Welcome to our dedicated page for Pacific Premier Bancorp news (Ticker: PPBI), a resource for investors and traders seeking the latest updates and insights on Pacific Premier Bancorp stock.
Pacific Premier Bancorp Inc. (symbol: PPBI) is a state-chartered commercial bank headquartered in Irvine, California. Originally founded in 1983, it serves businesses throughout Southern California from its sixteen depository branches located in Corona, Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert (2), Palm Springs (2), Riverside, San Bernardino, San Diego (2), Seal Beach, and Tustin. The company operates within the counties of Orange, San Bernardino, San Diego, and Riverside.
Pacific Premier Bank provides a comprehensive array of deposit and loan products and services targeted at commercial businesses, non-profit organizations, and consumers. The bank has established itself as a specialist in serving small and middle-market businesses and professionals who require a diverse range of loan, deposit, and cash management products.
The bank offers various banking solutions, including cash management, electronic banking services, credit facilities, and retirement accounts. Its commitment lies in helping customers achieve their personal and professional financial objectives. Pacific Premier Bank's mission is to find new opportunities for both its customers and the bank itself by fostering a mutually beneficial relationship.
Recent achievements include expanding their suite of electronic banking services and enhancing their cash management solutions to better serve their client base. They have also focused on building strong partnerships within the community and fostering collaborations that benefit the local economy.
With a solid financial condition, Pacific Premier Bancorp Inc. continues to grow its footprint in the banking industry. The bank maintains a focus on customer service excellence and innovation, ensuring that its products and services remain competitive and relevant in the ever-evolving financial landscape.
Pacific Premier Bancorp (NASDAQ: PPBI) director Rose McKinney-James has been awarded the 2024 Clean Energy Education & Empowerment Lifetime Achievement Award by the U.S. Department of Energy. McKinney-James, who serves on both the Company and Pacific Premier Bank's boards, was recognized among nine women for outstanding leadership in clean energy. With over 35 years of experience as a clean energy advocate, she previously served as President and CEO of the for Solar Technology and Renewable Resources and Commissioner with the Nevada Public Service Commission. She currently serves on PPBI's Enterprise Risk Committee and Nominating and Governance Committee.
Pacific Premier Bancorp (NASDAQ: PPBI) reported Q3 2024 net income of $36.0 million, or $0.37 per diluted share, down from $41.9 million in Q2 2024 and $46.0 million in Q3 2023. Key metrics include return on average assets of 0.79%, net interest margin of 3.16%, and total assets of $17.91 billion. Non-interest bearing deposits comprised 32% of total deposits, while total delinquency remained low at 0.08% of loans. The company maintained strong capital ratios with common equity tier 1 at 16.83% and total risk-based capital at 20.05%. Net interest income decreased to $130.9 million, down 4.0% from Q2 2024, primarily due to lower average loan balances and higher cost of funds.
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) has partnered with ForgiveCo to relieve $1 million in medical debt for over 300 veterans. This initiative will eliminate the debt of 322 veterans, who on average hold $3,105 in medical debt. ForgiveCo, a public benefit , purchases large debt portfolios at a fraction of the original cost, creating up to a 50x impact.
The service is free to recipients and includes the removal of derogatory marks from their credit reports. Pacific Premier Bank will also provide veteran beneficiaries with complimentary financial well-being resources and counseling through its partnership with GreenPath Financial Wellness.
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) has announced that it will release its third quarter 2024 financial results before the market opens on Thursday, October 24, 2024. The company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on the same day to discuss the results.
Analysts and investors can participate in the question-and-answer session. The call will be webcast live on Pacific Premier's investor relations website, with an archived version available shortly after. Participants can join the call using the following details:
- United States: 1-866-290-5977
- International: 1-412-902-4111
- Canada: 1-855-669-9657
A telephone replay will be available through October 31, 2024. The webcast can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=FReaL311
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) announced that its subsidiary, Pacific Premier Bank, has committed $100,000 over two years to support Susan G. Komen's Financial Assistance Program (KFA). The KFA aims to advance health equity for under-insured, uninsured, and underserved populations facing breast cancer.
