Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) ("Pacific
Premier"), the holding company of Pacific Premier Bank (the “Bank,”
and together with Pacific Premier, the “Company”), announced the
Bank completed an investment securities portfolio repositioning.
The Bank sold approximately $1.27 billion of available-for-sale
securities consisting primarily of lower-yielding agency and
mortgage-backed debt securities with an average yield of 1.34% for
an estimated after-tax loss of approximately $182.3 million. The
Company expects to deploy the net proceeds during the fourth
quarter into a mix of cash and higher-yielding earning assets with
an expected average yield of approximately 5.0%. The Company
anticipates that the repositioning will contribute an incremental
$50.4 million in net interest income on an annualized basis and
will be neutral to tangible book value per share.
Steven R. Gardner, Chairman, Chief Executive Officer, and
President of Pacific Premier, commented, “We elected to proactively
reposition our securities portfolio during the fourth quarter,
which we anticipate will provide significant earnings benefit as we
enter 2024. We expect the repositioning will add approximately 26
basis points to our net interest margin and contribute
approximately $37.1 million to annual net income in 2024.
“Through this securities portfolio repositioning, we have
significantly improved the Company’s future earnings power, while
simultaneously preserving our strong capital levels and further
enhancing our liquidity. This is a logical step in our continued
focus on optimizing our balance sheet and maintaining
organizational flexibility so that we can capitalize on strategic
opportunities to drive long-term shareholder value.”
Forward-Looking Statements:
The statements contained herein that are not historical facts
are forward-looking statements based on management’s current
expectations and beliefs concerning future developments and their
potential effects on the Company including, without limitation,
plans, strategies and goals, and statements about the Company’s
expectations regarding revenue and asset growth, financial
performance and profitability, loan and deposit growth, yields and
returns, loan diversification and credit management, stockholder
value creation, tax rates, liquidity, and the impact of
acquisitions we have made or may make.
Such statements involve inherent risks and uncertainties, many
of which are difficult to predict and are generally beyond the
control of the Company. There can be no assurance that future
developments affecting the Company will be the same as those
anticipated by management. The Company cautions readers that a
number of important factors could cause actual results to differ
materially from those expressed in, or implied or projected by,
such forward-looking statements. These risks and uncertainties
include, but are not limited to, the following: the strength of the
United States economy in general and the strength of the local
economies in which we conduct operations; the effects of, and
changes in, trade, monetary, and fiscal policies and laws,
including interest rate policies of the Board of Governors of the
Federal Reserve System; interest rate, liquidity, economic, market,
credit, operational, and inflation risks associated with our
business, including the speed and predictability of changes in
these risks; our ability to attract and retain deposits and access
to other sources of liquidity, particularly in a rising or high
interest rate environment, and the quality and composition of our
deposits; business and economic conditions generally and in the
financial services industry, nationally and within our current and
future geographic markets, including the tight labor market,
ineffective management of the U.S. Federal budget or debt, or
turbulence or uncertainty in domestic or foreign financial markets;
the effect of acquisitions we have made or may make, including,
without limitation, the failure to achieve the expected revenue
growth and/or expense savings from such acquisitions, and/or the
failure to effectively integrate an acquisition target into our
operations; the timely development of competitive new products and
services and the acceptance of these products and services by new
and existing customers; possible impairment charges to goodwill,
including any impairment that may result from increased volatility
in our stock price; the impact of changes in financial services
policies, laws, and regulations, including those concerning taxes,
banking, securities, and insurance, and the application thereof by
regulatory bodies; compliance risks, including the costs of
monitoring, testing, and maintaining compliance with complex laws
and regulations; the effectiveness of our risk management framework
and quantitative models; the transition away from USD LIBOR and
related uncertainty as well as the risk and costs related to our
adoption of Secured Overnight Financing Rate (“SOFR”); the effect
of changes in accounting policies and practices or accounting
