Pacific Premier Bancorp Inc (PPBI) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Pacific Premier Bancorp Fourth Quarter 2023 conference call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) I would now like to turn the conference over to Steve Gardner, Chairman and CEO. Please go ahead.

早上好，歡迎參加 Pacific Premier Bancorp 2023 年第四季電話會議。所有參與者將處於僅聽模式。（操作員說明）今天的演示結束後，將有機會提問。（操作員指示）我現在想將會議轉交給董事長兼執行長史蒂夫·加德納 (Steve Gardner)。請繼續。

Thank you, Gary, and good morning, everyone. I appreciate you joining us today. As you're all aware, we released our earnings report for the fourth quarter of 2023. Earlier this morning, we have also published an updated investor presentation with additional information and disclosures on our financial results.

謝謝你，加里，大家早安。我很感謝你今天加入我們。眾所周知，我們發布了 2023 年第四季的收益報告。今天早些時候，我們還發布了更新的投資者演示文稿，其中包含有關我們財務業績的更多資訊和披露。

If you've not done so already, we encourage you to visit our Investor Relations website to download a copy of the presentation and related materials. I note that our earnings release and investor presentation include the Safe Harbor statement relative to the forward-looking comments. I encourage each of you to carefully read that statement.

如果您還沒有這樣做，我們鼓勵您造訪我們的投資者關係網站下載簡報和相關資料的副本。我注意到我們的收益發布和投資者演示包括與前瞻性評論相關的安全港聲明。我鼓勵你們每個人都仔細閱讀該聲明。

On today's call, I'll walk through some of the notable items related to our fourth-quarter performance. Ron Nicolas, our CFO, will also review a few of the details surrounding our financial results, and then we'll open up the call to questions. Our team delivered another solid quarter to close out 2023, which was an extraordinary year for the banking industry. Rapidly rising interest rates.

在今天的電話會議上，我將介紹與我們第四季業績相關的一些值得注意的項目。我們的財務長 Ron Nicolas 也將審查有關我們財務表現的一些細節，然後我們將開始提問。我們的團隊在 2023 年結束時又交付了一個穩定的季度業績，這對銀行業來說是不平凡的一年。利率快速上升。

High-profile bank failures in rapid succession and heightened regulatory expectations, brought challenging dynamics to the market throughout it all, we maintained our focus on prudent and proactive capital, liquidity and credit risk management.

備受矚目的銀行倒閉事件迅速接連發生，加上監管預期不斷提高，為市場帶來了充滿挑戰的動態，我們始終堅持審慎、主動的資本、流動性和信用風險管理。

We have built our organization to be dynamic and adaptable to various operating environments. This served us and our stakeholders extremely well in 2023. For example, our bankers responded quickly to the industry challenges throughout the year. Collaborating across business lines to meet clients' needs and to reinforce the strength of our franchise.

我們將我們的組織打造得充滿活力並能夠適應各種營運環境。這在 2023 年對我們和我們的利害關係人來說非常有利。例如，我們的銀行家對全年的行業挑戰做出了快速反應。跨業務線合作，以滿足客戶的需求並增強我們的特許經營實力。

This responsiveness and engagement, deepen existing relationships and lead to new business development opportunities for our teams. During the fourth quarter, we leveraged the strength of our balance sheet and strong capital levels to proactively reposition our securities portfolio. This transaction enhanced our future earnings profile, provided additional liquidity and is reflective of the optionality we have created within the franchise.

這種回應能力和參與度加深了現有關係，並為我們的團隊帶來了新的業務發展機會。第四季度，我們利用資產負債表的實力和強大的資本水平，主動重新定位我們的證券投資組合。這項交易增強了我們未來的獲利狀況，提供了額外的流動性，並反映了我們在特許經營範圍內創造的選擇性。

The securities repositioning produced immediate results, expanding our net interest margin by 16 basis points. I'd like to highlight a few key areas as many of the trends were similar to what we observed in the third quarter, although we reported quarterly net loss of $1.44 per share, excluding the one-time effects of the FDIC special assessment and our securities portfolio repositioning, our operating earnings per share was $0.51.

證券重新定位產生了立竿見影的效果，將我們的淨利差擴大了 16 個基點。我想強調幾個關鍵領域，因為許多趨勢與我們在第三季度觀察到的情況相似，儘管我們報告的季度淨虧損為每股 1.44 美元，不包括 FDIC 特別評估和我們的一次性影響。證券投資組合重新定位後，我們的每股營業收益為0.51 美元。

We saw some nice lift from our fee-based businesses as well as a reduction in non-interest expense compared to the third quarter. Excluding the FDIC special assessment, our commitment to capital accumulation in the current environment continues to drive our strong capital ratios, which remain top tier among our peers. Even after layering in the impact of the loss on the securities portfolio sale in the fourth quarter, our TCE ratio increased 85 basis points to 10.72%, and our tangible book value per share increased $0.33 to $20 in $0.22.

與第三季相比，我們的收費業務取得了明顯的成長，非利息支出也有所減少。排除 FDIC 的特別評估，我們在當前環境下對資本累積的承諾繼續推動我們強勁的資本比率，在同業中仍然處於領先地位。即使考慮到第四季度證券投資組合銷售損失的影響，我們的 TCE 比率仍增加了 85 個基點，達到 10.72%，每股有形帳面價值增加了 0.33 美元，達到 20 美元，即 0.22 美元。

Our CYT. one ratio came in at 14.32%, and our total risk-based capital ratio was a healthy 17.29%. Our ability to deepen our relationships with existing customers and attract new clients to the bank generated meaningful growth in new deposit account openings while maintaining pricing discipline. The new account opening activity, coupled with our ability to opportunistically deploy liquidity generated from the security sale, supported the favorable remix of the balance sheet.

我們的CYT。其中一項比率為 14.32%，我們的總風險資本比率為 17.29%，處於健康水準。我們有能力加深與現有客戶的關係並吸引新客戶到銀行，從而在保持定價紀律的同時，新開立的存款帳戶出現了有意義的成長。新的開戶活動，加上我們機會性地部署證券銷售產生的流動性的能力，支持了資產負債表的有利重組。

We redeployed a portion of the proceeds from the securities portfolio into cash in U.S. treasuries, while also reducing higher cost brokered deposits by $617 million and prepaying 200 million of FHLB term advances. Our available liquidity at the end of the fourth quarter totaled approximately $9.9 billion. We did see some customer deposit outflows and mix shift during the fourth quarter, which included seasonal outflows related to business tax payments.

