First Republic Bank (FRCB) 13 Apr 222022 Q1 Earnings call transcript

Company Profile

Participants

Michael Ioanilli	Vice President and Director, Investor Relations
James Herbert	Founder and Executive Chairman
Michael Roffler	Chief Executive Officer and President
Michael Selfridge	Senior Executive Vice President and Chief Banking Officer
Robert Thornton	Executive Vice President and President, Private Wealth Management
Olga Tsokova	Executive Vice President, Chief Financial Officer (Acting) and Chief Accounting Officer
Steven Alexopoulos	JP Morgan
Manan Gosalia	Morgan Stanley
Casey Haire	Jefferies
Erika Najarian	UBS
John Pancari	Evercore
David Rochester	Compass Point
Ebrahim Poonawala	Bank of America
Andrew Liesch	Piper Sandler
Bill Carcache	Wolfe Research
Terry McEvoy	Stephens
Jared Shaw	Wells Fargo
Christopher O'Connell	KBW
David Chiaverini	Wedbush
Timothy Coffey	Janney Montgomery Scott

Call transcript

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Operator

Greetings, and welcome to First Republic Bank’s First Quarter 2022 Earnings Conference Call. Today’s conference is being recorded.

During today’s call, the lines will be in a listen-only mode.

Following the presentation, the conference will be opened for question. [Operator Instructions] I would now like to turn the call over to Mike Ioanilli, Vice President and Director of Investor Relations. ahead. go Please

Michael Ioanilli

welcome conference and Republic first Bank’s Thank to XXXX call. quarter you First

will Founder Officer. Banking Speaking Mike Jim and Management; be today Herbert, Accounting Chief and President Private Officer Mike Olga Thornton, Tsokova, Roffler, Chief and President; Selfridge, Bob Chief Financial Officer; Acting of Wealth CEO Chairman; Executive

subject may statements during today’s Before I to over forward-looking call uncertainties Jim, please assumptions. that make are to hand the note risks, and that we call

risks and forward-looking a that complete Bank’s over more on of the website. now, differ X-K any For actual the cause from FDIC Form And call to to available I’d statements uncertainties Jim results today, the discussion could the all like Herbert. filed Bank’s the filings, to materially including see turn

James Herbert

Good everyone. few to the to make Mike. before turn you, like morning this a I I'd team. over comments introductory Thank

joined of importantly, has and This role with Republic geopolitical appointment been service culture the decade uniquely buyback steady of bank. Let as role range beyond Roffler culture have as a and a Most me XX largest delivered profitable the model clients that our leadership embodies of wide including what start Board through Mike First engaging of Chief of on Mike ensures client of Financial makes our our Mike the previous steadfast they more by while growth service-based our Republic to mindset. safety has his focus the empowerment very economic my experience and Officer. truly consistently forward pleased colleagues, far service. carry and and saying, appointed First and have In as business the Board, team contributions strategy, our strong management rest Mike differentiated leadership Executive dedication very years focusing His Chairman, prior corporate to team am as us on growth and than Directors felt supporting the our and Mike our the continuity leading successful, model. I our CEO. very stability, shareholders, this and environments. ago, look extraordinary deep understanding the results to I new for the of forward. a model

As results, see continues you business continuity very our to good and can terrific results. deliver consistent, from today's earnings the culture of

Now, let to call the me turn over Mike.

Michael Roffler

honor as Thank an and you Republic's Jim. serve First very much, It CEO. is to privilege

with Directors, us, success colleagues many the have front partnering our opportunities Board the look to team, in We and leadership of First forward Republic. growth Jim, of our of and and I continue to

results. this Now me quarter's turn let to

deposits As mentioned, all first Jim wealth was management board. from were the last and significantly year. terrific quarter across it a Loans, up assets

it the will was hallmark this the time, X points remained our origin of be founding, and of nations, credit forward. ever. during quarter Exceptionally terms recoveries at loan since were has At and only strong. credit very continue quality Republic In we same basis best had strong our going net actually Non-performing been to First quarter. a quarter-end, assets

grown tangible dividend stability and raise loans our of outlook. were Year-over-year, and indicative have our consecutive year. positive of to and total for dividend XX% XX.X%. quarterly wealth is consistency pleased up are We The Year-over-year, growth our strength deposits income Total strong the book continued have management our XXth outstanding per in XX%. performance. Net led has while net revenues to up up turn is increased XX%. strong total financial income more And than assets value was grown were up XX%. XX%. share This interest XX%,

up XX%. was Importantly, our Tier X capital

XXXX of billion our we net recall, in new of in you capital anticipation growth. As $X.X added

Strategically enhancing the our and client technology scalability driving enabling enterprise In also digital quarter, successfully of for customization conversion, largest Bank's system our innovation, the further bankers completed core the project we addition the wealth the new core history. during banking entire and lays by performance professionals, to support security. this continued in in strong foundation financial and our growth the of

the as colleagues we infrastructure, strengthens to system all the continue was core to our I done. that job highly Republic. nature team The regulatory a very of and effort to true important, First collaborative As of points operational conversion grow. well thank a our want for

and effort empower While continue to technology our serve invest us, behind we this our is major in to colleagues. clients

we an measure quarter, the Promoter Net satisfaction. released our of XXXX independent also NPS, Score, During or client

ever, points XX. We industry are higher level than our very to the pleased that highest NPS U.S. increased six significantly XX, by banking of and our overall average

high consistently every every every generation of scores of increased region, clients. and line across Our business

with clients are. the more they satisfied do the Additionally, us, more

who bank our their consider nearly bank, us clients increase XX, lead NPS Quite the primary now to level clients or For highest two-thirds our consider bank. us lead importantly, of ever. their

the -- the investment the centric Our our of of years. It It a even strengths the client more is to recent the effectiveness the conditions. demonstrates client clear in challenging under team strength improved more testament the environment, NPS dedication is during technology model our our of is the of challenging our and valued. pandemic service that

ahead the First look we remains rising As rate to Republic environment, well-positioned.

for service not continues eight a our and is Overall, strong, is sheet was service to cyclical. Demand model client balance it quarter. Our thrive.

