Financial Performance - Pacific Premier Bancorp reported net income of $666 million, or $070 per diluted share for Q3 2020[7] - The company sold $12 billion of loans, including PPP loans, resulting in a pre-tax gain of $95 million[7] - Pre-provision net revenue (PPNR) reached $977 million, with a PPNR ROAA of 192%[7] - The efficiency ratio was 474%[7] Balance Sheet and Asset Quality - Deposits totaled $163 billion, a decrease of 38% from the prior quarter, with non-maturity deposits accounting for 89% and noninterest-bearing checking for 36% of total deposits[8] - The loan portfolio stood at $135 billion, a decrease of 36% from the prior quarter excluding PPP loans[8] - Nonperforming assets were 014% of total assets, a decrease from 017% in Q2 2020[8] - Allowance for credit losses was $2825 million, or 210% of loans[8] Capital and Dividends - Tangible common equity to tangible assets was 90%, and the total risk-based capital ratio was 160%[8] - A quarterly dividend of $028 per share was declared[8] Strategic Initiatives - Assets under custody within the company's leading custodian division reached over $15 billion, up approximately 58% year to date[23] - The custodian division contributes approximately $28 million of noninterest income annually[23]

Financial Performance - Pacific Premier Bancorp, Inc reported a net loss of $991 million, or $141 per share, primarily due to provision and merger-related expenses in Q2 2020[7] - Pre-provision net revenue increased by 31% to $606 million in Q2 2020, compared to $587 million in Q1 2020[7] - The company's efficiency ratio was 529% in Q2 2020[7] Balance Sheet and Capital - Deposits totaled $170 billion, with 89% in non-maturity deposits and 35% in noninterest-bearing checking accounts[8] - The average cost of deposits decreased to 032% from 048% in Q1 2020[8] - Loans outstanding were $151 billion, an increase of $63 billion, or 72%, from Q1 2020[8] - The allowance for credit losses was $2823 million, and the fair value net discount on acquired loans was $1445 million[8] - The total risk-based capital ratio was 1569%[6] Opus Bank Acquisition - The acquisition of Opus Bank was completed on June 1, 2020[7] - The acquisition added $66 billion in deposits and $59 billion in loans[8] - The company expects to exceed 25% cost savings from the Opus acquisition and plans to consolidate 20 branches[20] Loan Portfolio and Modifications - Total loan modifications closed amounted to $224 billion, representing 149% of total loans held for investment[43] - Of the closed modifications, 63% have been assessed, with 87% of borrowers indicating they intend to resume normal loan payments[50]

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) Q2 2020 Earnings Conference Call July 27, 2020 12:00 PM ET Company Participants Steven Gardner - Chairman, President and Chief Executive Officer Ronald Nicolas - Senior Executive Vice President and Chief Financial Officer of Pacific Premier Bancorp, Inc. and Pacific Premier Bank Conference Call Participants Gary Tenner - D.A. Davidson & Co. Matthew Clark - Piper Sandler Companies David Feaster - Raymond James & Associates, Inc. Jacquelynne Bohlen - Keefe Bruyette ...