Columbia Banking System Inc (COLB) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Columbia Banking System first-quarter 2025 earnings and Pacific Premier Bancorp acquisition announcement conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加哥倫比亞銀行系統 2025 年第一季財報和 Pacific Premier Bancorp 收購公告電話會議。（操作員指示）請注意，今天的會議正在錄音。

At this time, I'd like to introduce Clint Stein, President and CEO of Columbia, to begin the conference call. Please go ahead.

現在，我想介紹哥倫比亞公司總裁兼執行長克林特·斯坦 (Clint Stein) 來開始電話會議。請繼續。

Thank you, Dillam. Good afternoon, everyone. Thank you for joining us as we review Columbia's first-quarter results in the announced acquisition of Pacific Premier Bancorp. The news releases and corresponding presentations are available on our website at columbiabankingsystem.com.

謝謝你，迪拉姆。大家下午好。感謝您與我們一起回顧哥倫比亞在宣布收購 Pacific Premier Bancorp 後的第一季業績。新聞稿和相應的簡報可在我們的網站 columbiabankingsystem.com 上找到。

During today's call, we will make forward-looking statements, which are subject to risk and uncertainties and are intended to be covered by the Safe Harbor provisions of Federal Securities Law. For a list of factors that may cause actual results to differ materially from expectations, please refer to the disclosures contained within our SEC filings.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述具有風險和不確定性，並旨在受到聯邦證券法安全港條款的保護。有關可能導致實際結果與預期有重大差異的因素列表，請參閱我們向美國證券交易委員會提交的文件中包含的揭露內容。

We will also reference non-GAAP financial measures, and I encourage you to review the non-GAAP reconciliations provided in our earnings [releases]. I want to thank each of you again for joining us on short notice. I'm eager to get to our discussion of Pacific Premier, an acquisition which I'm excited to talk about, but we also have another solid quarter of results to share with you.

我們也會參考非公認會計準則 (Non-GAAP) 財務指標，我鼓勵您查看我們收益中提供的非公認會計準則 (Non-GAAP) 對帳表。[發布]。我想再次感謝你們每個人在短時間內加入我們。我很期待討論 Pacific Premier，我很高興談論這次收購，但我們還有另一個季度的穩健業績要與大家分享。

Our consistent, reputable performance in 2024 carried through to the first quarter of 2025. Our results reflect our disciplined focus on relationship banking as our teams work toward long-term, balanced growth in deposits, loans, and core fee income. Our net interest margin contracted modestly as anticipated in the first quarter, given customer cash usage in December that carried through into January.

我們在 2024 年保持的穩定、良好的業績表現將延續到 2025 年第一季。我們的業績反映了我們對關係銀行業務的嚴格關注，我們的團隊致力於存款、貸款和核心費用收入的長期、均衡成長。由於 12 月份客戶現金使用延續至 1 月份，我們的淨利差在第一季如預期般小幅縮水。

But the positive effects of our retail and small business deposit campaigns, as well as growing commercial balances, offset these impacts, defining seasonal norms with $440 million in net customer deposit growth for the quarter.

但是，我們的零售和小型企業存款活動的正面影響以及不斷增長的商業餘額抵消了這些影響，本季淨客戶存款增加 4.4 億美元，符合季節性常態。

Loan origination volume was up 17% from the first quarter of 2024, as momentum from the fourth quarter carried through into the new year. Our banking teams continue to win new business with new and existing customers. However, total loan balances were relatively flat as of quarter end due to higher prepayment and payoff activity. Period end totals were also muted by our continued focus on pushing the transactional real estate loans discussed in previous quarters off our balance sheet.

貸款發放量較 2024 年第一季成長了 17%，第四季的勢頭延續到了新的一年。我們的銀行團隊持續贏得新舊客戶的新業務。然而，由於預付款和還款活動增加，截至季末，貸款總額相對持平。由於我們繼續致力於將前幾季討論的交易性房地產貸款從我們的資產負債表中剔除，期末總額也因此受到抑制。

Beyond the non-recurring items that impacted our expenses in the first quarter, Columbia maintained its disciplined cost culture, while continuing to reinvest in our growing franchise. We opened our first retail branch in Colorado in March in support of the banking teams that have already been offering our full suite of products and services in the market since 2022. We'll continue to fine tune our branch footprint and expand in geographies where we see opportunities.

除了第一季影響我們支出的非經常性項目外，哥倫比亞保持了嚴謹的成本文化，同時繼續對我們不斷增長的特許經營權進行再投資。我們於 3 月在科羅拉多州開設了第一家零售分行，以支持自 2022 年以來已在市場上提供全套產品和服務的銀行團隊。我們將繼續調整我們的分支機構覆蓋範圍，並在我們看到機會的地區進行擴張。

On that point, today, we announced our partnership with Pacific Premier. With this acquisition, Columbia will become a $70 billion in assets franchise and pick up a complimentary set of products and services to support our growing customer base. Our eight-state Western footprint remains intact, but as Pacific Premier's footprint is heavily weighted in Southern California, we accelerated our strategic goals in this market by a decade or more.

關於這一點，今天，我們宣布與 Pacific Premier 建立合作關係。透過此次收購，哥倫比亞將成為一家資產規模達 700 億美元的特許經營公司，並獲得一套免費的產品和服務來支持我們不斷成長的客戶群。我們在西部八個州的業務足跡依然完好，但由於 Pacific Premier 的業務足跡主要集中在南加州，因此我們將在這個市場的戰略目標提前了十年甚至更久。

I'm not going to take you through a page turn presentation of the deal deck, but I will reference certain key slides during my remarks. Slide 4 in the deck highlights the highly complimentary footprints of Columbia and Pacific Premier. I've previously discussed Columbia's expansion plans in Arizona, Colorado, Utah, and Southern California. As de novo branching strategy accomplishes our coverage goals in the first three states. But Southern California is different.

我不會帶您翻閱交易簡報，但我會在發言時參考某些關鍵投影片。幻燈片 4 重點突出了哥倫比亞航空和太平洋航空​​的高度互補的足跡。我之前討論過哥倫比亞在亞利桑那州、科羅拉多州、猶他州和南加州的擴張計劃。由於從頭分支策略實現了我們在前三個州的覆蓋目標。但南加州卻不同。

There are 13 million people in the Los Angeles market alone, which is more than Washington and Oregon combined. And there are over 20 million people in the broader Southern California market. Pacific Premier's Southern California footprint fills in our Western reach from Canada to Mexico, and it enhances our presence in other growth markets like Las Vegas and Phoenix. Its acquisition provides the physical footprint to support our Southern California banking teams who have done a phenomenal job with limited infrastructure.

光是洛杉磯市場就有 1,300 萬人，比華盛頓州和俄勒岡州的總人口還多。南加州廣大的市場有超過 2000 萬人。Pacific Premier 在南加州的業務涵蓋了我們從加拿大到墨西哥的西部市場，並增強了我們在拉斯維加斯和鳳凰城等其他成長市場的影響力。它的收購為我們在南加州的銀行團隊提供了實體支持，他們在有限的基礎設施下做出了非凡的工作。

It also provides expanded capabilities to the PPBI team through broader product offerings and the benefits of a much larger balance sheet. Columbia's deposit market share position in Southern California moves from 51st to number 10 on a pro forma basis, as outlined on slide 8.

它還透過更廣泛的產品供應和更大的資產負債表優勢為 PPBI 團隊提供擴展的能力。如投影片 8 所示，哥倫比亞在南加州的存款市佔率排名從第 51 位上升至第 10 位。

Ron will cover the numbers behind this financially attractive acquisition in greater detail. But as part of the all-stock transaction, Pacific Premier shareholders will receive a fixed exchange ratio of 0.915 of share of Columbia stock for each Pacific Premier share.

羅恩將更詳細地介紹這項具有財務吸引力的收購背後的數字。但作為全股票交易的一部分，Pacific Premier 股東將按固定比例獲得每股 Pacific Premier 股票 0.915 股哥倫布股票。

Following the deals closing, Pacific Premier shareholders will own 30% of the combined company, and Columbia shareholders will own 70%. Notably, we expect the transaction to have minimal impact on Columbia's capital ratios, and we do not need to raise additional capital to support the [deal].

交易完成後，Pacific Premier 股東將擁有合併後公司 30% 的股份，而 Columbia 股東將擁有 70% 的股份。值得注意的是，我們預期此交易對哥倫比亞資本比率的影響微乎其微，我們不需要籌集額外資本來支持[交易]。

Columbia's executive leadership team remains intact, and three Pacific Premier directors will join Columbia's Board, including Steve Gardner, Pacific Premier's Chairman and CEO. The combined organization will operate under the unified brand of Columbia Bank, as Umpqua Bank will change its name to Columbia Bank, later this year. Columbia Bank name aligns with our holding company name and other brands the bank operates today, simplifying our family of brands and ensuring brand clarity as we deepen our presence throughout the West.

哥倫比亞的執行領導團隊保持不變，三位 Pacific Premier 董事將加入哥倫比亞董事會，其中包括 Pacific Premier 董事長兼執行長 Steve Gardner。合併後的組織將以哥倫比亞銀行的統一品牌運營，因為 Umpqua 銀行將於今年稍後更名為哥倫比亞銀行。哥倫比亞銀行的名稱與我們的控股公司名稱以及銀行目前經營的其他品牌保持一致，簡化了我們的品牌系列，並確保了品牌的清晰度，同時深化了我們在西部地區的影響力。

Beyond double-digit ETS accretion and a short earn-back period, this transaction represents a strategically compelling partnership as slide 5 outlines. Columbia and Pacific Premier are like-minded business banks that share a relationship-based operating philosophy. The banks have nearly identical low-cost deposit compositions, including a top quartile percentage of non-interest-bearing deposits.

除了兩位數的 ETS 增值和較短的獲利回報期之外，這項交易還代表著具有戰略意義的合作夥伴關係，如第 5 張投影片所述。哥倫比亞銀行和 Pacific Premier 銀行是志同道合的商業銀行，都秉持著基於關係的經營理念。這些銀行的低成本存款組成幾乎相同，其中無息存款佔比最高。

Pacific Premier's products and service offerings are additive to Columbia's as we strive toward a larger contribution of fee income to our revenue stream. Pacific Premier's custodial trust business complements our existing wealth management platform, adding new capabilities and revenue enhancing opportunities. We'll also add Pacific Premier's attractive HOA banking, escrow and 1031 exchange businesses, driving additional fee income and adding low-cost core deposits. as detailed on slide 10.

我們致力於讓費用收入為我們的收入流做出更大貢獻，因此 Pacific Premier 的產品和服務對於 Columbia 來說是一種補充。Pacific Premier 的託管信託業務補充了我們現有的財富管理平台，增加了新的功能和增加收入的機會。我們還將增加 Pacific Premier 具有吸引力的 HOA 銀行、託管和 1031 兌換業務，以增加費用收入並增加低成本核心存款。如投影片 10 所示。

Institution risk for this transaction is low. It is predominantly an expansion in existing markets with limited overlap, and we expect very little disruption to depositors, borrowers, and our banking teams. Companies have similar credit cultures founded on conservative underwriting, robust review processes, and relationship-centric banking. Our thorough due diligence process confirms significant alignment in our credit approach, go-to-market strategy, operating philosophies, and cultures.

本次交易的機構風險較低。這主要是在現有市場的擴張，重疊有限，我們預期對儲戶、借款人和我們的銀行團隊的影響很小。各公司都有類似的信用文化，建立在保守的核保、嚴格的審查流程和以關係為中心的銀行業務之上。我們徹底的盡職調查過程證實了我們的信貸方式、市場進入策略、經營理念和文化的高度一致性。

In addition, both companies have significant acquisition experience and integration talent, so we expect a smooth combination in every respect.

此外，兩家公司都擁有豐富的收購經驗和整合人才，因此我們期待各方面的結合都能順利進行。

I wanted to take a moment to address heightened macro uncertainty and the recent market volatility. Columbia's consistent approach to banking is a key contributor to our success through business and credit cycles. Our conservative and disciplined approach to building a diversified and granular balance sheet, anchored by enduring customer relationships has historically allowed us to thrive during volatile periods.

