PPBI
#There was immaterial expenses associated with the branch closures.
We don't expect anything in Q4 related to the branch closures.
Yes.
I would not characterize it as same old strategy.
We think the strategy is appropriate and correct.
We have, as you pointed out <UNK>, have historically looked beyond just hold bank acquisitions within our market.
We continue to look at opportunities as they come up.
I would say predominately at this point it has been hold bank within California.
And that's what we are going to continue to focus on, at the same time where opportunities come up beyond those markets, we will certainly look at those, or opportunities to add products that complement the commercial banking strategy.
I think M&A and discussions are always evolving and buyers and sellers are reacting to what is going on in the markets and what they see the future opportunities both at their own organization as well as the combined organization.
So you're always assessing those.
We certainly, if there is something that we've looked at or had discussions on in the past, we are hopeful that we haven't burned any bridges if we have passed and that we are always open to re-engaging and having discussions.
So those can occur as well.
I would characterize it as, we remain acquisitive and interested in having conversations with any bank in California that has a business bank focus that we think combined, ultimately results in greater shareholder value for both organizations.
The board assesses capital management every quarter.
We just recently had a meeting and discussed it.
At this point we think that there are opportunities to generate attractive returns by using that capital for either organic growth or acquisitions.
But it's a dynamic process that the board is always considering and we take capital management very seriously.
I would characterize Q3 as being very strong <UNK>.
I would think of something in between Q2's run rate and Q3 from a gain on sale standpoint.
You know we are looking at generally speaking the amount of inflows in deposits.
The amount of pay downs that we're getting in the existing portfolio.
What the new production looks like and in particular from both a commitment basis, because our most of the C&I our utilization rates have not changed, they are roughly about 45% on outstanding lines of credit.
And then the actual funded balances that we get from various other lines.
And so we analyze it and assess it and then at the same time, we may have a need and desire to buy more but in looking at what's available, we're just not comfortable with either the credit metrics, the underwriting, the analysis, the quality of the portfolio, or the yields on the portfolio, at what were willing to pay for them.
So there is a number of factors that we assess and that we forecast each quarter, and then make a determination whether we have a desire.
And some quarters, where payouts are slower, deposit inflows are less, production is strong, we don't buy products.
So it's a dynamic process.
We appreciate everyone joining us this morning on the call.
If there are any additional questions, please feel free to reach out to either <UNK> or myself and we would be happy to chat with you.
Thank you all.
Have a great day.
