Pacific Premier Bancorp (PPBI) Tops Q1 EPS by 14c

Pacific Premier Bancorp (NASDAQ: PPBI) reported Q1 EPS of $0.72, $0.14 better than the analyst estimate of $0.58.

First Quarter 2021 Summary

• Net income of $68.7 million, or $0.72 per diluted share
• Return on average assets of 1.37%, return on average equity of 9.99%, and return on average tangible common equity of 16.21%
• Increases common equity quarterly dividend by $0.03 to $0.33 per share
• Net interest margin of 3.55% and core net interest margin of 3.30%
• Cost of deposits of 0.11% in the first quarter compared with 0.14% in the prior quarter
• Non-maturity deposits of $15.4 billion, or 91.8% of total deposits
• Noninterest-bearing deposits represent 37.7% of total deposits
• Nonperforming assets represent 0.19% of total assets

Steven R. Gardner, Chairman, President, and Chief Executive Officer of the Company, commented, “Our first quarter results reflect the strength and discipline of the organization we have built, as our ability to offset a challenging environment by reducing our deposit costs, tightly controlling operating expenses, and maintaining exceptional asset quality helped us to continue generating a high level of profitability.

“We were able to largely offset another quarter of significant payoffs and a decline in credit line utilization rates with a record level of new loan production. Despite the first quarter typically being a seasonally low period for the origination of new loans, we generated more than $1.15 billion in new loan commitments, an increase of 27% compared to the prior quarter. Our teams are working very well together and they continue to generate larger and more sophisticated banking relationships. We are seeing stronger loan production across all of our primary lines of business, as well as an overall increase in the average rate on new loan commitments.

“Our loan pipeline continues to build, which should put us in a good position to generate loan growth as we move through the year, favorably remix the balance sheet towards higher yielding earning assets, and drive growth in net interest income.

“Given our consistent financial performance and our increasing confidence in the outlook for earnings growth as the economy strengthens, we have increased our common stock dividend to $0.33 per share, from $0.30 per share in the prior quarter. With our strong capital ratios, we are able to increase the capital returned to our shareholders through the dividend payout, while also being well positioned to support continued organic growth and execute on strategic transactions that we believe would further enhance the value of our franchise,” said Mr. Gardner.

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

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