Pacific Premier Bancorp Stock Price, News & Analysis

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.