Mike to Banking Now Selfridge, Officer. over call I'll the turn Chief

Michael Selfridge

Mike. you, Thank

also year. our in is quarter activity our second lending was is billion, the quarter the This time to This ever. volume strength volume the robust update Single our the the on Let was strong total a billion. also the to pipeline, highest nearly begin $XX.X Loan at during of for the highlights family lending. very Single significantly very markets volume accounted higher loan at same clients. quarter. for residential volume an record quarter further year. It's our our volume Multifamily during with strong second reflected which and for compared been quarter our $X.X a of very first start $X.X quarter billion, was half ever. origination last me family strong highest

continue to for expect teens loan mid growth year of the XXXX. full We

In to standards. writing terms maintain continue we of our credit, conservative

the originated was all during Our value estate real XX%. quarter average loan ratio just loans for

business banking. to excluding year-over-year. quarter. Business line PPP very XX% a successful loans, loans commitments, Turning was were and up It

the capital higher slightly at rate call of of XX%. the quarter, historical end decreased This on the remains range. During utilization to lines the credit utilization

Now let me it quarter another very turn successful growth. up was of were year-over-year. and to XX.X% from funding. Deposits Overall, year-end deposit X.X%

total a funding led cost of deposits We at XX% Checking just of all prior deposits diversified overall points continue basis deposit to funding average on X quarter-end. The paid business for point to an just points, the with deposits deposits at was quarter This last deposits basis the XX% rate one And represented maintain the of XX total basis in represented down base. quarter. line quarter. from quarter-end.

Our growing be and to of continues very of strategy next-generation client the relationships, acquiring ago, effective. decade began which a over

credit more households consumer Clients acquired two personal line of than in were through represent professional households. XX borrowing XX% First X,XXX deposits. the of one-third through note I our households last acquired fully year-over-year programs example, who self-funded now these our with came these up are to would total months. For we've programs Republic and and than loan such more programs

also relationship relationship managers. internally We've grown. over managers. has quarter make up to of all now trained next-generation managers continued These base one client next-generation develop Our the of relationship

stable performing drive our well and organic to model and our is As quite growth. Mike safe, mentioned, continues

call President Bob over Wealth Now, turn I'd to to like Thornton, Management. the Private

Robert Thornton

Thank you, Mike.

Our to XX%. Year-over-year market very assets wealth perform well under management grew business continues despite management volatility.

During of the first quarter, $X.X record billion. had our flow -- a business inflow management investment net client

was management. the X% approach due to our our modest benefits overall year-over-year. planning, fluctuation. financial clients fee in quarter also revenue AUM trust, million, with focused $XXX fee that serving market less clients We management Wealth during very comprehensive brokerage, first exchange decreased subject while quarter services This a with the and foreign remain revenue Our on market XX% depreciation. up to services insurance, to addition are our for investment diversifying

We deposits. represent also management increase needs. meeting clients source banking focus from now with our year-over-year, to wealth their deepening and management XX% on by of wealth XX% Deposit colleagues total bank continue relationships our

to model continued teams we've start the and to First very banking attractive Since three wealth a First management perform of volatility. acquire to new very to households. new Times business opportunity are destination manager wealth service an integrated our Our broader well the great market like make the for these welcomed continues despite management Republic. has demonstrate successful professionals. and Overall, wealth our wealth Republic year, exceptional

turn like Now, Officer. over to the Chief I'd Acting Olga Tsokova, Financial call to

Olga Tsokova

we a liquidity, Thank a consistent operate in sound manner. safe credit focus continue loan on Bob. to you, capital With and

Our excellent. remains credit quality

we As of quarter mentioned, net during had first approximately $XXX,XXX. Mike recoveries the

track for loan mix. discipline modest This was well and as portfolio our quarter provision losses million. for provision underwriting our reflects credit the $XX as record, excellent Our

successful net At $X.X total This Tier strong. the was XX% very quarter. remains XXXX, raises capital reflects quarter-end, totaling quality in for also basis. from Liquidity remains benefits assets High capital Our leverage of a on the ratio average were position liquid strong. assets five very X first X.X%. our billion

net the line with our for in first guidance. was quarter, Our margin interest X.XX%

We margin in of continue to expect XXXX. the to full for be X.XX% range our interest net to X.XX% the year

growth This income the is interest XX% interest net strong assets robust and net was a to in Importantly, margin. stable very due a year-over-year. up earning

first ratio the efficiency quarter. for Our was XX%

We to continue invest in maintain ratio the we efficiency as to stable a are business. pleased

to ratio efficiency the range XX% to XX% year to full expect the the continue We in be XXXX. for of

was rate off effective very back the XX% for And strong turn of vesting year the is We is the the XX.X% be the I'll from to Roffler. Mike over the of This slight tax range first tax quarter. to increase a based in XXXX our the benefit expect for Our tax rate XX%. to of a effective awards. call full start, the to now now, year Overall, due reduced reflecting stock model. consistency to

Michael Roffler

Jim, to you, a Mike, and great Bob had start We've the Olga. Thank year.

foundation importantly been extraordinary credit, XX conservative First has client of This empowerment, grounded and business capital model For in over colleague most years liquidity, remains an level unchanged. service. and Republic's strong

each model day. and ever on Our and entire strong is focused remains our every executing team as as

to questions. we'd Now, take happy your be

Operator

Morgan. Alexopoulos question Instructions] Thank Our you. [Operator first with from comes Steven JP

Steven Alexopoulos

good Hey, morning everyone.

Michael Roffler

Good morning.

Steven Alexopoulos

-- morning, Mike morning loan on -- growth. start to Wanted

a best the saw was don't a unpack guys color could And headwind know rush be Give that regarding at saw many loan if I bit? to how be of will the likely originations ever. more much there the rise, and on you as growth teens So, happened for first quarter, outlook what mid why maybe originations quarter us years of that there. you to refi risk. the a time for record we or could some rates then

Michael Selfridge

for It's Yeah. Yeah. question. Steve. Selfridge. Thanks the Mike Hey,

But of the the activity limited differentiated the bit I call Just of lot going refi rise a in Refi bit normal, it quite the would the XX%. to mix you the is given be would of was purchase. it your consistently rates. second question, a Good where little was overall strong The forward steady, what say I than I line growth. market was us quarter and little but in particularly And significant is model higher in purchase solid service Yes, that'll unpack very very a drove family. think know in despite we rates, a strong. market to on little excel, headwind was say a refi. bit capital pull strong. about into inventory. backlog the Rising for refi, Maybe single

Looking back total well. dropped origination think of volume. never family below We pretty that'll our hold XX% historically, has refi single

Steven Alexopoulos

Okay.

