This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.
“Year-over-year loans outstanding were up 20% and deposits were up 17%. We are pleased with this kind of annual growth rate. We are also particularly pleased that wealth management assets are up 61%.”
“Loan demands in our market continues to be good. Our loan pipeline remains strong, as clients anticipate further rising rates and lock-in loans today”
“the San Francisco Bay Area market is particularly strong, market conditions in Boston, New York and Southern California are also very good.”[analyst comment] “Is there a loan to deposit ratio target that you’re shooting for in terms of how we think about how much the deposit costs will go up going forward? I mean, you are 107 this quarter.”
“We’ve seen that both in our single-family and our income property loans are coming in for five-year as opposed to seven-year ARMs, because people are going for the lower rates.”
“We sell [loans] to Fannie Mae; we sell to a couple of slow basis purchasers. In the last two quarters a lot of our loans have gone into securitizations, but historically that hasn’t been true necessarily. And so we have sold to whomever in the market wants to buy and whomever needs the balance sheet growth.”
“The way we win the [multifamily property] business is by being very decisive and quick; closing carefully, but giving a fairly direct, quick, straightforward yes or no at this level and that usually brings first-call, what-do-you-think kind of inquiries, as opposed to grinding out a four-month or four-week rather process, and then coming back with a different deal than you thought, which is happening in the market in a lot of places.”
“What we do when we extend out our liabilities by FHLB borrowing, quite frankly is take some of that steep yield curve and spend it on insurance policy costs in order to stay matched. We try hard to stay carefully matched. The risk of mismatching right now is probably lower, given the fed’s focus on keeping the short end low. But nonetheless we are not prepared to bet the bank on that.”