我們將證券投資組合的部分收益重新部署為美國國債現金，同時也將成本較高的經紀存款減少了 6.17 億美元，並預付了 2 億美元的 FHLB 定期預付款。截至第四季末，我們可用的流動資金總額約為 99 億美元。我們確實在第四季度看到了一些客戶存款流出和混合轉移，其中包括與營業稅繳納相關的季節性流出。

Not surprisingly, some clients continue to pursue higher yielding non-bank alternatives. Ultimately, we saw non-maturity deposits increased to 84.7% of total deposits. Our content. Our constant client relationships and disciplined deposit pricing resulted in a well-controlled cost of non-maturity deposits of 102 basis points. On the asset side of the balance sheet, we saw a slight growth in our overall loan portfolio balances due to increased line utilization from commercial borrowers.

毫不奇怪，一些客戶繼續尋求收益率更高的非銀行替代方案。最終，我們看到非到期存款佔存款總額的比例上升至84.7%。我們的內容。我們穩定的客戶關係和嚴格的存款定價將非到期存款成本控制在 102 個基點。在資產負債表的資產方面，由於商業借款人的貸款利用率增加，我們的整體貸款組合餘額略有增加。

Prepayment activity was similar to the third quarter as business in commercial real estate clients continue to deploy excess cash reserves to pay down debt, our banker, and remain focused on generating high-quality relationships that meet our risk adjusted return requirements. As always, we are proactive in terms of portfolio management and credit monitoring.

預付款活動與第三季類似，因為商業房地產客戶的業務繼續部署超額現金儲備來償還債務，我們的銀行家，並繼續專注於建立滿足我們風險調整回報要求的高品質關係。一如既往，我們在投資組合管理和信用監控方面積極主動。

We have ongoing communication with our clients relative to market trends in their businesses and industries. These updates on our clients' financial performance, liquidity and collateral values, and four from our approach to managing individual credits.

我們與客戶就其業務和行業的市場趨勢進行持續溝通。這些更新涉及我們客戶的財務表現、流動性和抵押品價值，以及我們管理個人信貸方法的四個更新。

Our year end asset quality metrics remain solid as delinquencies were 0.08% of total loans and nonperforming assets were 0.13% of total assets. We are closely monitoring the trends in commercial real estate markets and proactively identifying and managing potentially weaker credits. Overall, our loan portfolio is well managed in all facets across the organization. With that, I will turn the call over to Ron to provide a few more details on our fourth quarter financial results.

我們年末的資產品質指標保持穩健，拖欠率佔貸款總額的 0.08%，不良資產佔總資產的 0.13%。我們正在密切關注商業房地產市場的趨勢，並主動識別和管理潛在的較弱信貸。總體而言，我們的貸款組合在整個組織的各個方面都得到了良好的管理。接下來，我會將電話轉給羅恩，以提供有關我們第四季度財務業績的更多詳細資訊。

Thanks, Steve, and good morning. For comparison purposes, my comments today are on a linked quarter basis unless otherwise noted. Let's begin with the quarter's results. For the fourth quarter, we recorded a net loss of $135.4 million, or $1.44 per share. Our reported results included the impact from two nonrecurring items, the $1.26 billion AFS securities sale that had a net after-tax loss of $182.3 million and $2.1 million of additional noninterest expense due to the special FDIC assessment.

謝謝，史蒂夫，早安。出於比較目的，除非另有說明，我今天的評論是基於關聯季度的。讓我們從本季的業績開始。第四季度，我們錄得淨虧損 1.354 億美元，即每股 1.44 美元。我們報告的結果包括兩項非經常性項目的影響，即 12.6 億美元的 AFS 證券銷售，稅後淨虧損為 1.823 億美元，以及由於 FDIC 特殊評估而產生的 210 萬美元額外非利息支出。

Excluding these two items, our operating results were net income of $48.4 million, or $0.51 per diluted share, which yielded a return on average assets of 0.99% and return on average tangible common equity of 11.19%. Our operating efficiency ratio came in at 58.8%, and our adjusted pre-provision net revenue as a percentage of average assets was 1.34% for the quarter. Please refer to our non-GAAP reconciliation in our investor presentation and earnings release for more details.

排除這兩項，我們的經營績效為淨利 4,840 萬美元，或稀釋後每股收益 0.51 美元，平均資產報酬率為 0.99%，平均有形普通股報酬率為 11.19%。本季我們的營運效率率為 58.8%，調整後撥備前淨收入占平均資產的百分比為 1.34%。有關更多詳細信息，請參閱我們的投資者介紹和收益發布中的非 GAAP 調節表。

Taking a closer look at the income statement, net interest income of $146.8 million, which was negatively impacted by lower average earning asset levels, partially offset by a favorable mix shift toward higher yielding earning assets as a result of the securities repositioning and the reduction of higher cost wholesale funding sources.

仔細觀察損益表，淨利息收入為1.468 億美元，受到平均收益資產水準較低的負面影響，但由於證券重新定位和減少而導致的有利組合轉向更高收益的收益資產，部分抵消了這一影響。批發資金來源成本較高。

Our actions led to 16 basis points of net interest margin expansion to 3.28% due to an increase of 38 basis points on the investment securities for the quarter, as well as eight basis points of higher loan yields on a spot basis, excluding fees and discounts, the weighted average rate on our loan portfolio increased 11 basis points to 4.87%, reflecting higher lines of credit draws for the quarter.

我們的行動導致淨利差擴大 16 個基點至 3.28%，原因是本季度投資證券增加了 38 個基點，以及即期貸款收益率提高 8 個基點（不包括費用和折扣） ，我們貸款組合的加權平均利率增加了11 個基點，達到4.87%，反映了本季信貸額度的增加。

Overall cost of funds was up only two basis points to 1.69%, reflecting the favorable mix change from paying down higher cost wholesale funding and our non-maturity deposits increased to 84.7% of total deposits, while costs were well controlled at 1.02%, with our cumulative total deposit beta of 29%, illustrating our disciplined pricing actions throughout this rate cycle. Notably, our spot deposit costs were 1.55% and ended the quarter one basis point lower than the average total deposit costs for the quarter of 1.56%.