year still … in teens. with the for even confident rising So, the rates, mid Outlook

Michael Selfridge

Confident XXXX. in the teens mid for

Michael Roffler

on, add just might I And Steve. Yeah.

being really If been comes back with pretty Mike loan to risen, every the last Selfridge you much to clients in acquiring a started the the their even a and go we're there of rates XX% day. new to there challenge economy, of serving market needs. in to or we've bit growth, it of XX% of the of sort back for clients, in where times model have a when households cycles -- service Because and bit couple challenge serve

so resonates see. deepening this sort you expansion And that and and of continued relationships to that of the leads

Steven Alexopoulos

might moved up helpful. on loan then, that as bit, is, you mortgage is, not loan original to a yields. That's see rates the much benefit Okay. yields, view And

outlook you rates to you thought what think NIM spreads up? yields for the you can maintained, as compressed. here expecting through being within what you're loan I mortgage seeing you walk drift might see Maybe continue are real-time us and --

Michael Selfridge

-- maybe Business XX XX X%, banking end back the on it's and is of segment. depends we situation. a I call origination bps, trending multifamily of originating about the just there. on real Steve, about about over segment So, the commercial and depending quarter, were family the It's bit estate at the the heels single Capital volume, would largest But upward. X.XX%; strong X.XX%. XX on little prime to probably minus say about X.XX%

Michael Roffler

Yeah.

And bit, that's competitive. starting I point is. think the quarter, getting the Steve, key you're very little competition think highly in a that I

in -- still Mike sort You we've of of didn't quarter. you climbing see even started and parts a week drift see lot And to the And of a that's as from repricing got the here. Selfridge of last early even bit up. sort quoting rates just little later, it's

Steven Alexopoulos

what last time to I outlook And for gave the Okay. guess I'm this trying year. NIM understand the for you

On said lower are the the push prior yields range, bit or the we lower the upper up? sounds could you end loan going call, don't of like thinking I get to better range. know, here. given you of end a maybe still Are to it

Michael Selfridge

think probably see business where range we've the versus been up on based lower pushing today. end the I you're at. of middle And right that's of think we where I the towards the

Steven Alexopoulos

Okay. over. has you're right? to new involvement management too, I think more Thanks. hear the role. I'd will quite the to you then you Chair maybe thinking don't message you you few about finally, And company? months, What you you need -- with an Executive here? and to outline. been now focused on? most than you implies give What How improve chair took a the the employee this since over do role to going in then Mike know for a just And of And do transitions be Jim, from CEO, typical a us what And are involved love be on -- what terms thanks. then past few as

Michael Roffler

Well, thanks Jim. Steve. I does appreciate the question, as

and does done evolution the -- model As years. unique for the has client growth. And foundation client to successful work that all in our Bank strategic shift has and which represent model in prepared our morning on strong remarks, change, is culture, that right? been our times. total And first and heart come is, on service a role of providing The of far my drives that strategy our our the doesn't about our their not thing have as capital over thoughtful say talked of to are colleagues continued CEO liquidity XX I'd then in this we've a It very represents transition direction. service. our built the at continuity on at we focus focus the everything business way credit so today that is exceptional focus The

colleagues for innovation. In in plant going an We our stay future. stop. delivery. relationship, the terms and doing We of the on support improvement, building as Selfridge exceptional the growth. service then again, comes to doesn't support next-generation That wealth our from they That Mike through to our which to clients. doesn't colleagues invest and And examples, clients drives a empower our And to unsiloed, between seeds deliver. listen what go banking strategy management important continuous focused We'll and just change. we're franchise again, we and close that. to to we of keep need, maybe client relationship part on a few requiring right? very touched The continue

data. in-person, at And also Yards service, digital, both here excited coming into and We're continue management. excited to markets. again, Bellevue We empower and with We're continue there Hudson look And already that Seattle importantly, our technology online. wealth are through exceptional to we're leverage pretty with shortly going colleagues. online, most

And serve in and going and a we success how and business. and team. of your thoughtful will just technology their thankful of in current of every them. great the people client today, clients. we're you collective so are care this next to part of and continue invest company see also up what employees, client. frankly, innovation to for talked you results bring taking what and will continuously extremely be grateful to about care the I'm we And the terms In be far we've the efforts them, and to you fantastic about think focused and bring They and wake to in our more day They take our drives

Just every care to a of our continue clients and build is to and it, day. them job And great wonderful now serve business. take

Steven Alexopoulos

That's helpful.

James Herbert

also Steve, major more. pay which strategy game you can we and the basically our some forward, attention me. terms gave on shareholders just work largest change, Jim. along Board Mike to is the do of change. of the with clients, Mike plan whole them with with My it's to Excuse largest no going managers is team, and and to to no bankers you. what help going Thank really focus role -- and to wealth be to work in our

see day, do not but role, as not to a full-time it I So, day. day active to day fairly

Steven Alexopoulos

taking Yeah. it. Great. Got questions. my all Thanks for Okay.

Operator

Gosalia Our with question comes next Morgan from Stanley. Manan

Manan Gosalia

I Hi, on wanted good expenses. morning. question to a ask

the relative You for that kept was To inflation seasonality systems you typically what the expense negative can tracking and higher know kept talent driving your to but your extent, talk ratio in I conversion. had core I high your is you And expenses also that wondering, about flat quarter-on-quarter, guidance, year completed are mentioned you growth despite January? efficiency expenses? competition And would full you have. how expectations you you

flexibility was given incremental if some the go through that we it as you that come associated some wondering out transition cost should I year. and costs drives more with So, saves, also gives the

Olga Tsokova

Sure.

of the taxes benefits benefits, from see cost we pandemic. pleased impact the for to also we mentioned year. And reduced seasonal the we growth payroll growth that be in the outpaced to still expect but quarter pace revenue higher the some the were of guided full due terms continue with remarks, and of We In range of expenses. see XX% XX% as our have to for the efficiency first ratio, to I of of

our offices technologies. have our our lot opportunities banking invest new in We colleagues, head a of and to us of in franchise, in preferred our

In them terms on properly as pressures reason are focused for our the business. compensating we well. inflationary and colleagues the treating of and of success our And compensation, always our colleagues fairly

So, this pressures expect that colleagues, existing bring to some on board. but on why is new of the on we we pressure the we much see colleagues inflationary don't see our

maintain have year. the we core for guidance the conversion, but expense to still we backed full the the in system. For have We completed our conversion,

the cost And to you'll confidence expenses going grow we our we expect see So, our the reasons, our that and to -- feel believe with for revenues. continue those around overall, forward. with system in guidance line we

