give us opportunities for new business
spk_2: renaissance emphasis on capital asset quality reserve levels and considerable core deposit base remains central to how we manage the company i will now turned the call over to kevin both food or second quarter earnings were forty one dollars or seventy two cents per diluted share several factors contribute you're only this quarter or worth highlighting first marriage or think i'm held steady quarter over quarter core loan yield remain under pressure but are ongoing deposit repricing effort to feed come recognize the barn triple pay the loan forgiveness offered the dollar peg permitted to stay home circuit as much mention the contribution from orders declined in the second quarter of interest rates rose in housing in the toy made scarce however a previously announced officially finished is compensated for some portion of that the clan a we expect to benefit from those and other initiatives to
spk_3: go somewhat in that coming quarters know that our work on efficiency is ongoing your we continue to evaluate our operating model in the profitability vibration at work i'll reiterate that our efforts concerning efficiency are deliberate and we consider the long term impact of any decision before moving forward by focusing on bouncy grow managing editor state i'm leveraging a rather large business to generate additional fee income and reducing a cause we believe efficiency goals can be attained a mobile and digital matters continue to trained in a positive direction indicating a strong willingness of our customers to about new technology and this rapidly changing environment it is essential that we provide our customers a quarter and more can be you to access to banking services and we think investment that deliver the technology security that they've come to expect wrapping up or triple p program continues to be an important focus of our team we are assisting customers through the forgiveness very the romulan triple pay loans with around six hundred fourteen million dollars have been forgiven during the search
spk_2: in colder and colder in we have approximately two hundred forty seven million dollars around one triple pillows remaining on our balance sheet we mention last quarter that we entered into a referral relationship with another from to utilize this technology platform to original round to triple pay loans for our customers in the second quarter we realize that
spk_4: personally one point four million dollars and referral fees from our apartment i will now turn it over the gym thank you kevin as he walked to the corps results are reference slides and the earnings deck starting with the balance sheet footings grew about four hundred million dollars in the quarter this was largely driven by an increase in deposits as shown on page nine since the beginning of the pandemic deposits are up over twenty five percent with much of that growth a non interest bearing accounts we invested some of the excess liquid the or securities portfolio increase in the balance six hundred million dollars from the previous quarter as of june thirtieth we had approximately one point six billion dollars in cash we expect some of this liquidity will go into the scariest portfolio and future periods we experienced another quarter of long growth of with loans x triple pay up seventy five million dollars from the first quarter and represent an annual as long growth of three percent triple p loan forgiveness rapidly accelerated during the quarter with only two hundred and forty seven million dollars and triple pay loans outstanding a quarter and during the quarter capital ratios continued their billed as seen on page twelve and provide the company with flexibility for loan growth buybacks or emanate opportunities we did not incur a credit provision expense and the a sale as a person orange of loans x triple p moved down slightly from one point seven six percent to one point seven four percent credit quality metrics or shown and pages fourteen to sixteen past is classified and nonperforming asset measures all remained relatively steady and net charges dropped to three basis points of loans x triple pay kobe related deferrals are now below twenty five basis points with nearly all deferrals in our wanda for family mortgage portfolio net interest income held steady quarter over quarter triple pay revenue was ten million dollars of the triple pay income accelerated recognition of deferred fees represented five point two million dollars and we have approximately four point one million in remaining deferred fees to be recognized our core margin which excludes purchase accounting creation and interest recoveries was down thirteen basis points from the first quarter and after also excluding the impact from triple pay was down approximately twenty basis points excess cash wait on the margin about thirty two basis points in the quarter excluding the recovery on our msr asset recognized and the first quarter mortgage banking income was down sixteen million dollars quarter recorder primarily resulting from lower margin on sales aside from mortgage the company experience games and all other fee income categories noninterest expenses with exclusions were down approximately six point five million dollars for the quarter as kevin mention we can pay to see the benefits of a spent initiatives announced in the fourth quarter and expect contain realization throughout the balance of the year we also received benefit from i one time state tax credit investment we fully amortized a three point one million dollar investment and non interest expense and recognized a three point four million dollar credit and the tax provision
