People's Utah Bancorp (NASDAQ:PUB) Q4 2019 Earnings Conference Call - Final Transcript
Jan 29, 2020 • 12:00 pm ET
Len E. Williams
were up $179 million or 9.6% year-over-year, as our retail branches, commercial group and commercial treasury management team focused on raising deposits from existing clients as well as the acquisition of new client relationships. We're in the process of rolling out a new treasury management platform that we believe will help us continue to grow our low cost commercial deposit base and improve our fee income.
Our total cost of deposits was 44 basis points for the fourth quarter and 46 basis points for all of 2019, which we believe highlights the strength of our deposit franchise. Non-interest bearing deposits to total deposits increased to 35% at year-end. We continue to experience significant competition for deposits and anticipate that deposit betas will be lower than in prior interest rate reduction cycles. Loans held for investment remained flat at $1.68 billion at December 31, 2019, compared with a year ago.
During 2019, we focused on reducing our concentrations in our acquisition development and construction portfolio as well as our overall commercial real estate concentrations. ADC loans to total capital declined from 113% at December 31 2018 to 84% at December 31. 2019. Commercial real estate loans to total capital declined from 250% to 204% for the same respective periods. We recently created a business vertical focused on construction lending to homebuilders. We believe the centralization of this key area will improve our ability to meet our clients' needs from both the service and product offering perspective, while ensuring that we effectively manage our credit exposure. We are experiencing long -- strong loan volume in this business vertical presently.
Our major focus continues to be on expanding our C&I portfolio through commercial banking centers. We operate two commercial banking centers in the Salt Lake County and have recently hired a commercial banking center manager in Utah County. We anticipate increased organic growth in our C&I portfolio from our commercial banking centers during 2020.
To replace Rick Anderson's role, we promoted Judd Austin to the position of Chief Banking Officer. In this capacity, Judd will oversee our entire branch network, bank card, call center and bank operations. Judd formerly held the position of Market Area President for Cache County. He has been with the company since 2006, and has provided outstanding leadership, innovation and execution to the organization. We're excited to be able to more fully utilize Judd's talents and leadership across the entire retail bank platform. With Judd's promotion we have hired a strong regional manager in Cache County, who has extensive period -- experience in the Cache Valley market and has proven track record of growing commercial relationships.
We also recently recently hired a seasoned commercial banking leader for the St. George market, who has a 40 year track record of building markets. We anticipate strong loan growth in our retail banking operations during 2020. As mentioned on previous calls, we made the decision to rebuild our oldest -- actually our second oldest branch in the system in Alpine, Utah. We