Earnings Call Excerpt
Provident Bankshares Corp. (PBKS)
Q4 2007 Earnings Call
January 17, 2008 10:00am
Executives
Gary Geisel – Chairman Chief Exec. Officer
Dennis Starliper – Chief Financial Officer
Robert Newton – Executive VP of Commercial Banking
H. Les Patrick – Exec. VP Real Estate Lending
Kenneth Waldych – Exec. VP of Credit Admin
Analysts
Jeff Davis – Ftn Midwest Securities Corp.
John Pancari – J.P. Morgan
Collyn Gilbert – Stifel Nicolaus & Company, Inc.
Matthew Schultheis – Ferris, Baker Watts, Inc.
Henry Coffey – Ferris, Baker Watts, Inc.
Bridget Adams – Argus Research Corp.
Jennifer Demba – Suntrust Robinson Humphrey
Joseph Fenech – Sandler O’Neill & Partners L.P
Cary Morris – BB&T Capital Markets
Albert Savastano – Fox-Pitt Kelton
Jared Shaw – Keefe, Bruyette & Woods
Presentation
Operator
Provident Bankshares Corp. Earnings Conference Call. I would now like to turn the call over to Cheryl Ursida, please proceed ma’am.
Cheryl Ursida - Provident Bankshares Corp.
Thank you very much for joining Provident Bankshares Fourth Quarter Earnings Teleconference. With respect to any statements made today that are not historical facts or forward-looking statements, please review the language at the end of the press release regarding forward-looking statements as the same information applies to the comments made in today’s teleconference.
In any event that any non-GAAP financial information as described in this morning’s teleconference is closed, please review the press release and supplements published on Provident’s website for the GAAP reconciliation for this information.
With us today is Chairman and Chief Executive Officer Gary Geisel, President and Chief Operating Officer Kevin Byrnes, Chief Financial Officer Dennis Starliper, Chief Credit Officer Kenneth Waldych and Managing Director and Treasurer Larry Bier. At this time I would like to turn the call over to Chairman Geisel.
Gary Geisel
Thank you Cheryl and good morning everybody. After our pre-announcement last week, today’s teleconference should be rather anti-climatic. I want to cover three subjects this morning. I will do a brief review of our AK file last week. I want to review the quarter banking results for the quarter and thirdly and most importantly, talk a little bit about our expectations about 2008.
Back to the AK we described two actions that we have taken, both actions related to residential housing. To our loan portfolio we increase our provision based upon our own revised expectations that the regional housing market will be continue to deteriorate for all or most in 2008. At determination we believe we will ultimately impact portions of our loan portfolio influenced by residential housing.
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