spk_0: can i will now turn the call back over to match thank you jam and closing while we have more to do i am pleased with revenue and expanse transitory the first six months and the prospect for more loan growth in the second half of twenty twenty one our balance sheet is well position
spk_2: and and affords us optionality as we look forward now i will turn the call over to the operator for q and a
spk_0: we will now begin the question and answer session to ask a question cut star than one on touched and from if you're using a speakerphone for up your handset before pressing the keys if at any time your question has been addressed and he would like to withdraw your question past star than to at the time or pod momentarily to assemble our roster and the first question comes from heaven fitzsimmons with the a davidson please go ahead
spk_2: a good morning got good morning kevin
spk_0: on maybe we could start out with mortgage bet you know i can we talk about this coming at some point and it was it was definitely a lab you know kind of normalizing train from what we've seen and just curious if you can drill down into what your thoughts on when and that what level mortgage revenues my trough you know i know there were this quarter production stayed relatively strong but you said you had compression and going on sale margin so maybe a little detail on that and also how more expenses are are acting i'm i'm suing most of the decline in salaries was due to that variable rate costs are just too roll down a little more into the thought a mortgage thanks
spk_2: sure kevin and as you mentioned is going through your question mortgage remains a keep out of our business and while we saw many things that we expected this order there are certainly positives says as we look forward but i'll i'll ask gym to to expand on mortgage gym
spk_5: kevin a good morning and as you as you said i'm a way we essentially returning down to a more normal times and mortgage and i would say it if you look and and detail a queue to and think about where we're going after the second half of the year i wouldn't hesitate the key three well
spk_4: if we if we continue the transit we saw the latter part due to your still see a little bit of the decline in terms a mortgage contribution and que three
spk_5: a couple of things there i would comment on efficiency as we look at the efficiency ratio and mortgage it's it's in the upper seventies and that's the sort of back where to where we were in pray pandemic times and we were running in the fifties
spk_4: for much of them for much of last year
spk_5: i think a couple things that we're we're looking at an amateur he remains i'm a big part of that and as you know it's not just true for us it's true that think for the industry inventories are real constrain in terms of growth but
spk_4: alana think we've we've pretty much gotten close to the trough and terms of mortgage and that would be our expectation absent in a meaningful changes in the marketplace
spk_6: a kevin kevin cabinet that a couple of tom is just a mortgage murdered the that the the mortgage operation the more we saw was a significant reversion to the me ah as you mentioned we've all been expecting their i have read break down their expenses
spk_3: you'd have about that are we did video below the on the expenses related the mortgage or just looking fowler's employee benefits if you look at about a that you know we had roughly an eight at a map million dollar the plan thousand play david mortgage only made up about half of that it was an all of it was only the half of it i'm a in a week we'd feed a family that we've been talking about some of the disintermediation that we've had over the last couple of quarters which a common that margin on our our our originators of based off production that you see regular had strong production cue to read more than five billion in production down fly with from one point seven in the far corners on the really what affecting that income line item is the margin compression and as jim mention we we we think that read appeal of a good approaching the panda stabilization and we are lacking measures on the mortgage sad that will but the show that there is more variable paul's that can come out of the mortgage operation that and also would add that although you know compared to the past couple of quarters yes mortgages down that mortgage did contribute far point six million dollars for the quarter and pretax income and that actually several million dollars more than que to at night key so we we recognize but it has your money a mortgage optically over the last couple of quarters looks like it under performing or if you need if you look at more man alive period which again we take you to was a reversion back to normality we were actually up and gross income and pretax income on the mortgage that
spk_7: kevin i would just as is manage i would just add as well and as we talk about being opportunistic and our hiring power is is jim and kevin have described gym our kevin just mentioned relatively expensive bearable expense
spk_2: we will but get we will continue to address those we also see opportunity to continue to recruit cat talent within the mortgage same and we've been successful in doing that overtime as does remain a core lot of business for us so as we look forward we will certainly as we remove expanse will look forward opportunities to to grow that lot of business
