Q2 2024 Pacific Premier Bancorp Inc Earnings Call Transcript
Key Points
- Pacific Premier Bancorp Inc (PPBI) reported a strong capital position with a TCE ratio of 11.41% and a CET1 ratio of 15.89%, among the highest in the industry.
- The company generated earnings per share of $0.43, a return on average assets of 90 basis points, and a return on tangible common equity of 8.9%.
- Non-performing loans decreased by $11.7 million to $52.1 million, and non-performing assets ended the quarter at 28 basis points of total assets.
- The company has a total liquidity position of approximately $9.8 billion, double the level of uninsured deposits.
- Pacific Premier Bancorp Inc (PPBI) maintained disciplined deposit pricing practices, with an average cost on non-maturity deposits at 117 basis points for the second quarter.
- The prolonged higher interest rate environment continued to impact the cost of deposits, which increased 14 basis points to 1.73%.
- Loan production increased to $151 million but was offset by higher loan payoffs as clients utilized excess liquidity to reduce debt.
- Net interest income decreased to $136.4 million due to higher cost of funds and lower loan balances.
- Total loans held for investment declined by $522 million, driven by prepayments, paydowns, maturities, and lower C&I line utilization.
- The current deposit-gathering environment remains highly competitive, impacting the ability to attract new deposits.
Good day, and welcome to the Pacific Premier Bancorp 2024 second quarter conference call. (Operator Instructions). Please note, this event is being recorded.
I would now like to turn the conference over to Steve Gardner, Chairman and CEO. Please go ahead.
Very good. Thank you, Nick. Good morning, everyone. I appreciate you joining us today. As you are all aware, we released our earnings report for the second quarter of 2024 earlier this morning.
We have also published an updated investor presentation with additional information and disclosures on our financial results. If you have not done so already, we encourage you to visit our Investor Relations website to download a copy of the presentation and related materials.
I note that our earnings release and investor presentation include a Safe Harbor statement relative to the forward-looking comments, I
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
