The following is a summary of the Pacific Premier Bancorp, Inc. (PPBI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pacific Premier Bancorp reported Q1 net income of $47 million or $0.49 a share

• The bank's net interest margin rose 11 basis points to 3.39%

• Total deposits grew by $192 million with an increase of $120 million in non-maturity deposits and reduction in costlier FHLB borrowings by $400 million

• The bank's TCE ratio rose 25bps to 10.97% with a CET1 ratio of 15.20% and a total risk-based capital ratio of 18.23%

• Swap income for the quarter stood at $6.7 million.

Business Progress:

• The bank's strategy focuses on fostering capital strength and disciplined business development, with a focus on both existing clients and attracting new customers

• A slight contraction in loan balances was seen due to prepayments surpassing new loan funding

• Expectations for a modest rise in new loan opportunities by the second quarter

• Total loan delinquencies stand at just 0.09% at the end of the quarter, indicating strong credit quality

• The bank plans to continue with disciplined credit risk management, leveraging its robust capital levels actively

• The bank has seen a slowdown in new loan activity since early 2022 but has started to see incrementally attractive credit opportunities

• The bank actively managing credits, including the proactive sale of some substandard credits.

More details: Pacific Premier Bancorp IR

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