PPBI - Earnings call transcript Q4 2017 | Pacific Premier Bancorp, Inc.

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Operator

Good day everyone and welcome to the Pacific Premier Bancorp Q4 2017 Conference Call. All participants will be listen-only mode. [Operator Instructions] And please note that today's event is being recorded. I would now like to turn the conference over to Steve Gardner, Chairman and CEO of Pacific Premier Bancorp. Please go ahead.

Steven Gardner

William. you, Thank everyone. Good morning you joining appreciate today. us I

and items, we we As to those. to and I'll that note in report earnings comments going encourage few also walk most the of morning, review the key details the relative going of open quarter Harbor you're aware, earlier statement to up read delivered notable of some of then release you all the released morning, our through Nicolas of for a questions. I'm is to our metrics. in XXXX. strong this Safe have this look forward-looking positive to Overall, Ron and I'd all a the trends we'll with our a earnings financial quarter take we fourth call the through

Our to quarter On and focus share assets business, basis, $X.X merger-related costs, of an we merger-related Plaza tangible ability reported existing to million income Bancorp example a of common XX.X%. includes execute DTA on and average and of operating without on net in revaluation a we of and the which our the or a per and return of our on providing X.XX% basics performance equity our losing a acquisition. basis, connection generated with a was million tax the in write-down $X.X of banking On relationships. in average million deferred transactions return diluted our developing expense the excluding new assets earnings share the $X.XX $XX.X per of service quarter, on M&A this $X.XX GAAP another superior consistently of accretive clients

initial positive and organic realization balance growth. the driven were savings from acquisition, sheet benefits the from acquisition, the continued earnings Oaks Heritage Our by of cost Plaza the

to the to the manner, the us approval and XX efficient us shareholder just move a allows regulatory close speaks acquisition developed to process have we transaction. days Plaza announced after which were we transactions quarter, we -- in the that During allows close acquisition This fourth expeditiously. to close the ultimately able the in through process timely

can on us that strengthen As opportunities realizing that can and focus our to we begin drive the allows other franchise. value further shareholder such, synergies

and the banking Given though clients of impact model, this of deposits. these the a business their and deposit many size, integration borrowing $XXX we relationships proximity with impact million larger saw and nice growth relationship-based ran over in costs overall off to relatively pricing even competition similarity have to customer we needs seeing business we is and our markets, Premier close levels higher some straightforward development. of increase. to higher the are adding increase a deposits, Pacific with Plaza's of the capital of capacity we Plaza Within approximately minimal deposit The time increasing of commercial for or Plaza's drove as roster is Plaza cost service brings is of quarter pressure. proceeding base, which

deposit implements expect to Reserve the to Federal its we economy federal the the As forecast funds pricing we and as rate, the XXXX. through expands raise move continue trends

and manage growth client objectives, consistently disciplined organization, controlling effectively our need liability our on As remain we relationships. in an to new costs, developing focus

and quarter, the increases had have loan in business have consistent seeing we fourth bank, we added With Plaza new development. acquisitions we talent the well through $XXX our team level throughout built Oaks banking activity larger the and generated we the solid In as of million as of in Heritage commitments. new are

remains well markets our in production most demand our and loan good see to continued diversified. We of

million activity, franchise loans, CRE agricultural quarter, we originated loan closely in our in investor continue loans. in $XX light construction monitor strong to loan In in owner-occupied million SBA loans, loans, of $XX million million commitments, growth. balance C&I new in we $XXX sheet $XX million During and million and loans, $XX $XX CRE manage in our in multifamily, million $XXX the fourth in loans, million $XX

$XX the sold fourth million During from we various quarter, loan portfolios.

the to over has sheet years access be to the manage expect case ability secondary in we XXXX. and Our balance tool important market for an our to been us growth the that

end the XXXX, in of third year. quarter business-related we now With up XX% XX% portfolio at had acquisitions of growth comprised last is and the our loan of from organic loans, the

With and rebuild fourth during we year year. the it saw some at part than the is was of our lower the strong headed activity take loan XXXX of early will of quarter now into level end, loan to pipeline time this

were other areas we operations, pleased of to our leverage. operating our with improved Turning

achieved Plaza the of approximately during quarter. fourth the have cost We XX% savings