standards, as may be adopted from time-to-time by bank regulatory
agencies, the U.S. Securities and Exchange Commission (“SEC”), the
Public Company Accounting Oversight Board, the Financial Accounting
Standards Board or other accounting standards setters; possible
credit-related impairments of securities held by us; changes in the
level of our nonperforming assets and charge-offs; the impact of
governmental efforts to restructure the U.S. financial regulatory
system; the impact of recent or future changes in the FDIC
insurance assessment rate or the rules and regulations related to
the calculation of the FDIC insurance assessment amount, including
any special assessments; changes in consumer spending, borrowing,
and savings habits; the effects of our lack of a diversified loan
portfolio, including the risks of geographic and industry
concentrations; the possibility that we may reduce or discontinue
the payments of dividends on our common stock; the possibility that
we may discontinue, reduce or otherwise limit the level of
repurchases of our common stock we may make from time to time
pursuant to our stock repurchase program; changes in the financial
performance and/or condition of our borrowers; changes in the
competitive environment among financial and bank holding companies
and other financial service providers; geopolitical conditions,
including acts or threats of terrorism, actions taken by the United
States or other governments in response to acts or threats of
terrorism, and/or military conflicts, including the war between
Russia and Ukraine and the war in the Middle East, which could
impact business and economic conditions in the United States and
abroad; public health crises and pandemics, including with respect
to COVID-19, and their effects on the economic and business
environments in which we operate, including on our credit quality
and business operations, as well as the impact on general economic
and financial market conditions; cybersecurity threats and
incidents, and related potential costs and risks, including
reputation, financial and litigation risks; climate change,
including the enhanced regulatory, compliance, credit, and
reputational risks and costs; natural disasters, earthquakes,
fires, and severe weather; unanticipated regulatory or legal
proceedings; and our ability to manage the risks involved in the
foregoing. Additional factors that could cause actual results to
differ materially from those expressed in the forward-looking
statements are discussed in the Company's 2022 Annual Report on
Form 10-K filed with the SEC and available at the SEC’s Internet
site (http://www.sec.gov).
The Company undertakes no obligation to revise or publicly
release any revision or update to these forward-looking statements
to reflect events or circumstances that occur after the date on
which such statements were made.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent
company of Pacific Premier Bank, a California-based commercial bank
focused on serving small, middle-market, and corporate businesses
throughout the western United States in major metropolitan markets
in California, Washington, Arizona, and Nevada. Founded in 1983,
Pacific Premier Bank has grown to become one of the largest banks
headquartered in the western region of the United States, with
approximately $20 billion in total assets. Pacific Premier Bank
provides banking products and services, including deposit accounts,
digital banking, and treasury management services, to businesses,
professionals, entrepreneurs, real estate investors, and nonprofit
organizations. Pacific Premier Bank also offers a wide array of
loan products, such as commercial business loans, lines of credit,
SBA loans, commercial real estate loans, agribusiness loans,
franchise lending, home equity lines of credit, and construction
loans. Pacific Premier Bank offers commercial escrow services and
facilitates 1031 Exchange transactions through its Commerce Escrow
division. Pacific Premier Bank offers clients IRA custodial
services through its Pacific Premier Trust division, which has
approximately $17 billion of assets under custody and over 35,000
client accounts comprised of self-directed investors, financial
institutions, capital syndicators, and financial advisors.
Additionally, Pacific Premier Bank provides nationwide customized
banking solutions to Homeowners’ Associations and Property
Management companies. Pacific Premier Bank is an Equal Housing
Lender and Member FDIC. For additional information about Pacific
Premier Bancorp, Inc. and Pacific Premier Bank, visit our website:
www.ppbi.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231120232749/en/
Pacific Premier Bancorp, Inc.
Steven R. Gardner Chairman, Chief Executive Officer, and
President 949-864-8000
Ronald J. Nicolas, Jr. Senior Executive Vice President and Chief
Financial Officer 949-864-8000
Matthew J. Lazzaro Senior Vice President, Director of Investor
Relations 949-243-1082
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