整體資金成本僅上升兩個基點至1.69%，反映出支付較高成本批發資金帶來的有利組合變化，且我們的非到期存款佔總存款的比例增至84.7%，而成本則良好控制在1.02%，我們的累積總存款貝塔值為 29%，說明我們在整個利率週期中採取嚴格的定價行為。值得注意的是，我們的現貨存款成本為 1.55%，季末比本季平均總存款成本 1.56% 低 1 個基點。

For the first quarter, we expect further balance sheet optimization through a combination of lower cash levels and a reduction in higher cost wholesale funding. Namely, we expect both broker deposits and FHLB advances to trend lower from year-end levels. We believe the combination of these items will help partially mitigate net interest margin pressures. In the first quarter, our core fee-based businesses had a solid quarter, excluding the security sale loss of 245 $54.1 million.

對於第一季度，我們預計透過降低現金水準和減少較高成本的批發融資相結合，進一步優化資產負債表。也就是說，我們預計經紀商存款和 FHLB 預付款都將比年末水準下降。我們相信這些項目的結合將有助於部分緩解淨利差壓力。第一季度，我們的核心收費業務表現穩健，不包括 245 美元的證券銷售損失，虧損 5,410 萬美元。

Our non-interest income came in at $19.9 million. Our fundamental fee income trends were favorable as trusted income came in at $9.4 million and escrow and exchange fee income at 1.1 million, both up slightly over the prior quarter. For the first quarter of 2024, we expect our total noninterest income to be in the range of 20 $21 million with the benefit of PPT.s annual tax fees. Noninterest expense increased slightly to $102.8 million.

我們的非利息收入為 1,990 萬美元。我們的基本費用收入趨勢良好，信託收入為 940 萬美元，託管和交易費收入為 110 萬美元，均比上一季略有增長。考慮到 PPT. 的年度稅費，我們預計 2024 年第一季的非利息總收入將在 20 2100 萬美元左右。非利息支出小幅成長至 1.028 億美元。

Compensations. Compensation and benefits expense decreased to $2.2 million, reflecting the benefit from the staff realignment across certain business lines during the quarter. From a staffing perspective, we ended the quarter with headcount of 1,345 compared to 1,355 as of September 30th, as our staffing levels continued to track with the overall size of the balance sheet, we remain focused on tightly managing our operating expenses, and we expect first quarter expenses in the range of 100 to $103 million.

補償。薪資和福利費用減少至 220 萬美元，反映出本季某些業務線的員工調整帶來的好處。從人員配置的角度來看，我們本季末的員工人數為1,345 人，而截至9 月30 日的員工人數為1,355 人，因為我們的人員配置水準繼續與資產負債表的整體規模保持一致，我們仍然專注於嚴格管理我們的營運費用，我們預計第一季支出將在 1 億至 1.03 億美元之間。

With the anticipated higher first quarter payroll taxes, our provision for credit losses of $1.7 million decrease from the prior quarter as our ACL coverage ratio increased three basis points to 1.4 or 5%, consistent with the fourth quarter's loan composition level of new loan commitment activity and our economic outlook.

由於預計第一季工資稅將上升，我們的信用損失撥備比上一季減少了170 萬美元，因為我們的ACL 覆蓋率增加了三個基點，達到1.4 或5%，與第四季度新貸款承諾活動的貸款構成水準一致以及我們的經濟前景。

Turning now to the balance sheet, we finished the quarter at 19 billion in total assets with loans flat to the prior quarter. As noted, lower cash and securities enabled us to pay down higher cost wholesale funding in the form of brokered CDs and FHLB term borrowings. Total loans held for investment increased $19 million, driven by net draws on existing lines of credit of $355 million and new commission set e-payments sales and maturities of $455 million. Total deposits ended the quarter at 15 billion, a decrease of 1 billion, driven mostly by $617 million reduction in broker deposits.

現在轉向資產負債表，本季末我們的總資產為 190 億美元，貸款與上一季持平。如前所述，現金和證券的減少使我們能夠以經紀 CD 和 FHLB 定期借款的形式支付成本較高的批發資金。因現有信貸額度淨提取 3.55 億美元以及新佣金設定的電子支付銷售和到期日 4.55 億美元的推動，持有的投資貸款總額增加了 1,900 萬美元。本季末存款總額為 150 億美元，減少 10 億美元，主要是經紀商存款減少 6.17 億美元。

Other deposit categories fell 395 million as we continued to see clients redeploying funds into higher-yielding alternatives, prepaying loans, as well as the impact of fourth quarter seasonal tax related outflows. Even with the continued mix shift, our non-interest bearing deposits remain a robust 33% of total deposits, reflecting our strong client relations chip business model. The successful execution of deposit pricing strategies is evident as our non-maturity deposits ended the year of 1.04%, only two basis points above the quarter's average of 1.02%, generating positive momentum for us.

其他存款類別下降了 3.95 億，因為我們繼續看到客戶將資金重新配置到收益更高的替代品、提前償還貸款以及第四季度季節性稅收相關資金外流的影響。即使持續進行組合轉變，我們的無利息存款仍佔總存款的 33%，反映了我們強大的客戶關係晶片業務模式。存款定價策略的成功執行是顯而易見的，我們的非到期存款年末利率為 1.04%，僅比季度平均 1.02% 高出兩個基點，為我們帶來了積極的動力。

Heading into the first quarter, the securities portfolio decreased 783 million to 2.9 billion, and the average yield on our investment portfolio increased 38 basis points to 3.08%, partially benefiting from the purchase of $539 million of short-term U.S. treasuries. We stand to benefit from a full quarter of the reinvested proceeds in the first quarter as a spot rate on our securities portfolio ended the year at 3.48%, not surprising given the rally in the yield curve late in 2023 and the and combined with the securities sold, our pretax accumulated other comprehensive loss on the total AFS portfolio improved to $36 million at December 31st.

