That’s why we take this approach which is since the end of ’10 but really we bought it back in July of ’10 we’ve had a 15% annualized growth rate and our deposits are growing at 18%. Of course, everybody is having great deposit growth, all of a sudden core deposits are everybody’s long suit but we’ve actually had a long term or come to abnormal long term successful growth rate.We also are a wealth manager. We’ve morphed the bank from mortgages and simplistic deposit products to more deposit products for the high net worth client and then we increased our wealth management offering starting in about 2000. We also came out of San Francisco which is our home market, went down to LA relatively early, San Diego relatively early and then came to New York about 11 years ago, came to Boston about five or six years ago now. So we’re bicoastal, we like urban coastal markets. What is it about us that works? We basically have a very old fashioned but very effective relationship manager single point of contact banking model. Our relationship manager, or the preferred banker, or the portfolio manager if somebody comes in through wealth management, are the point of contact for the client. They deliver the entire bank. We don’t have silos, the whole bank can be delivered by an individual and I’ll give you a couple of examples of that in a minute. We have a dogmatism about credit, we don’t like losing money on credit. We really don’t and the margins don’t allow for it as we all know. So we have had a very low loss experience, our home lending, which is almost $50 billion so far in the history of the bank, 26 years, we’ve had about five basis points of losses. We have a strong balance sheet and we have strong growth.
This is really the model, we do nine products per home loan. New home loan is the way we measure it but it may not be a new customer it may be just a new transaction. That comes from the ability – first of all it comes from the needs of the complex clients that we have and it comes from the ability of the single banker to deliver everything and so you have a tremendously strong cross sell experience.The JUMBO home is our lead but it’s not the only thing, we lead with business banking now, and we lead with wealth management as well. It depends on the client, how they find us, how they come in. We have a very strong and complex and overlapping incentive structure. For instance, if a relationship manager brings in a piece of business banking, relationship manager being primarily more consumer home lending oriented, not all of them but most of them, they bring in a piece of business banking which we do quite a lot of, the business banker and the relationship manager share a compensation but the totality of that is more than 100% from the bank’s point of view for either one. So we have a shared working arrangement that’s supported by an incentive program. It works very well actually. Read the rest of this transcript for free on seekingalpha.com