PPBI - Earnings call transcript Q4 2018 | Pacific Premier Bancorp, Inc.

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Operator

Hello, everyone. And welcome to the Pacific Premier Bancorp’s Fourth Quarter 2018 Conference Call. All participants today will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that today’s event is being recorded. turn over to Chairman Steve like CEO. and now the to conference Gardner, I'd ahead. go Please

Steve Gardner

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

a we earnings going fourth walk quarter, and of and through million of generated highest aware, earnings million franchise $XX.X the client with earnings of while our have a $X.X year we projects. to of $X.XX in financial quarter, to the call I’ll quarter As an details, per or note release this Ron performance questions. the some a operating production XXXX. $X.XX quarter fourth example completed expense. productive report Nicolas of simultaneously history. while few generating account Grandpoint, having In items, ended relative our we this and the our the and the share, I’d morning, take Safe conversion open which is of comments, up the systems income the well to a We net On significant all generated look to good the that fourth The review share. also as through as earnings our is team's for per grow then of number basis, going ability statement of value, managing you’re you I'm we’ll we merger-related notable loan included Harbor and the to earlier in released those. a morning, read forward-looking of encourage to all

earnings the our improved were margin than the able was efficiencies strong net driving we interest our acquisitions. levels, sheet by by balance in a growth lower our quarter from realizing maintaining Although, to synergies generate higher and historical fourth

X.XX% on returns. and and tangible we of and on return return to generated an solid deposit Our average margin operating focus improving disciplined of leverage operating us protecting common interest further deliver average the pricing enabled fourth In our our equity loan an through assets operating XX.X%. net on quarter,

further capabilities. team, Grandpoint With the development have of the we our strengthened business addition

During new of million the commitments. quarter, we generated $XXX loan

generate relationships, while and structure. business Our maintaining bankers or not new our quality on compromising pricing continue to credit banking quality

was case, strength loans. was and Notable the of in key our construction originations our typically diversified. million loan million million loan million business, lines occupied including production loans, CRE is commitments, million well-balanced of in and owner in of As $XX the and C&I SBA franchise, $XX $XX $XXX $XX of

in fourth originated year. in the we while million quarter Additionally, Historically, loans. our typically CRE in of terms $XX million quarter is the $XXX the the during and multi-family strongest lowest production investor owned is first loan

case expect We XXXX. be in that here to the

risk included total credit During a of sales balance sheet part the fourth management CRE and multi-family. our various as sold loans loan SBA, investor-owned $XXX The of strategy. million quarter, and we of

Additionally, loans had we past sold acquired and portfolios that we some higher risk our acquisitions. from

would loan our the the growth approximately XX%. in loan Excluding have quarter annualized been sales,

prepayment to loan impacted overall addition sales, growth. loan higher the In activity our

bank. the our of move certain Some actions driven of out was to by which credits

and Our credit loan in to quality multipronged highest the overall the allows retain management metrics our portfolio. see relationships is approach risk in we to us credit reflected

will but allowed erode. of capabilities around point level in that sophistication have manage many some management. even benign the we environment been inevitable industry quality credit of that fundamentals. to years, a At we The it have credit the risk how we future, While change for not foundation to has unchanged, our stronger led asset in and portfolio our expertise in is remains

in the from such environment. credit us our allow expect opportunities an culture will arise We benefit to that

price needs, and discuss approached raise to This prior our X quarter, to help their to appropriate. top controlling treasury basis enabled our client to base basis market other on commercial the our and that do point and segments. large clients banking relationship will is coming foundation extent, In competitive business in a quarters, results market allowed competition less intense bidding on and of our cash deposits anticipate short-term avoid a relationships to that rates. than of quarter and rates. given of focus that cost proactively interest the our us rise to in XXXX, trends, of focus a a manage we deposit management funds points. when dynamics limit competitive We the sensitive fourth rising XX The the increased model, deposit interest Throughout pricing cost increasing impact our us the at selectively from deposit these the Looking costs cost the process. of

model business some see allow of our pressures, clients as these as mitigate trusted to pricing expect we advisors. However, will bankers their us our

mentioned I generating strategies efficiencies. enhanced of As growth is earlier, our key one for earnings

areas to synergies addition the redundancies of offices during such consolidation three fourth the other from quarter. Grandpoint realizing In acquisition, of eliminated Company the projected the that in the we as also branch we

to efficiency a ultimately XX%. result, bottom more able resulted ratio to which were As to we the improvement revenue manage in drive and our expenses line, better in our

effectively have we be the year. to to manage our out continue XXXX, branches of first seek will consolidated opportunities slated two in Additionally, expenses we the and quarter to throughout