進入第一季，證券投資組合減少7.83億美元至29億美元，投資組合平均殖利率上升38個基點至3.08%，部分受惠於購買5.39億美元短期美國公債。我們將受益於第一季整個季度的再投資收益，因為我們的證券投資組合的即期利率截至年底為 3.48%，考慮到 2023 年末收益率曲線的反彈以及與證券的結合，這並不奇怪。出售後，截至12 月31 日，我們AFS 投資組合總額的稅前累計其他綜合損失改善至3,600 萬美元。

Our capital ratios remained significantly higher than the required well-capitalized thresholds with our CYT. one and Tier one capital ratios at 14.32% and our total risk-based capital at 17.29%. We continue to rank in the top tier relative to our peers. In addition, our tangible common equity ratio now stands at a very healthy 10.72%, and our tangible book value per share grew $0.33 to $20 and $0.22. And lastly, from an asset quality standpoint, asset quality across all measurables remained solid.

我們的資本比率仍顯著高於 CYT 所需的資本充足門檻。一級資本和一級資本比率為 14.32%，風險資本總額為 17.29%。相對於同行，我們繼續保持領先地位。此外，我們的有形普通股比率目前處於非常健康的 10.72%，每股有形帳面價值增加了 0.33 美元，達到 20 美元和 0.22 美元。最後，從資產品質的角度來看，所有可衡量指標的資產品質仍然穩定。

Nonperforming assets were flat at 0.13% and total delinquency was also flat compared to the prior quarter at just eight basis points. Our total classified loans decreased five basis points to 1.07%. And our allowance for credit losses finished the quarter at $192.5 million, with our coverage ratio increasing to 1.4 or 5%. Total loss absorption, which includes the fair value discount on acquired loans, ended the quarter up one basis point at 1.77%. With that, I'll turn the call back over to Steve.

不良資產率持平於 0.13%，拖欠總額也與上一季持平，僅 8 個基點。我們的分類貸款總額下降了 5 個基點，至 1.07%。本季末，我們的信貸損失準備金達到 1.925 億美元，覆蓋率增加至 1.4% 或 5%。總損失吸收（包括所購貸款的公允價值折扣）在本季結束時上升了一個基點，達到 1.77%。這樣，我會將電話轉回給史蒂夫。

Great. Thanks, Ron. I'll conclude with a few comments about our outlook. We believe the actions we've taken over the past two years to purposefully moderate growth rates and prioritize capital and liquidity management have positioned us well. We were encouraged by the stabilization in the loan portfolio at year end.

偉大的。謝謝，羅恩。最後我將對我們的前景發表一些評論。我們相信，過去兩年我們為有目的地控製成長率並優先考慮資本和流動性管理而採取的行動使我們處於有利地位。年底貸款組合的穩定令我們感到鼓舞。

However, we anticipate muted loan demand and what may be a lingering higher interest rate environment. We will continue to monitor our loan portfolio closely, and we are ready to respond. Decisively should we see elevated stresses for the near term? Pressure on deposit costs appear to have moderated future rate cuts if they were to materialize in 2024, would aid our ability to pay push funding costs down capital accumulation over balance sheet growth remains a priority.

然而，我們預期貸款需求疲軟，且利率環境可能持續較高。我們將繼續密切監控我們的貸款組合，並準備回應。我們果斷地認為短期內壓力會升高嗎？存款成本的壓力似乎已經緩解了未來的降息（如果降息在 2024 年實現），將有助於我們的支付能力，推動融資成本下降，資本累積而非資產負債表成長仍然是首要任務。

However, as you saw with the securities repositioning transaction, we are regularly evaluating the opportunities to deploy capital and optimize the balance sheet to create long-term value for shareholders. Although challenges remain, thanks to the strength and expertise of the entire Pacific Premier team, some of the most talented in the industry. We remain in a position to act quickly to take advantage of opportunities if and when they arise.

然而，正如您在證券重新定位交易中看到的那樣，我們定期評估部署資本和優化資產負債表的機會，以為股東創造長期價值。儘管挑戰依然存在，但得益於整個 Pacific Premier 團隊（其中一些是業界最有才華的團隊）的實力和專業知識。當機會出現時，我們仍然能夠迅速採取行動，抓住機會。

In conclusion, as an industry, we will continue to face a significant amount of uncertainty in 2024 on various fronts. That said, we are optimistic and believe we are well positioned to leverage our organizational excellence and discipline to continue to deliver long-term value for our shareholders, clients, employees and the communities we serve. That concludes our prepared remarks. We'd be happy to answer any questions. Gary, please open up the call for questions.

總之，作為一個產業，2024 年我們將繼續在各方面面臨大量的不確定性。也就是說，我們很樂觀，並相信我們有能力利用我們的組織卓越性和紀律，繼續為我們的股東、客戶、員工和我們服務的社區提供長期價值。我們準備好的演講到此結束。我們很樂意回答任何問題。加里，請打開電話提問。

(Operator Instructions) David Feaster, Raymond James.

（操作員說明）David Feaster，Raymond James。

Morning, Mike.

早上好，麥克。

Morning, David.

早安，大衛。

Maybe on I just wanted to start on the margin outlook. You guys have been incredibly active managing the balance sheet. Sounds like there's more coming in the first quarter. Curious how you think about the margin trajectory. If I hear your comments around it sounds like maybe some modest compression in the first quarter might be come in.

也許我只是想從利潤前景開始。你們一直非常積極地管理資產負債表。聽起來第一季還會有更多內容。好奇你如何看待利潤軌跡。如果我聽到你的評論，聽起來第一季可能會進行一些適度的壓縮。

But just curious how you think about the margin trajectory going forward, especially considering potential rate cuts, given that seems like to be the expectation near term? Ron, I'm happy to take it or you can offer up some thoughts.

但只是好奇你如何看待未來的利潤率軌跡，特別是考慮到潛在的降息，因為這似乎是近期的預期？羅恩，我很樂意接受，或者你也可以提出一些想法。

Sure. David, I would tell you that, um, you know here in the first quarter, we don't anticipate we're not modeling ourselves internally or any rate cuts. But I will say say you will see I mean, as evidenced here in the fourth quarter, we've done a pretty pretty good job at managing our deposit costs, continue to have to manage the balance sheet on and that's going to be pretty much the continuation.

當然。大衛，我想告訴你，嗯，你知道在第一季度，我們預計我們不會在內部進行自我建模或進行任何降息。但我想說的是，你會看到我的意思是，正如第四季度所證明的那樣，我們在管理存款成本方面做得非常好，繼續管理資產負債表，這將是非常好的延續。

I will highlight, though, that, you know, of course, we saw a nice yield uptick and that was driven by very variable rate draws on lines of credit. We'll see how that plays itself out here as we move through the first quarter. So those are kind of my initial thoughts there. Steve.?