spk_0: okay thank you i appreciate all that now detail and just a quick follow up you mentioned loan growth x p ppp was about three percent when tantalized and admit you mentioned that you're optimistic on forward and some other banks have had a little more the pronounced core long growth or that he reported this quarter some assuming from your comments it was much more you you guys experience of have your head when from finance and pay off so if you could drill down be like beyond that three percent to to give you know what you're seeing is good
spk_6: new those signals of optimism and and the know how much of a headwind out those payments were
spk_2: absolutely and your question is right on point let me let me begin with the optimism and let me start with python our red flagged on production this quarter and the and the old in that pipeline and production as we ended to queue and what we're kind of thing as we enter into three que that's continuing so our current pipeline is two hundred and sixty one million that's up from two hundred and forty million is we started the prior quarter and up from two hundred and twenty nine million prior year but we do see good growing the all flow pipeline across all of our markets and business lines and it's reflective and production is reflected in the pipeline is as you look across those markets thirteen percent in tennessee ten percent and alabama florida panhandle twenty eight percent in the georgia central florida markets thirty four percent in mississippi sixteen birth
spk_7: thin and our corporate and commercial business land so is i look at the pipeline up to sixty one that should result in about seventy eight million growth and non purchased outstanding in and thirty days the this current pipeline would indicate production somewhere in that five seventy five to six twenty five arrange and as i said we continue to see that bill that compares to production of five hundred and seventy two million this past quarter that is up from five hundred and thirty four million in que one
spk_8: so we continue
spk_2: again to see the pipeline the old production and certainly pointing toward positive long growth and in three que
spk_7: you made mentions of pay offs which is is a very good point we did see in this prior quarter pay offs elevate
spk_2: a little over a hundred million and if you look at just the last for quarter averages or lover fifty million if you were to adjust their to our net growth if pay all said normalize just it prior quarter the three percent there would have them seven percent net or if it is said boy dammit the average it would have been at five percent but if you look a little deeper to your point and new exam and those pay offs we continue to see the reasons for those fails being the bar sold the underlying asset about fifty seven percent or we lost it the term raid or the permanent market in many cases that was about twenty five percent so the attractive pricing of assets the demand for those
spk_9: with and liquidity the
spk_2: and the market as well as what the permanent market is offering relative to cash out nunnery course type financing you're seeing some of those deals go to that market earlier i think the key thing they areas we're not losing those plot i mean we're seeing some of the i'll pick up but if you're going back again to the pipeline the production they all that we saw this quarter they are in laws our optimism and it comes back to market and talent and in our ability to continue to recruit tower which which we saw continue this or with an addition of seven
spk_8: producers so
spk_2: again talent markets like landale reflective of the production last quarter and how we saw that continued they all going into this order we remain optimistic about knit longer it
spk_0: that's great thank you got
spk_10: thank you
spk_0: the next question comes from jennifer that bag with curious securities please go ahead
spk_11: thank you the morning
spk_2: good morning jennifer
spk_11: but i have to question of thirst for gem gem could you could talk a little go to a bit more detail on the expense outlook for the next few quarters a somewhat kevin fought on on your efficient be and brat branch network
spk_12: image years
spk_13: that are still coming
spk_3: yeah jennifer's cabinet variety now and take that i'm so we look out the if you if you look that there was significant ah the significant decline in expenses quarter of a quarter as down about your seven million what we talked about were some of that is just they're building the in the mortgage that the mortgage operations but as we look at the core bank ah we are still realizing some of the benefit of to probing into an issue is that we announced early retirement program embrace consolidation since we've announced that we've identified another handful of branch of that are in the process of a been consolidated it with last exiting the market and taking multiple locations we consolidating them into one we approximately another five locations that we're looking at doing that we're and been in addition there still additional call phase on accountability measures are that to be reflected in fallers employee benefit that that that that occurred and que to we'll see more realization of that a cute three you for size
spk_14: we look out
spk_6: the as we look out we expect knowledge expenses to continue to decline
