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Sep 30, 2024
Pacific Premier Q3 2024 Earnings Report
Pacific Premier Bancorp's financial performance remained solid, marked by a slight decrease in net income and diluted earnings per share compared to the previous quarter, while asset quality remained strong.
Key Takeaways
Pacific Premier Bancorp reported a net income of $36.0 million, or $0.37 per diluted share, for Q3 2024. The company's asset quality remained strong, with total delinquencies at 0.08% and non-performing assets at 0.22% of total assets. The bank focused on capital accumulation and reduced higher-cost funding sources.
Net income reached $36.0 million, with diluted earnings per share at $0.37.
Total assets amounted to $17.91 billion.
Asset quality remained strong, with delinquency rate of 0.08% and non-performing assets at 0.22% of total assets.
The company reduced brokered deposits by $184 million and repaid a $200 million FHLB term advance.
Pacific Premier
Pacific Premier
Forward Guidance
Pacific Premier is focused on strategically adding bankers to grow loan and deposit relationships and expects to stabilize the loan portfolio as we move into 2025.
Positive Outlook
- Incremental demand for new credit observed.
- Loan pipeline has increased.
- Well-positioned to accelerate new originations in the coming quarters.
- Focus on leveraging collaborative platform to support commercial banking teams.
- Strategic addition of bankers to prudently grow new loan and deposit relationships.