不過，我要強調的是，你知道，我們當然看到了收益率的大幅上升，這是由信貸額度的利率變化很大所推動的。當我們進入第一季時，我們將看到它是如何發揮作用的。這些是我最初的想法。史蒂夫。？

Yes, I don't know that I have much to add. I think that covered at relatively well.

是的，我不知道我還有什麼要補充的。我認為覆蓋得比較好。

And maybe just touching on on the Lucky taking a pretty conservative standpoint for some time now, right, great to see an increase in loans. Curious, do you think this marks an inflection point? And if so, what are your order kind of some of the key drivers of what's giving you confidence here maybe on the term loans? Just wanted your thoughts on what you're seeing from a market dynamic in improving demand in those types of things.

也許只是談到幸運星一段時間以來採取相當保守的立場，對吧，很高興看到貸款增加。好奇，您認為這標誌著一個拐點嗎？如果是這樣，您認為哪些關鍵驅動因素可以讓您對定期貸款充滿信心？只是想了解您從市場動態中看到的對此類產品需求改善的看法。

Share will, as I said, we at for the foreseeable future, we see pretty muted demand, David. Um, I think until we have better clarity and certainty about the direction of rates hum, that's from all indications that we I have from all the clients that we're talking to, whether it's small business or real estate investors on that remains to be a level of caution out there.

正如我所說，在可預見的未來，我們看到需求相當低迷，大衛。嗯，我認為，在我們對利率走向有更好的清晰度和確定性之前，這是從我們正在交談的所有客戶那裡得到的所有跡象來看，無論是小企業還是房地產投資者，這仍然有待確定。那裡有一定程度的謹慎。

So our expectation is muted demand. We're going to maintain our discipline on the quality of credits and the relationships that we're bringing into the bank. But I think as you saw in the fourth quarter, we certainly benefited from some of those line draws that Ron just mentioned on the production picked up a little bit.

因此，我們的預期是需求疲軟。我們將保持對信貸品質和我們與銀行建立的關係的紀律。但我認為正如你在第四季度看到的那樣，我們當然受益於羅恩剛才提到的一些生產線的繪製，產量有所回升。

We'll see how those how those trends materialize here in the first half of the year. Any last one for me. Nice to hear about some modest uptake in some benefits in the key income lines. I know that's been a big focus for you all. Just curious about underlying from what you're seeing on the trust business. It sounds like from some tax benefits there on what you're seeing and Asgrow side and and as a high level thoughts, I know you guys have been investing a lot in technology.

我們將在今年上半年看到這些趨勢如何實現。最後一張給我。很高興聽到關鍵收入項目中的一些福利得到了一些適度的採用。我知道這一直是你們所有人關注的焦點。只是對您在信託業務中看到的基礎感到好奇。聽起來像是從你們所看到的以及 Asgrow 方面的一些稅收優惠來看，作為一個高層的想法，我知道你們一直在技術上投入大量資金。

Curious whether you're seeing any tangible benefits there and kind of your thoughts on on investment on that front. And hardware assurance. So there's a lot of subjects to cover their. David, that's our eyes a hub. I'm first as far as the trustee, my we have invested pretty heavily in the trust team and we were very pleased with the results harm that they were able to put up last year at a number of different areas.

很好奇您是否在那裡看到了任何切實的好處以及您對這方面投資的想法。以及硬體保證。因此，有很多主題需要涵蓋。大衛，那是我們眼睛的中心。我首先是受託人，我們在信託團隊上投入了大量資金，我們對他們去年在許多不同領域所造成的損害感到非常滿意。

And and I think we're finally approaching that operational excellence that we expect and have had at the bank level for some time. And that's helped 19 from the production side in with the team high and their confidence level in speaking to clients. And we have developed some great relationships with some of the largest wealth managers in the industry.

我認為我們終於接近了我們所期望的卓越運營，並且在銀行層面已經實現了一段時間了。這幫助了生產方面的 19 名員工，提高了團隊的士氣，提高了他們與客戶交談的信心。我們與業內一些最大的財富管理機構建立了良好的關係。

And really as they get a better understand how our capabilities and and how that plays in to their business on. We've seen some some nice growth in new accounts and we expect that to continue here this year and an incremental improvement on every month and ever every quarter. On the escrow business side, high def, frankly, has really slowed down over the last couple of years or reflection of much lower activity in the commercial real estate markets and and transactions.

事實上，當他們更了解我們的能力以及我們的能力如何影響他們的業務時。我們已經看到新客戶出現了一些不錯的成長，我們預計今年這種情況將繼續下去，並且每個月和每個季度都會有逐步的改善。在託管業務方面，坦白說，高清在過去幾年中確實放緩了，或者反映了商業房地產市場和交易的活動大幅減少。

And overall, I think that business until we get some movement in rates and some better clarity on on the commercial real estate markets more broadly, we expect activity to be a relatively muted as well. And then lastly, from the technology side of We are always investing in the business and that's technology that's employed, Louise, we continue to improve on in those areas. And I think as we move further away from some of the disruptions that occurred in the first and second quarter of last year and and have that stabilization, how we'll be able to play a little a bit more offense.

總體而言，我認為，在利率出現一些變化以及更廣泛的商業房地產市場更加清晰之前，我們預計活動也將相對平靜。最後，從技術方面來看，我們一直在對業務進行投資，這就是所採用的技術，Louise，我們將繼續在這些領域進行改進。我認為，隨著我們進一步擺脫去年第一季和第二季發生的一些幹擾並實現穩定，我們將如何發揮更多的進攻作用。

And we certainly have the technology and resources there are that aid our teams throughout the throughout the organization, for example. I know the big question. Thank you.

例如，我們當然擁有可以為整個組織的團隊提供幫助的技術和資源。我知道這個大問題。謝謝。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

Great. Good afternoon. Ron, in your question, just on broader net interest income. Given the actions you took in the benefit on the margin for the smaller balance sheet come, maybe thoughts on trough of NI where we're not there may be when and also if we do stay in a higher for longer environment, maybe how the balance sheet pro forma now reflects the higher for longer versus kind of the futures market that content more?