The Bank's support will help provide breast health education, screening, treatment, and support to those with little or no health insurance. This initiative addresses the stark reality that 1 in 8 women in the U.S. will face a breast cancer diagnosis, with a woman dying from breast cancer every 12 minutes. Experts suggest that one-third of breast cancer deaths in the U.S. could be prevented with universal access to modern treatments.
Pacific Premier Bancorp reported Q2 2024 financial results with a net income of $41.9 million, or $0.43 per diluted share, down from $47.0 million in Q1 2024 and $57.6 million in Q2 2023. ROAA was 0.90%, and ROAE was 5.76%, both lower than previous quarters. The net interest margin decreased to 3.26% from 3.39% in Q1 2024. Total assets were $18.33 billion, down from $18.81 billion in Q1 2024. Deposits fell to $14.63 billion, with non-interest-bearing deposits at 31.6% of total deposits. Loans held for investment decreased to $12.49 billion. The company declared a quarterly dividend of $0.33 per share. Key metrics included a tangible book value per share of $20.58 and a Common Equity Tier 1 capital ratio of 15.89%. Nonperforming assets were 0.28% of total assets, and the Allowance for Credit Losses decreased to $183.8 million. New loan commitments increased to $150.7 million, but overall loan balances and net interest income declined.
Star Mountain Capital, an investment firm with over $4 billion AUM, announced that Curtis Glovier has transitioned from a Senior Advisor to a full-time role as Managing Director and Strategic Portfolio Officer. Glovier, with over 30 years of experience in alternative investments, has held significant roles at Fortress Investment Group and PENSCO Trust Company. His extensive background includes private credit, private equity, investment banking, and consulting. Star Mountain Capital specializes in private loans and equity investments in the lower middle-market, aiming for defensive and premium yield returns. The firm believes Glovier's expertise will significantly benefit its stakeholders, including investors and portfolio companies. Glovier expressed enthusiasm for his new role, highlighting Star Mountain's mission of generating high-quality returns and creating positive community impact.
Pacific Premier Bancorp (Nasdaq: PPBI) will release its second quarter 2024 financial results on July 24, 2024, before the market opens. A conference call will be hosted at 9:00 a.m. PT (12:00 p.m. ET) the same day to discuss the results, with analysts and investors invited to participate in a Q&A session. The call will be webcast live on the company's investor relations website, with an archived version available shortly after the live event. Access details for the call include specific phone numbers for the United States, Canada, and international participants, as well as a replay service available until July 31, 2024.
Pacific Premier Bancorp (NASDAQ: PPBI) announced that Kroll Bond Rating Agency (KBRA) has affirmed the company's senior unsecured debt rating at BBB+, subordinated debt at BBB, and short-term debt at K2. KBRA also affirmed Pacific Premier Bank's deposit and senior unsecured debt ratings at A-, subordinated debt at BBB+, and short-term deposit and debt at K2. The outlook for all long-term ratings has been revised to Positive from Stable. KBRA highlighted Pacific Premier's strong, low-cost deposit base, robust capital levels, and effective balance sheet management. The company's operating ROA has been approximately 1% in recent quarters, in line with peers.
Pacific Premier Bancorp (Nasdaq: PPBI) has been named one of the 100 Best Banks in America on Forbes' 2024 list. This ranking evaluates publicly-traded banks based on growth, credit quality, profitability, and stock performance up to March 18, 2024. Pacific Premier has consistently ranked highly, being in the top ten in 2023, 2022, and 2020. CEO Steve Gardner highlighted the company's ability to deliver stable performance despite industry challenges in 2023, crediting the efforts of employees, a robust business model, and effective risk management. Looking forward, Pacific Premier aims to foster new client relationships and enhance stakeholder value.
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