Pan Pacific Bank (PFC) Tops Q2 EPS by 52c

Pan Pacific Bank (NASDAQ: PFC) reported Q2 EPS of $0.82, $0.52 better than the analyst estimate of $0.30. Revenue for the quarter came in at $62.45 million versus the consensus estimate of $52.81 million.

Second Quarter 2020 Highlights

• Net income of $29.1 million, or $30.7 million excluding merger-related expenses, compared to $12.2 million for 2019 second quarter
• Earnings per share of $0.78, or $0.82 excluding merger-related expenses, compared to $0.61 for 2019 second quarter
• Allowance to Loans ratio of 1.62%, or 1.76% excluding PPP loans
• Loan growth of $343 million, or 6.7% quarterly growth
• Deposit growth of $766 million, or 15.3% quarterly growth
• Pre-tax pre-provision ROAA of 2.26%, or 2.38% excluding merger-related expenses, compared to 1.89% for 2019 second quarter
• Efficiency ratio of 48.96%, or 46.26% excluding merger-related expenses, compared to 61.22% for 2019 second quarter
• Quarterly dividend of $0.22 per share, up 15.8% from 2019 second quarter

“Strong non-interest income performance and operating efficiency led to record quarterly results for the second quarter,” said Donald P. Hileman, CEO of Premier. “We are very pleased by our ability to generate solid profitability for our shareholders while supporting the communities we serve. We happily participated in the PPP program while also conducting loan deferrals for both commercial and retail customers to help them during this difficult and uncertain time.”

For earnings history and earnings-related data on Pan Pacific Bank (PFC) click here.

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