Additionally, achieved for fully savings cost projected we Oaks Heritage acquisition. the the

able to continuing cost to acquisition. leverage merger-related management acquisition talent improved we achieve the this XX%. investing higher relationship efficiency Excluding expenses, below while the has technology organization strengthen by combined in savings, new client And importantly, and with revenue, and taken been enhance ratio have our to our

market. in consider to on our strengthened capabilities, to value of disciplined increased organic our our the solid California, plan productive the Looking enhance M&A size prudently of and asset footprint manage our our business continuation doubled franchise. XXXX, growth Los in the development a maintaining we management way, quality. environment into to the strategic back risk be of our control our strategy internal the Angeles we Coast and and the the we extended of it on while our Through Along company, executing presence year investment Central have in

will as earnings the $XX benefit systems, growth The acquisitions. the investment. either threshold people or we investments billion We company's and lowering additional infrastructure, through capital cross required to rate tax provide of organic growth in will making and for prepare effective continue the our

to shareholders. and/or attractive we regularly capital reinvested organic and acquisitions generate into As for Historically, through management. have accretive effectively our capital our Board, assess business we a evaluate excess returns the growth

remain We fail open growth expect case, opportunities shareholders should this be returning to capital organic M&A the outpaces formation capital materialize attractive or will to continue to rates. but to our

year will focused We increase on are the fully With from the operating cautiously We on I'm shareholder Plaza optimistic going have We we a realize for savings company. positive that call executing cost little in the to acquisition. anticipate value. leverage scale continued and and Ron? Ron detail that remain the as strategies another results. that, provide growth increased to those to be organic good quarter bit over more our fourth turn XXXX

Ronald Nicolas

good and Steve everyone. morning Thanks

quarter earnings revaluation to non-interest months $XX.X well for increased be income in $X.XX of the linked-quarter impacting in XXXX. with announced the in diluted $X.XX As in included million higher quarter of reported operations, $XX will increase deferred higher tax of asset $XX.X This in earned merger-related as the $XX.X reviewing the Plaza's our of as as some we million million focusing totaled past, which comparison. the revenue, $X.X in accretion release, primarily net million the quarter, well in to on $X the as significant highlighted income. our items million I more share of two previously $X.X $XX.X and costs share Total included as million. related income, and $X acquisition. million was revenues compared million results quarter's items Plaza the third million per diluted Major net of per income Overall,

accretion at quarter, in merger-related Lastly, $XX.X million excluding operating at total costs prior Plaza the $XX.X the included of prior million, of statement, total a included two in in of income our compared income, came revenue operating expense. with $X.X compared million accretion closer and the million higher quarter. income $XX.X driven and Taking total look expense months $X.X which million by was million $XX.X net with interest of

Plaza of the remaining higher $XX.X million of average increase interest net core assets. increased Excluding the $XX.X related primarily impact with million, earning accretion, income contributed which to

basis with Our reported in for margin interest increase. points the accounting quarter prior from X.XX% of increased the X.XX% accretion net XX to

core of interest largely impact margin of Plaza increased acquisition. quarter for Excluding X.XX% the the by points, basis net our the by XX driven accretion,

a deposits increased at average of largely basis of cost Plaza, Our X.XX% points, of which acquisition. four deposits of X.XX% an again, of overall cost had as result

to forward, as a we net impact. rising benefiting deposit December see our by see also hike Going the basis but approximately margin offsetting potential cost five from Fed four interest rate points,

and expect extent, million and for $X.X our to approximately consistent net company in core X.XX% margin compared The interest loss remain lesser quarter organic X.XX% was loan of on-balance we fairly to to loan $X.X result, by $XXX,XXX. of range. prior for the principally a the million quarter a recorded growth, the charge-offs As net our with sheet a provision in driven

increased previously million $X.X loss asset prior as and smaller the Non-interest sale growth of the SBA charged-off increase acquired remain loans. as of to We quarter both from to pools million million $XX with included an in prior and profile. the expect comparable our sales $X.X recurring included provision per current commensurate our of $XX and well totaling $X.X range $X.X of million to various Loan income million. gains of million million $X quality loan loan were recoveries quarterly $X.X loan organic quarter our quarter million in

income per upon gain the a small in compared we a sale our to range income We and quarter. of the be with the of almost business quarter in $XX normalized Lastly, $X.X of securities million of anticipate million $XXX,XXX activities. incurred prior of the non-interest million quarter during $X.X loss based recurring $XXX,XXX to on