我想花點時間來談談日益加劇的宏觀不確定性和最近的市場波動。哥倫比亞銀行一貫的銀行業務方法是我們在商業和信貸週期中取得成功的關鍵因素。我們採取保守而嚴謹的方法來建立多元化和精細的資產負債表，並以持久的客戶關係為基礎，這讓我們在動盪時期蓬勃發展。

Our company has grown stronger as we have gained scale, talent, and process improvement through the mergers and acquisitions that have shaped Columbia over the years. Through it all, we have maintained our culture, supporting our growing customer base, maintaining our strong credit profile, and building a superior core deposit franchise.

透過多年來塑造哥倫比亞的併購，我們的公司規模不斷擴大，人才不斷湧現，流程不斷改進，公司也因此變得更加強大。透過這一切，我們保持了我們的文化，支持了我們不斷增長的客戶群，保持了我們強大的信用狀況，並建立了卓越的核心存款特許經營權。

I want to thank our associates for their hard work in delivering another solid quarter of operational results. Their accomplishments contribute to my enthusiasm for our future. Our pending acquisition of Pacific Premier accelerates the organic opportunities in front of us, as we continue to grow our customer base throughout our eight-state western footprint. Together, we continue to strive toward consistent repeatable top quartile performance in support of long-term shareholder value.

我要感謝我們的同事們的辛勤工作，為本季帶來了另一個穩健的營運業績。他們的成就激發了我對我們的未來的熱情。隨著我們繼續在八個州的西部業務範圍內擴大客戶群，我們即將收購 Pacific Premier，這將加速我們面臨的有機機會。我們將繼續共同努力，爭取持續、可重複的最高四分位數業績，以支持長期股東價值。

I'll now turn the call over to Ron.

我現在將電話轉給羅恩。

Okay. Thank you, Clint. I'll begin with a review of the first quarter's results.

好的。謝謝你，克林特。我將首先回顧第一季的業績。

We reported first quarter EPS of $0.41 per share and operating EPS of $0.67, which includes a previously disclosed legal settlement of $55 million, $15 million in severance expense, and other fair value and hedging items detailed in our non-GAAP disclosures, which I encourage you to review.

我們報告第一季每股收益為 0.41 美元，營業每股收益為 0.67 美元，其中包括先前披露的 5500 萬美元的法律和解金、1500 萬美元的遣散費以及非 GAAP 披露中詳述的其他公允價值和對沖項目，我鼓勵您查看。

Our operating return on tangible equity was 15%, while operating PPNR was $212 million. As Clint noted, our banker's activity helped offset typical seasonal deposit contraction, as customer cash usage in December carried through in January.

我們的有形資產營運報酬率為 15%，而營運 PPNR 為 2.12 億美元。正如克林特所指出的，我們的銀行家的活動幫助抵消了典型的季節性存款收縮，因為 12 月的客戶現金使用量延續到了 1 月。

Balance generation from our small business and retail campaign and other growth and commercial deposits drove $440 million in customer deposit growth during the first quarter. Growth and relationship-based accounts enabled us to repay $590 million of wholesale funding, inclusive of broker deposits. And the favorable mixed chip benefited our net interest margin later in the quarter.

我們的小型企業和零售活動以及其他成長和商業存款產生的餘額推動第一季客戶存款增加 4.4 億美元。成長和基於關係的帳戶使我們能夠償還 5.9 億美元的批發融資，其中包括經紀人存款。有利的混合籌碼使我們的淨息差在本季度後期受益。

As we discussed on last quarter's seasonal deposit flows led to 4 basis points of NIM contraction to 3.60% in the first quarter. Full salary payments were largely executed in March. Our provision for credit loss was $27 million to the quarter, and our overall allowance for credit losses remains robust at 1.17% of total loans, or 1.32% when including the remaining credit discount.

正如我們在上個季度討論的那樣，季節性存款流動導致第一季淨利差收縮 4 個基點至 3.60%。3月份基本上已全額支付薪資。本季我們的信用損失準備金為 2,700 萬美元，我們的整體信用損失準備金仍保持強勁，佔貸款總額的 1.17%，如果包括剩餘的信用折扣，則為 1.32%。

Non-interest income with $66 million for the quarter, with the change from Q4 mostly related to fair value swings given interest rate changes. On page 16 of our earnings release, we detailed the non-operating fair value changes. Excluding those items, our operating non-interest income of $56.9 million for Q1 was up $2 million as last quarter's loss on sale of loans did not repeat.

本季非利息收入為 6,600 萬美元，與第四季相比的變化主要與利率變化導致的公允價值波動有關。在我們的財報第 16 頁中，我們詳細說明了非經營性公允價值變動。除這些項目外，我們第一季的營業非利息收入為 5,690 萬美元，增加了 200 萬美元，因為上個季度的貸款銷售損失沒有重演。

Total GAAP expense for the quarter was $340 million, while operating expenses were $270 million, with the variance detailed on page 16 of the earnings release. Seasonally higher payroll taxes and an elevated legal expense, separate from the legal settlement, drove the $7 million increase from the prior quarter. Before taking today's merger announcement into consideration, we continue to expect our operating expense, excluding CDI amortization, to be in the $1 billion to $1.01 billion range for 2025.

本季的 GAAP 總支出為 3.4 億美元，而營運支出為 2.7 億美元，差異詳情請參閱收益報告第 16 頁。由於季節性工資稅上漲以及法律費用增加（不包括法律和解），導致該季度收入較上一季增加了 700 萬美元。在考慮今天的合併公告之前，我們仍然預計 2025 年的營運費用（不包括 CDI 攤銷）將在 10 億美元至 10.1 億美元之間。

And lastly, our tax rate was impacted by nondescriptable expenses during the quarter. We expected to remain in the mid 25% range on an operating basis for the remainder of 2025.

最後，我們的稅率受到本季不可描述費用的影響。我們預計 2025 年剩餘時間內的營運率將維持在 25% 左右。

Turning now to the proposed transaction with Pacific Premier. Slides 21 and 22 in the deal deck detail a diversified pro forma loan portfolio and the similar deposit profiles Clint discussed. Slide 18 lays out key deal related financial assumptions. We begin with consensus estimates for Columbia and Pacific Premier and we expect to realize approximately $127 million in pre-tax cost savings, which represents 30% of Pacific Premier's non-expense base. We expect 75% of savings to be phased in during 2026 and 100% thereafter.

現在來談談與 Pacific Premier 擬議的交易。交易簡報中的第 21 和 22 張投影片詳細介紹了多元化的備考貸款組合以及克林特討論過的類似存款情況。投影片 18 列出了與交易相關的關鍵財務假設。我們從對哥倫比亞和 Pacific Premier 的一致估計開始，我們預計實現約 1.27 億美元的稅前成本節約，佔 Pacific Premier 非費用基數的 30%。我們預計 2026 年將分階段實現 75% 的節省，此後將實現 100% 的節省。

As Clint outlined, we expect to realize revenue synergies given opportunities across our combined customer base, though none are included in our announced financial projections. We expect onetime after-tax deal-related costs of $146 million.

正如克林特所概述的，我們希望透過合併後的客戶群中的機會來實現收入綜效，儘管這些機會並未包含在我們公佈的財務預測中。我們預計一次性稅後交易相關成本為 1.46 億美元。

Fair value and interest rate marks, which will be created over the remaining life of the assets, include rate related write downs of $449 million on Pacific Premier's gross loan portfolio, $327 million on health and maturity securities, and $91 million related to available for sale securities. We also anticipated $25 million reversal of existing marks on Pacific Premier's acquired loans, a $12 million write up, to fixed assets and an $11 million write-up of time deposits which will be amortized over approximately one year.

將在資產剩餘使用壽命內創建的公允價值和利率標記包括 Pacific Premier 總貸款組合的 4.49 億美元、健康和到期證券的 3.27 億美元以及可供出售證券的 9,100 萬美元的利率相關減記。我們也預期 Pacific Premier 所收購貸款的現有標記將撤銷 2,500 萬美元，固定資產增值 1,200 萬美元，定期存款增值 1,100 萬美元，這些將在大約一年內攤銷。

The $96 million credit mark, is equivalent to 0.8% of Pacific Premier's gross loan portfolio, is allocated 50% to purchase credit deteriorated, or PCD loans, and 50% to non-PCD loans. As with interest rate marks, the non-PCD mark will create into interest income over the remaining life of the loans. We expect to realize an initial provision expense of $48 million on non-PCD loans immediately following the transactions closing. The core deposit intangible is estimated at 3.3% of Pacific Premier's core deposits and it will be amortized over 10 years using a sum of the year's digits calculation.

9,600 萬美元的信貸額度相當於 Pacific Premier 總貸款組合的 0.8%，其中 50% 用於購買信用惡化貸款（即 PCD 貸款），50% 用於非 PCD 貸款。與利率標記一樣，非 PCD 標記將在貸款剩餘期限內產生利息收入。我們預計交易結束後將立即實現非 PCD 貸款 4,800 萬美元的初始撥備費用。核心存款無形資產估計佔 Pacific Premier 核心存款的 3.3%，並將採用年數總和計算法在 10 年內攤提。

Lastly, Pacific Premier intends to call its outstanding subordinated debt prior to the transaction closing. These assumptions drive our expectations for 14% EPS accretion in 2026 and 15% in 2027, based on consensus estimates. We project 7.6% of tangible book value dilution and a three-year earn-back period. Please refer to the Appendix for reconciliation of the metrics I just discussed.

最後，Pacific Premier 打算在交易結束前償還其未償還的次級債務。根據一致估計，這些假設推動了我們對 2026 年 EPS 成長 14% 和 2027 年 EPS 成長 15% 的預期。我們預期有形帳面價值將稀釋 7.6%，獲利期為三年。請參閱附錄，了解我剛才討論的指標的協調。

Slides 14 and 15 outline the significant value creation and applied equity value upside this transaction offers. Given Pacific Premier's excess capital position, we expect limited impact to our capital ratios at closing. And as Clint noted, we will not need to raise additional capital.

投影片 14 和 15 概述了此交易帶來的重大價值創造和應用股權價值上升。鑑於 Pacific Premier 的過剩資本狀況，我們預期交易結束時對我們的資本比率的影響有限。正如克林特所說，我們不需要籌集額外的資金。

I will now turn the call back over to Clint.

我現在將電話轉回給克林特。

Hey, thanks, Ron. As you've heard me say many times before, The criteria Columbia considers in any transaction are that it makes financial sense for our shareholders, is complementary or additive to our business model, and it needs to be culturally compatible.

嘿，謝謝你，羅恩。正如你之前多次聽到我說過的那樣，哥倫比亞在任何交易中考慮的標準是，它對我們的股東來說具有財務意義，對我們的商業模式具有補充或附加作用，並且需要在文化上兼容。

Our partnership with Pacific Premier is consistent with all of those criteria. Our focus remains on optimizing our financial performance to drive long-term shareholder value. Our capital position continues to build, and our regulatory ratios are expanding in line with our expectations. Our CET1 and total capital ratios were 10.6% and 12.8% at quarter end, well above our long-term targets.

我們與 Pacific Premier 的合作符合所有這些標準。我們的重點仍然是優化財務表現以推動長期股東價值。我們的資本狀況持續增強，監管比率也按照我們的預期擴大。本季末，我們的 CET1 和總資本比率分別為 10.6% 和 12.8%，遠高於我們的長期目標。

Our operational performance continues to demonstrate our ability to organically generate capital, well above what is required to support prudent organic growth and our regular dividend. We expect our acquisition of Pacific Premier to enhance our capital generation capabilities and drive additional flexibility for future return to shareholders.

我們的營運表現持續證明我們有機創造資本的能力，遠高於支持審慎有機成長和定期股利所需的水平。我們期望對 Pacific Premier 的收購能夠增強我們的資本產生能力，並為未來股東回報帶來更多靈活性。

This concludes our prepared comments. Chris, Tori, Ron, Frank, and I are happy to take your questions on our first quarter results. And Steve Gardner is with us for acquisition related questions.

我們的準備評論到此結束。克里斯、托里、羅恩、弗蘭克和我很樂意回答您關於我們第一季業績的問題。史蒂夫·加德納 (Steve Gardner) 將與我們一起回答與收購相關的問題。

Dillam, please open the call for Q&A.

迪拉姆，請開始問答環節。

(Operator Instructions) Chris McGrady, KBW.

