Pacific Premier Bancorp (PPBI) Reports Q3 EPS of $0.46

Pacific Premier Bancorp (NASDAQ: PPBI) reported Q3 EPS of $0.46, versus $0.64 reported last year.

Steven R. Gardner, Chairman, President and Chief Executive Officer of the Company, commented, “During the third quarter, we successfully executed on our strategy of expanding our presence in the Los Angeles market and simultaneously passed the $10 billion asset threshold, as we welcomed the clients and employees of Grandpoint Capital on July 1. Grandpoint provides us with a talented team of bankers and a strong client base that we believe will provide meaningful opportunities for us to expand our small and middle market business relationships as we introduce a broader set of products and services. The integration has gone smoothly, with completion of the system conversion occurring this past weekend, and we are on track to fully realize the synergies projected for this transaction by year-end.

"I am proud of all that our team has accomplished given the high level of activity this year. During the third quarter, we generated an operating ROAA of 1.37% and an operating ROATCE of 17.06%, excluding the merger-related expense of $14.0 million. Our strong credit results continued in the third quarter, with low levels of net charge-offs, our nonperforming assets to total assets were 0.07% and total loan delinquency constituted 0.09% of total loans held for investment. Our disciplined credit risk management is a fundamental underpinning of the culture we have created at the Bank. We continuously seek to improve our capabilities and sophistication around all of our risk management practices just as we do with every aspect of our business operations.

“We are excited about entering the next phase in the growth of the Pacific Premier franchise. As a nearly $12 billion financial institution, we believe that further profitable earnings growth will be driven by solid organic balance sheet expansion, improved operating leverage and efficiencies from our larger scale as well as through opportunistic acquisitions. We expect to continue to be a high performing and disciplined institution that creates significant value for our shareholders,” said Mr. Gardner.

For earnings history and earnings-related data on Pacific Premier Bancorp (PPBI) click here.

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