had with XXX our XXth, million full-time in value came captured to compared million full million, of begin three or year savings expense result we realized $X savings with cost as the acquisition. and million quarter's $XX.X quarter. our in prior are September higher quarter added Heritage Plaza from We was approximately million $XX.X compensation costs. cost rate at savings the of to second The expense an acquisition. higher excluding Oaks costs the the Also $XX of majority contributing year fourth as projected to rate our operations. the is XXX% taxes at is Bank equivalents core as of attributable of to first of tangible with end The of the excluding approximately XXX expense the related fully the finished $X.X Plaza operating which Plaza expense impacting to be the expected approximately previously rate. run merger-related also of quarter, to be XX% majority realization $XX run remaining XX% merger-related million to our full-time to deposit months well of Plaza of resulting The primarily our a fair cost FTEs increase quarterly payroll mark X.XX%. compared expense and amortization Our $XX.X as Staffing increase also XXX anticipate reflective non-interest the run million. with in of have by the To-date, equivalents of operations, monthly of a total monthly the

anticipate We we rise we also as the billion through organically to base the prepare for move as the and year continue modestly mark. expense will grow $XX

rate fourth tax tax tax as of deferred the was a the included effective million quarter and $X.X a Our in corporate asset result XX.X% revaluation reduction.

quarter. rate prior this $X.X included Excluding filing our XX.X% with with impact, The our compared tax the tax return prior was true-up September. the quarter effective in of XXXX in XX.X% tax million a

be estimated stock expect We effective deductibility lower, the first disproportionately equity tax vesting to to of approximately XX% XX% benefiting our year slightly quarter from full the with costs. tax rate

of $X.XX the And $XXX billion Plaza, new gross in added fair increase total $X the X.XX%. our commitments almost with at increase total of of to of quarter, of over $X.X for loan value XX% now closing million Turning inclusive the $X.X balance first, a quarter. of which primary billion. Two just prior drivers billion came total assets billion sheet, at over mark loans second, were; loans the of

origination and prior for X.XX% compared loan commitment the the quarter. in X.X% new Our at in quarter came yields with

to consideration impact $XX Excluding annualized with grow and rate of to depending, growth was for on our of XX% prepayment XX% In part, quarter, prepayments XX% on-balance be XXXX approximately fourth an million. amortization organic under after to loan taking returned low-cost to loan the more loan sheet range the our portfolio on-balance core in Plaza, growth our deposits. the levels annualized sheet in organic XX%. normal anticipate ability sales of We

the finished Our quarter third of end investment at $XXX with the million quarter. $XXX compared million portfolio at the

with deposits non-maturity billion assets. We of deposits. of to on million deposits the portfolio or investment Total $X.X finished grow Plaza of our the remain total quarter $X.X included at billion deposits. the added non-maturity XX% as December the million in total portfolio $XXX next yield expect to continue X.XX% of range. of XXst, we in quarters deposits the roughly of over investment to which XX% $XXX XX% total average to And couple

of challenging we Plaza, growth despite our rate Excluding in increasing deposits an saw environment. deposit and X% non-maturity modest

growth from rate quarter, increases. quarter the as XXX.X%, respond costs to and in ratio rising on Fed to finished commitments increase. organic competition anticipate higher continues the up as the loan deposit Our our XXXX at loan-to-deposit to recent contributed sheet balance prior the We

Lastly, taking asset a look at quality.

for prior our of at quarter. Our allowance million, loans the an quarter loans the loss -- increase from $X.X million $XX.X ended

Our X.XX% of ended quarter compared the at total X.XX% quarter. allowance held to loans in ratio the investment coverage for prior loans with

combined of Plaza coverage two We of held accounting under now loans fair of X.XX% basis discount coverage total investment. under loan for with valued have ratio allowance a Excluding loans our total accounting, increased This our XX% X.XX%. points $XX.X X.XX%. acquisition fair to our or at portfolio ratio million puts value

both credit be delinquencies the non-performing relatively that, levels. we any answer at questions. to call happy and increases remain for have. low up Although Operator, may please loans quarter, we in measures the modest questions you would both open in With saw

Operator

Thank you.

begin We Instructions] question-and-answer now first today questioner Jaffray. will Matthew the Clark Piper ahead. will with session. go And Please be our [Operator

Matthew Clark

good morning Hey, guys.