（操作員指示）Chris McGrady，KBW。

Oh, great. Good afternoon. Clint, I got an opening question for you. You're roughly two years removed from the close of the Banquo deal. I guess I'm interested in what experience you can bring from that deal to this deal. I know you talked about this being a little bit of a market extension, but maybe the upside potential and then maybe the risk that you're wondering?

噢，太好了。午安.克林特，我想問你一個開場問題。距離班柯交易結束大約兩年了。我感興趣的是你能從那筆交易中為這筆交易帶來什麼經驗。我知道您說過這有點像市場延伸，但也許是上行潛力，然後也許是您想知道的風險？

Yeah, hi Chris. We have a slide in the deal deck that highlights. Our M&A experience, and when I say ours, specifically, Steve's M&A experience in my M&A experience, but also that of our teams and since 2010 eac organization is done 10 -- individually done 10 acquisitions. And so with each one of those, you learn something and you have a playbook.

是的，嗨，克里斯。我們在交易平台上有一張突出顯示的幻燈片。我們的併購經驗，當我說我們的經驗時，具體來說，是指史蒂夫的併購經驗、我的併購經驗，也是我們團隊的經驗，自 2010 年以來，每個組織都完成了 10 次——單獨完成了 10 次收購。因此，透過每一次嘗試，你都會學到一些東西，並且擁有一本劇本。

What's unusual here is to have a counterparty that is as seasoned or more seasoned than what we are. And so when you look at that track record, it gives you a lot of confidence in your ability to adapt to whatever comes at you that's a surprise, because there's always something. But more specific to the merger integration that we wrapped up, I started talking last summer that the integration aspects, the social aspects of the Columbia-Milwaukee integration, were largely behind us. And conventional thinking is it's a two-year process for that to happen.

這裡不同尋常的是，我們的交易對手和我們一樣經驗豐富，甚至比我們更豐富。因此，當你回顧過去的記錄時，你會對自己適應任何可能發生的事情的能力充滿信心，因為總是會有一些事情發生。但更具體地說，對於我們完成的合併整合，我去年夏天就開始說，哥倫比亞-密爾瓦基整合的整合面向、社會方面基本上已經過去了。傳統的想法是，這需要兩年的時間才能實現。

So I feel like we accomplished it about six months ahead of time. You look at the consistent operating performance that we drove throughout '24, carried that into the first quarter here of '25. And so everything that we've experienced and what we've been communicating over the past several quarters is that we're in a business-as-usual operating mode. That the integration was fully behind us. And it was a much heavier lift .

所以我覺得我們提前六個月完成了它。您可以看到，我們在整個 24 年都保持了穩定的營運業績，並將這種業績延續到了 25 年第一季。因此，我們所經歷的一切以及過去幾季所傳達的訊息都表明，我們處於一切照舊的營運模式。我們已經完全完成了整合。這是一個更沉重的負擔。

Because if you think about every single individual, in both companies was impacted by the Columbia-Umpqua merger. Here, there's still an impact, but it doesn't impact and distract. or have the potential to distract every single person doing every single job in both companies.

因為如果你考慮這兩家公司的每一個人，你會發現他們都受到了 Columbia-Umpqua 合併的影響。在這裡，仍然有影響，但它不會影響和分散注意力。或者有可能分散兩家公司中每個從事每項工作的每個人的注意力。

So I don't want to make light of any integration that's challenging. But also, Steve and I have spent a lot of time talking about and speaking with key members of his team, about how to make sure that we execute flawlessly on this. And we have a great plan. So I'm just very confident in our ability to do this and I think the environment is also conducive to doing that as well.

所以我不想輕視任何具有挑戰性的整合。但同時，史蒂夫和我也花了很多時間與他的團隊的關鍵成員討論如何確保我們完美地執行這項任務。我們有一個偉大的計劃。所以我對我們做到這一點的能力非常有信心，而且我認為環境也有利於做到這一點。

Great. Thanks for that. And then I guess my follow up would be a little bit of a regulatory angle, right? Are you 70 -- or you're 70 [to pro forma]. You're going to be -- I guess two-part question is there any expenses either gross or net that you're allocating to preparing for a $100 billion?

偉大的。謝謝。然後我想我的後續行動會有點監管角度，對嗎？您是 70 歲嗎？或者您是 70 歲（形式上）。您將要—我想這個問題分為兩部分：您是否分配了總額或淨額費用來準備 1000 億美元？

And then secondarily, what's the CRE concentration going to be pro forma? I know that's a bigger issue once you get closer to $100 billion, and Steve was right around $300 billion? I'm interested in that kind of pro forma. Thanks.

其次，CRE 濃度的形式是什麼？我知道，一旦接近 1000 億美元，這個問題就會變得更大，而史蒂夫的預算大約是 3000 億美元，對吧？我對那種形式很有興趣。謝謝。

Yeah. So we have a roadmap in terms of preparing -- as we skate towards $100 billion. And that roadmap was put in place, really, as we cross $50 billion. And it doesn't mean that we've significantly ramped up expense or that we'll need to significantly ramp up at $70 billion. So there's not like an expense cliff that comes with this.

是的。因此，我們有一個準備路線圖——我們正在朝著 1000 億美元邁進。當我們的規模突破 500 億美元時，這個路線圖就真正制定出來了。這並不意味著我們大幅增加了開支，或我們需要大幅增加 700 億美元。因此，這並不會造成費用懸崖。

But what it does mean is that we have to start skating to where the puck's going because there's no phase in period for the regulatory aspect of crossing $100 billion. At $70 billion, my argument would be we're only 70% of the way there. But I do think that we'll accelerate some of the components on our roadmap, but it's nothing that will be a meaningful adjustment to your expense models or anything like that at this point in time.

但它確實意味著我們必須開始向冰球前進，因為對於超過 1000 億美元的監管方面沒有分階段實施的階段。對於 700 億美元，我認為我們只完成了 70%。但我確實認為我們會加速我們路線圖上的一些組成部分，但這目前不會對您的費用模型或類似的東西做出有意義的調整。

And then we just have to wait and see. There's a lot of moving pieces right now in the regulatory framework. And $100 billion used to be $250 billion. And I don't know if that happens again, but I think that there's just - we're in pretty consistent conversations and in constant contact with our regulators at the regional office, as well as nationally. And so I think that in the time period that we're going through waiting to close this, thresholds could be different. But we're not counting on that, just so you know.

然後我們就只能拭目以待了。目前，監管框架中有很多變動。而 1000 億美元曾經是 2500 億美元。我不知道這種情況是否會再次發生，但我認為 - 我們一直在與地區辦事處以及全國的監管機構進行相當持續的對話並保持聯繫。因此我認為，在我們等待結束這一進程的這段時間裡，門檻可能會有所不同。但我們並不指望這一點，你知道的。

Great, and then the performance theory, if you, have it? Thank you.

太好了，那麼性能理論，如果你有的話，有嗎？謝謝。

Oh yeah, I think it's $330 billion, $325 billion. And if you take out the multifamily, which both companies' multifamily books are pretty much the same, workforce housing, rock solid credit, I think that then that number drops down to $168 billion or somewhere in that level.

哦，是的，我認為是 3300 億美元，3250 億美元。如果你去掉多戶住宅，這兩家公司的多戶住宅帳簿幾乎相同，還有勞動力住房、堅如磐石的信貸，我認為這個數字會下降到 1,680 億美元或在這個水平左右。

Okay. Thank you.

好的。謝謝。

David Feaster, Raymond James.

大衛菲斯特、雷蒙詹姆斯。

Hi, good afternoon, everybody. David. Obviously, this is a very complimentary deal. It brings some nice fee income lines, which you alluded to, some new lending verticals, expands into some markets that you were already going to. You touched on a few of those things that Pacific Premier brings. I was hoping you could elaborate maybe on where you see the most opportunity to add value, utilizing some of their core competencies across the combined franchise or leveraging Columbia's expertise across their footprint.

大家好，下午好。大衛。顯然，這是一項非常有利的交易。它帶來了一些不錯的費用收入線，正如您所提到的，一些新的貸款垂直領域，擴展到一些您已經進入的市場。您提到了 Pacific Premier 帶來的一些功能。我希望您能詳細說明您認為最有可能增加價值的地方，是利用合併後的特許經營權中的一些核心競爭力，還是利用哥倫比亞在其業務範圍內的專業知識。

Just kind of curious where you see, where are you most excited about?

只是有點好奇您看到了什麼，您對什麼最興奮？

I'll start, and then see if Chris and Tory want to actually give you more details. The thing that excites me the most, and I said it in my prepared remarks, this accelerates what we had hoped to be able to achieve in Southern California, in particular, by over a decade. And that's just not something we're saying just because it's impactful. But it's been about a year and a half that we've been trying to solve for how we get more infrastructure for the bankers that we already have in that market. And I said in my comments that they've done a phenomenal job.

我先開始，然後看看克里斯和托里是否願意真正向你們提供更多細節。最讓我興奮的是，我在準備好的發言中已經說過，這比我們原本希望在南加州實現的目標提前了十多年。我們這麼說不僅是因為它有影響力。但大約一年半以來，我們一直在努力解決如何為該市場現有的銀行家提供更多的基礎設施的問題。我在評論中說過，他們做得非常好。

They have with very little, very, very limited infrastructure south of the Great Line. And so for 18 months of work and trying to find the right places and figure out where our existing customers are, and good prospective customers, we identified less than a half a dozen sites at that point in time. And so if you just roll that forward and think about how you get and build a footprint that's not only the sheer number of locations, but the size and scale of what Steve and his team have built and that market, it's easily a 10-year push to do that.

他們在大線以南的基礎設施非常有限。因此，經過 18 個月的工作，我們試圖找到合適的地點，並弄清楚我們現有的客戶和良好的潛在客戶在哪裡，但當時我們只確定了不到六個站點。因此，如果你只是向前推進並思考如何獲得和建立一個足跡，這不僅是地點的數量，還包括史蒂夫和他的團隊所建立的市場的大小和規模，那麼很容易就需要 10 年的努力才能做到這一點。

And then when you combine that with some of their businesses that -- where they're just ahead of us in things you know, HOA banking is one area that Chris and some of his team have been trying to unlock the secret sauce to that. And, of course, you know Steve and half from your team, a very robust platform there and there's other things.

然後，當你把它與他們的一些業務結合起來時——他們在某些方面領先於我們，你知道，HOA 銀行業務是 Chris 和他的團隊一直試圖解開秘密的一個領域。當然，你知道史蒂夫和你的團隊中有一半人，那裡有一個非常強大的平台，還有其他東西。

And then also we think about some of the things that we're doing on the small business side, that have been impactful on our current operations over the past five quarters, and how we can leverage that and have that as an accelerator of growth. So I've kind of given you the appetizer.

然後，我們還考慮了我們在小型企業方面所做的一些事情，這些事情在過去五個季度對我們目前的營運產生了影響，以及我們如何利用這些事情並將其作為成長的加速器。所以我給你提供了開胃菜。

Now, I'm going to step back and let Tory and Chris serve up the main course on what the specifics are.

現在，我要退一步，讓托里和克里斯來介紹具體細節。

Yeah, thanks, Clint. Sorry, I'll jump in real quick. I've been honestly salivating over the Southern California market for a decade and just the sheer number of companies of all sizes, the density of it. It's just such a wonderful market to be able to be a part of and to be able to grow into. We will immediately get brand awareness and strength and just share in the market, which is just going to support both of us as we kind of come together to grow.

是的，謝謝，克林特。抱歉，我很快就說完。說實話，十年來我一直對南加州市場垂涎三尺，這裡聚集著各種規模的公司，而且密度很高。這是一個非常棒的市場，我們能夠參與其中並不斷成長。我們將立即獲得品牌知名度和實力，並在市場上佔有一席之地，這將支持我們雙方共同成長。

I mean, specifically, you think about some of the product capabilities that we combined will be able to expand. You've got the leasing business, I think a little different offering on the commercial card front. You've got international banking front, just a little bit different as we come together. You've got the growth from the scale of our balance sheet.