Manan Gosalia

Great. this That's securities. grew if versus X% or quarters. we've XX% kinds part very rates. and like I also follow-up mean, And of there's how question maybe than growth year-end, has deposit on, securities more that you helpful. what about -- I securities we I in recent should with expect which trend can of so I you're assume duration higher opportunity think is seen the was the from on from what higher and growth here. securities and also putting talk Can to

Michael Roffler

question. Thanks No. the for Yeah.

as securities been. So, strategy is it's largely the two-pronged

maybe bit HQLA the liquidity we've continued and portfolio, to time, strong we in it feel, had we Our during to was average we appropriate given than that continued add XXXX, the a over felt example. for little and more And quarter. how in

in we One, back and bank The part have on, a managing for way XXXX of bonds, part been portfolio; which and of time our it's two, our since of is been from municipals taxes. that really core bought investment good. has bank in number second the the effective a investing yield very been strategy municipal and

right? as last if First goes we've so the with time, total lot. about continue muni sheet The average of and that the the to the and we'll to balance deviate doesn't in and And that grows. been We of it you a investments future long-term think active over Republic, investing continues. frankly, investments, very the whole about assets really for And for do percentage it's quarter XX marketplace, years so, every

is this in a go one range it's safe you probably forward. as So,

Manan Gosalia

it. Great. I my appreciate questions. taking Thanks for

Operator

with Jefferies. question Our comes from Haire Casey next

Casey Haire

guide, holding Good it Yeah. flat. to follow-up I wanted everyone. Thanks. the morning on NIM

I about three think talked hikes quarter guys elevated. last cash you balances and

many how cash the wondering, then, expecting you're Just this now? quarter. was hikes And deployment up

balance cash down. So, is

prices mean there? a the are finally, -- for proxy you wondering betas, And Just deposit you for last we just trend? looking what use as tightening how should what just cycle then deposit

Olga Tsokova

-- NIM, range believe the full we guided feel to with for for comfortable still X.XX% the year our that X.XX% So, XXXX. we

of the part first you quarter noted, benefit loan in $X Selfridge benefit at balances $XX the during billion talked into going NIM year, yields of second quarter will the and Mike the quarter. the end As compared to of about this decreased and to cash quarter, later last the the at end billion it NIM. will picking up the the second

And as the this of through was said, last years XXX beta environments. cycles there. we've points But out as take in time XXXX, model seen beta, the consistent we took cycle, being in terms and produces the results stable that that we think about about it the XX%. And not two and XXXX In in different basis over to are the the shown lifecycles over same. rate know, to get have them sooner time we will get it

hikes. call assumed last the January, three we On in Fed

forward. we've hikes seven going this seen For Fed time,

Casey Haire

growth you. but loan the I if loan how versus Thank And the for that on Great. then, sorry XX/XX is one another Selfridge. pipeline? outlook pipeline, the missed shaping Okay. up I'm this, Mike

Michael Selfridge

-- Casey, as up I it's characterize into would the I it's QX. year-over-year above it's significantly XX/XX. and going And as strong mentioned, it

Casey Haire

for Okay. And last just Very me. good. one

continue guys asset robust tracking growth, $XXX probably are level, towards ever XXXX. you As important this that up billion to you put

keep sites regulators to implications you do what you now financial the and for guys on with as heavy implications? what are to Just and lifting the do see between that need then

Michael Roffler

So, for question. the thanks

capital now we that we're stress went not to rules And liquidity those capital under so, the when everything, had And right? those We subject place, is over, billion in still one to even from billion $XX leap run though have run $XX build programs to characterize stress tests. at testing, think point big we still still testing, and I would there stress stress anymore, was thing we right? liquidity get I We all built test. established. to a

So, to enhancement and for that. planning, example, still which And here, from we're towards. we've we're done there's only working resolution subject

place, a have So, in And enhance. not is to is you'll lot new. the infrastructure

about the is allow great needs conversion the basis. core information help things more of will and it data, on the One to things us with data do to faster faster a real-time also these

obviously we're not so, billion. as of big $XX a ago all but it's we building like as leap when we And already, remember went you seven would saw years have about from over

Casey Haire

Great. Thank you.

Operator

comes with Najarian question next UBS. Our Erika from

Erika Najarian

Good Hi. congratulations good your a so is on line questioning. morning. My question hear first new Jim, it's to and Steve's follow-up role. again you of from to Mike,

Given forward rate of are that much in is we've speaking the investors And this there Jim I'm Clearly, the over question that lot the several and than answer are in more years. a the newer we're the to outlook that trajectory and volatility First seen past perhaps economy, Republic. violent is curve the that getting. you to for can pricing Mike, significant

much of shareholders And big what how growth? so, secret what higher on family And equity do I rates say a will you private reassure of future think mean is and the in for sauce there for forum, sort the this Maybe debate Mike Selfridge, I venture guess, about capital. public durability is. single

and need about as think investment And increase your should how materially rates other so, needs and given financing quickly? here, we experience

James Herbert

-- me Jim. excuse it's -- Erika

as both a mortgages, we -- at coming lag to climbing with market long as I've broker have On quickly are the me they and a indicating, secondary bit, a answer. almost mortgage back, pull tends start fairly this fairly time. particularly Mikes little those rapidly. move they happens And to was Let actually, what as Mike already. competition Mortgages but originations, been are halt business originations

to our thinks. one is continue grow greater opportunity so, And to than

with The clients of other we're doing business, thing and are. is we still existing most XX%-plus our

then, We're The XX% any that and extent, XX% up. of to checking now XXXXs. bank, Part entirely and business lot our spread banking, money. to even some base when in The mortgage prior is, through to be And there deposit -- a XXXX, early the other was capital. mortgages, in this run business thing working from different done. almost went on which than is continue. started will made The I at is business we widened

it Olga projections be in violent than So, as NII said We very and the I about just don't going seven our still more really redone same. much. stays predicted. around we said, forward But as increases NIM have expands if we've we've did increases, The increase is seven that The have our worry right. the deck. to I

mortgage the that's So, piece.

turn or the it Let me over Mike to Mike for business piece.