Steven Gardner

morning. Good Matthew. Hi

Matthew Clark

But to fourth and of that impact hike two rate benefit of quarter margin increases. you higher guys X.XX%, offset being maybe the the a contemplate full quarter does core guidance by deposit the mentioned X.XX% latest think had you the the that's also knowing Plaza On that have months in margin? of I cost

Steven Gardner

at pieces this lot taken best of and that's core There's full We've year going point, NIM. for And forecast that of consideration. the variables our does. on. obviously It on the lot a into moving a

Matthew Clark

million a And then accelerated in some bump in of accretion obviously bit months quarter, step-up Okay. it little a is whether a the the down? on bring still only something, expect more $X.X Or might payoffs Plaza, there? should again in two that with we there, back that there

Ronald Nicolas

accelerated, the there in the see point couple more I would Obviously, range. accretion anticipate same -- Matthew. the to XX but XX is bump. of levels to at quarters, saw we I get that accelerated be in expect We next a to would wouldn't I accretion in did for suggest quarter, fourth fourth basis may quarter. the we it some the be quarter

remainder So, somewhere XX basis the and the to teens, year. of in low that points for off course, tapering of to then, XX think, the I

Matthew Clark

maybe -- to your those on with cuts, we Okay. tax go curious of as And then what forward? are the savings plans reinvest some

Steven Gardner

Sure.

has our historically, been capital to mentioned, That the out generate able growth we've going very and/or that is we I organic As reinvest forward. into acquisitions worked expectation and well. that

then at However, able if or at consider rates don't conversely, level shareholders. would of grow be value at, the that we begin looking the we're we be that the acquisitions generating to capital shareholder not will capital really that we may add we expect, certainly to returning that to

Matthew Clark

have and cross do go release not But like to Okay. did the you to M&A such hopes be as And feel $XX I in outlook mention on like some to landscape, going think you're updated it you maybe just meaningfully the disciplined billion -- ahead. your you thoughts deal. sounds a

Steven Gardner

and -- It on Yes, think discussions year activities. hopeful the sorry. I M&A. flows, I'm We're every and ebbs

find Again, key the I absolutely move I'm feel forward. disciplined are remain the pricing ever due in enviable making our or need M&A. something we decision transactions, think that we and do the to that analysis, to is ourselves and approach, and an we but disciplined ultimately, diligence pressured structuring to position disciplined materializes, in going our in don't hopeful in

and the for today growth shareholders that we're generating Our returns strong. organic are

Matthew Clark

Thanks. Okay, great.

Operator

Bohlen Please next ahead. go the questioner will today KBW. Jackie with And be

Jacquelynne Bohlen

everyone. morning good Hi,

Steven Gardner

morning Jackie. Good

Jacquelynne Bohlen

annual said if rate was what your of X.XX% The net margin, increases, do the that? to for the kind X.XX% that embedded margin, in have any, you you outlook interest

Ronald Nicolas

that Right December we've hike now, occurred, to all rate Jackie, just considered to is that the respect X.XX%. with X.XX%

Jacquelynne Bohlen

in nothing included so Okay, there? perspective in

Ronald Nicolas

no. No,

Steven Gardner

Correct.

Jacquelynne Bohlen

the the notes of and $XX Great. the you the what cost for quarter And you in the throughout the the you're beginning savings, have into year, scheduled the for that $XX conversion XQ? know see range May. expenses, early timing my on I million. I then How gave to is in of million do looking

the So, kind to expect do next is that two you the those out And over how then still date? come quarters? costs of

Steven Gardner

We part conversion second in with system end expect but occur to the of savings cost into typically the the savings second of quarter May occur the of when realize the for part, majority early that's could is for by cost that we them. and the some half of most the set be and remaining XXXX, There through second quarter. the the pull the

Jacquelynne Bohlen

clean so you pretty run on Okay, a rate? starts XQ off

Steven Gardner

Yes.

Jacquelynne Bohlen

of most come XQ? cost the the of that'll that's is in that XX% out And remaining saves

Steven Gardner

Correct.