spk_3: that will have a real quite calm and just on the efficiency ratio if you look at our reporter the fish the ratio it's about fifty seven sixty eight percent if you if you know if you back out mortgage and just kind of the reversion to the normal mortgage ah but the banks efficiency ratios more in the fifty three fifty two percent range of the been holding flat they are for the laughs rebel coders although the reported numbers bounced all over the place with mortgage debates efficiency ratios it kind of holding a man at sixty three percent range and the and again with efforts that we have on the extent that and i do think we have momentum on our spencer that we're realizing are just starting to rule out the call from the list as we've inherited you're getting sued atlanta and and come down that against not all about the expenses where we're where we we have identified and are working on ways to improve revenue you we talk a lot about pre pre tax free provision
spk_15: income
spk_3: and there's a lot of noise in the numbers but underlying us but we'd what we're excited about it they follow trend line of continue on steady increase in that pre tax provision line item in that comes from expensive but also comes from the revenue sad were which which which again if you look at the earnings release we some nice improvement in service charges and in fact come come on the service charges line item we are actually slightly ahead of where we work you want of last year in almost every line on a mother's wealth management insurance season commissions to help offset what's happening with mortgage were saying small and steady improvement in each of those are the line on our help also
spk_11: okay thanks
spk_7: my second question it on merger interesting things to the almost a friend who going on and one just er macht i'd love to hear your outdated thought on when thoughtful interest in partnership yeah thank you jennifer in we certainly continue to evaluate opportunities that that dropped shareholder value we're or remaining disciplined and as we look at at those crop those opportunities and
spk_2: you know as always we began with culture and business model and risk appetite and just making sure alam it exists but it always answer that question are we better together so as we have been opportunistic and past and course for us
spk_7: that serve my new tower i've referred to they had i mention seven the flash orders actually up the thirteen for the year
spk_2: and also as you've seen in our pastures new markets or new business lines as we have continued to build out some of our commercial and commercial specialty and corporate that also just back to your point it certainly strategic partnerships and we continue to the
spk_16: you know continue to evaluate those opportunities and certainly will be doing that going forward
spk_0: thanks so much like you
spk_17: the next question comes from brad millsap split piper spammer please go ahead
spk_18: a the morning
spk_0: the morning breath
spk_19: on the they'll want to start with the yeah that the balcony
spk_0: look like that parents turn his portfolio is closing in on two point two billion dollars you know up quite a bit of the average yeah that he acquired a cash likely to get more back with yeah like and the ppp long drawn off just kind of curious how he can about side in the bar portfolio going forward and
spk_4: the stuff that you are buying kind of what what average rates are are others the on the bucks at
spk_5: yeah
spk_4: and can more and brad so as you know we probably about six hundred and nine and the quarter
spk_20: the terms of growth and secure his portfolio and anticipate
spk_4: will contain a grow that portfolio albeit maybe in a more moderate pace
spk_21: the
spk_5: and have that so get a guy and six in cash i think you know we would sort of consider anything above three or four hundred nine be access
spk_22: so
spk_4: the course the hope is that we've got lung growth
spk_21: the all
spk_5: container to be present and will absorb some that liquidity but bottom line as a do think you'll see that secures portfolio increase in terms of them the yield that were put in that door it's you know roughly just above one percent and you that's gonna have three or four year duration on
spk_4: zone
spk_5: i think that's what we see in terms of look where the mean week when we look at our bouncy compared to pairs were
spk_0: if i got my support was about twelve percent of running assets and that would imply that was it were appear levels that we'd we'd have another seven hundred million dollars or so and the secure his portfolio know that will get there but will certainly probably an increase that percentage over the coming quarters guy that helpful and then of does that mean more than it is gonna curious you know what did the amount of one of the actually sold during the quarter just kind of curious with the poor through rate or on the pipeline lived in
spk_6: can refresh my memory i know
spk_3: in terms the commission's didn't do pay those based on the like pipeline and retract some of that depending upon whatsoever that on actual long tails is kind of curious if you got you know maybe maybe more come there thanks hey brad may enter the last question for ah know we we pay on actual units closed and sold ah now we will we will accrue i just for accounting purposes will accrue at the time of lot in common experience that that really my should pay to alone is is closed and so
spk_0: old ah i'll only to follow quickly on the actual amount of what we thought i don't have that right have nothing to do a man i'm unsure if you have a doubt