Turning to XXXX.

our capitalizing driving of period extraordinary made and we standpoint, further earnings of growth. be our on will completed investments an From the growth expansion focus through commercial an client operating continued in infrastructure. have the base leverage just near-term Our

have acquisitions two years, through in growth. we tripled Over the past size organic and nearly

and that surpassed $XX in required time which we threshold, period, During billion the personnel asset investment significant infrastructure.

we the we expanding the achieved strengthening simultaneously and that so acquisitions, while of organization’s have capabilities. each savings we did While projected our cost for

and grow middle well-positioned Company by adding throughout markets. to market small As high-quality we the such, are businesses our

and value. high the of we franchise a a while acquisitive shareholder drive Our at management has to organic execute team And growth proven to track those strategies on strategies record that operating continue value institution level. through expect creating

along to current announce a that pleased XX%, are at of management, returns initiation dividend an which will price, cash strong effective attractive The provides initial targeted stock dividend. earnings of payout the and an with produces, ratio our capital the commitment quarterly Given yield. we our have to model growth our

for of call the shareholders coupled culture, simultaneously managing generated strong amount bit from to the to acquisitive a being flexibility business, with to detail to the fourth Given return provide our we our the to to more capital approach going to our have results. management our are value create organic additional little well-positioned we risk on that, turn disciplined significant supporting capital while Through shareholders. operations, the growth. Ron I'm quarter With over our and

Ron Nicolas

good and morning, Thanks, Steve, everyone.

the the quarter, I past, items be the in primarily linked on some comparison. of more As significant reviewing will the focusing in quarter

and reported $X.XX of in compared per income highlighted release, As share, earnings third of $XX.X in XXXX. or million we diluted the the with quarter our share income quarter million for net $XX.X $X.XX diluted of earned per net

earned lower -related merger interest per an the increase of expense. operating the prior we costs, was the higher Excluding $X.XX income share, net from $X.XX Highlighting and diluted quarter quarter.

well grow Our excluding the the costs, prior higher and Company $XXX.X closer interest as Taking $XXX.X prior in in the saw million accretion $X.X million as compared overall to merger-related balances, to look total savings the statement. came with revenue increased at cost operating income. income rates $XX.X $XX.X net a at for staffing. million expense, from realized as the quarter, Total from due million quarter the Company income acquisition loan in the quarter, million, the lower with as Grandpoint compared

the X.XX% X.XX% Our prior and net quarter, with compared million quarter, net from interest interest increase was margin increased for our quarter the income in from driving $X.X to the quarter. $XXX.X income prior million loan million, of prepayments Accretion $X.X the increase. in million with prior $X.X the

X.XX%, with accretion margin X.XX% in expanded income, net to Excluding impact compared quarter. the core the of interest our prior

Company expand the and core $XXX average benefited million in the quarter. addition, loan in higher X In yields basis through loan saw balances points

increased Steve retail point costs. to our basis As wholesale as overall of increased and certificate cost balances deposits points offsetting on bearing million, $XXX XX basis higher higher of non-interest average deposit deposit mentioned, X

XX in borrowing of of interest hike. Importantly, total Federal favorable of basis non-maturity costs flat in terms loan the partially a short-term Reserve’s Higher September increased, quarter points. impact as rate prior result deposits the repricing offsetting costs to at the were

in and to expect the basis to range We to our points first interest net accretion XXXX, margin to core X.XX% of expect for quarter to margin. of interest the X.XX% remain our contribute XX net approximately X

commitments. historical Company the two loss approximately of recorded will increase, credit allowance by Additionally, income The have million which with higher quarter. provision the a $X.X less contributed offset to in $X.X the loans a growth in fourth quarter first will calendar quarter the than loan falling acquired million Higher $X.X taken and and as a were Loan quarter million continued this quarter, overall for XXXX. result We organic interest with and of days losses partially negatively percentage investment our credit range the to the to million. the compared largely provision million a acquisition. security a for Non-interest to quarter, with losses $X.X first X.X the closing quarter million lower third be of the down gains prior of the quarter. the in sale from in prior anticipate income in gains $X.X sale quarter unfunded million of the $X $X.X million migrating prior to of net Grandpoint rate the the by compared required reserved was $X for for impact

we sold we $X.X of normal activities. million, the recurring $X.X the million sold gain achieving $X.X to $XX.X upon gain of in With be lower million based million SBA quarter, loans, sale SBA in revenue, of for gain with non-interest and business During to compared quarter. a the million income range $XX.X a million of on $X.X our expect prior

