Pacific Premier Bancorp(US:PPBI)2025-04-23 20:07Financial Performance - Net income for Q1 2025 was $36.0 million, or $0.37 per diluted share, compared to $33.9 million, or $0.35 per diluted share in Q4 2024, and $47.0 million, or $0.49 per diluted share in Q1 2024[2]. - Net income for the first quarter of 2025 was $36,021 thousand, up from $33,893 thousand in the previous quarter, reflecting a growth of 6.26%[70]. - Basic earnings per share for the first quarter of 2025 was $0.37, compared to $0.35 in the previous quarter, indicating a growth of 5.71%[70]. - Adjusted revenue for Q1 2025 was $144,832, slightly up from $144,507 in Q4 2024, indicating a marginal growth[95]. Asset and Deposit Growth - Total assets increased to $18.09 billion from $17.90 billion in Q4 2024, while total deposits rose to $14.67 billion[3][8]. - Total assets reached $18,085,583 in Q1 2025, up from $17,903,585 in Q4 2024, showing a growth of 1.0%[96]. - Total deposits rose to $14,666,232 thousand as of March 31, 2025, compared to $14,463,702 thousand at December 31, 2024, marking an increase of 1.41%[70]. - Total deposits as of March 31, 2025, amounted to $14.67 billion, an increase from $14.46 billion at December 31, 2024, but a decrease from $15.19 billion at March 31, 2024[48]. Loan Performance - New loan commitments reached $319.3 million, and non-maturity deposits increased by $247.0 million, or 8% annualized, with noninterest-bearing deposits growing by $210.0 million, or 18% annualized[4]. - Loans held for investment totaled $12.02 billion at March 31, 2025, a decrease of $16.8 million (0.1%) from December 31, 2024, and a decrease of $989.1 million (7.6%) from March 31, 2024[23]. - Total loan commitments increased to $319.3 million in Q1 2025, compared to $316.0 million in Q4 2024, and $45.6 million in Q1 2024[28]. - The total loans held for investment, net, was $11,848,011 thousand as of March 31, 2025, compared to $11,861,555 thousand at December 31, 2024, a marginal decrease of 0.1%[75]. Credit Quality - Total delinquency decreased to $2.1 million, representing just 0.02% of total loans, with net recoveries of $343,000 during the quarter[5][6]. - Nonperforming assets totaled $27.7 million, or 0.15% of total assets, at March 31, 2025, down from $28.9 million (0.16%) at December 31, 2024, and $64.1 million (0.34%) at March 31, 2024[33]. - The allowance for credit losses (ACL) on loans held for investment was $175.0 million, a decrease of $3.2 million from Q4 2024 and $17.4 million from Q1 2024[29]. - Net recoveries were $343,000 in Q1 2025, compared to net charge-offs of $1.4 million in Q4 2024 and $6.4 million in Q1 2024[30]. Capital and Efficiency - The common equity tier 1 capital ratio was 16.99%, and the total risk-based capital ratio was 20.23%, indicating strong capital levels[6]. - The efficiency ratio improved to 67.5%, compared to 67.8% in Q4 2024, indicating better operational efficiency[8]. - The tangible common equity ratio was 11.87% in Q1 2025, a slight decrease from 11.92% in Q4 2024[96]. - The total stockholders' equity increased to $2,967,089 thousand as of March 31, 2025, from $2,955,743 thousand at December 31, 2024, reflecting a growth of 0.39%[68]. Noninterest Income and Expenses - Noninterest income for Q1 2025 was $21.5 million, an increase of $1.5 million from Q4 2024, but a decrease of $4.3 million compared to Q1 2024[16][17]. - Total noninterest expense for Q1 2025 was $100.3 million, a decrease of $394,000 from Q4 2024 and a decrease of $2.3 million from Q1 2024[19][20]. - Compensation and benefits expenses were $52,812 thousand for the first quarter of 2025, up from $50,387 thousand in the previous quarter, an increase of 4.83%[70]. - Interest expense on deposits decreased to $59,573 thousand for the first quarter of 2025, down from $66,355 thousand in the previous quarter, a decline of 10.66%[70]. Future Outlook - The company entered into a merger agreement with Columbia Banking System, Inc., and a joint conference call is scheduled for April 23, 2025[57]. - The company declared a dividend of $0.33 per share, payable on May 12, 2025, to stockholders of record as of May 5, 2025[55].