偉大的。午安.羅恩，在你的問題中，只是關於更廣泛的淨利息收入。考慮到您在較小的資產負債表的邊際收益中採取的行動，也許對我們不存在的 NI 低谷的想法可能是什麼時候，而且如果我們確實長期處於較高的環境中，也許如何平衡預計現在的表格反映了更長的時間與期貨市場的內容相比更高的內容？

Scott, thank you, Mike. Yes, you know, I'll just echo a little bit of curious of what I what I stated earlier. We did see a nice a nice expansion in the 60 basis points. I wouldn't I wouldn't go far as far as to say, that was the trough, but we've got some some favorable aspects going here. You know, obviously the reinvestment there's securities repositioning that's going to add some lift here in the first quarter as well.

斯科特，謝謝你，麥克。是的，你知道，我只是對我之前所說的感到有點好奇。我們確實看到了 60 個基點的良好擴張。我不會說，那是低谷，但我們這裡有一些有利的方面。你知道，顯然，證券重新定位的再投資也將在第一季增加一些提振。

And some of the paydown on the wholesale side that we've been doing and can look to continue to do, I think, is going to offer up some additional benefits. The big wildcard, of course, is going to be the deposit costs and deposit flows in the mix. We continue to see challenges.

我認為，我們一直在做並且可以繼續做的批發方面的一些回報將提供一些額外的好處。當然，最大的通配符將是存款成本和存款流量。我們繼續看到挑戰。

The industry continues to see challenges across that aspect of it. And despite the fact we've done a really nice job managing our deposit costs. Again, I wouldn't go so far to say that we've we've conquered that the slate that Dragon at this point in time.

該行業在這方面繼續面臨挑戰。儘管事實上我們在管理存款成本方面做得非常好。再說一遍，我不會說我們已經征服了那條龍的石板。

I think we'll still see some pressures in that in that area. Um, but we're cautiously optimistic on that front.

我認為我們仍然會在該領域看到一些壓力。嗯，但我們對此持謹慎樂觀的態度。

Great. Thanks. Thanks, Ron and CMA for you on capital, you talked about the flexibility and the actions we've taken. Do you expect opportunities to arise in 2024 at industry levels, given some of the strength of rate? And maybe how you would maybe update us on your rank for capital, you find great work.

偉大的。謝謝。謝謝 Ron 和 CMA 關於資本的介紹，你們談到了我們所採取的靈活性和行動。鑑於利率的一些優勢，您預計 2024 年產業層面會出現機會嗎？也許你會向我們介紹你的資本排名，你會找到很棒的工作。

Sure. Yes, I would say we do expect opportunities arise, but I thought that in 2023 as well. And so we'll just see how the year plays out here on. I think, as I mentioned, given all the uncertainties in the environment, whether it's around the commercial real estate markets or Homme, a variety of other areas and just how the economy develops in a given all of the geopolitical risks, intentions out there.

當然。是的，我想說我們確實期望機會出現，但我認為 2023 年也會出現。所以我們就看看這一年會如何發展。我認為，正如我所提到的，考慮到環境中的所有不確定性，無論是商業房地產市場還是男士、其他各種領域，以及在給定的所有地緣政治風險和意圖的情況下經濟如何發展。

I think our approach is going to continue to be that we're going to retain capital, how we're we see opportunities to put it to work where it benefits the organization. Long term, we're going to do that. But overall, it remains hard. There's a there's a level of uncertainty and we are very comfortable having strong levels of capital.

我認為我們的方法將繼續是我們將保留資本，我們如何看待機會將其運用到對組織有利的地方。從長遠來看，我們將這樣做。但總體而言，仍然很難。存在一定程度的不確定性，我們對擁有雄厚的資本水準感到非常滿意。

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

Thanks. Good morning, guys. Our gearing to ask about the fourth quarter non-interest bearing outflow. Could you parse maybe how much of that you would chalk up to tax payment seasonality versus kind of ongoing shift in mix and a sense of timing of how rapidly the seasonality a piece of it could come back on balance sheet?

謝謝。早上好傢伙。我們準備詢問第四季無息流出。您能否分析一下您將其中多少歸因於納稅季節性與持續的組合轉變以及季節性的一部分可以多快回到資產負債表上的時間感？

Hard to put a specific measurement on a Gary as far as that's from the tax payments in all of the movements that are going on, as Ron mentioned, we're seeing clients continue to pay down or payoff on loans. And so that impacts both sides of the bank balance sheet naturally high, certainly in 2023, in the state of California, we saw later tax payments come out. Some of the the impacts on commerce as grow.

正如羅恩所提到的，很難對加里進行具體衡量，因為這是從正在發生的所有變動中的納稅情況來看，我們看到客戶繼續償還或償還貸款。因此，這對銀行資產負債表雙方的影響自然很大，當然在 2023 年，在加州，我們看到後來的納稅結果出來了。其中一些對商業的影響正在增加。

Now our sense is, though that the DAB magnitude, we don't expect to see that as we move through the year and typically some of those funds begin to return in the first half of the year. How much will come back is on certain again, I think in Part D has to deal with the yield curve, how businesses are feeling about the overall environment. So we'll just we'll see how things play out here.

現在我們的感覺是，儘管 DAB 規模如此之大，但我們預計今年不會出現這種情況，而且通常其中一些基金會在上半年開始回報。回升多少又是確定的，我認為 D 部分必須處理殖利率曲​​線，以及企業對整體環境的感受。所以我們就看看事情會如何發展。

I think the one of the benefits we have is just the number of new accounts. So we've opened in 2023. And as those get fully implemented and onboarded, we may pick up some benefit there. Appreciate that bigger picture. I guess on the funding side, pre pandemic, you're often operated the Company at a time slightly by 100% loan deposit ratio. Even with the wholesale reductions in the fourth quarter and the net deposit moves there, you're back up but only 89%.

我認為我們擁有的好處之一就是新帳戶的數量。所以我們在 2023 年開業。隨著這些內容得到全面實施和加入，我們可能會從中受益。欣賞更大的圖景。我想在資金方面，在疫情爆發之前，你常常會以100%的貸存比來經營公司。即使第四季度批發量減少並且淨存款也發生了變化，您仍然會回升，但只有 89%。

So as you're thinking about the long-term management of the balance sheet, are your thoughts on that today it relative to where they were a few years ago?

