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Pacific Premier Bancorp(PPBI) - 2025 Q2 - Quarterly Report

PART I - FINANCIAL INFORMATION This section provides the unaudited financial information for Pacific Premier Bancorp, Inc. for the quarter ended June 30, 2025 Item 1. Financial Statements This section presents the unaudited consolidated financial statements of Pacific Premier Bancorp, Inc. and its subsidiaries for the quarter ended June 30, 2025, including the Statements of Financial Condition, Income, Comprehensive Income, Stockholders' Equity, and Cash Flows, along with detailed notes explaining the basis of presentation, significant accounting policies, and specific financial instrument details Consolidated Statements of Financial Condition (Unaudited) The consolidated statements of financial condition provide a snapshot of the company's assets, liabilities, and equity at specific dates Consolidated Statements of Financial Condition (Unaudited) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change (vs. Dec 31, 2024) | | :-------------------- | :------------ | :---------------- | :------------------------ | | ASSETS | | | | | Total assets | $17,783,172 | $17,903,585 | $(120,413) | | Cash and cash equivalents | $791,137 | $609,330 | $181,807 | | Loans held for investment, net | $11,731,416 | $11,861,555 | $(130,139) | | LIABILITIES | | | | | Total deposits | $14,497,373 | $14,463,702 | $33,671 | | Total liabilities | $14,807,754 | $14,947,842 | $(140,088) | | STOCKHOLDERS' EQUITY | | | | | Total stockholders' equity | $2,975,418 | $2,955,743 | $19,675 | Consolidated Statements of Income (Unaudited) The consolidated statements of income detail the company's revenues, expenses, and net income over specific reporting periods Consolidated Statements of Income (Unaudited) | Metric (in thousands, except share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Total interest income | $189,181 | $208,054 | $(18,873) | $376,516 | $421,485 | $(44,969) | | Total interest expense | $62,426 | $71,660 | $(9,234) | $126,394 | $139,964 | $(13,570) | | Net interest income before provision for credit losses | $126,755 | $136,394 | $(9,639) | $250,122 | $281,521 | $(31,399) | | Provision for credit losses | $(2,078) | $1,265 | $(3,343) | $(5,796) | $5,117 | $(10,913) | | Total noninterest income | $17,565 | $18,222 | $(657) | $39,030 | $43,996 | $(4,966) | | Total noninterest expense | $104,376 | $97,567 | $6,809 | $204,668 | $200,200 | $4,468 | | Net income | $32,061 | $41,905 | $(9,844) | $68,082 | $88,930 | $(20,848) | | Basic EPS | $0.33 | $0.43 | $(0.10) | $0.70 | $0.92 | $(0.22) | | Diluted EPS | $0.33 | $0.43 | $(0.10) | $0.70 | $0.92 | $(0.22) | Consolidated Statements of Comprehensive Income (Unaudited) The consolidated statements of comprehensive income present net income and other comprehensive income components, reflecting total changes in equity from non-owner sources Consolidated Statements of Comprehensive Income (Unaudited) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Net income | $32,061 | $41,905 | $(9,844) | $68,082 | $88,930 | $(20,848) | | Other comprehensive income, net of tax | $2,743 | $5,583 | $(2,840) | $10,537 | $9,492 | $1,045 | | Comprehensive income, net of tax | $34,804 | $47,488 | $(12,684) | $78,619 | $98,422 | $(19,803) | Consolidated Statements of Stockholders' Equity (Unaudited) The consolidated statements of stockholders' equity track changes in equity accounts, including common stock, retained earnings, and accumulated other comprehensive income Consolidated Statements of Stockholders' Equity (in thousands) | Metric (in thousands) | Balance at December 31, 2024 | Net Income (6M 2025) | Other Comprehensive Income (6M 2025) | Cash Dividends Declared (6M 2025) | Share-based Compensation Expense (6M 2025) | Restricted Stock Surrendered/Canceled (6M 2025) | Balance at June 30, 2025 | | :-------------------- | :--------------------------- | :------------------- | :----------------------------------- | :-------------------------------- | :----------------------------------------- | :---------------------------------------------- | :----------------------- | | Common Stock | $942 | — | — | — | — | — | $946 | | Additional Paid-in Capital | $2,395,339 | — | — | $311 (dividend equivalents) | $9,906 | $(5,046) | $2,400,552 | | Retained Earnings | $635,268 | $68,082 | — | $(63,850) (cash dividends) | $(311) (dividend equivalents) | — | $639,189 | | Accumulated Other Comprehensive Loss | $(75,806) | — | $10,537 | — | — | — | $(65,269) | | Total Stockholders' Equity | $2,955,743 | $68,082 | $10,537 | $(63,850) | $9,906 | $(5,046) | $2,975,418 | Consolidated Statements of Cash Flows (Unaudited) The consolidated statements of cash flows categorize cash movements into operating, investing, and financing activities, showing overall liquidity changes Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------- | :----------------------------- | :----------------------------- | :----------- | | Net cash provided by operating activities | $77,863 | $123,489 | $(45,626) | | Net cash provided by investing activities | $289,123 | $670,883 | $(381,760) | | Net cash (used in) financing activities | $(185,179) | $(831,028) | $645,849 | | Net change in cash and cash equivalents | $181,807 | $(36,656) | $218,463 | | Cash and cash equivalents, end of period | $791,137 | $899,817 | $(108,680) | [Notes to Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%2