Grandpoint total, $XX.X costs, savings Our merger-related resulted from million well to our and $XX.X The run personnel Staffing lower We compared incentive reductions. taxes, be taxes, and of levels $XX benefits, to most not in the increases prior Grandpoint the for lower to significant benefits employee non-interest resulting XXth. acquisition. we came quarter as finished X,XXX significant first employees in of as quarterly XXX payroll the wherein at additional compared expect million in anticipate million, merger-related incentives. X,XXX in cost for related from reduction the down our in as well. with in do anticipate fourth the as as further September came costs, million staff quarter $XX at personnel costs, with costs The quarter. in any Company range costs excluding higher expense the expense, We rate benefitted

fourth at Our tax quarter third the compared XX.X% came for quarter. rate in with XX.X%

a million. You quarter filing tax recall, benefit third included true-up onetime our of will $X.X

first XX% year. the our rate approximately quarter expect full and tax approximately in the to be to combined We XX% XX% for effective

quarter. third sheet investment, Total the held balance net a of highlights. billion, our to loans million $X.X now $XX for Turning at finished increase from

we loan the new $XXX $XXX prior quarter. in million For originated million compared quarter, the in with commitments

Our quarter, loan and new for sales average $XXX higher predominantly $XXX prepayments of of prior toward loan occurred weighted quarter. balances fourth the origination which occurred saw of half quarter average million quarter. Bank the the the the compared with the commitment higher in million in quarter, in as for was X.XX% of the December, rate significantly Despite loan end X.XX%

million portfolio to of portfolio yield of overall represented million $XX XX% to first of $X.X $X.X billion and non-interest bearing in the of at consistent deposits. Our Total be We deposits current yield at the investment with quarter growth at in of investment the finished increasing end quarter finished the the Non-maturity average billion, $X.X deposits an increase XX% total third anticipate or deposits. deposits quarter. to modest the billion, total with X.X%. the blended $XX a the quarter compared

marginal quarter, cost the more to whose relative attractive funding. Company select short-term became added opportunistically During brokered costly the wholesale more CDs,

XXX%, to quarter As our prior deposit a at XXX%. the quarter finished result, of down the from loan ratio

and shareholders’ Our fully with we under quarter just equity quarter the ended XX.X shares diluted at outstanding. million billion $X total finished

Our to increased share $XX.XX, at book per XX% tangible XXst value December an increased to XX, compared December XXXX.

prior in Lastly, our XX.XX%, to TCE increased compared the quarter. to X.XX% ratio

share new quarterly a did any Company to not program. addition of dividend, the repurchase during quarter under the shares repurchase initiation its In the

at quality. taking asset Finally, look a

million, $X.X of from increase Our quarter allowance prior the ended to at loss an $XX.X loan the quarter. million

higher Our quarter for million allowance, point $X.X $XXX,XXX percentage loans a total migrating increase. to and the loan basis the for for Net loss loan provision year. to quarter of the with the contributing both were and full acquired was charge-offs X the organic growth

held With loans accounting to with puts for ratio the we allowance to $XX that, loan our fair at ratio loans our with for answer may at a total call have. total X.XX%. please We Our questions prior the value This up combined Operator, the ended currently approximately quarter coverage million. questions. quarter. loss have of of XX% open X.XX% compared investment any of coverage portfolio X.XX% in under would discount total be happy you

Operator

session. like Inc. We'll with Please looks Instructions] will now Stafford go It Stephens, Tyler question [Operator the from ahead. question-and-answer begin today's be first

Tyler Stafford

the Hi. buyback? guys to maybe, active Ron, the Would I on just quarter, And dividend did initiate thinking you buyback start the on you off to expect are commentary. be wanted you just left considering you about that? this where how

Steve Gardner

to returning firmly in Tyler, I'm this it time, going dividend that can point as about same approved add an opportunistic capital is think the right go. shareholders maturation way in here at it here believe in to we Company's that well, then We to we if the the utilize fashion. through At jump and the the would like. The something he'd Ron stock buyback. Board

we point more itself. the future. I see additional utilize -- again, will that firepower at presents when have the in that being as and may We But, some time it opportunistic

Tyler Stafford

it, understood. Got

just on expense Does $XX clear, be million Maybe that million. the Okay. guide expense? include CDI to or the the amortization $XX exclude Ron, for to year,

Ron Nicolas

CDI. includes the includes, It

Tyler Stafford

Okay, perfect.

