The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: I apologize I did hop on a few minutes late, so I'm assuming I might have it but Chris, what's the latest that you can share beyond the press release
regarding the partner transaction? Yes, I guess I'll just leave it there. I'm sure it's not much but just I wanted to ask.
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Can you remind us, though, in terms of the actual motor contract, like what was the duration that it went through? And when would it be required
to kind of negotiate that as mentioned?
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: And then I heard the expense commentary, obviously, the (inaudible) challenging but I just want to make sure I heard it right. It sounded like,
obviously, ex-partners, you guys think the second quarter run rate now kind of reflects the near-term higher level of salaries and benefits and
should be a decent run rate for the back half of the year as some of the other items you guys are working on continue or did I mishear that?
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: And then just lastly for me and then I'll step off. Just on the capital front, you guys have been a little bit more insulated and done some (inaudible)
in terms of the AOCI impact, and I know it doesn't impact regulatory cap ratios but I guess the bottom line is, you guys are still sitting in a pretty
strong position today despite the loan growth. So is it fair to assume that buybacks will continue to a certain extent, near term here or does the
potential deal impact your ability to buy back stock in the back half of the year?
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