spk_2: but bradley can follow up with you on the the amount of actually so okay great and then maybe a couple of the metal the convention new hires at seven in the corner
spk_7: this guy curator at a you you've had bought your retirement you know you're looking for coffee is what what what kind of the that number of of of maybe new hires you know in the court or you know versus maybe people i know you're always were calling the bottom you know five ten percent or whatever just i just kind of curious with that that number my be
spk_2: yeah so for the quarter grad it's said let down for so we had eleven exits and to your point the most of those exits are driven around expectation and our discipline around the production
spk_23: that we expect so
spk_24: like say i think the positive thing they are certainly that discipline remains that that's been true if you look back in nineteen twenty twenty one we've been very opportunistic with our particular years we've added business lines as we've grown other lands a business but it's certainly true in our core bank as well
spk_0: so
spk_25: definitely opportunistic and hiring but the discipline is in place and expectation of production right thank you
spk_5: thank you the next question comes from my home runs with raymond james please go ahead
spk_4: hey guys i must my questions have been i asked and answered but why just touch i'm on capital if i if i miss i know you guys have a buyback place you haven't really used a of and i think it's expires at the end of october on any near term thought to to use and then just separately yeah i did see that you have the to series of
spk_26: er get that are common do with the plan b to our redeem and replace or just paid down thanks
spk_4: the good morning michael gm sure sir michael on them on the by bags certainly with the world bank equities some pulled back the the relative merits of a buyback i become more attractive and you're correct
spk_2: we did not have any buybacks and que to and and none and thus far and que three said no buybacks yet but at the underscore they become more attractive relatively speaking and then in terms of the dagger but you're right we get think july first
spk_25: it was a fifteen million dollar piece of debt that was collarbone only got another piece it's they had sixty million dollars and sizes september first and but for those are it you know higher rates and so i would anticipate that that's something that we will we'll act on at some point
spk_2: okay the top on and maybe just on their reserve front you know we've seen a lot of big reserve reversals you know this quarter a negative provisions and you're making a fuck about growing into it being a little bit more cautious and conservative i would if your next door
spk_27: the plan can use confirm that and then he's remind us
spk_2: it again what day one posts they post people day one reserve is and if you think your you can get back to that level overtime thanks
spk_5: yeah michael only comment i'll turn it over the genome and course i've reflected earlier on one growth and the the certainly the prospects player and i think those are good that is at the same time as we continue to evaluate
spk_4: the reserve as we walk through the model
spk_28: jim expand kind of what we're seeing today relative to the model and what we're looking for sure so and i only when you look at at the model there was while there was no change in terms of expense or release in the corner there was lots of activity within that model i would take a look at the that the bucket there
spk_5: was considerable activity and if things do not change materially one way or another
spk_4: lone grows the economic environment etc it does the data does point to releases and coming quarters so we were we were low slotted taper off last year in terms of
spk_25: providing for
spk_29: allowance and it feels like are model just just working late vs peers it's going to be a little slower to release than than pair so at at the would dissipate that you could see releases and and coming quarters as it relates to day one i think we were just a touch below one percent on the a c l they war
spk_0: one
spk_30: at philosophically were in no hurry to get back there
spk_31: the and again or preferences i'm sure for most people as to is to grow into this allowance with lung growth but i know i don't i would not anticipate we get back to day one reserves anytime soon
spk_32: okay for a helpful thanks you take my questions thank you martha
spk_6: the next question comes from that only with stevens we go ahead
spk_3: thanks one guy more than that
spk_6: one of took a back on the alec for operate expensive i believe kevin you mention that we could see i continued decline
spk_32: the of operating expenses key just clarify if that include or exclude that tax credit a meditation like a fair question is what with the baseline that your semi when you say she declined from these the level
spk_33: yeah so as i said thank you for clarifying that because that you just looked one out of knowledge expenses are down
spk_4: unicef seven million but if you back out that that that tax benefit or that half a motivation and the benefits and the effective tax rate actual expenses are going to million so so game what will advocate answer questions both that that we continue to expect non expensive to come down could poor non interest extensive to come down which would also be the reported as well
spk_32: gotta okay thank you and then often asked about the car loan you think we were down around seven basis points if i take out the discount accretion any color on the
