Pacific Premier ( (PPBI) ) has released its Q4 earnings. Here is a breakdown of the information Pacific Premier presented to its investors.
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Pacific Premier Bancorp, Inc. operates as the holding company for Pacific Premier Bank, a commercial bank that serves small, middle-market, and corporate businesses in the western United States, offering a wide range of banking products and services.
In its fourth-quarter 2024 financial results, Pacific Premier reported a net income of $33.9 million or $0.35 per diluted share, alongside a quarterly cash dividend of $0.33 per share. The bank highlighted its strong asset quality and capital ratios, which it believes positions it well for future growth.
Key performance metrics included a return on average assets of 0.75% and a return on average equity of 4.61%. The bank’s cost of deposits decreased to 1.79%, while non-maturity deposits increased significantly. Loans held for investment grew slightly to $12.04 billion, with a total delinquency rate of just 0.02%. Additionally, the tangible book value per share increased to $20.97, and the common equity tier 1 capital ratio rose to 17.05%.
Despite a decrease in net interest income due to lower average loan balances, Pacific Premier’s noninterest income saw a substantial increase, driven partly by gains from Community Reinvestment Act investments. The bank also benefited from a provision reversal for credit losses, reflecting improvements in its loan portfolio.
Looking ahead, Pacific Premier’s management remains confident in the bank’s ability to capitalize on emerging growth opportunities, supported by its robust asset quality and capital strength, as it continues to navigate a strengthening economic environment.