Michael Selfridge

dollars bit. exit Yeah. business. was of mean, Velocity and to little by on slow little terms and driven your that's did just And question an on backdrop slowed BCPEs a velocity, fundraising of a [ph], Erika, exits last quarter strong. I the pace investment in

correct markets down, is said that, grow. little lag a to lot they still going having of a bit. that to if for room public But us then industry So, there's

gravitate there's business if being toward level and XX%, XX%, about even even is And of a slows velocity so, utilization mean, which rates base still if done. the

the horizon of more because some a funds cycle, more to their actually best three taking a down in in investing the are are investment of heavily cycle. And terms seven-year they time of

I particular confident segment And in to able So, the note still that is in even turns credit that that do well particular I'm economy segment. if stellar. just quality we'll be

Michael Roffler

challenging of one sort uncertain Erika, in question start or like backdrop. I'd I backdrop your an of comment make. maybe the Because last

might clients growth, is and because the here which backlog as us their bank. So, back our of because who a we're deepen others mentioned, few drives to client see the relationships bit Loan the you market challenging right? inflows if what times -- increase the consider sort like serve be volatility. when pulling driving with remains little strong, clients pipeline it very AUM lead and results to of much of outlook again, you sort client despite of a there And during Jim very continuing and down in service, and not in think about benefit the past, things

And focused what staying when drives soundness so, more on growth even and and And even challenging. valuable service that's are credit, more valuable. very safety times becomes it's

fundamental operate of to and consistency want sort our the try to really periods, there because it's for So, be maintain and we way to that in we all clients. stability

Erika Najarian

question a technical, for second and is My it. Mike this is more R little Olga. bit and Got

coverage $XX.X crossing in So, to munis adhere a the As there's XB? million, to you less, right? about add or audience ratio? you multipart contemplate debate liquidity count And to XB we considered marketplace much broader billion potentially would would more Level $XXX Are question. big in Bank how have liquidity the HQLA. to a Number for mentioned the for Level one, have that X just you have those

Michael Roffler

right. That's Yeah.

Erika Najarian

And And so, that's your obviously, the is assumption outflow base deposit second question liabilities. other of or this the your is, first or the your factor question.

So, of as allotted liquidity checking we you are deposits, don't value for as as they considered under hold institution have non-operational are deposits Therefore, would this a them words, think operational? those LCR? that deposit financial for much higher XX% example? quarter, you a against other In to that mostly or you for

Michael Roffler

qualifies portion the XB. It Erika, of would municipals first and question, HQLA. our considered be portfolio To as A right. part, is municipal you're the good technical. Great

as you so also, data and operational. And one right. doesn't you're the X the that's count your we non-operational earlier our things the -- Level and is outflows, industry very deposits where amounts Operational as one of question important versus of to much To the so, important. of we different can quantify the is mentioned second And is the it's important as it type. on then system core is part segment mentioned. That's by very

designation, bank, leads typically very operating us to about And for they're their so, important lead activities. using think

be and And portion less of so, those business operational a to are going nature, consumer good outflow. in

we've our people written before, and part on you I are of activities deposits we are As forward. about and deposit process strategic the mix go these And mentioned think we how of as particular have diversified about also base helpful, being this, so all not reliant is the industry. absolutely of think any planning

Erika Najarian

add you that wrap $XXX range Got in your just margin liquidity could it. million? net up, balance more to interest maintain And sheet all crossing of to as anticipation this even you

Michael Roffler

it question. that will depend good the liquidity deposit again, at And a be time. to base the how much on a and it's added on needs depend of lot So, will

So, could it's it threatening margin end time will hard the believe but is. and say move than rate also lower what impact the middle a versus will have to it other we don't be environment and yes, your impact impactful on base deposit at to big how to a the Probably it's it higher?

Erika Najarian

it. Thank Got you.

Operator

question John Evercore. Pancari Our next from with comes

John Pancari

morning. Good

up. some a clarifications topics of Just couple of the brought already on

I into deposit the cycle. mentioned on assumption XX% your has you now And think beta is baked What your changed? prior latest sensitivities, So, scenarios? Olga, that algo

Olga Tsokova

expect to But cycle, cycle, we -- slightly be last how higher we this XX%. than more XX%. fast So, as beta this for said than given

Michael Roffler

Yeah.

little not given a given Fed how fast bit but bit, move Just -- to how little fast is much. just going the a

John Pancari

Alright. a you what's quantification assumption? have don't Okay. But of your in

Michael Roffler

XX% The right? different bit the It's last is time, deposit than -- mix in. is all given a

higher that, than So, little bit but much. it's not a

John Pancari

it. I gave there. detail Mike. call the Alright. Selfridge, appreciate the And then, capital side, lending Okay. you on on business, the Got Mike Thanks

of -- those a of on terms borrower perhaps lower additional a modest you what that give you're in near-term bit that's the color those lines? think you us could some indicated -- to see outlook? more you near-term decline little Could likely you're shift You and if maybe change appetite Do to line or seeing there. continue of just in behavior in gradually utilization just -- in around a terms

Michael Selfridge

John, something a XX% the that's somewhere elevated XX% in down from slightly. if again, view, I XX%. it maybe to was was And at to said historic thoughts. you historically range. look like still down a longer Yeah. couple It XX% of

to activity. -- still think in hard the still well. It's I holding predict. it's look dry the trillion range industry, at overall of in I -- it's the $X.X if up So, United And somewhere There's powder think you the States. eight-point and

use still facilities and which capital to capital there's So, to deploy to a call funds then powder will capital. deploy, of most that will call make investments lot dry --

up going I broader well. economy But So, it's velocity see. likely with think would hold I slow from to again, the what

John Pancari

Got it.

range really XX%, XX% you're helpful. the XX% you the That's I talk side, for the range where Where versus influencing just that the hitting side. you Can there? Okay. dynamics XX% about and to running of you're are -- likelihood that that remaining XX% now? what right lastly, reiterated efficiency your then, what expense gets to on on are And are the now. around know you guidance the running

Olga Tsokova

Yeah. Sure. includes several The components. guidance, XX% to XX%

pleased outpace we expenses. growth the outpaced our quarter, revenues and growth our tax of elevated we that revenues payroll -- The said, benefits, the first as had were we but

the to as invest our did the in offices, had as we -- due lower which of the revenues. this and expense benefit more for people, we about the in travel, events levels the if are returning in-person later technology. colleagues. banking growth in doing We we line first growth do as preferred quarter continue those to more Also, our to more we in said, first offices to client back a quarter, we as cost expect well with to think we costs our back of And and we we business events normal as pandemic go -- be to the continue start the to

Michael Roffler

extraordinary Yeah. I clients, of invest sort colleague our at our continuing might franchise that and low-end while continue range, really base add, to pleased to at of we've service been the XX% future. for to to the our deliver just in add we're the

what and that they the for is growth client investing of we're want needs always and of us. doing One things future future

to where while sort also think, pleased pleased been would continue really that at consistent last quarters. we're invest and great we're -- it returns. at invest. I lower sort be so, And stay that stable, really we the And with end in of few to And consistent maintain range deliver while important that of we to the good, continuing we've level, we're and the it's

John Pancari

Got said at for but you're I it. XX% you the are it. Thanks guess, Mike. now, now, color. I and appreciate thanks I XX%

Operator

with next Rochester our from question take We'll Compass Dave Point.