我的意思是，具體來說，你想想我們合併後的一些產品功能將能夠擴展。你們有租賃業務，我認為在商業卡方面提供的服務略有不同。你們擁有國際銀行業務，只是我們的合作方式略有不同。從我們的資產負債表規模就可以看出成長情況。

So similar to Banquo and Columbia coming together, we've got the capability to grow with those customers as they grow. We're not going to pass on $20 million, $30 million deals as companies grow and need that from a lending standpoint. So we've got the capabilities to serve the customers as they grow, so we grow with them. And so I think those things combine with inheriting a great group of bankers at Pacific Premier, I think it's just going to be a wonderful opportunity for us.

與班柯 (Banquo) 和哥倫比亞 (Columbia) 的合併類似，我們有能力隨著客戶的成長而共同成長。隨著公司的發展，從貸款角度來看需要 2000 萬美元、3000 萬美元的交易，我們不會放棄。因此，我們有能力為客戶的成長提供服務，因此我們與他們共同成長。因此，我認為，這些因素加上繼承 Pacific Premier 的一群優秀銀行家，對我們來說將是一個絕佳的機會。

Yeah, David, this is Chris. The acceleration of the HOA program is a -- that's a huge one, light years ahead of where we are today. The complementary nature of the custodial trust business and being able to look at how our fiduciary business there and the investment aspects that we put into that as well. And we've been expanding into the market down there and this just accelerates that.

是的，大衛，這是克里斯。HOA 計劃的加速是一個巨大的進步，比我們今天所處的位置領先了數光年。託管信託業務的互補性質，以及能夠了解我們在那裡的信託業務以及我們在其中投入的投資方面。我們一直在向那裡的市場擴張，而這只會加速這一進程。

Clint started touching on retail small business. I think what we've shown in the last four campaigns of what we can do with our approach to the market, really looking forward to the opportunity of getting in there, training up the team, and the relationship strategy and then seeing what we can do when we turn that loose. We've talked about the market and the potential. I think there's a lot of opportunity there. And then we'll be full service and we'll bring the mortgage business as well.

克林特開始接觸零售小企業。我認為，在過去的四次活動中，我們已經展示了我們透過行銷方法可以取得的成果，我們真正期待進入市場的機會，培訓團隊，制定關係策略，然後看看當我們放開這些策略時我們能取得什麼成果。我們已經討論了市場和潛力。我認為那裡有很多機會。然後我們將提供全方位服務，同時也帶來抵押貸款業務。

And Columbia, you guys have had that slide in your deck talking about longer term balance sheet optimization opportunities. Obviously, we're going to have the Pacific Premier balance sheet marked. Are you considering any asset sales or optimization efforts to help improve profitability and maybe accelerate that optimization that you've already identified? Or is that just some conservatism in these numbers and optionality that you guys have? I don't think that's in those numbers.

哥倫比亞大學，你們在簡報中展示了有關長期資產負債表優化機會的幻燈片。顯然，我們將對 Pacific Premier 的資產負債表進行標記。您是否考慮出售資產或進行優化工作來幫助提高盈利能力，甚至加速您已經確定的優化？或者這只是你們在這些數字和可選性方面的一些保守態度？我不認為這些數字是這樣的。

No, no, it's not. But David, as usual, you've zeroed in on some of the key aspects of -- it provides flexibility. Not only does it act as a balance sheet restructure on the Pac Premier balance sheet, but then gets created back through earnings as opposed to being a hard-coded loss, but it also creates flexibility for us to do some of the things that we've been talking about for the past year or 15 months on optimizing our balance sheet. And just the expanded earnings capability of a pro forma company also gives us the potential to look at things a little bit differently in that regard.

不，不，不是這樣的。但是，大衛，像往常一樣，你已經集中精力於一些關鍵方面——它提供了靈活性。它不僅可以作為 Pac Premier 資產負債表的資產負債表重組，而且可以透過收益而不是硬編碼損失來創造，而且還為我們創造了靈活性，可以做我們在過去一年或 15 個月中一直在談論的一些優化資產負債表的事情。而只是模擬公司的獲利能力的擴大也使我們有可能從這個角度以不同的方式看待事物。

And as we've mentioned, the deal doesn't require any additional capital. And we've already been growing capital fairly substantially over the last two years and that growth should accelerate as well.

正如我們所提到的，該交易不需要任何額外資本。過去兩年，我們的資本已經大幅成長，而且這種成長速度還應該會加快。

Okay, that's great. And then maybe just last one for me, a higher level one. We've got an extremely volatile backdrop today. You got the trade wars and all that going on. Just kind of a high-level question for you, Clint, is how do you get comfortable underwriting credit today? I mean, the good news is I've always looked at Pacific Premier as a very low risk balance sheet, very conservatively underwritten. Obviously, there's a healthy credit mark here too through the marks I'm just curious, how did you get comfortable around the credit side of this deal?

好的，太好了。這也許只是我的最後一個，一個更高等級的。今天我們面臨的情況極度動盪。你遇到了貿易戰和諸如此類的事情。克林特，我只想問您一個高層次的問題：您今天如何安心承保信貸？我的意思是，好消息是我一直認為 Pacific Premier 的風險非常低，核保非常保守。顯然，這裡的信用評分也很健康，我只是好奇，您是如何對這筆交易的信用方面感到滿意的？

Frank could hardly wait to unmute his mic. He's sitting next to me. And so what I'll start with is by saying, I think you hit the nail on the head that Steve and his team have demonstrated a long-demonstrated track record of superb credit performance. And that was something that we dug very, very deeply into. And because Frank likes to be bored and he likes to sleep well at night and he's also very conservative and has a strong track record in credit and performance, so I don't want to steal his thunder.

弗蘭克迫不及待地想打開麥克風。他坐在我旁邊。因此，我首先要說的是，我認為你說得很對，史蒂夫和他的團隊長期以來一直有著出色的信用表現記錄。這是我們深入研究過的事情。而且因為弗蘭克喜歡無聊，他喜歡晚上睡個好覺，而且他非常保守，在信譽和業績方面有著良好的記錄，所以我不想搶他的風頭。

So I'll go on mute here and let Frank give you some details in terms of the extent of diligence that we conducted.

因此，我將在這裡保持沉默，讓弗蘭克向您提供有關我們進行的盡職調查程度的一些細節。

Thanks, Clint. i mean, there's no thunder to be stolen here. I was really excited to see the results of the diligence that we conducted. We looked at over 61% of their loans and was pleased to find out --I mean, they really had a really similar underwriting and credit philosophy to us here. Their policies were very much aligned with ours. Their application of credit policy was very close to how we apply our credit policy.

謝謝，克林特。我的意思是，這裡沒有什麼可以搶走的風頭。我很高興看到我們所做努力的成果。我們查看了他們 61% 以上的貸款，很高興地發現——他們的承保和信貸理念與我們非常相似。他們的政策與我們的政策非常一致。他們的信貸政策應用與我們的信貸政策應用非常接近。

And probably the most important thing in underwriting through any credit cycle and the ability to continue to underwrite through any credit cycle, is to have a leverage averse credit culture within the portfolio and underwriting. And it's not P&Ls that get companies through credit cycles. It's the strength of the balance sheet. And time after time, we saw within the credits evaluated a low leverage posturing of these companies, similar to ours.

在任何信貸週期中進行承保以及在任何信貸週期中繼續承保的能力中最重要的事情可能是在投資組合和承保中建立一種厭惡槓桿的信貸文化。並不是損益表讓公司度過了信用週期。這是資產負債表的力量。我們一次又一次地在信貸評估中看到這些公司與我們類似的低槓桿姿態。

So it gave me great comfort to see all of that and not a lot of existing issues within the portfolio either. So clearly both companies stay ahead of credit problems by staying close to their customer base. And that's really the best way to do it, is to stay in close contact with them.

因此，看到所有這些，並且投資組合中也不存在很多問題，我感到非常欣慰。顯然，這兩家公司透過密切聯繫客戶群，避免了信貸問題。而這確實是最好的方法，就是與他們保持密切聯繫。

And I noticed a very active portfolio management and monitoring philosophy similar to ours. So I don't see any surprises with Pac Premier's portfolio, nor do I without. I think both companies are very much on top of their portfolios and that will enable us to win through any cycle.

我注意到一種與我們類似的非常積極的投資組合管理和監控理念。因此，我認為 Pac Premier 的投資組合不會帶來任何驚喜，如果沒有，我也不會。我認為兩家公司都非常了解自己的投資組合，這將使我們能夠在任何週期中獲勝。

That's great. Thanks everybody for all the color. Congrats on the deals.

那太棒了。感謝大家的色彩。恭喜達成交易。

Thanks, David.

謝謝，大衛。

Matthew Clark, Piper Sandler.

馬修克拉克、派珀桑德勒。

Hey, good afternoon, everyone. This is first question around your financial targets on a pro forma basis and maybe the lessons learned from the Umpqua deal. I know this is only about a 30-year size relative to UMQA is a lot larger. But anything you know you might do differently this time around to ensure that you get these targets because you know they look really strong.

嘿，大家下午好。這是關於您的備考財務目標以及從 Umpqua 交易中學到的教訓的第一個問題。我知道這只是大約 30 年的規模，相對於 UMQA 要大得多。但你知道，這次你可能會採取不同的做法，以確保實現這些目標，因為你知道它們看起來非常強大。

Well, we start with all of your estimates, not yours specifically, but consensus estimates. And so I guess, you know, as we look at the environment changes we had what, 550 basis points of rate increases from when we announced the Umpqua-Columbia merger.

好吧，我們從你們所有人的估計開始，不是你們的具體估計，而是一致的估計。所以我想，你知道，當我們觀察環境變化時，我們發現自從我們宣布 Umpqua-Columbia 合併以來，利率已經上漲了 550 個基點。

Hopefully, we -- one, I expect that we won't have a 17-month waiting period. And two, I would hope that we wouldn't see that kind of rate volatility. But I guess that's the thing that I want to make sure people are aware of is that consensus estimates have come down. I mean, you know, for the industry. And so when we build these models and everybody does it, they use consensus estimates. And so there's always going to be some variability.

希望我們——首先，我預計我們不會有 17 個月的等待期。其次，我希望我們不會看到這種利率波動。但我想確保人們意識到的是，普遍預期已經下降。我的意思是，對於這個行業來說。因此，當我們建立這些模型並且每個人都這樣做時，他們都會使用一致的估計。因此總是會存在一些變化。

In a stable environment, our forecasts are probably not terribly different, maybe a little better, maybe a little worse from period to period than what consensus is. But there was a whole seismic shift in the operating or the rate environment. And that's what really, I think, led to the differences.

在穩定的環境下，我們的預測可能不會有太大差異，可能比普遍預期好一點，也可能比預期差一點。但經營環境或利率環境發生了巨大變化。我認為這才是導致分歧的真正原因。

So even despite the volatility in the markets right now, what we're seeing from customers, if you don't watch the news and you're not on social media, life's still pretty good. So we're not seeing any type of major pullback that's causing us to rethink what our current forecasts are. I know our advisors went through our forecasts, and I'm pretty certain that Steve's advisors went through his forecast and our forecasts and we feel we feel pretty good about that we're going to execute and deliver top-tier performance.

因此，儘管目前市場波動很大，但從客戶的情況來看，如果你不看新聞，也不使用社群媒體，生活仍然很美好。因此，我們沒有看到任何類型的重大回調，這導致我們重新考慮我們當前的預測。我知道我們的顧問已經仔細研究過我們的預測，而且我非常確定史蒂夫的顧問也仔細研究過他的預測和我們的預測，我們對執行並實現頂級表現感到非常有信心。

Now, as the market moves maybe those ratios move around just because that's how it works. But on a relative basis, I think this is going to make a lot of money for a lot of people.

現在，隨著市場的變化，這些比率可能會發生變化，因為這就是它的運作方式。但相對而言，我認為這將為許多人帶來很多錢。

That's great. And then how about the buyback? I know we were kind of warming up to one sometime this year. Does this deal put that on pause? I mean, PPBI has a ton of excess capital. You use all that capital to do with the marks, given that your capital kind of on a pro forma basis isn't going to change materially, would you still consider a buyback this year?

那太棒了。那麼回購怎麼樣呢？我知道我們今年某個時候已經開始熱身了。這筆交易是否會暫停這項進程？我的意思是，PPBI 擁有大量過剩資本。您使用所有這些資本來處理標記，考慮到您的資本在形式上不會發生重大變化，您今年還會考慮回購嗎？

So what I said during our first-quarter conversations was that I was pretty confident that there would be capital actions during 2025. And I consider M&A a capital action. So without this, yeah, it would have been extremely likely that we would have started initiating a buyback.

