Pacific Premier Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Full Year of 2018
January 30, 2018 at 04:30 pm IST
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Pacific Premier Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $85,684,000 against $45,797,000 a year ago. Net interest income before provision for loan losses was $78,170,000 against $42,304,000 a year ago. Net interest income after provision for loan losses was $75,985,000 against $40,250,000 a year ago. Net income before income taxes was $35,541,000 against $19,191,000 a year ago. Net income was $16,171,000 against $11,953,000 a year ago. Diluted earnings per share was $0.36 against $0.43 a year ago. Return on average equity was 5.57% against 10.43% a year ago. Return on average tangible common equity was 10.48% against 14.17% a year ago. Return on average assets was 0.87% against 1.24% a year ago. Total revenues increased $15.1 million to $87.6 million. This increase included 2 months of Plaza's operations, which totaled $11 million in revenue, $2 million in higher accretion income as well as $1 million in higher noninterest income.
For the year, the company reported total interest income of $270,005,000 against $166,605,000 a year ago. Net interest income before provision for loan losses was $247,502,000 against $153,075,000 a year ago. Net interest income after provision for loan losses was $238,862,000 against $144,299,000 a year ago. Net income before income taxes was $102,226,000 against $65,318,000 a year ago. Net income was $60,100,000 against $40,103,000 a year ago. Diluted earnings per share was $1.56 against $1.46 a year ago. Book value per share as at December 31, 2017 was $26.86 against $16.54 as at December 31, 2016. Tangible book value per share as at December 31, 2017 was $15.26 against $12.51 as at December 31, 2016.
For the quarter, the company reported net loan charge-offs of $392,000 against $2,601,000 a year ago.
The company expects the estimated full year effective tax rate to be approximately 26% to 28% with the first quarter slightly lower, benefiting disproportionately from the tax deductibility of equity stock vesting costs.
Pacific Premier Bancorp, Inc. is a bank holding company. The Company operates through its wholly owned subsidiary, Pacific Premier Bank (the Bank). The Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. The Bank also offers a range of loan products, such as commercial business loans, lines of credit, commercial real estate loans, agribusiness loans, franchise lending, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. The Bank offers clients individual retirement account (IRA) custodial services through its Pacific Premier Trust division. It conducts business throughout the Western Region of the United States from its 58 full-service depository branches located in Arizona, California, Nevada, and Washington.
Pacific Premier Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Full Year of 2018