David Rochester

back. guys. definitely Mike, It's the Jim, you on good promotion. good to congrats quarter. Nice And see And Hey, morning well deserved.

Michael Roffler

Thanks David.

David Rochester

Wanted from you the I And it. go how to got to the talk to baked you're deposit imagine into those the yields go here quarter appreciate margin would purchase the they about have on back was to you that? yields loan back guidance. the want this higher growth wondering, and today. be about you -- Can I that thinking the I I bought margin would the even securities that are now, where yields. seeing just detail you you're on great. trajectory

Michael Selfridge

Hey, XXXX start actually, to And Olga Olga. going historic XX%. still grow back cycles XX%. over you to rate at we deposit XXXX, Dave, beta. hand further, XXXX, grew Mike to point of Mike sort Even I'll to hikes. deposits ability deposits to I'd our of and mentioned with deposits it we and deposits the Selfridge. on XXXX grew

new of that managers, So, planted households, service the deposits about, we relationship I a the households relationship managers. now which banking, growth, think banking, mix our ability in driver acquire management, talked private of business seeds the areas XX/XX, the model the and to wealth is business to Mike like channel, deposit next-generation large

growth. and grow in I put with the you base the think to all keep pace confident ability teens grow we're to loan and deposit our mid together, that it

Michael Roffler

investments Yeah. Maybe for a just minute. on

roughly a the of call to and in low are XXX quarter. to now right, it think and was X.XX% three rose sort and it, HQLA, duration in call The you first You're X.XX% just X% the today, low the X%s probably probably that was if it of so quarter started the to XXX. is, X%s, In Dave. under yields four-year munis first

uptick in So, the new rates. you're benefit definitely the investment from in seeing

David Rochester

That how that you that Yeah. then, your quarter. since we saw guys color. the where from levels thinking sense. Or out bottoming a is about drawdown decent Appreciate are here? on comfort level And cash makes this in

Olga Tsokova

to billion at we the about And $X from for of us. year. last decreased The assets, had as billion billion cash is end $X see at $XX we level of end more more quarter Dave. the a total Hi, of X% which the normal first

David Rochester

Gotcha.

So, here, imagine. would steady from I that will remain fairly

Sounds big like production good. saw this to And the a growth you then, here. segment. multifamily in of the guys quarter. definitely We saw sounded It that just switching acceleration

great? pipeline refi City just that wondering on on, if multifamily multifamily how loan just your have any a in move. give could segments your given And You decent what of you just bit now heard mentioned footprint, going maybe an I you general, seeing that guys particular evidence right in across that that? And York be in in a looks And update you're production and be was actually a seen segment, New would rate pull-forward in little we've in of market. that boom could there the the

Michael Roffler

pre-pandemic lumpier, of And asset billion have family, bit -- whole levels. don't can what there, an on markets rebounded say quarter generally are It's Yeah. but investors performing overall little terms looking I lot. with single the pleased the refi well say of a second ever not in we're originated. bigger in our would but like a a to for, and else the pull-forward little rates because just there's as vacancy know $X.X is I And best if there? I rents multifamily a class

as originated size I And pandemic our you looking So, again to coverage our service standards. million goes multifamily. XX%. relates not debt XX% recourse, with just is back just than origination steady reminding $X of about the median what loan-to-value strong from deviating it at she to Strong think, through less as we've stellar all it's ratio credit

David Rochester

detail for guys. Great. Alright. Thanks the

Operator

Ebrahim Our next from question Bank with comes America. of Poonawala

Ebrahim Poonawala

Hey, relative loan good about you morning. the Mike, follow-up. growth outlook to I just wanted talked for rates. to book

that client growth in for of that wealth lack just think to terms correction in markets, historically, And get terms private if the about in if does stocks. perspective means stalled out market and in look how lending for acquisition? terms like of what that Just of tech played creation bank? your you remains the when has think significant Just how a as have mortgage and wanted we what perspective a you do mean about IPO you in the back a of

Michael Selfridge

half Boston, less than slowdown opportunity of IPO and going more perspective clients from Well, we Valley, service of I alive ups growth basis a locations, it are despite generally in is of LA, say, and put downs that innovation market a impact the centers, our The first cycles, X%, market. I'd given in don't coming than Silicon New have and and in again, we still little share at mentioned, Mike all. think to a that's on model existing business despite our that with grow cumulative it's our to all, well, York,

Michael Roffler

-- There I'd it of also I time. little supply in are add of that a or because constrained. you're Ebrahim, the is buyers are the that reality people markets homes not think, bit the And at buy more as sellers slowdown, less any typically hitting active. of than we're

even the centers there or the expected are that have innovation these that. that buyers markets, and liquidity things not have are like and plenty strength typically so, multifamily have why if less still Because to you looking supply Mike's the still which liquidity, want a enough didn't in that few to people And are you don't is be see point, in. in

And so, they're going somewhere. to live

Ebrahim Poonawala

a us in Florida hiring And these have markets markets, that wealth you migrating? of this the Texas, where is you market or looking you're pipeline, places it. at Mike, opportunity of understanding share any mentioned. lot Got new growing a Give that sense

Michael Selfridge

of that still stats all with can our investing very But this going mentioned, current in we're in deeper as -- more I we grow markets. just franchise as in we're just first our all, Florida. the given well, Well, of markets. far the share growth market Florida, pleased

location. new We a have

at we of us -- as the well. And No other side wealth our markets stage. I a there, and just then, Washington, management this Bob mentioned last a Bellevue, in significant led think quarter we course, that's for geographies growth that's plans existing in and believe opportunity.