因此，我在第一季的談話中說過，我非常有信心 2025 年將會採取資本行動。我認為併購是一種資本行動。所以，如果沒有這個，是的，我們極有可能已經開始發起回購了。

Right now, our biggest focus is get the deal closed, see where the capital ratios are, and then from there, relative to our long-term targets, make an assessment on a buyback. So I guess short answer is, yeah. It probably does push it out. It's probably not a '25 event.

目前，我們最大的關注點是完成交易，了解資本比率，然後根據我們的長期目標對回購做出評估。所以我想簡短的回答是，是的。它可能確實會將其推出去。這可能不是 25 年事件。

But there's still some variables in terms of, is this a year-end close, or is it a sooner than that type of close. And then where do the final ratios shake out? Right now, we expect a modest decline of 20, 30 basis points from our current level. And our current levels are modestly above where our long-term targets are.

但仍存在一些變數，例如，這是年末結算，還是比年末結算更早的結算。那麼最終的比例如何呢？目前，我們預計利率將從目前水準小幅下降 20 至 30 個基點。我們目前的水平略高於我們的長期目標。

So we still would expect that we'd be above those targets. But I'd hate to go initiate a $300 million or $400 million buyback and then find out that rates move around and we needed to go out and raise $200 million of capital and do it with our shareholders. That wouldn't do us any good.

所以我們仍然期望我們能夠超越這些目標。但我不想啟動 3 億美元或 4 億美元的回購，然後發現利率正在變動，我們需要出去籌集 2 億美元的資金並與股東一起完成。那對我們沒有任何好處。

Yeah, fair enough. And then my last question, just around any potential divestitures on PBBI's balance sheet. I know Steve has scrubbed that portfolio quite a bit over the years. But is there anything within there, maybe franchise lending or maybe even multifamily you might want to de-emphasize, or do you feel good about the whole portfolio?

是的，很公平。我的最後一個問題是有關 PBBI 資產負債表上任何潛在的資產剝離。我知道史蒂夫這些年來已經多次清理過這個投資組合。但是其中是否存在什麼，也許是特許經營貸款或甚至是多戶型貸款，您可能想要淡化其重要性，或者您對整個投資組合感覺良好嗎？

We feel pretty good. I mean, Steve and team have done a good job at the emphasizing some of the things. You know, I think tht's the other the other piece of it is, we've talked about that we've run our company and we've built our company to perform through cycles and you know, and we've been waiting for a recession for many years. I don't consider 2020 a recession because of all the stimulus that was pushed into the system.

我們感覺很好。我的意思是，史蒂夫和他的團隊在強調某些事情方面做得很好。你知道，我認為這是另一回事，另一部分是，我們已經討論過，我們已經經營了我們的公司，我們已經建立了我們的公司來度過週期，你知道，我們已經等待經濟衰退很多年了。由於已經向系統推出了大量刺激措施，因此我不認為 2020 年會出現經濟衰退。

And I think Steve also kind of built a fortress balance sheet and a tremendous amount of capital in anticipation of some form of economic slowdown. And as part of that, it wasn't just building capital, but it was also kind of pulling back from different areas of their portfolio.

我認為史蒂夫還建立了穩固的資產負債表和巨額資本，以應對某種形式的經濟放緩。作為其中的一部分，它不僅僅是在累積資本，而且還在從其投資組合的不同領域撤資。

So it's super clean, yeah, on the multifamily side, could, we could reduce CRE exposures by selling some of those that are marked, but they're going to be at current market rates through purchase accounting. And there's absolutely zero credit concerns on those. So I don't know that we would necessarily do that. There are some things in the bond portfolio that I think we're looking at that could provide some opportunities for us. And then like I said, I think on one of my earlier responses is I think this gives us some flexibility with our existing balance sheet to maybe look at some things.

所以它非常乾淨，是的，在多戶型方面，我們可以透過出售一些有標記的房產來減少 CRE 風險，但它們將透過購買會計以當前市場價格計算。而這些都絕對不存在信用問題。所以我不知道我們是否一定會這樣做。我認為我們正在關注的債券投資組合中的一些項目可能會為我們提供一些機會。然後就像我說的，我認為我之前的答案之一是，這為我們現有的資產負債表提供了一些靈活性，讓我們可以考慮一些事情。

Great, thank you.

太好了，謝謝。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Hi, good afternoon. I'm wondering how long the courting -- how long was the courting process for this transaction? And it's pretty impressive to get a deal announced in the midst of some of this volatility in the broader market. I'm just wondering, more recently, did you have to update any deal terms, considerations, marks? Did you have to recalibrate any parts of the transaction, just given some of the market turbulence here today?

嗨，下午好。我想知道這筆交易的求愛過程持續了多久？在整體市場波動較大的情況下宣布達成協議確實令人印象深刻。我只是想知道，最近您是否必須更新任何交易條款、考慮因素和標記？鑑於當今市場的一些動盪，您是否需要重新調整交易的某些部分？

We'll have all of that in the S4. But what I'll give you is that Steve and I started getting to know each other a couple years ago. And just trying to assess, my mindset at that time, was executing on the task at hand, which was the integration of Columbia and Umpqua.

我們將在 S4 中實現所有這些功能。但我要告訴你的是，史蒂夫和我幾年前就開始互相認識了。只是想評估一下，我當時的心態是執行手邊的任務，也就是哥倫比亞和 Umpqua 的整合。

And I think if you ask Steve, and you can, because he's here in the room as a reminder, his thought process was probably around seeing if we could execute on the task at hand. And once we both were at a point of where I said, yeah, we've executed, and he was able to witness it from an external viewpoint, then we started talking about possibility and when timing might be right. And I would say as a kind of a full-on approach and endeavor really started at the first of the year. So here we are in the fourth month.

我認為如果你問史蒂夫，你可以，因為他現在就在房間裡提醒你，他的思考過程可能是看看我們是否可以完成手邊的任務。當我們都到達我說「是的，我們已經執行了」的點時，並且他能夠從外部視角見證這一點，然後我們就開始討論可能性以及何時時機可能合適。我想說，一種全面的方法和努力實際上從年初就開始了。現在已經是第四個月了。

But I'll lean back into both of our experience in M&A. I think both teams and boards we're able to see through the short-term market noise and volatility and really focus on where the long-term shareholder value could be created. And so I think we ended up remarkably close to where we originally started. Yeah, it was a wild ride with some of the market swings.

但我會回顧我們雙方在併購方面的經驗。我認為團隊和董事會都能夠看透短期市場噪音和波動，並真正專注於創造長期股東價值的地方。所以我認為我們最終的結果與我們最初的出發點非常接近。是的，市場波動很大，這是一趟瘋狂的旅程。

(multiple speakers)

（多位發言者）

Sure, go ahead, Steve.

當然，請說吧，史蒂夫。

Sure. It was a very disciplined process. And I think importantly here that as 100% stock deal, this is a reinvestment opportunity for Pacific Premier shareholders and an extremely attractive one, because we firmly believe the upside here is significant.

當然。這是一個非常有紀律的過程。我認為重要的是，作為 100% 的股票交易，這對 Pacific Premier 股東來說是一個再投資機會，而且極具吸引力，因為我們堅信這其中的上行空間巨大。

And so when you get two companies that have very similar cultures, operational areas, it really -- it makes for a relatively low risk, low execution risk in our minds. And so, there was certainly a lot of volatility, both in the equity markets, also the debt markets, and that had an impact. But given that we had a long-term view here, and this is a reinvestment, we thought the process throughout was very collaborative and really pleased where we ended up.

因此，當兩家公司擁有非常相似的文化和營運領域時，在我們看來，這確實會帶來相對較低的風險和較低的執行風險。因此，股票市場和債務市場肯定存在很大的波動，這產生了影響。但考慮到我們有一個長遠的眼光，而且這是一次再投資，我們認為整個過程非常具有協作性，我們對最終的結果感到非常滿意。

Okay, great. And obviously, a very different transaction from Umpqua-Columbia deal, but that took longer than expected. Here, you guys are expecting to close this in the second half of this year. I guess, just can you privy us to some of the conversations that maybe have been had with regulators in framing that closing timeframe?

好的，太好了。顯然，這是一筆與 Umpqua-Columbia 交易截然不同的交易，但它花費的時間比預期的要長。在這裡，你們預計將在今年下半年完成此事。我想，您能否向我們透露一些在製定截止日期時可能與監管機構進行過的對話？

Yeah, there's a body of evidence that continues to build on deals getting approved quicker and for banks either our size or to create banks that are our size. And so that gives us a lot of optimism.

是的，有大量證據表明，對於我們這種規模的銀行來說，交易能夠更快地獲得批准，或者創建與我們規模相當的銀行。這給了我們很大的樂觀。

And the other thing is that we had fairly robust pre-flight conversations with the regulators, both at the regional office level, as well as in DC. And I'll say, I left those meetings, very encouraged that it would be a much more efficient and more transparent process than what we went through last time.

另外，我們與監管機構進行了相當充分的飛行前溝通，無論是在地區辦公室層面，還是在華盛頓特區。我要說的是，離開這些會議後，我感到非常鼓舞，因為這次的流程將比上次更有效率、更透明。

And the other aspect of it is we don't expect a DOJ review. And the DOJ review cost us 11 months with be an Umpqua one. That right there is, I think, another data point that leads us to believe that getting this as close as a 2025 event is very likely.

另一方面，我們並不期待司法部的審查。司法部的審查耗時 11 個月，最終成為 Umpqua 審查。我認為，這就是另一個數據點，它讓我們相信，這種現像很可能在 2025 年發生。

Okay, just last for me, maybe for Frank. Just looking at the credit mark, it looks well below PBBI's allowance level. Can you just talk to kind of the methodology in coming up with that 80-basis point mark relative to what looks like almost a 1.5% reserve for PBBI?

好的，對我來說只是最後一個，也許對弗蘭克來說也是。僅從信用標記來看，它似乎遠低於 PBBI 的限額水平。您能否談談相對於 PBBI 的近 1.5% 儲備金而言，得出 80 個基點標記的方法？

Yeah, this is Ron. And as Frank mentioned earlier, obviously quite a bit of significant amount of credit diligence and reviewing ACL modeling, economic forecasts, et cetera. Given the weight of the multifamily portfolio, the losses just aren't there to support a higher level. That's how we weighted into that 80 basis points. In essence, 55% of the portfolio being multifamily is sitting at just under 60 basis points. And even that's probably overstated, just given the long-term lack of credit issues expected in that portfolio or seen over the history.

是的，這是羅恩。正如弗蘭克之前提到的，顯然需要進行大量的信用盡職調查和審查 ACL 模型、經濟預測等。考慮到多戶型投資組合的比重，損失不足以支撐更高的水準。這就是我們對 80 個基點進行加權的方式。實質上，55% 的投資組合為多戶型，利率略低於 60 個基點。甚至這可能也被誇大了，因為考慮到該投資組合預期或歷史上出現的長期缺乏信貸問題。

And that also jived with the due diligence activity as well, looking out three months, six months. That also factored into that number.

這也與盡職調查活動一致，著眼於三個月、六個月。這也影響到了這個數字。

Thank you.

謝謝。

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

Hey, Good evening, everyone.

嘿，大家晚上好。

Hey, Jon.

嘿，喬恩。

Usually, we'd be neck deep in the nuances of your earnings, I guess. But what would you call out in your earnings for the quarter that you think went well and what you need to work on further? I'm just curious to your level of confidence in that 26th Consensus Estimate. I know it's our estimate, but what are some of the puts and takes to hitting that?

我猜，通常情況下，我們會深入了解你的收入細節。但是，您認為本季的收益中哪些方面表現良好，哪些方面需要進一步努力？我只是好奇您對第 26 次共識估計的信心程度。我知道這是我們的估計，但是要達到這個目標需要付出哪些努力呢？

I think that -- the thing that I really looked at is the deposit growth that we had and what we were expecting. As Ron said, guiding into the first quarter, that our seasonality could be up to a $0.5 billion of additional wholesale funding. And to have the growth that we had and still see the seasonal activity, we could still see the patterns that we historically would because I mean, literally by month and by the point in time in the month, it's bonus payments or tax payments or distributions.

