Pacific Premier Bancorp, Inc. Announces First Quarter 2019 Results
Pacific Premier Bancorp, Inc. Announces First Quarter 2019 Results (Unaudited) and a Quarterly Cash Dividend of $0.22 Per Share
First Quarter 2019 Summary
- Net income of $38.7 million, or $0.62 per diluted share
- Return on average assets of 1.34%, return on average equity of 7.78%, and return on average tangible common equity of 15.45%
- Efficiency ratio of 49.3%
- Net interest margin of 4.37%, core net interest margin of 4.21%
- Total assets increase to $11.6 billion
- Noninterest bearing deposits as a percent of total deposits of 39%
- Nonperforming assets as a percent of total assets of 0.11%
IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for the first quarter of 2019 of $38.7 million, or $0.62 per diluted share, compared with net income of $39.6 million, or $0.63 per diluted share, for the fourth quarter of 2018 and net income of $28.0 million, or $0.60 per diluted share, for the first quarter of 2018. Financial results for the first quarter of 2019 include merger-related expense of $655,000.
For the three months ended March 31, 2019, the Company’s return on average assets (“ROAA”) was 1.34%, return on average equity (“ROAE”) was 7.78% and return on average tangible common equity (“ROATCE”) was 15.45%, compared to 1.37%, 8.15% and 16.65%, respectively, for the three months ended December 31, 2018 and 1.39%, 8.92% and 16.51%, respectively, for the three months ended March 31, 2018. Total assets as of March 31, 2019 were $11.6 billion compared with $11.5 billion at December 31, 2018 and $8.1 billion at March 31, 2018. A reconciliation of the non–U.S. GAAP measure of ROATCE to the U.S. GAAP measure of common stockholders equity is set forth at the end of this press release.
Steven R. Gardner, Chairman, President and Chief Executive Officer of the Company, commented, “We delivered another solid quarter of operating results that reflects the strength of the organization that we have built over the past few years. Our ability to generate high levels of profitability, including an ROAA of 1.34% and an ROATCE of 15.45% while also maintaining strong credit metrics is a testament to the talent and discipline of our employees. Given the strength of our performance, the Company's board of directors has authorized and declared a $0.22 per share dividend payable on May 15, 2019.
“We have been focused on continuous improvement throughout the organization and we are seeing the benefits created from the Grandpoint acquisition. Further, we have consolidated 5 branches in the past two quarters while maintaining our high level of service to clients. Our efficiency ratio was again below 50% during the first quarter of 2019 and we expect operating leverage to further improve in the coming quarters.
“Our disciplined balance sheet and risk management continue to result in a relatively stable core net interest margin and solid asset quality. Looking ahead, we will remain focused on closely matching our loan and deposit growth, while emphasizing loan production in the areas that produce attractive risk-adjusted yields. We expect balance sheet growth to accelerate as we move through the year owing to key investments in technology around API banking, Salesforce and cash management services,” said Mr. Gardner.