Ebrahim Poonawala

Thank you. back. And Jim, welcome

James Herbert

much. very you Thank

Operator

Piper We'll with take Liesch next from Andrew question our Sandler.

Andrew Liesch

single those Hey, was you back. the promotion. Were mix A one Great of originated? what seven the quarter. everyone. Were family on good Jim, see these to on originations structure? the one here. Mike, -- ARMs? the five question What on And some welcome congrats ARMs, breakdown in morning

Michael Selfridge

Yeah. that we speaking, XX-year well. as We consistent client would XX and it been do But our then I fixed five, don't and by that's with hybrids, and some break generally rate most are always ones seven down category. And say base.

Andrew Liesch

rates to rates, X.X rising family book And I with historically, further? out around as what extends single shift? dynamics the do you think guess, think moving How do think think, then, do you Right. here you be play your to a do higher? it How dynamics you years. are little I Right. -- bit play you expect at in at What much that duration on will

Michael Roffler

at home. and see larger Yeah. might won't the right? will will buy one unexpected. think definitely and a Andrew, rates that's a They base it as the extend a just dip looking much repayment active, little. very they primary by little as We not client bit go But rates, buy a it second extend is or because home

it's so, teens big rush into get a about extending think. a But duration that we've not will as through as lender. and might see earlier, you And in flow mortgage XX% the rates, that That refinance it CPR. Selfridge duration extension drop-off normally not this of terms repayment it's but running XX%, as this in you one talked would Mike -- of been at sort

Andrew Liesch

it. Got

Okay. That’s very helpful.

my step covered other so I'll Thanks all questions. You've back. much.

Operator

Research. with Bill from comes question Carcache next Our Wolfe

Bill Carcache

Thank you. Good morning.

much risk see Within don't their but quality simply will terms, that the space? you as commercial across tenants customer look estate your continue obligations in Class abide the the lease they properties as base, portfolio, ultimately real lease how do not A high you of end because their through need to by renew,

Michael Selfridge

York, just challenged, in maybe pandemic. with industry So, more XX% somewhere CRE, in is a respective general, the commercial couple New from obviously in our like Francisco, of range. San Vacancies larger are an the markets --

that's up well. deals We're and they're not doing Republic, the smaller holding First For case.

we're out are then, important through is perspective. the perspective, owners cycle. industry the point -- from Return a did and strong And to point generally quality credit a Leases our for selective caring opportunities. being an tailwind. office best So, you and from one longer very is

Bill Carcache

Got it. question. That's helpful. Separate

sufficient expect it in decrease modest. be pronounced reduce Can the Republic impact sheet. you on the relatively Fed without last system begins gives your to size deposit across as in cycle? confidence balance much in sustain bit more the to a a deposit of into your increase level support expecting an But to at more you the little like are the banks loan to betas go to of detail ability First the deposits relative sounds on Some your growth you what

Michael Roffler

Bill. Thanks Yeah.

for acting, the gives have business deposits even service that past, service the to back back case. of XX% was the think look thing confidence that rates and our that Fed periods stop. doesn't is, the if though us relatively XXXX, model rising you reason if is in grown XX% I Even to XXXX, you come model. the is the to in consistently. we And And

adding so, management which bring adding deepening new are new relationships. And wealth teams, households. We're We're we households.

grow us it after And you've so, comes base, time time. seen deposit that activity leads continue to to And fundamentally. back it and to our

service us to doesn't and asked stop. what of and attached clients that is model have business ever doing Our

Bill Carcache

Understood. to offer That's it's me. me let and hear you That's you, great really Thank helpful. back And and my it Jim, you, also for help congrats to Mike. you.

James Herbert

Thank you.

Operator

next McEvoy our Stephens. We'll from question take Terry with

Terry McEvoy

maybe Hi. about the that know asking about clients, I wondering response last if deposit fund your in I notice Good the to just or And higher I that special, morning. did week those in call? was some I a to rates? began didn't of conversations they was on with loan talked of months. growth CD XX types conversations are think, you we've

Michael Roffler

client a response they're I and not hike probably to of this point a we but in little started little at bit deposit say basis time. one and would not significant with driver a points, in bit anything this a only It's conversations ask, Thanks run testing special. of XX have Terry. Periodically, but at it's it's Fed at that juncture.

James Herbert

into it's say a I question. gone the we would the mutual funds conversation then up that money what we until X% going run get -- add let or bring into just up so, because won't market about of digit matter, that me moves. They've to of full are much

know a than of the I, of billion. deal balance that we're off better sheet. number think north swept money We but great also have Mike would $XX I

Michael Roffler

That's right. right. That's

billion that provides on bank We great the for for optionality exceeds and and the clients. it past sheet. in both the have expanded $XX now, again balance And capability solutions for off which we and clients, both really

Terry McEvoy

client follow-up. a then way just The the first about equity as And management were the in Okay. think also down markets new but continue quarter, the have second investment What's inflows. to you best quarter to fees?

Robert Thornton

hit -- thing. on I Bob. key is This you the

strong a record first the very net have quarter. inflow had We net for inflows. client client We

I think, would in our typical And for of the income first also blend and highlight a million though investment of on is we'll about just even management that be equities, I we have blended a fixed fee. client fees quarter. pricing $XXX most our portfolio

a as So, difference you'd that the make big don't moves as think.

Terry McEvoy

Thanks everyone. Great.

Operator

We'll Shaw Fargo. next with take from question our Jared Wells

Jared Shaw

question. morning. Mike you average Selfridge, starting gave at the on loans Good Thanks the for the quarter? Maybe yields the you those Do numbers with Hi. for us have quarter-end. taking for

Michael Selfridge

I I want say don't originations. top have somewhere of head. totality to the them average my the XXX off around of is

Jared Shaw

Okay. Across all the products?

Michael Selfridge

all products, Across correct.