因此，當您考慮資產負債表的長期管理時，您今天的想法與幾年前的情況是否相關？

Yes, I think that when when you think about it pre-pandemic, we were also quite a bit smaller and total assets. I don't see us running the business. We don't think it would be prudent debt, 100% loan-to-deposit ratio, but we could certainly see in the low to mid 90% range. Certainly we'd like to get there by both by growing both sides of the balance sheet, both the loans and deposit side to to increase that over time prudently.

是的，我認為當你考慮大流行前時，我們的資產規模和總資產也都小得多。我不認為我們在經營這項業務。我們認為這不是審慎的債務，貸存比為 100%，但我們肯定會看到在 90% 的中低範圍內。當然，我們希望透過增加資產負債表的兩側（貸款和存款側）來實現這一目標，並隨著時間的推移謹慎地增加資產負債表的兩側。

I appreciate that. And one last question for me, if I could run. In terms of the the hedges. I know you had added some in the third quarter. Doesn't like you added any here in the fourth quarter, but can you just remind us kind of what the maturity schedule is? Those are those swaps?

我很感激。最後一個問題是我是否可以參加競選。就對沖而言。我知道你在第三季添加了一些。您不喜歡在第四季度添加任何內容，但您能否提醒我們到期時間表是什麼？這些是那些交換？

Sure, Gary. We've got about $1 billion, three in totality in the swap book and and approximately half of those hedges will mature by the end of this year. And then we've got another traunch, if you will, another 25% early in them in 2025. And then the rest are just laddered out just a little bit longer. Thanks very much. You're welcome again.

當然，加里。我們的掉期帳簿裡有大約 10 億美元，總共 3 美元，其中大約一半的對沖將在今年年底到期。如果你願意的話，我們還會在 2025 年初再增加 25%。然後其餘的只是稍微延長一點。非常感謝。再次歡迎您。

(Operator Instructions) Andrew Terrell, Stephens.

（操作員說明）Andrew Terrell，Stephens。

Hey, good morning. Good morning. First question from Ron. Can you remind us the 600 million of term to FHLB advances you've got outstanding right now? What's the maturity schedule look like for those?

嗨，早安。早安.羅恩提出第一個問題。您能提醒我們一下您目前尚未償還的 6 億 FHLB 預付款嗎？這些的成熟時間表是什麼樣的呢？

Well, we've got it. We've got a third of that a traunch maturing this quarter. So we'll see that come off. And then I think we've got another traunch of late in the year and then next year.

好吧，我們已經知道了。其中三分之一將於本季到期。所以我們會看到它成功。然後我認為我們會在今年年底和明年再進行一次。

Got it. Okay. I mean, can you just talk to us overall about the I guess I'm trying to figure out what kind of the right cash position as on the balance sheet and then how you compare that against. I would assume that you used cash to pay down some of the term FHLB and it matures this quarter, potentially some our broker. Can you just talk to us kind of about the cash balance where you'd like to see it sat? And then what the what the uses of cash.

知道了。好的。我的意思是，您能否與我們總體談談我想我正在嘗試找出資產負債表上的正確現金頭寸，然後如何進行比較。我假設您使用現金支付了部分 FHLB 期限，並且該期限本季度到期，可能是我們的一些經紀人。您能跟我們談談您希望看到的現金餘額嗎？然後現金的用途是什麼。

Sure you know, so. So obviously, you know, the home coming out of the post pandemic and and given the rapid rate rise us and many in the industry went much more heavily into the cash, I'd say under our normal operating levels were probably in the four or $500 million range were more than double that today.

你當然知道，所以。很明顯，你知道，房屋走出大流行後，考慮到我們和業內許多人的快速增長，我們更多地投入了現金，我想說，在我們的正常運營水平下，可能是四或5 億美元的範圍是今天的兩倍多。

And so, you know, I could see us over time depending upon deposit flows, loan growth, as we've talked a little bit about, um, we could see that, that coming back down to those normal levels as we move throughout the remainder of 2020 for, of course, notwithstanding any of any other challenges that come about from a macro standpoint.

因此，你知道，隨著時間的推移，我可以看到我們的情況取決於存款流量、貸款成長，正如我們已經討論過的那樣，嗯，我們可以看到，隨著我們在整個經濟週期中的發展，存款流量和貸款增長會回落到正常水平。當然，儘管從宏觀角度來看還存在任何其他挑戰，但 2020 年剩餘時間仍然如此。

Okay. Got it. And then on the securities portfolio, do you have just what the spot yield was on the securities book at 12 31.3, 3.48%. And then one more question on the margin.

好的。知道了。然後在證券投資組合上，您是否知道證券帳簿上的現貨收益率為 12 31.3，3.48%。然後還有一個問題。

I think that's the third quarter. There was an interesting interest accrual that was a headwind in the third quarter. So all else equal it. I was wondering if I recall for six basis points positive to 4Q loan yields, just following up on that side. I guess the question is about kind of loan yields going into 2024 and just on a quarterly or annual basis, just as loans are coming for a new all on what type of what our loan yield improvement you would expect kind of throughout the year.

我認為那是第三季。第三季出現了一個有趣的應計利息，這是一個阻力。所以其他一切都等於它。我想知道我是否記得第四季度貸款收益率有六個基點為正，只是在這方面進行跟進。我想問題是關於 2024 年的貸款收益率，只是按季度或按年度計算，就像新的貸款即將到來一樣，我們的貸款收益率在全年中會出現什麼樣的改善。

Just as adjustable rate loans reprice or the lower yielding fixed rate now fixed rate loans come off during the there's a lot there's a lot of moving pieces there, Andrew, to to come up when we don't have an estimate out there that we've stated publicly, but obviously a lot of moving parts about how much of the maturing loans we end up retaining on what the how borrowers, what their decisions are rounded loans that are adjusting, frankly, on some of the higher yielding stuff is paying off faster than than some of the lower yielding loans high.

正如可調整利率貸款重新定價或收益率較低的固定利率現在固定利率貸款在許多情況下消失一樣，安德魯，當我們沒有對我們的估計時，就會出現很多變化。我們已經公開表示，但顯然，我們最終保留了多少到期貸款，以及借款人的決定是什麼，他們的決定是四捨五入的貸款，坦率地說，一些收益率較高的貸款正在得到回報。速度比一些較低收益率的貸款高。

Certainly what is the rate and volume of new production. Certainly, we'd like to yield of new loans that we're putting on today. They're pretty attractive from a risk adjusted basis. But as I mentioned, demand is pretty muted. Our Ron, what do you have anything to add there?