Steve Gardner

not that's just Tyler full-year QX guidance. And guidance, it’s

Tyler Stafford

And the all Steve. Yes, guidance you normal appreciate just I then, guys gave. got it. lastly,

sheet mean, seeing what in can you Thanks. and the I Just just you're comments the market? from standpoint how share are demand balance about you thinking growth about loan for any year?

Steve Gardner

is pretty I well. lowest the that the $XXX historically that case the in my Sure. Obviously, quarter here production originated we we be remarks the good in our we as saw given quarter, expect earlier, demand, quarter. amount And this first prepared and year fourth as to mentioned million

be As ability our generate grow our regulator to we've also ability low-cost is past, said in balance on the sheet. to to the going core the deposits

calls that disciplined And is year, in forecast to think our at growth approach the in help sales so, deposits. will business allow We But, model, from to sources, this our environment, out very be. to rates sales pursuing continue competition obviously it's to continue as difficult we and And we'll referral deposit intense. the loan side, to grow look our will what to manage those loan growth. us utilize

Operator

Jaffray. Clark Piper Please question from today be will ahead. Matthew Next with go

Matthew Clark

that and then commentary, a we more? loans Hey, loan good to down to to morning. Steve, that you until you mean, growth loan loan I -- growth XXX% to just growth we assume on the net should fund going deposit loan sell assume the continue might you're ratio. get there might back to can start XXX%, up from pick

Steve Gardner

somewhere business relationships We And we're running in generate Again, the years. couple that and It can We've could it's deposits. want ratio. to on. additional disciplined XXX% base good core of of been with and I'd deposit the loan be. the at bring be fast the the we dependent environment in past. neighborhood to last then, to deposits lastly, certainly in to our and comfortable evolved XXX% that client model the low-cost say how able has changed clip pretty upon we a over

Matthew Clark

excluding numbers? and this I XX% you grow you more your the are growth quarter, even sales, law deal of than closing high loan at to the then, maybe single quarter that large or in ago ability a were loan on say two was mean, Grandpoint the optimistic when pace digits And

Steve Gardner

changed. core asset has or it's No, viewpoint deposits Again, optimistic generate our think side. pessimistic. I'm don't I'm not. more the I not ability to low-cost the us, for on

good of a deposit that’s completely loans. It’s to offsetting managing a We and don't balances. And just the ability have loans come those history part long generate business. quality with

Matthew Clark

how in And Ron, so, if then, FHLB special there income? Okay. March? dividend interest And was

Ron Nicolas

was there during of special, hundred a a off top dollar head, thousand quarter. I my the think few it do the I was recall

Matthew Clark

Okay. outlook. And maybe efficiency on then, Steve, ratio the

on amortization, I adjusted you midyear think, last second maybe that stand ratio, been where us -- efficiency you think sub-XX% remind the quarter, if you Could had second CDI you front? a targeting the or by just exclude by I quarter.

Steve Gardner

we efficiency the ratio, in XX% were QX. Well, at

time, see get economy quarters. we'll this then, this certainly can rate given next the in over the interest it And how regulatory to think we over mid-XX% the range, evolves down environment, several environment. I given somewhere

Matthew Clark

M&A, Great. of just terms to perspective? just seeing what then, and you be on opportunities geographic if could in speak from a And might size you

Steve Gardner

Sure.

to they actively hopeful I'm Obviously, their that good as pick either up. quarter, to with. us. of markets here to with sort number reach rethink fit gave well think an partner continue we and January, the conversations would out who in We as want and Certainly, in organizations fourth a will the folks through equity that we’ve pause to expectations other as the moved those be volatility think, opportunity I of might during earnings a pricing

Operator

will today Please Davidson. D.A. from ahead. Gary be question Next go with Tenner

Gary Tenner

One, was fluctuations? questions. just two occupied loan bit one bit. of in opportunities So, was owner up seeing down of more or you swings normal Is segments, a quarter Are pricing making quite right or the anything in couple production a noticed in just that the terms attractive that's CRE less and quite now?