我認為——我真正關注的是我們的存款成長情況以及我們的預期。正如羅恩在第一季所言，我們的季節性因素可能會帶來高達 5 億美元的額外批發資金。為了實現我們所擁有的成長，並且仍然看到季節性活動，我們仍然可以看到歷史上的模式，因為我的意思是，按月和按月的時間點，它是獎金支付或稅款支付或分配。

You can see the flows and those flows are still there. So it wasn't like we didn't experience the seasonality, but the results of our bankers both on the retail, small business side, but also on the commercial side made a difference for us.

您可以看到流量，而且這些流量仍然存在。所以，並不是說我們沒有經歷過季節性，而是我們的銀行家在零售、小型企業以及商業方面的業績對我們產生了影響。

And I think that as we look at and as we've said, really, around the margin, which then drives a big portion of earnings, it's deposit flows that are going to determine our level of performance in that regard. So that's really encouraging.

我認為，正如我們所說的那樣，利潤率是盈利的很大一部分，存款流將決定我們在這方面的業績水平。這確實令人鼓舞。

From my perspective, I would have liked to have seen some more C&I loan growth, but I'm encouraged by the year-over-year origination activity was up 17%. But unlike in the fourth quarter, where the activities translated into some really strongly annualized growth, first quarter didn't.

從我的角度來看，我希望看到更多的 C&I 貸款成長，但令我感到鼓舞的是，同比發放活動增加了 17%。但與第四季不同的是，第四季的這些活動並沒有轉化為強勁的年化成長，但第一季卻沒有。

Tory and I and Chris are really watching closely. There's still a lot of optimism in terms of second quarter, third quarter from our bankers and things they have in their pipelines. But that's the area where I'm really looking. And of course, we'd always love to have more core fee income.

托里、我和克里斯都在密切關注。我們的銀行家對第二季、第三季以及他們正在籌備的事情仍然充滿樂觀。但這正是我真正關注的領域。當然，我們總是希望獲得更多的核心費用收入。

So I kind of hit the major ones. I'll look down the table and see if Tory and Chris want to add.

所以我有點觸及了主要問題。我會查看表格，看看 Tory 和 Chris 是否想添加。

This is Tory. I think the only thing I'd add to it is, as Clint talked about, the pipelines are pretty strong. Actually, there's a lot of momentum. And we had some C&I growth, as Clint talked about, that didn't book in the first quarter. They kind of got pushed last minute into the second quarter.

這是托利。我認為我唯一要補充的是，正如克林特所說的，管道非常強大。事實上，勢頭強勁。正如克林特所說，我們的商業和工業業務有一些成長，但這在第一季並未實現。他們在第二節比賽的最後一刻陷入了困境。

But pipelines are strong. They're up about 10%. So a lot of good momentum. So I like to see that. And I think the fee income side same. And we've got some really good pipelines, both loans, deposits, and in core fee income. So I think things are looking pretty good for us going forward.

但管道很堅固。它們上漲了約 10%。因此，有很多良好的勢頭。所以我喜歡看到這一點。我認為費用收入方面也是一樣的。我們有一些非常好的管道，包括貸款、存款和核心費用收入。所以我認為我們未來的發展前景非常光明。

Okay, good. Fair enough. And then Clint, may I follow up on Chris McGrady's question? Just some of the feedback tonight's been that there's still more opportunity from the Umpqua merger.

好的，很好。很公平。然後克林特，我可以繼續回答克里斯麥格雷迪的問題嗎？今晚的一些反饋表明，Umpqua 合併仍會帶來更多機會。

This could be a little bit too early. I know that might be unfair, but I'm curious where you think you're going to push your people just to make sure you are ready for the merger.

這可能有點太早了。我知道這可能不公平，但我很好奇你認為你會如何鞭策你的員工，以確保你們已經為合併做好了準備。

So the opportunity, the unharvested opportunity from the Umpqua merger is really around process improvement. And we have a get better every day type of mindset, not change for the sake of change, but that do things better, simplify, more efficient. And that work will never be done.

因此，Umpqua 合併所帶來的未開發的機會實際上在於流程改善。我們擁有一種每天都進步的心態，不是為了改變而改變，而是把事情做得更好、更簡單、更有效率。而這項工作永遠無法完成。

I would say some of the things that we would have done maybe over a longer time horizon was the expense initiative and reorg that we did in the second quarter of last year. So rather than pacing that out, we did that over a 90-day time period. And so that lift was done.

我想說的是，我們可能會在較長時間內做的一些事情是去年第二季進行的費用計劃和重組。因此，我們不是分步實施，而是在 90 天的時間內實施。這樣，升降就完成了。

But really, that's the -- it's kind of operate our business, make it the best that it can be, and we're never satisfied. We always think we can do something better. But in terms of having our bankers on their front foot, winning new business, competing in the marketplace, continuing to invest in the growth of our franchise, whether it's products and services or technology, or our people. We're doing all of those things.

但實際上，這就是——我們經營業務的方式，讓它做到最好，我們永遠不會滿足。我們總是認為自己可以做得更好。但就讓我們的銀行家佔據先機、贏得新業務、參與市場競爭、繼續投資於我們特許經營業務的成長而言，無論是產品和服務、技術還是我們的員工。我們正在做所有這些事情。

And so it really is business as usual. So there's not a laundry list of things that we have to do and that any of those get delayed by this partnership with Pac Premier.

所以一切真的一切如常。因此，我們並沒有列出一長串需要做的事情，而且與 Pac Premier 的合作也不會延誤任何工作。

The one other element that's there is just the balance sheet remix. And that's just a matter of when rates cooperate or these things hit the maturity, hit the bid and get it done. So that's not anything that's a distraction or requiring a heavy lift on the part of any of our team members that would then inhibit our ability to execute on this deal that we're talking about today.

另一個元素就是資產負債表的混合。這只是利率何時配合或這些事情何時到期、何時出價並完成的問題。因此，這不會分散我們的注意力，也不會要求我們的任何團隊成員付出巨大的努力，從而阻礙我們執行今天討論的這筆交易的能力。

Hey, John, this is Steve Gardner. You you bring up an important point. This was very early on. One of the primary questions that we, as a management team, and aboard at in something that we did a lot of due diligence around was exactly where was the combined entity and were they ready to take this next step. And I can tell you we have a high level of confidence in the organization. Otherwise, we wouldn't be here today.

嘿，約翰，我是史蒂夫加德納。你提出了一個重要的觀點。這是很早以前的事了。身為管理團隊和董事會成員，我們在進行大量盡職調查時面臨的主要問題之一是，合併後的實體究竟處於什麼位置，以及他們是否已準備好採取下一步行動。我可以告訴你們，我們對該組織有很高的信心。否則，我們今天就不會在這裡。

Very helpful and and I would just say for the record, I'm happy about the name change. I think that's smart just to be under one brand. Look forward to it.

非常有幫助，我只想說，我很高興更改了名字。我認為只採用一個品牌是明智之舉。敬請期待。

Yeah, thanks, Jon.

是的，謝謝，喬恩。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Hey, good evening. Thanks. Congratulations on the deal. guess, you know, as we look at the CRE and the work that, Clint, you all have done to bring that concentration level down, should we think that going forward you're just more comfortable sitting at a higher level of CRE with this combination? Or as sort of time progresses, should we expect to see that come back down to where you are now?

嘿，晚上好。謝謝。祝賀交易成功。你知道，當我們看看 CRE 和 Clint 所做的工作時，我們是否應該認為，透過這種組合，你會更舒服地處於更高水平的 CRE 水平？或者隨著時間的推移，我們是否應該期望看到它回到現在的狀態？

You're going to see a similar trend line that you've seen over the last couple of years post Columbia-Umpqua merger. You're going to -- if you go back further in time and you look at deals that Columbia did, there was always a downward slope in the CRE ratio, just because the banks that joined us typically had a higher level.

您將看到與哥倫比亞大學和安普誇大學合併後過去幾年類似的趨勢線。如果你回顧過去，看看哥倫比亞所做的交易，你會發現 CRE 比率總是呈現下降趨勢，因為加入我們的銀行通常會有更高的水平。

Steve has a great slide in his IR deck that shows their history of doing the same thing, of walking down those ratios over time. And so I think we're in alignment. And really what's got the ratio above 300 is the multifamily book.

史蒂夫在他的 IR 演示文稿中有一張很棒的幻燈片，展示了他們做同樣事情的歷史，即隨著時間的推移降低這些比率。所以我認為我們是一致的。真正使該比例超過 300 的是多戶型書籍。

We're not opposed to multifamily. We've talked about stability and the quality of the credit. But what I'm not a fan of is transactional multifamily. And that's where we still have, on our balance sheet today, about $3.7 billion of transactional multifamily. And I think Steve is still working through some on his balance sheet as well.

我們並不反對多戶住宅。我們討論了穩定性和信用品質。但我並不喜歡交易型多戶住宅。而今天我們的資產負債表上仍然有價值約 37 億美元的交易多戶住宅。我認為史蒂夫仍在處理他的資產負債表的一些問題。

You move that down and we'll come through comfortably below 300. So that's why I say you're going to see that number come down. Now we're still going to do relationship-based multifamily for customers where we have a meaningful relationship, but that activity won't keep pace with the runoff that you'll see in those other portfolios.

如果您將其向下移動，我們將輕鬆達到 300 以下。所以這就是我說你會看到這個數字下降的原因。現在，我們仍將為與我們有深厚關係的客戶開展基於關係的多戶住宅業務，但這種活動不會跟上您在其他投資組合中看到的流失速度。

Okay, all right, thanks. Then could you speak a little bit about the cultural integration that you anticipate going forward? And what the alignment looks like with the ways that two banks do business and maybe especially around some of the incentive structures for RMs? Is that similar to what you have at Columbia?

好的，好的，謝謝。那麼您能否談談您預期的未來文化融合？兩家銀行的經營方式以及客戶經理的一些激勵結構如何協調？這與哥倫比亞的情況類似嗎？

Yeah, I'm excited. I'm excited about some of the components that that Pac Premier has in their incentive structure, because I think it can enhance ours. And not enhance from a standpoint of just pay people more money, but align closer to actual desired outcomes and results. And so I do think there is a value that's placed on performance and execution at Pac Premier. And those are the same things that we value.

是的，我很興奮。我對 Pac Premier 激勵結構中的某些組成部分感到興奮，因為我認為它可以增強我們的激勵結構。並且不只是從向人們支付更多錢的角度來提高，而是更接近實際期望的結果和成果。因此我確實認為 Pac Premier 非常重視效能和執行力。而這些正是我們所珍惜的東西。

And so from a cultural standpoint, I think there's really good alignment. One of the things that we did, we gathered our senior leadership teams. What was that? End of February. And we kind of talked through some major components of each operation and each entity.

因此，從文化角度來看，我認為這確實是一種很好的契合。我們所做的事情之一是召集我們的高階領導團隊。那是什麼？二月底。我們討論了每個操作和每個實體的一些主要組成部分。

And one of the things that Steve walked through was a deck on their culture and the words are different, but the principles and the values are identical. And so when you start from a place like that, then I think that the nuanced differences are very minor.

史蒂夫介紹的其中一件事就是關於他們文化的演講，雖然措辭不同，但原則和價值觀是相同的。因此，當你從這樣的地方開始時，我認為細微的差別非常小。

This is Tory. I just want to add one piece to this, because I think one of the things that I'm most excited about from a cultural standpoint, is I've been doing this business for a long time. And if you think about commercial bankers in particular, you kind of get two camps.

這是托利。我只想補充一點，因為我認為從文化角度來看最讓我興奮的事情之一是我已經做這項業務很長時間了。如果你特別考慮商業銀行家，你會發現有兩個陣營。

One is somebody who just likes to make loans and that's it. And the other is somebody who's really understands full relationship banking and culturally, both companies are completely aligned in the relationship banking aspect of that. That is kind of simple words, but it's a much more difficult process from a sales standpoint. And the fact that we are both so aligned, I think, is a very, very nice fit and will allow us to grow the combined company much faster and much better than if it wasn't that way.

