Pacific Premier Bancorp (PPBI) Tops Q1 EPS by 1c

Pacific Premier Bancorp (NASDAQ: PPBI) reported Q1 EPS of $0.62, $0.01 better than the analyst estimate of $0.61. Revenue for the quarter came in at $117.56 million versus the consensus estimate of $114.34 million.

• Net income of $38.7 million, or $0.62 per diluted share
• Return on average assets of 1.34%, return on average equity of 7.78%, and return on average tangible common equity of 15.45%
• Efficiency ratio of 49.3%
• Net interest margin of 4.37%, core net interest margin of 4.21%
• Total assets increase to $11.6 billion
• Noninterest bearing deposits as a percent of total deposits of 39%
• Nonperforming assets as a percent of total assets of 0.11%

“We have been focused on continuous improvement throughout the organization and we are seeing the benefits created from the Grandpoint acquisition. Further, we have consolidated 5 branches in the past two quarters while maintaining our high level of service to clients. Our efficiency ratio was again below 50% during the first quarter of 2019 and we expect operating leverage to further improve in the coming quarters.

“Our disciplined balance sheet and risk management continue to result in a relatively stable core net interest margin and solid asset quality. Looking ahead, we will remain focused on closely matching our loan and deposit growth, while emphasizing loan production in the areas that produce attractive risk-adjusted yields. We expect balance sheet growth to accelerate as we move through the year owing to key investments in technology around API banking, Salesforce and cash management services,” said Mr. Gardner.

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

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