當然，新生產的速度和數量是多少。當然，我們希望獲得今天發放的新貸款的收益。從風險調整的角度來看，它們非常有吸引力。但正如我所提到的，需求相當低迷。我們的羅恩，你還有什麼要補充的嗎？

In particular? No, I think that's good, Steve. I was just to confirm that that we that the impact last quarter was that four basis points on that nonaccrual, you know us, so was that we did it get some lift from from that item alone. That's I agree with what you just stated.

尤其？不，我認為這很好，史蒂夫。我只是想確認一下，上個季度的影響是非應計項目的四個基點，你知道我們，所以我們確實從該項目中獲得了一些提升。這就是我同意你剛才所說的。

Okay now. Perfect. I appreciate it. Last, but not a Question button on Steve. I got a linked and notification this morning. Reminding me congratulate you on 24 years that Pacific Premier time, but I know there's been a lot of progress made some sense. So congratulations.

現在好吧。完美的。我很感激。最後，但不是關於史蒂夫的問題按鈕。今天早上我收到了連結和通知。提醒我祝賀你太平洋總理 24 週年，但我知道已經取得了很多進展，這是有意義的。所以恭喜你。

Thank you. That's a team effort.

謝謝。這是團隊的努力。

(Operator Instructions) Gary Tenner, D.A. Davidson.

（操作員說明）Gary Tenner，D.A.戴維森。

Thanks. Ed. I just a quick question on credit on your slide deck where you have the ACL kind of a waterfall. You talk about adding $20 million related to the economic forecasts and other updates.

謝謝。埃德。我只是在你的幻燈片上提出一個簡短的問題，其中有 ACL 類型的瀑布。您談到增加與經濟預測和其他更新相關的 2000 萬美元。

If my math is right, that your ACL, the allowance on the unfunded for unfunded commitments from came down again, pro rata, my math is correct. So I'm curious about the kind of be dynamics there of increasing Shell on the funded piece and maybe bring it down the unfunded unless it was just a function of commitment levels.

如果我的數學是正確的，那麼你的 ACL，即無資金承諾的無資金承諾的津貼再次按比例下降，我的數學是正確的。因此，我很好奇增加殼牌在資助項目上的動態，並可能降低未資助項目的動態，除非這只是承諾水平的函數。

Yes, you nailed it, Gary, there at the end with your last comment, the unfunded did come down, I think four or 5 million, and that was directly a function of lower commitment levels. We saw again with $355 million of new draws effectively shifted that 300, 55 from the unfunded bucket, if you will, to the to the funded bucket. So that that was the, if you will, that kind of the shift between those two elements of the ACL.

是的，你說得對，加里，在你最後的評論最後，沒有資金的確實下降了，我想四五百萬，這直接是承諾水平較低的函數。我們再次看到，3.55 億美元的新抽獎有效地將這 300 美元、55 美元從無資金桶（如果你願意的話）轉移到了有資金桶。如果你願意的話，這就是 ACL 的這兩個元素之間的轉變。

Okay. So if some of those were seasonal kind of just tougher over temporarily over year-end, you might just see that swing back the other direction.

好的。因此，如果其中一些是季節性的，在年底暫時變得更加困難，你可能會看到這種情況向另一個方向擺動。

Yes. I mean the flood of on the funding side? Yes, that is a that's a possibility.

是的。我的意思是資金方面的洪水？是的，這是一種可能性。

Got it.

知道了。

You're welcome.

不客氣。

[Adam Butler], Piper Sandler.

[亞當·巴特勒]，派珀·桑德勒。

Hey, everybody. This is Adam on for Matthew Clark. I'm not I'm not sure if this was touched on, but in terms of the origination rates on new new loans this quarter, is there a reason why there was a step down? Some of it was the at the mix we did for various existing clients, some some multifamily, and that had an impact on the yield.

嘿，大家。這是馬修克拉克的亞當。我不確定這是否被觸及，但就本季新貸款的發放率而言，是否有下降的原因？其中一些是我們為各種現有客戶（一些多戶家庭）所做的組合，這對產量產生了影響。

Okay. Appreciate the color on that. And then it was nice to see capital increased TC. quarter over quarter in terms of from our outside supporting organic growth in loan growth. If that doesn't ship out to your expectations, given the excess capital deployment initiatives that's tied to that takes and none none on a specific job.

好的。欣賞它的顏色。然後很高興看到 TC 資本增加。從我們外部支持貸款成長的有機成長來看，季度環比成長。如果這沒有達到您的預期，考慮到與該需求相關的過剩資本部署計劃，並且在特定工作上沒有任何計劃。

We obviously pay a very healthy dividends. And although we have a stock buyback plan in place, we haven't exercised it for a couple of years and really owing to the uncertain environment, um, I'm like everything that changes over time. We'll see how things play out. But right now, we continue to retain higher levels of capital given the environment.

顯然我們支付了非常健康的股利。儘管我們已經制定了股票回購計劃，但我們已經有幾年沒有執行了，這實際上是由於環境的不確定性，嗯，我喜歡隨著時間的推移而變化的一切。我們會看看事情會如何發展。但目前，鑑於環境，我們繼續保留較高水準的資本。

But where we see opportunities such as the securities repositioning the transaction high in large measure, given our high levels of capital, we were able to do that rather significant transaction there that over the long term will benefit our shareholders. And and that's going to continue to be our approach here for the foreseeable future.

但是，當我們看到證券等機會在很大程度上重新定位交易時，考慮到我們的資本水平較高，我們能夠在那裡進行相當重要的交易，從長遠來看，這將使我們的股東受益。在可預見的未來，這將繼續是我們的做法。

Okay, great. Thank you.

好的，太好了。謝謝。

This concludes our question and answer session. I would like to turn the conference back over to Steve Gardner for any closing remarks.

我們的問答環節到此結束。我想將會議轉回史蒂夫·加德納（Steve Gardner）發表閉幕詞。

Thanks again, Gary, and thank you all for joining us today. Have a nice afternoon.

再次感謝加里，感謝大家今天加入我們。祝你有個愉快的下午。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。