Jacquelynne Bohlen

we if items, go $XX expect some year, to were and some that beginning expense XQ million million I taxes anticipated payroll down just as the seasonal the to part and other there, So, fair? would continue invest $XX is people to run you higher to by maybe in of offset that the take infrastructure, costs there's in for understanding the from rate

Steven Gardner

part The reinvesting we million $XX people. fair Ron to. is will second your $XX statement the be part infrastructure that guided and of to we in I'll that address the million the let

Ronald Nicolas

the year, number. Jackie, a million, Sure. $XX pretty think that to solid million of start $XX is course, I of

first we're little indicated, cost Steve a of savings full the Plaza of continue the dribble Steve as the realize the though, the hire, meantime, through savings we going also for quarter. see In won't and we purposes, As throughout year. until quarter. and But third bit rate the all additional may to indicated, run to second in intents

quarter. we going to to that growing we're to we're time all forget, everything's maybe the higher little that of even here, So, even balance pretty that, think million, the expense. much all a at just of third $XX of looking pieces little above closer a and our infrastructure, that begets cross-cancel see net-net-net, may I bit Don't kind operating growing uptick our get we by sheet; moving obviously

Jacquelynne Bohlen

Ron. No, Okay. color. That's great Thanks understood.

Ronald Nicolas

You're welcome.

Operator

the ahead. next Liesch go today be And Sandler questioner with Please will O'Neill. Andrew

Andrew Liesch

guys. Good morning

Steven Gardner

Hi Andy.

Ronald Nicolas

morning. Good

Andrew Liesch

couple of a there size, more selling and last have this hold Just or few your quarters just before bit. With level? with this selling SBA consistent the gains to them. know year that has around for are the a these -- been this of plan any over quite of consistent been thoughts continue pretty typically or a up portfolio's portfolio, them quarters I

Steven Gardner

then -- or three the them to the we we next quarters, hold do inter-quarter. fund for that We some hold into quarter latter Certainly those as that portion Andrew. them is then that the don't continue and it the the two on SBA-guaranteed think the we or piece towards try quarter, service unguaranteed part of -- maximize sheet piece I and to them. Most loans sell that and that of we've that the of the sold. is both had the of typically product balance the we we loan

forward, As deliberative the over thoughtful, has grow far do that's in as to grown for in a the two business, expect our volumes production three improvements manner further Their last it nicely any like to of we XXXX. we and years SBA. true and expect going or

Andrew Liesch

Okay. Thanks.

all covered other questions. my actually You've

step back. So, I'll

Operator

ahead. with our Gary today And will questioner Please next D.A. Tenner be go Davidson.

Gary Tenner

morning. Good

bit that of other it's know than quarter any as the loan wanted I'm as Just XXXX. headwind Is year your not ask first projected follow-up there talked growth? acting through growth loan XXXX any into portfolio in that. you here the on presumed I or that XX% for as Plaza surprised are of I higher you the a to we on the project dynamics runoff little pipelines the guess go range. XX% to about a a question

Steven Gardner

factors level of we I runoff think acquisition typically normal. Yes, quarters Two, the do in law Gary. of couple have, first at see the play, we some of of from it's numbers. any that larger that's a there's number

be billion-plus healthy. going XX%, $X institution, As pretty of think, still are XX% an to we to growth rates

protect keep also good net that and mindful look generate ability in interest deposits moving this to be to going low-cost consideration to -- certainly in or are core to and margin We forward. quality, the give environment

we're we that the institution. seeing, that XX% to XX% rate growth appropriate that So, for think from everything is

Gary Tenner

the the on what deal remind the your to adjusts end Okay. Thanks percentage And of with the us, for book just the of color Steve. prime? loan year, Plaza at can question now you margin, of

Ronald Nicolas

adjusts prime, Roughly around to XX% Gary.

Gary Tenner

very you Thank much.

Ronald Nicolas

You're welcome.

Operator

today Tim ahead. go [Operator with will Partners. Please And Coffey be Instructions] questioner our next FIG

Timothy Coffey

Great. gentlemen. morning Thank you. Good

Steven Gardner

Tim. Good morning

Ronald Nicolas

Hey Tim.

Timothy Coffey

for you Of million out that the many investment? those $XX held during sold loans the of in how came quarter, of loans

Ronald Nicolas

$XX million.