Steve Gardner

No.

the $XX have funded. it the in did million one for neighborhood that strongest occupied we On one non-owner loan large ahead of deposit clients, of went our CRE,

investor So, the that CRE. skewed owned

see it’s at On that the categories, various other times. fluctuations just we

Gary Tenner

backdrop how the And read as about around economic on and you ‘XX? Thank about the overall between quality, asset you’re loss guys correctly, thinking have think your just loan if comments right? if factors read Okay. on some may we secondly, I regarding the methodology, from And so, eased I did it then, some Ron, that qualitative of lines sounded you. the commentary through like of

Ron Nicolas

of loss rate historical did a No, continues clearer. need to maybe -- Gary, I not be down float The course. little you to

asset years. of know, had number stellar the a quality you Company’s As for

particular of of quantitative What loans that bit we allowance. a quarter you our through one little more bank primary acquired acquisitions than down saw drives some was piece the drivers this norm the that's discounts the the migrate allowance of in had So, of our the the or start for to accrete allowance and that has they Plaza will, you -- and in we increase, HOB those that the start to if to migration. the inclusion and that into --

what's So, right that's for quarter. now the on going

Steve Gardner

quantitative No, factor. other qualitative the in material or change

Ron Nicolas

expected that's allowance. to again accrete in, discounts to then those be the And migrate those loans as

Operator

Next question ahead. Please go will from with Bohlen KBW. be Jackie

Jackie Bohlen

integrated July. and the fully is I wondered the are touch that for Grandpoint if in expectations we just Durban now could is what base franchise your completed conversion on

Steve Gardner

like run you. numbers have back those interchange we get far we fees, we’ll low out Jackie, relatively to As fees, of those and a and income as broke statement. in the to Again, interchange level

isn't going to a it on us. have material impact So,

Jackie Bohlen

in quarter And the Okay. and just some versus come this guidance. of savings then, forward and looking the came of earlier savings those expenses a terms Did anticipated? in in and cost where at guidance than little

Steve Gardner

conversion know mid don't they that We in in late the I did earlier. to came October.

folks to might later. see those stayed regularly or same an the of to and be do organization do, two the opportunities opportunity And time week Some looked additional make for where savings. at and took we there we assessment the cost on entire a of as for

Jackie Bohlen

Okay.

a the So, of it rate? in savings cost like that XQ, maybe just run of quarter on into full but we thought run flow XQ, sounds most rate little a bit a achieved

Steve Gardner

That’s correct.

You’ll not see more incrementally but significant.

compensation, the and alluded are taxes. that QX Ron some the in around to that in higher benefit guidance, giving them like things As drive costs happen expense there

Jackie Bohlen

the now the Thank quarter? you. of acquired portfolio the might there in first -- trimming or second some finished last more one in Are be you And or one. that then, just

Steve Gardner

No.

quality quiver, arrow lines our isn't businesses that we're strong. At this an but in at fairly at around loan always the we're as way we all of that seeing number anything to risks any see that seeing. in I been the credit organization. cash utilized that we point completed. that same that most And face of and a as our The manage think have trends there of continue sales we to of flow, have time, is

Operator

Please Sandler Liesch O'Neill. Next ahead. question be will with from Andrew go

Andrew Liesch

in were Hey, sales, single-family quarter. concentrated? the like guys. Was that Question the this it multi-family where the portfolios loan looks sales loan declined on the and

Steve Gardner

a single-family, little we think multi, were bit we of sold concentrated sold little I CRE, some some a we but sold we sold other.

they acquired consumer a as bit think from Grandpoint, little as we had were well. from that designated I Plaza

Andrew Liesch

came I earlier new mean, been the for yield that you consider of loans. what were mean what think have it on on Okay. those looks like XXX might referenced the kind what I just these higher these curious like production. I been versus might the -- as you that have -- risk But, year

just So, in anything the a here quarter? yielding loan of get loans was higher it sense shift towards to -- portfolio like this what trying

Steve Gardner

No. I there higher shift yielding. don't think is in any

high either. businesses. non-core our or wasn't good stuff were also manage risk. to performing, we just again balance amount reason In fact, yielding strong was sold some that of the those. of but were it sales large -- and And the was it of of pretty the of types CRE. chunk is some a And the multi-family sold reflective A around they And we sheet growth loans

Andrew Liesch

Okay.

other my you. all covered Thank You step I'll back. questions.