一類人只是喜歡發放貸款，僅此而已。另一個是真正了解全面關係銀行業務的人，從文化上講，兩家公司在關係銀行業務方面完全一致。這些話很簡單，但從銷售的角度來看，這是一個更困難的過程。事實上，我認為，我們雙方的配合非常非常好，合併後的公司將比之前更快、更好地發展。

And this is Chris. I'll add to that, Tory, that when you look at the cost of funds, you can tell a lot about how bankers go to market and very similar to the way that we've done it. It's not leading with rate, it's leading with value, it's leading with relationship and that comes through in the total cost of funds that you see on their Pacific Premier's books.

這是克里斯。托里，我要補充一點，當你查看資金成本時，你可以了解到很多關於銀行家如何進入市場的信息，這與我們所做的方式非常相似。它不是以利率領先，而是以價值領先，以關係領先，而這些都體現在您在 Pacific Premier 帳簿上看到的資金總成本中。

Yeah, it inspired Chris to sharpen the pencil on deposit pricing when he saw Pac Premier's cost was lower than ours by a few basis points.

是的，當克里斯看到 Pac Premier 的成本比我們的低幾個基點時，他受到了啟發，開始對存款定價進行更嚴格的評估。

And just finally for me, when you look at LA and Southern California, is this the platform you sort of need to get to where you want to be? Or do you think that there will be additional hiring, or is there an opportunity to take advantage of some of that market disruption from the last few years to grow the team beyond what it will be now?

最後，對我來說，當你看到洛杉磯和南加州時，這是你到達你想去的地方所需的平台嗎？或者您認為會有更多的招聘，或者是否有機會利用過去幾年的一些市場動盪來擴大團隊規模？

I think I can answer that, it's a little bit of both. So a $70 billion franchise that has coverage from the Canadian border to the Mexican border has the density that we will have in what's the world's fifth largest economy, top 10 performance deposit market share, and then our position just broadly in the eight Western states. There's four of us that are $70 billion to $80 billion, but the way that we go to the market is down the middle of the fairway, commercially oriented bank.

我想我可以回答這個問題，兩者都有一點。因此，我們價值 700 億美元的特許經營權覆蓋範圍從加拿大邊境到墨西哥邊境，其密度相當於我們在全球第五大經濟體中的密度，擁有前 10 名的績效存款市場份額，並且大致覆蓋八個西部州。我們四家銀行的資產規模都在 700 億到 800 億美元之間，但我們進入市場的方式是走中庸之道，是商業導向的銀行。

I think that creates a tremendous amount of opportunity. And we've seen it even with limited infrastructure in that market. We've seen the power of that market. And we've seen the power of being a $50 billion bank in that market. So I think it just acts as an accelerant for what we've done.

我認為這創造了巨大的機會。即使該市場的基礎設施有限，我們也看到了這一點。我們已經看到了這個市場的力量。我們已經看到了作為一家價值 500 億美元的銀行在該市場上的實力。所以我認為它只是對我們所做的事情起到了加速作用。

And then you take what the talent and the experience in the market of Steve's people. And I think that it also kind of supercharges what they've been able to do. So I don't know that -- it's going to be a pretty dynamic company. It's going to -- I mean, it's tremendous scarcity value and we're going to be able to drive additional value in that, particularly in Southern California, but also, throughout the eight states that we have.

然後你就可以藉鏡史蒂夫團隊的才能和市場經驗。我認為這也在某種程度上增強了他們的能力。所以我不知道——它是否會是一家非常有活力的公司。我的意思是，它具有巨大的稀缺價值，我們將能夠在其中創造額外的價值，特別是在南加州，而且在我們擁有的八個州也是如此。

And then, when we look at what's been really kind of interesting and even when we were going through the merger and why we're in the waiting period for the Columbia-Umpqau merger, the level of talent that sought us out, that wanted to come and be a part of what we were going to create and all we had at that point was a promise to create the premier business bank throughout the West. This solidifies that. And I think then, again, we become the employer of choice in all of our markets.

然後，當我們回顧真正有趣的事情時，甚至當我們經歷合併時，以及為什麼我們處於哥倫比亞-Umpqau 合併的等待期時，尋找我們的人才水平，想要加入並成為我們將要創建的一部分，而我們當時所擁有的只是一個承諾，即在整個西部打造首屈一指的商業銀行。這進一步鞏固了這一點。我認為，我們會再次成為所有市場的首選雇主。

This is Tory. I'll just going to add one other thing here. There is so much disruption in the Southern California market, and we will continue. We're going to get 40 plus new RMs. They're going to be great teammates and we'll just keep looking for talent. And when we find talent that we think is creative to the company and helps take market share and grow, we're going to bring them into the bank.

這是托利。我只想在這裡補充一點。南加州市場存在著許多混亂，但我們仍將繼續下去。我們將獲得 40 多個新的 RM。他們將成為出色的隊友，我們將繼續尋找有才華的球員。當我們發現對公司有創造力並且有助於佔領市場份額和實現成長的人才時，我們就會將他們納入銀行。

We just recently hired a couple of folks in Arizona. I think they're going to be fantastic the bank. To Clint's point, we just keep looking for people that want a really good home to have careers. And I think that's going to help us even further in Southern California.

我們最近剛在亞利桑那州僱用了幾個人。我認為他們將會成為一家出色的銀行。正如克林特所說，我們只是一直在尋找那些想要擁有一個真正好的家來擁有事業的人。我認為這將對我們在南加州的發展提供更大的幫助。

Thanks.

謝謝。

Jeff Rulis, DA Davidson.

傑夫·魯利斯，DA 戴維森。

Thanks. Good afternoon. guess checking in on kind of the plan to open more branches. I guess the first part of that question is, is that someone on hold? With this deal, do you see that through? You get too much to juggle or not.

謝謝。午安.我想了解開設更多分店的計劃。我想這個問題的第一部分是，是否有人在等待？有了這筆交易，您能實現這個目標嗎？你有太多事情要處理，不知道該不該處理。

And then maybe the second question, and I know, Clint, you're fairly conservative and you're going to take care of one thing before the next, but I guess it begs the question, some of these states in the Rocky Mountain swath. You say you're accelerating Southern California expansion by 10 years with this transaction. Does that open up the discussion to look for M&A to accelerate the Utah, Colorado, Arizona expansion through M&A? So that's part two, thanks.

然後也許是第二個問題，我知道，克林特，你相當保守，你會先處理好一件事，然後再處理另一件事，但我想這引出了一個問題，落基山脈地區的一些州。您說透過這筆交易，南加州的擴張速度將提前 10 年。這是否開啟了尋求透過併購加速猶他州、科羅拉多州和亞利桑那州擴張的討論？這就是第二部分，謝謝。

So, hi, Jeff. It doesn't put our de novo branch expansion strategy on hold. We have two locations in the Phoenix area right now that are under construction. We have one in LA that I think also is a nice fit with its Steve's existing footprint and that will move forward.

嗨，傑夫。這並沒有暫停我們的新分支擴張策略。目前我們在鳳凰城地區有兩個地點正在建設中。我們在洛杉磯有一家分店，我認為它與史蒂夫現有的商業版圖非常契合，而且會繼續發展。

We just opened Denver last month. We have Colorado Springs coming online. So those things will continue to move forward. And that's really a different -- mostly a different group in a different part of our company that executes on those de novo branch openings. What this does is it allows us to pivot our focus from a de novo strategy in Southern California to the Intermountain States and looking at some opportunities there.

我們上個月剛開幕了丹佛。科羅拉多斯普林斯即將上線。所以這些事情將會繼續向前發展。這確實有所不同——主要是我們公司不同部門的不同團隊負責執行這些新分支機構的開設。這樣做可以讓我們將重點從南加州的全新策略轉向美國落基山脈地區，並在那裡尋找一些機會。

Because again, we see some disruption and we've seen what our bankers have been able to achieve with limited infrastructure in those newer markets for us. And as I always say, they're earning the right for us to reinvest in them and help them grow their franchise. And so I don't want to give the keys to the strategic roadmap out across the conference call.

因為我們再次看到了一些混亂，我們已經看到我們的銀行家在這些較新的市場中利用有限的基礎設施為我們取得了什麼成就。正如我常說的，他們正在贏得我們對其再投資並幫助他們擴大特許經營權的權利。因此，我不想在電話會議中透露策略路線圖的關鍵。

But what I will say is your line of questioning aligns with our way of thinking, is that it allows us to pivot those other resources that are not necessarily involved in M&A type stuff towards those newer markets and figure out some opportunities there to capitalize on what we're already seeing.

但我想說的是，您的提問與我們的思維方式一致，它使我們能夠將那些不一定涉及併購類型的其他資源轉向那些較新的市場，並找出一些機會來利用我們已經看到的優勢。

Okay, thanks, Clint.

好的，謝謝，克林特。

Anthony Elian, JPMorgan.

摩根大通的安東尼·埃利安。

Hi, everyone. Clint, I'm curious what type of balance sheet growth you expect from the combined franchise, right? If I look at Columbia standalone, it's been pretty much a low single digit score the past couple of years, but you're adding Pacific Premier now, which is in higher growth markets. So what level of balance sheet growth do envision the combined company to eventually generate?

大家好。克林特，我很好奇你對合併後的特許經營權的資產負債表增長有何預期，對嗎？如果我看一下哥倫比亞獨立公司，過去幾年它的得分幾乎都是個位數的低分，但現在又加上了太平洋卓越電影公司，它處於高成長市場。那麼，您預計合併後的公司最終將實現什麼水準的資產負債表成長？

I think one of the things we'll have to work through is this rundown in those transactional real estate portfolios. And so that's both the multifamily, as well as the single-family resi book. I've said publicly that single-family resi was too big of a portion of our portfolio. By virtue of being a bigger bank that helps us kind of start to right size that it gets us about halfway to where we want to be, which is 10% or less of the book.

我認為我們必須解決的問題之一就是這些交易房地產投資組合的細目。這就是既有多戶住宅書，又有單戶住宅書。我曾公開表示，獨戶住宅在我們的投資組合中所佔比例太大。作為一家規模較大的銀行，我們能夠開始調整規模，達到我們想要達到的一半，也就是帳面價值的 10% 或更少。

So bottom line, loan growth will be muted some as those portfolios run off. I would say that, if we're not on -- would zero in on the C&I and the owner occupied real estate portfolios. And if we're not growing at least the rate of double GDP, then I'll be disappointed. So I guess if you have your crystal ball and you tell me what GDP is, then I can tell you in two years and three years what I would expect for loan growth. But right now, GDP is expected to be pretty muted, I'd say that translates into kind of low- to mid-single digits.

因此，底線是，隨著這些投資組合的減少，貸款成長將會放緩。我想說的是，如果我們不關注——就會把重點放在 C&I 和自住房地產投資組合上。如果我們的成長率達不到 GDP 的至少兩倍，那麼我會感到失望。所以我想，如果你有水晶球並告訴我 GDP 是多少，那麼我可以在兩年或三年後告訴你我預期的貸款成長是多少。但目前，預計 GDP 成長將相當低迷，我認為這相當於低至中等個位數。

Okay, and then my follow-up for Steve, I'm curious why Pac Premier is not going at this alone, right? mean, Clint outlined the attractiveness of Southern California in his prepared remarks, and I would just think that there's already a ton of growth opportunities for you available given the number of banks that have exited that market in recent years? Thank you.

好的，然後我要問史蒂夫，我很好奇為什麼 Pac Premier 不單獨行動，對吧？我的意思是，克林特在準備好的發言中概述了南加州的吸引力，而我認為，考慮到近年來退出該市場的銀行數量，您已經擁有大量的成長機會？謝謝。

Yeah, it's a good question. mean, it's certainly one of the important areas that the Board has been considering for some time is that, what is the best use of the excess capital that we have in looking at organic growth, potentially doing some tactical things around the balance sheet and the wide. And ultimately, when we looked at it, and in particular, this opportunity, it was readily apparent that this was would accelerate the returns that we generate for our shareholders in a very significant fashion.

是的，這是個好問題。意思是，這肯定是董事會一段時間以來一直在考慮的重要領域之一，那就是，在考慮有機增長的同時，如何最好地利用我們擁有的過剩資本，並可能在資產負債表和廣泛領域採取一些戰術措施。最終，當我們審視它，特別是這個機會時，很明顯地這將以非常顯著的方式加速我們為股東創造的回報。

And I'll maybe fall back on one of Clint's comments earlier, certainly, get a hold of the S4 proxy registration statement and read through it. But really, it's the reinvestment that we have here, is very attractive.

