Pacific Premier Bancorp (PPBI) Tops Q4 EPS by 8c

Pacific Premier Bancorp (NASDAQ: PPBI) reported Q4 EPS of $0.69, $0.08 better than the analyst estimate of $0.61.

Fourth Quarter 2019 Summary

Net income of $41.1 million, or $0.69 per diluted share
Return on average assets of 1.42%, return on average equity of 8.20% and return on average tangible common equity of 15.89%
Net interest margin of 4.33% and core net interest margin of 4.10%
Non-maturity deposits growth of $335.3 million, or 18% annualized
Noninterest bearing deposits increased to 43% of total deposits, compared to 41% in the prior quarter
Cost of deposits of 0.58% in the current quarter compared with 0.71% in the prior quarter
Nonperforming assets as a percent of total assets of 0.08%
Tangible book value ended the year at $18.84, an 11.02% increase over December 31, 2018

• Approved a new $100 million share repurchase program in December 2019

Steven R. Gardner, Chairman, President and Chief Executive Officer of the Company, commented, “This was a record year for the Company with net income of $159.7 million and non-maturity deposit growth of $603.0 million. Our prudent balance sheet management strategies and continued success in core deposit growth helped to minimize the impact of the declining interest rate environment on our net interest margin, and coupled with our disciplined expense management, enabled us to generate solid profitability with an ROAA of 1.42% and an ROATCE of 15.89% for the fourth quarter of 2019.

“Prudent capital management remains a focus of the board and management. We recently authorized a new $100 million share repurchase program, and we are increasing our quarterly cash dividend by 13.6% to $0.25 per share. Our strong profitability enables us to return significant amounts of capital to shareholders, while maintaining sufficient capital to support our organic and acquisitive growth strategies.

“During 2019, following several years of strong growth, driven by a number of highly successful acquisitions, we were able to complete several key projects throughout the Company that helped us expand our product and service offerings, enhance efficiencies and strengthen our risk management framework. As of result of the investments we have made, we have a strong foundation in place to support a much larger organization. Our team of employees has never been stronger or more capable, and I am proud to be a part of such an incredibly talented group,” said Mr. Gardner.

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

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