Operator

with Next Coffey Partners. ahead. will go be from Please Tim question FIG

Tim Coffey

Thank at a more Good a and and couple gentlemen, -- signaling thank said relation the my expenses. about questions. looks Are to I for in for pause you assessing then, taking break your closures that you're planned you quarter. branch the It were got Steve, that or like look think you I a think opportunities? this you’re future branch still you And of closures. taking you've taking you. morning, commentary

Steve Gardner

an you Do mean from standpoint? acquisition

Tim Coffey

No, your branch structure? existing

Steve Gardner

We're regularly. part existing It's branch looking process. No. at our the structure of

savings And we’ve be we first two branches there opportunities we'll quarter. as see them slated here assessing manifests the in we after our to the pick where we consolidated, could branches management incremental think the that that can slated as to cost we And consolidate three that conversion. did we're system the through we as well. of various part conversion, of other year, and and some And up in move do our be locations, had ongoing With consolidate and branches. the itself

Tim Coffey

Did And include then, Ron, for guidance non-interest the that SBA loan Thanks sales? great. income. on the exclude that for or clarification. Okay,

Ron Nicolas

sales. That included SBA the loan

Tim Coffey

kind great. question the What general what impact Okay, that? be XQ, it's think then, a of on did SBA a And perhaps XQ shutdown have sale loan business. going in would government Do have you just to numbers, on your backlog? the

Steve Gardner

loans of second the if you will. half Unlikely. the in quarter, sell We typically

government So, had our impact or the no shutdown sales. on originations SBA

very those math loans yielding own retaining to for, on becomes would little assuming or like So, make bit as have in the the make books retain sense that past sell we're those premiums come intriguing to loans are reassessing the data At compression the Certainly, we government assuming it them. the does open, in open more it's sense in those it loans. government the is line the stays February, loans, stays can a the given we because whenever figure sell whatever more loans. next sand, up in regularly we premiums time, they usual to our same selling more business the compressed, attractive gains as of

the move we as quarter. see we'll So, through

Tim Coffey

Okay. not ready the at you're But production, where are kind of to up right? you point hold yet

Steve Gardner

we'll to gains sell them make sense, income, interest those see see. hold it's they guide makes now out. the and of whether or that the We're where just and level us. We'll going let We'll And that finalize. decision most economic loans or where hold higher whatever to get the to --

Tim Coffey

dividend or like a more you are planning be basis basis? Okay. That’s fair. is manage Board dividend -- annual an that would it to quarterly a the in of planning of And forward, extended then, on going period the terms managing

Steve Gardner

to, at regularly quarterly Board management on capital and The would -- a is basis. looks going

time reassessing to we we evolves the special we'd at paying of as But, And a dynamics a be dividend market we’ll in dividend; As economy same the capital one-time though the dividend. said is within entity. expect and making this not levels, Company that and are regular as a the regular risks our change, our it’s regularly dividend initiating the institution be positioned quarterly initiation minds the determination. as

Tim Coffey

Right.

questions. were very you thank my Well, right. All much. Those Okay.

Operator

question instructions] James. Please [Operator Next Raymond Worthington go Don be from will with ahead.

Don Worthington

Good morning you. Steve Thank and Ron.

Steve Gardner

morning. Good

Don Worthington

the Just again likes some look couple segment. activity franchise pretty had questions on It a of book. the loan in good you

to as getting Just curious what there? pricing you're for currently

Steve Gardner

range. in mid-X% It's

Don Worthington

then, construction more quarter. And made in quarter, you than loans, Okay. the last some

Just is doing, of loan? curious, the type the always end construction I typically single-family type you've same the which higher lending guess that is been -- of

Steve Gardner

that but that there commercial Grandpoint came yes, are of the Generally, some with. expertise loans some

So, loans. generally there speaking, commercial similar But a it's type. construction a product few were

Don Worthington

I Okay. last staffed that you’re for fully you, activities, the compliance guess, now in my are And guess, question, I billion? up $XX opinion your over

Steve Gardner

Yes.

Don Worthington

all Okay, Thank right. you.

Steve Gardner

Sure.

Operator

no queue, question-and-answer the turn over for this to conclude I’d the Mr. session. today's like questions closing With back to other in will Gardner conference any remarks.

Steve Gardner

Thank and you, this for all joining thank us morning. you Brian,

to If be and or you. a any have myself free we'd you additional questions, call, chat happy feel Ron to with give

Operator

this may now disconnect. The you. conference time, thank is now At presentation. concluded. We do want to Thank everyone for today's attending you

Pacific Premier Bancorp (PPBI) 29 Jan 192018 Q4 Earnings call transcript