Pacific Premier Bancorp : Announces Fourth Quarter 2019 Financial Results

Pacific Premier Bancorp, Inc. Announces Fourth Quarter 2019 Financial Results

1/23/20

Pacific Premier Bancorp, Inc. Announces Fourth Quarter 2019 Financial Results (Unaudited) and Increases Quarterly Cash Dividend to $0.25 per Share

Company Release - 1/23/2020 6:00 AM ET

Fourth Quarter 2019 Summary

• Net income of $41.1 million, or $0.69 per diluted share
• Return on average assets of 1.42%, return on average equity of 8.20% and return on average tangible common equity of 15.89%
• Net interest margin of 4.33% and core net interest margin of 4.10%
• Non-maturity deposits growth of $335.3 million, or 18% annualized
• Noninterest bearing deposits increased to 43% of total deposits, compared to 41% in the prior quarter
• Cost of deposits of 0.58% in the current quarter compared with 0.71% in the prior quarter
• Nonperforming assets as a percent of total assets of 0.08%
• Tangible book value ended the year at $18.84, an 11.02% increase over December 31, 2018
• Approved a new $100 million share repurchase program in December 2019

IRVINE, Calif. Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the 'Company'), the holding company of Pacific Premier Bank (the 'Bank'), reported net income for the fourth quarter of 2019 of $41.1 million, or $0.69 per diluted share, compared with net income of $41.4 million, or $0.69 per diluted share, for the third quarter of 2019 and net income of $39.6 million, or $0.63 per diluted share, for the fourth quarter of 2018.

For the three months ended December 31, 2019, the Company's return on average assets ('ROAA') was 1.42%, return on average equity ('ROAE') was 8.20%, and return on average tangible common equity ('ROATCE') was 15.89%, as compared to 1.44%, 8.32% and 16.27%, respectively, for the third quarter of 2019 and 1.37%, 8.15% and 16.65%, respectively, for the fourth quarter of 2018. Total assets as of December 31, 2019 were $11.8 billion compared with $11.8 billion at September 30, 2019 and $11.5 billion at December 31, 2018. A reconciliation of the non-U.S. generally accepted accounting principles ('GAAP') measure of ROATCE to the 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, 'This was a record year for the Company with net income of $159.7 million and non-maturity deposit growth of $603.0 million. Our prudent balance sheet management strategies and continued success in core deposit growth helped to minimize the impact of the declining interest rate environment on our net interest margin, and coupled with our disciplined expense management, enabled us to generate solid profitability with an ROAA of 1.42% and an ROATCE of 15.89% for the fourth quarter of 2019.

'Prudent capital management remains a focus of the board and management. We recently authorized a new $100 million share repurchase program, and we are increasing our quarterly cash dividend by 13.6% to $0.25 per share. Our strong profitability enables us to return significant amounts of capital to shareholders, while maintaining sufficient capital to support our organic and acquisitive growth strategies.

'During 2019, following several years of strong growth, driven by a number of highly successful acquisitions, we were able to complete several key projects throughout the Company that helped us expand our product and service offerings, enhance efficiencies and strengthen our risk management framework. As of result of the investments we have made, we have a strong foundation in place to support a much larger organization. Our team of employees has never been stronger or more capable, and I am proud to be a part of such an incredibly talented group,' said Mr. Gardner.

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