Steven Gardner

we sell. $XX product sale. million. rest SBA the to what we only in and generally that were originate for That's The held consistently the that's have

Timothy Coffey

Okay.

look what's manage of side, additional balance sell the XXXX? in funding to As to be cost happened on you in loans looking you light sheet would the

Steven Gardner

think that option, we Yes, a that's to that have likely case. be an we -- and certainly lever the that will pull would we

Timothy Coffey

And about Okay. course, right? talking we're loans, non-SBA of

Steven Gardner

just although Typically, that generally where is have investor-owned, less grow, the continues as don't multifamily, generally portfolio becoming that pure our CRE, we're typically of we're relationship loans. developing to with a Yes. level with we originating less borrower, transaction-oriented and the relationships less clients

Timothy Coffey

an From growth for were the growth XQ, during the organic of some loan categories what organic perspective, bigger growth? Okay.

Steven Gardner

an million. largest followed a time earnings we the to on over itself. at the commitments, upfront construction -- portfolio million this from table down the the over XX the construction is typically had those largest was then XX component months. on loans those have origination draw was back originations. XX% well, where and of the standpoint, We by loans loan XX% Well, obviously Again, the C&I certainly side are funded to $XXX million But next at $XXX at clients those release do $XXX

Timothy Coffey

think, I Thank a is said, you. Okay. prepayment they fee, it then All estimates, with And different? loan the assume or do XX% you stable growth of, right.

Ronald Nicolas

of so. do, that They both see prepayment amortization or a around as XX% that rate as normal normal they assume we Tim. No, well

Timothy Coffey

from said off, about other And Plaza. either do know you could that high-cost I you any ran you run you have legacy million or $XXX deposits Plaza? Okay. off from

Steven Gardner

it. the really that don't much We in I of more bulk think regard. that comprises that see

Timothy Coffey

Okay.

deposit loan come effectively the to funding, the could growth ratio to the loan going see XXX%? you're we off manage If

Steven Gardner

period we're mean, the a risks higher. materially depending I the trade-offs, around end with return. for time said But of the running quarter. we running the our business, what the it for happens assessing upon a of don't the bit see we're that everything comfortable higher, little of I sometimes at always it XXX%,

Timothy Coffey

Okay. And XXXX, the or acquisition, any potentially those in discussed hiring fee are loan growth? deposit area, particular in on focused

Steven Gardner

We're foremost, That's, that typically for deposit a where high and that's banks looking good business first quality start have and we quality for. franchise. what we're looking

Timothy Coffey

sorry, I I was about talking I'm Okay. [Indiscernible] hires. new

Steven Gardner

I'm sorry.

were Our regularly. process that an recruiting -- ongoing that's company, our that given are of the new hires -- we size

on All of quality and have to our be and regularly. seeking what managers are where talent, opportunity bring to do. exactly recruiting leaders, is that we bankers we expected an to We're upgrade good

Timothy Coffey

my were you. Thank great. Those questions. all Okay,

Operator

next be will James. our today go Worthington Raymond ahead. And questioner with Please Don

Donald Worthington

Thank you. morning. Good

Steven Gardner

Don. Hey

Ronald Nicolas

Hey Don.

Donald Worthington

of Just any a more couple questions in loan of this terms quarter? purchases

Steven Gardner

variables; past, the sheet again, don't purchases prepayment here balance upon flows, depending any in speeds, the the purchasing this the anticipate in But of utilized tool number our That's we like. of manage year. at point, we don't on to a plan we've growth loans. half deposit first a No, and

Donald Worthington

there fourth quarter? Okay. none the in And then were

Steven Gardner

correct. That's

Donald Worthington

term of funding any FHLB did advances liquidity the linked-quarter, And purposes match that you a okay. on short-term then increased Yes, do were for in terms those basis? or

Steven Gardner

the term overnight. and of had are they acquired any generally we of but course, we do No, Most obviously Heritage It's those any have advances, do Oaks excessively advances both And borrowings Plaza, with and match in purposes. predominantly not funding. then, any loan. some sometimes for cases both and don't don't advances they that of liquidity --

Donald Worthington

Thank you. Okay. All right.

Steven Gardner

You're welcome.

Operator

the questions, I to will team further looks so question-and-answer back like conclude question. any the management to would to for closing turn the no there remarks. this be And conference

Steven Gardner

again, And you, Thank morning. William. you, us thank this for joining

a feel If you. would questions, to Ron you be to either please we have myself any or happy call talk and give free additional with

Operator

concluded. now you Thank has presentation. for conference the attending And today's

now You may disconnect.

Pacific Premier Bancorp (PPBI) 30 Jan 182017 Q4 Earnings call transcript