我也許會回顧克林特之前的評論之一，當然，拿到 S4 代理註冊聲明並通讀一遍。但實際上，我們在這裡的再投資非常有吸引力。

That's great. Thank you.

那太棒了。謝謝。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Hey, good afternoon. If I could just ask maybe for Ron on the margin, just from an organic standpoint, you had a big drop in the securities purchase accounting this quarter. I would assume that's mostly due to rate volatility that we saw inter-quarter, but if I step that back up from here, it seems like you could pretty easily get above your margin guidance over the near term. And maybe wanted to get a sense of where the purchase accounting is going to go or where you're expecting it to go? And then just your thoughts on the organic margin going forward.

嘿，下午好。如果我可以問羅恩關於保證金的問題，僅從有機角度來看，本季的證券購買會計大幅下降。我認為這主要是由於我們在季度間看到的利率波動，但如果我從現在開始回顧，似乎你很容易在短期內超過你的保證金指導。也許您想了解採購會計將會去往何處或您期望它去往何處？然後您對未來的有機利潤率有什麼看法？

Yes, thanks. Great question on the bond portfolio. And it is interesting when you get a CPR that potentially is at zero, if not below. So it's just a complete slowdown and prepays could be related to the overall volatility in the markets, and that, in essence, pushed out the discount accretion. IT didn't go away, it just delayed the recognition over time.

是的，謝謝。關於債券投資組合的很好的問題。有趣的是，當您獲得可能為零（甚至更低）的 CPR 時。因此，這只是一個徹底的放緩，預付款可能與市場的整體波動有關，而這實質上推遲了折扣的增加。它並沒有消失，只是隨著時間的推移，人們的認識被延遲了。

So all else being equal, their stability then, yeah. We would see potentially some additional discount accretion back between the last couple quarters levels, which would help on that front. But if it continues, I'd expect that to be continued to be safe this depressed level for at least a couple quarters.

所以在其他條件相同的情況下，它們就穩定，是的。我們可能會看到過去幾個季度的水平之間出現一些額外的折扣增長，這將對這方面有所幫助。但如果這種情況持續下去，我預計至少在接下來的幾個季度裡，這種低迷水準將繼續保持安全。

Overall, though, back to the NIM question you know is really pleased with the results in Q1. And like I said, we did pay down the $590 million a wholesale later in the quarter. So we'll see the benefit of that on them in Q2, But all else being equal, seasonally, historically, we're usually weaker in the first half of Q2, tax time, et cetera, and it starts to build back up late in the second quarter.

總的來說，回到 NIM 問題，您知道對第一季的結果非常滿意。正如我所說的，我們確實在本季晚些時候償還了 5.9 億美元的批發款項。因此，我們將在第二季度看到這對他們的好處，但在其他所有條件相同的情況下，從季節和歷史來看，我們通常在第二季度上半年、納稅期等時間較弱，並在第二季末開始回升。

Third quarter is always the best month. So overall, in terms of the NIM and the last couple quarters levels, it's going to be subject to how deposits flow over that time period, and we're able to continue to reduce wholesale.

第三季永遠是最好的月份。因此，總體而言，就 NIM 和過去幾季的水平而言，它將取決於該時間段內的存款流動情況，並且我們能夠繼續降低批發量。

Any change to -- I think you guys, last quarter, I think we were talking about a margin in the range of 3.55% to 3.65%, trying to that level. Any refresh to that?

有什麼變化嗎？我想你們，上個季度，我認為我們談論的利潤率在 3.55% 到 3.65% 之間，試圖達到這個水準。有刷新嗎？

This is what I just covered. Yeah. So, service and deposit flows over the coming couple quarters. If those are better, we're able to wholesale seasonally as would show maybe in Q3. And that's definitely potentially in the upper end of that range.

這就是我剛剛講到的內容。是的。因此，未來幾季的服務和存款流量。如果情況好轉，我們就可以按季節進行批發，這可能在第三季顯現出來。這絕對有可能處於該範圍的上限。

Understood. Okay, the rest of my word addressed and congrats to both parties on the deal.

明白了。好的，我的發言完畢，恭喜雙方達成協議。

Thank you.

謝謝。

Nick Holowko, UBS.

瑞銀的 Nick Holowko。

Hi, thanks for taking my question. Clint, just thinking about the CRE concentration conversation and the tendency for that to drip lower on the other side of deals that you've done in the past, along with your increased focus on growing relationship type C&I lending. You as you were thinking about potential M &A activity, how did you weigh a deal of this nature versus potentially something that might have been more C&I focused that could accelerate your efforts, your growth efforts there?

你好，謝謝你回答我的問題。克林特，我只是在思考關於 CRE 集中度的討論，以及這種集中度在您過去所做的交易的另一邊逐漸下降的趨勢，以及您更加關注增長關係型 C&I 貸款。當您考慮潛在的併購活動時，您如何權衡這種性質的交易與可能更側重於商業和工業領域的交易，從而加速您在那裡的努力和成長努力？

I think Pac Premier is C&I focused, And I think it gets back to if you look at zero, back in on the comment that Chris Merrywell said earlier about the deposit composition and the pricing and the similarities. And so you look at the activities that the Pac Premier teams are engaged in today and they very much align with a lot of what we do across our footprint today.

我認為 Pac Premier 專注於 C&I，而且我認為如果你看零，它就會回到 Chris Merrywell 之前關於存款構成、定價和相似之處的評論。因此，您看看 Pac Premier 團隊今天所從事的活動，它們與我們今天在業務範圍內所做的許多工作非常一致。

So, the multifamily is work walk down position for Steve. And I'm sure we'll chime in on what their focus has been. But I think that it's similar to the multi-year kind of process I've talked about with what we'll do with some of the legacy Umpqua portfolio of multifamily and single-family resi is it takes time to burn that stuff off your balance sheet.

因此，對史蒂夫來說，多戶住宅是一個可以自由支配的工作。我相信我們會對他們關注的重點發表看法。但我認為這與我之前談到的多年過程類似，我們將對 Umpqua 的部分遺留多戶型和單戶型住宅投資組合進行處理，需要時間將這些東西從資產負債表中清除。

And I think a lot of this that Steve has came through the prior acquisition that he did. And that's why I referenced the chart in his investor presentation where it shows over the years how they've walked that down. And I don't know that maybe there's one or two other franchises that would be similar in terms of what Pac Premier brings from a C&I perspective, but there's nobody that brings the density and the core density in the LA and Southern California markets.

我認為史蒂夫透過先前的收購實現了這一目標。這就是為什麼我引用他在投資者演示中提供的圖表，該圖表顯示了他們多年來的發展歷程。我不知道是否有一兩個其他特許經營權在從 C&I 角度帶來的影響方面與 Pac Premier 類似，但沒有人能在洛杉磯和南加州市場帶來這樣的密度和核心密度。

I mean, this is like such a natural fit that -- I hate to index too much on the dots on the map, but when you go and you look at the slide deck and you see the complementary nature of our footprints, and where Steve has a little bit here in the Northwest, we have a little bit in Southern California, and together it just fits. So probably not the answer you're looking for, but to me, I think this was the deal to do. I think it creates the most value long term for both sets of shareholders.

我的意思是，這就像是一種自然的契合——我不想在地圖上過多地標註點，但是當你去看幻燈片時，你會看到我們的足蹟的互補性，史蒂夫在西北部有一點，我們在南加州有一點，它們結合在一起就很合適了。所以這可能不是您想要的答案，但對我來說，我認為這是要做的交易。我認為從長遠來看這將為雙方股東創造最大的價值。

I'm not worried about the activities. What I want to do is make sure that we keep the great customers that Pacific Premier has and keep their talent. And as we say, our focus is keep our people, keep our customers, and drive value for the shareholders. And that's what we're going to be zeroing in on for the next 24 months.

我並不擔心這些活動。我想要做的是確保我們能留住 Pacific Premier 的優質客戶並留住他們的人才。正如我們所說，我們的重點是留住員工、留住客戶並為股東創造價值。這就是我們未來 24 個月要重點關注的事情。

Yeah, Nick, this is Steve Gardner. You may not be familiar with our institution, but similar to Columbia over the years, when we do acquisitions, it typically does take our CRE ratio above 300%. It was well below that prior to the OPUS acquisition that we did in 2020 and took us up to 385%. We've been working that down, probably just given the nature of what had occurred through the pandemic.

是的，尼克，這是史蒂夫·加德納。您可能不熟悉我們的機構，但與多年來的哥倫比亞大學類似，當我們進行收購時，我們的 CRE 比率通常會超過 300%。在我們於 2020 年收購 OPUS 之前，這一比例遠低於該數字，而當時我們收購 OPUS 的比例上升至 385%。我們一直在努力解決這個問題，可能只是考慮到疫情期間發生的事情的性質。

And in the subsequent years, it's coming down a bit more slowly than we have anticipated, but we are historically a C&I focused bank and you can really see that in spades through the deposit franchise.

在隨後的幾年裡，下降速度比我們預期的要慢一些，但我們歷來是一家專注於商業和工業的銀行，您可以透過存款特許經營權清楚地看到這一點。

Understood, thank you both very much for that. And then maybe just one final question on the regulatory front. And just thinking from the perspective of the Umpqua deal not having been that far in the distant past, did you feel any sense of urgency to get a deal done in this more favorable regulatory backdrop that we're in? Or did the stars just really align for the deal to come to fruition? Thank you both for your questions, for your answers again.

明白了，非常感謝你們。最後還有一個關於監管方面的問題。僅從 Umpqua 交易發生的時間並不遙遠的角度來看，在我們所處的更有利的監管背景下，您是否感到有緊迫感要達成協議？還是只是天意巧合，促成了這筆交易的達成？再次感謝你們的提問與回答。

Yeah. I'm going say it's the latter. The stars just aligned. I'll go back to Steve, and I are very experienced in M&A. And we know and understand the importance of developing a relationship with your counterparts at these different institutions, so that when the stars appear that they may be aligning, that there's already a familiarity. And you can have good, candid, honest dialogue and determine if the timing is right.

是的。我想說是後者。星星剛剛排列好。我會回到史蒂夫身邊，我在併購方面經驗非常豐富。我們知道並理解與這些不同機構的同行建立關係的重要性，這樣，當他們出現順利跡象時，就已經很熟悉了。您可以進行良好、坦誠、誠實的對話並確定時機是否合適。

So, you know, as I said earlier in the call, it's been a couple of years that we've been talking and developing that relationship. And if it would have been that the stars aligned, I think we would have done this in 2026. If was 2027, we would have done it in 2027.

所以，你知道，正如我早些時候在通話中所說的那樣，我們已經談論和發展這種關係好幾年了。如果一切順利的話，我想我們會在 2026 年做到這一點。如果是 2027 年，我們就會在 2027 年完成。

But the fact is that everything just kind of aligned. And now it's as good of a time as any, and we believe that however you want to think about it, where we ended up from a go-forward pro forma ownership standpoint is kind of where we would have ended up, regardless of when we did the deal.

但事實是，一切都已對齊。現在是最好的時機，我們相信，無論你怎麼想，從未來形式所有權的角度來看，無論我們何時達成交易，我們的最終結果都是我們應該得到的。

Understood, thank you and congrats on the deal.

明白了，謝謝，恭喜交易成功。

Thank you. I share no further questions in the queue. At this time, I'd like to turn the conference back to Jacqui Boland, Investor Relations Director for closing remarks.

謝謝。我沒有其他問題。現在，我想請投資人關係總監 Jacqui Boland 致閉幕詞。

Thank you, Dillam. Thank you for joining this afternoon's call. Since we will not be hosting our traditional earnings call originally scheduled for tomorrow, please contact me if you have any questions or would like to schedule a follow-up discussion with members of management. Have a good rest of the day.

謝謝你，迪拉姆。感謝您參加今天下午的電話會議。由於我們將不會舉行原定於明天舉行的傳統收益電話會議，如果您有任何疑問或想安排與管理層成員進行後續討論，請與我聯繫。祝您今天過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。