Jared Shaw

go assume to is good as allowance we then, won't XX to of basis floor down looking much still Okay. Great. points as that a here the the is And ratio? at loans, that lower at room level than forward Or there move go this? for this a allowance

Olga Tsokova

the drove first strong growth it provision if at loans. credit the our about provision levels, the quarter, on in our from we the record well as -- loan our family had mix. of the balance you provision look sheet us growth, single was XX% portfolio modest came but track portfolio a as And what So,

We're levels know, volatility the some XX basis But provision. on now. So that the you is that about of introduces as points one drivers of of the CECL provision levels.

economic great quarter, portfolio it level giving provision. have and record environment, we can scenarios economic at composition, because of but the the the a below can impact of on didn't provision out of the significant go or For But be levels example, now. worsened some current where the have credit this the track are even worsened

Jared Shaw

quality. being -- or I But that sorry coming high the allowance for from Do what quality the of It's allowance know actual you that have of terms higher SFR? allocated is the all the just it's what in What's so -- mean, you was I'm allocation bucket? level -- the or lower that XX% the for SFR, lower. provision growth what

Michael Roffler

XX% XX, much our basis And much you time. or don't loans. look and want importantly, flat lost at I those to -- XX% -- content loan-to-value low. see Even our in say housing price XX a to pretty change points. with It's underwriting, our that's a history over appreciation,

low And percentage. so, it pretty a is

And so, growth, quarter. you most if your a drives which provision, saw lower that of you this see

Michael Selfridge

for Mike. just number on it's just all clarify. originations you Jared, If The X%. gave loans under can I I the is

where total So, yield loan portfolio. the it's is for right around the

Jared Shaw

finally Do we you for have me. at two to Okay. Alright. just you have your Great. Thanks. years And past, growth sort Or into all belt. point still sort two-year the cushion mentioned capital under that the robust wanting In then now? given of you're of feel there of the that are growth outlook?

Michael Roffler

feel are were many than net they a we in one receptive given early think currently. That's markets the like of reasons we good raised more XXXX. very billion last in year, the we I cases went $X.X we the lot that did

us where obviously the look But there allow about at. pretty good feel opportunistic. to And clients we we to And future. with into we're to to do so, remain today. now, forward the to base want ensure capital is serve feel good positioning We our continue we right

Jared Shaw

Great. Thanks taking very Thanks for my questions. much.

Operator

with question from next McGratty Chris Our KBW. comes

Christopher O'Connell

questions the just asked, circle been back This McGratty. my O'Connell Chris morning. is filling in but Most Chris discussion. on margin have for wanted to Good of

previously. here margin than You are close Loan midpoint above you the at coming kind well, your higher toward are from guys coming with portfolio of gave comments the the particularly about starting the guide. deposit the along securities and to points end Everything and as origination yields profile down, a origination in are guys of in quarter. kind yields better of improvement cash to of yields

I point in or you to are guess, back on guys that the commit that factors what not a So, range? at pushing being what's having the higher NIM -- are

Michael Roffler

for Thanks and comment. the question

to hit boost it's lot, points the down -- you bit. with so, when of being our look, obviously, time. cash interest forward impact here is a the on good That little competitive continued that. think we're income do drive it is market whole the important that of we a a Competition continues it of be think acquire most for some against doesn't for sort clients serve and clients. net to I lot to to over the levels about a thing a And right? And margin. we've But loans

the that is clients, all time. baked the second And maintaining from they that. and consistency serving to of safety going do focused right? little to bit stand back continue I what soundness going faster But in at we're move think, on interest in. generating times. last all is a now And to bit while there's stable also Fed and of And is And of so, that, a again, than had we're the results

over to a serve deliver margin, sheet balance to we at with that's clients market. we're do quarter then continues many efficiency quarters prevailing enables planning us and and leads income there for into our to you propel here future, And history, consistent the it if growth in growth, that consistent seen what to so, which of you're And growing sort And we're going the do and continue interest net seeds saw future. to the that. have this to investment in the

And it that frankly so, repeat will client how that service not expansion repeat. whereas versus quick more we you may about out, that's growth, think further client and a as margin get

Christopher O'Connell

then, And there. last color the touch Appreciate Understood. up. one just

the the call low-end or On last kind range What is versus and before, that? to this of high-end you the referring quarter. utilization for quarter XX% XX% capital were on historical XX%

Michael Selfridge

a the around XX%. the little is was end and high in XX%s, say, would maybe higher low average range XX%, XX%, probably in the I the range, about is range higher, Low of Yeah.

Christopher O'Connell

you. helpful. That’s Thank Got all Okay. it. had. I That’s

Operator

from take David with Chiaverini question We'll next Wedbush. our

David Chiaverini

Hi. first me from left talk the to there? fourth quarter Thanks. quarter. Only about about rate outlook in Can insurance housekeeping. from is for investments run one The income down was XX% life and you

Olga Tsokova

Hi, David.

had quarter for last For the the mark-to-market we've insurance fourth the a markets, income. some volatility recognized, of in of investment in And was some the decrease we our of income which benefit, increased seen which quarter, contracts this because quarter, life BOLI from

David Chiaverini

very Thanks it. much. Got

Michael Roffler

on forward, David, you have more Yeah. a a stable probably if outlook. go it's XX% XX% market a to

David Chiaverini

you. Thank Helpful.

Operator

Coffey Scott. Tim from question Janney next Montgomery our with take We'll

Timothy Coffey

to Great. the given be middle everybody. kind expanded? in chance accelerated the XXXX, Morning new Thanks. quarter top See, open line, we're last quarter, seeing trajectory talked of plan about a those of by of six we the plans offices there what this or could is

Michael Selfridge

We're opening a We've office Yeah. Jackson. that second in got confident with still number.

few opening year, we're We're more York. very mentioned, we New about Last We'll I As that. in Bellevue. in in expanded New open excited York. a

that's still think message. I So, consistent a

Timothy Coffey

were Thank Those you. questions. Alright. my Okay.

Operator

this the any to Jim like at or questions Roffler I'd And turn no time. we to for Mike further conference remarks. additional closing have and Herbert

James Herbert

point. a the this much. Thank make as never everybody for of company fundamental the just proves quarter very leadership I'd to time has intact been model you fully today. Thanks is and like The the very stronger.

the once I going of strength think and the the out, coming to value model. stability again, prove the of volatility is

me Mike. to So, this let turn

Michael Roffler

Jim, thanks to is -- the It start really and for Thanks No. great terrific everybody and questions. XXXX. a Yeah.

our very job fantastic client the strong have active done opportunities base client and delivering. ahead. staying and on growth We've markets strong. colleagues remain The an focused Our remains got absolutely

really for interest, day. that, with thank you all we're wonderful and ahead optimistic us. And the so, a the about XXXX opportunities and And of have

Operator

conclude your does thank today's We participation. for that you conference. And

You now may disconnect.

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