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Mar 31, 2024
Pacific Premier Q1 2024 Earnings Report
Reported solid first quarter financial performance, driven by securities portfolio repositioning and expanded net interest margin.
Key Takeaways
Pacific Premier Bancorp reported a net income of $47.0 million, or $0.49 per diluted share, for Q1 2024. The net interest margin expanded by 11 basis points to 3.39%. Total deposits increased by $192 million, and the TCE ratio increased to 10.97%. Asset quality remained strong, with a total delinquency rate of 0.09%.
Net income was $47.0 million, or $0.49 per diluted share.
Return on average assets was 0.99%, return on average equity was 6.50%, and return on average tangible common equity was 10.05%.
Net interest margin expanded 11 basis points to 3.39%.
Total deposits increased by $192 million, driven by a $120 million increase in non-maturity deposits.
Pacific Premier
Pacific Premier
Pacific Premier Revenue by Segment
Revenue by Segment
Loan servicing income Revenue
CapyFin.comService charges on deposit accounts Revenue
CapyFin.comOther service fee income Revenue
CapyFin.comDebit card interchange fee income Revenue
CapyFin.comEarnings on bank owned life insurance Revenue
CapyFin.comTrust custodial account fees Revenue
CapyFin.comEscrow and exchange fees Revenue
CapyFin.comOther income Revenue
CapyFin.com Forward Guidance
The company is strategically positioned to perform in a variety of economic and credit scenarios, with strong capital levels and significant loss absorbing capacity.
Positive Outlook
- Strong capital levels
- Significant loss absorbing capacity
- Proactive risk management
- Dedicated relationship managers expanding client base
- Successful collaboration between teams to deepen client relationships
Challenges Ahead
- Ongoing inflationary pressures
- Interest rate volatility
- Domestic and international geopolitical risks
- Uncertain economic outlook
- Nonperforming loans increased due to a single commercial banking relationship