spk_4: the new loan your production with on to you pure mad and and que to new alone yields were were about three ninety the and just for comparative purposes they were about three seventy and que en and then in terms of what they're replacing if you look at lounge maturing over the next ninety days that his lungs are those loves the of muslims as about for twenty
spk_34: okay thanks for that gym and then last question for me is around deposit think interest bearing deposits are now around thirty six bit how much how much more room to guys have to bring that down from there
spk_35: so cost deposits in the corner of think was twenty seven deaths
spk_0: weapon twenty seven twenty four beds and our goal there's to get that below twenty by year and there's about a billion six it an interest bearing deposits the repriced in the next twelve months and those funds are roughly at ninety basis points so total cost of funds went from thirty eight to thirty four and much like
spk_36: the costs of deposits week see some further opportunity there would hope that would get below thirty by year end
spk_2: oh crap thank you
spk_36: thank you man as a reminder if you have a question press star than one to join the kill
spk_37: the next question comes from catherine meal with kbw please go ahead
spk_5: thanks good morning
spk_4: the morning catherine one left follow up on mortgage can you give up any indication on this the lower mortgage revenue was from a decline in the fair value the lads pipeline or the just
spk_38: because they let it looks like from your commentary that the origination volume with gal but not all that much and they're just curious on what author the pipeline
spk_6: good link quarter and if that has factored into this in it and at night does that mean that we've got further down south are out that pipeline to normalize even further in about half of the year i would say cat and much as we said i get financing earlier question and and certainly happy to to get into more detail with you
spk_3: after the call but i think generally we're pretty close to the trough and mortgage when you look at the results were due to and i think there's some downside but it's we're pretty close to tell where you know on a normal proper dolly outlook would be and que three yeah get a cab and i would just add at the that the drop in glacier mortgage you encounter more that that you are that yeah but one point five billion
spk_36: at lower margins on so yeah if we get no future coders a third variability in that about shooters are building the margins if if it's left production a lower margins yes we will drive lower level you break a calm but that up a take what we saw this colder here again that at all
spk_37: large way back to the me which is where we've been operating from play pandemic i think it does speak to to how strong are more read operations or to a just all of that a cruel accounting in the pipeline and still have almost six million dollars or profitability but i do i as we go forward with anything more the cyclicality of mortgage as we typically see and that is q to acute three the the stronger coders
spk_39: que por que one could could be just week reporters be told that typically went home by slows down i just feel like we're we're we're we're we're turning more can name all there are external factors interest rates are you have pulled back a little bit and so we are seeing a little bit more refile opportunity
spk_3: as as gym mention housing human tories are gonna be a significant visible in this as far as new home sales were not completely back to normal but we we we do que tu as one large step back to returning to the normal mortgage operation and it's usually it's usual cyclicality the come with it right and then as i think the what normal as not as look look back and twenty eighteen twenty nineteen and in total mortgage revenue or i think fifty million in twenty a keen fifty seven million and twenty nine teen that there was the acquisition of the our first date a correspondent p still how much
spk_6: we think about kanye adding onto revenue objects from that acquisition that from trying to compare
spk_37: in a normal i'd year here for every david bad for you and then you to queue to queue of ninety and if you live just over those two period of think we have the and then be approximately the don't have exact numbers but i think a gross revenue we had about how the fifteen million dollars and gross revenue compared to this poll is twenty to twenty one million dollars
spk_4: for protection karma thank you the almost double over that same time period for think to two thousand and nineteen will be a good proxy for what more normalized operation looks like but at the same time we're operating more efficiently without a new team members whether fulfilled or additional team members
spk_37: that will drive growth and that line item and growth in the profitability
spk_40: great a of grow up or thank you karen
spk_37: i'm
spk_41: oh my last this is authentic questions you reminded about pete how much of that lesson pp t e
spk_0: and yet or that they close and for their consulting fee and and other encounter wow so round one triple pay cap and there's about four nine dollars left and round two
spk_2: that program of course has terminated and we've recognised all the referral fees there and que to
spk_0: gray of have hated know more common thrill

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