Pan Pacific Bank (PFC) Tops Q3 EPS by 18c

Pan Pacific Bank (NASDAQ: PFC) reported Q3 EPS of $0.77, $0.18 better than the analyst estimate of $0.59.

Third Quarter 2020 Highlights

• Net income of $25.7 million, or $28.6 million excluding merger-related expenses, compared to $13.2 million, or $13.6 million excluding merger-related expenses, for 2019 third quarter
• Earnings per share of $0.69, or $0.77 excluding merger-related expenses, compared to $0.66, or $0.68 excluding merger-related expenses, for 2019 third quarter
• Allowance to Loans ratio of 1.63%, or 1.77% excluding PPP loans
• Average loan growth of $166 million, or 3.1% quarterly growth
• Average deposit growth of $247 million, or 4.5% quarterly growth
• Pre-tax pre-provision ROAA of 1.99%, or 2.20% excluding merger-related expenses, compared to 2.10%, or 2.16% excluding merger-related expenses, for 2019 third quarter
• Efficiency ratio of 56.5%, or 49.9% core, compared to 56.8%, or 55.5% core, for 2019 third quarter
• Issued $50 million of fixed-to-floating rate subordinated notes at 4.00% initial rate

“Efficiency and non-interest income growth are highlights of our continued strong financial performance for the third quarter,” said Donald P. Hileman, CEO of Premier. “We are incredibly pleased with our ability to enhance capital via excess earnings and a very successful, low-cost sub-debt issuance.”

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

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