Pacific Premier Bancorp(US:PPBI)2020-10-27 15:59Financial 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]