Pacific Premier Bancorp(US:PPBI)2020-07-31 15:13Financial 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]