Pacific Premier Bancorp reports strong first-quarter earnings Investing.com



Irvine, California – pacific premier Bancorp, Inc. (NASDAQ: NASDAQ: ), the parent company of Pacific Premier Bank, announced first-quarter 2024 net income of $47 million, or $0.49 per diluted share. A significant shift in losses.

In the first quarter of 2024, the company's return on average assets was 0.99%, return on average equity was 6.50%, and return on average tangible common equity was 10.05%. Looking at it, the company's return on average assets was 0.99%, return on average equity was 6.50%, and return on average tangible common equity was 10.05%.

As of March 31, 2024, Pacific Premier Bancorp's total assets were US$18.81 billion, compared with US$19.03 billion at the end of the previous quarter and US$21.36 billion in the same period last year.

Steven R. Gardner, the company's chairman, chief executive and president, highlighted the solid financial performance, which he attributed to benefiting from a repositioning of the securities portfolio throughout the quarter and an 11 basis point expansion in net interest margin to 3.39%. He also highlighted the company's strong capital levels and proactive risk management, which put it well-positioned amid economic and geopolitical uncertainties.

The bank's asset quality trends remain strong, with total delinquencies accounting for only 0.09% of investment loans and non-performing assets accounting for 0.34% of total assets. Tangible book value per share increased to $20.33, an increase of $0.11 from the previous quarter.

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Pacific Premier Bancorp's common equity Tier 1 capital ratio is 15.02% and its total risk-based capital ratio is 18.23%, indicating a strong capital adequacy ratio.

The company's business development efforts resulted in an increase in total deposits of $192 million, primarily due to a $120 million increase in non-maturity deposits. This allowed the bank to reduce borrowings from the Federal Home Loan Bank by a further $400 million.

Gardner thanked Pacific Premier staff for their outstanding efforts this season and expressed his gratitude to all stakeholders for their continued support.

This report is based on Pacific Premier Bancorp, Inc.'s press release.

Investment Professional Insights

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI ) has been attracting the attention of investors and analysts lately, as reflected in the latest InvestingPro data and tips. The company has a market capitalization of $2.17 billion and trades at a high P/E of 73.79, adjusted to a P/E of 76.81 for the trailing 12 months through the fourth quarter of 2023. ability to predict net profit growth this year.

InvestingPro Tip of note is that the company has low gross profit margin, which is a key factor to consider when assessing the financial health of a company. Additionally, Pacific Premier Bancorp's share price has fallen significantly over the past three months, with a total three-month share price return of -18.23%. This could indicate market sentiment and the potential for a rebound if the company's fundamentals remain strong.

Investors may also find that the dividend yield was 5.84% as of February 8, 2024, which is a compelling aspect of the company's financials, potentially providing a stable income stream. The next financial report date is scheduled for April 24, 2024, at which time we will learn more about the company's performance and future prospects.

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For those seeking a more in-depth analysis, Pacific Premier Bancorp, Inc. also offers additional InvestingPro Tips at https://www.investing.com/pro/PPBI.To get these valuable insights, consider using the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount. With these tools, investors can make more informed decisions and stay ahead of the dynamic financial markets.

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