Fri, Jul 26, 8:13 PM (43 days ago)
Pacific Premier Bancorp, Inc. reported a net income of $41.9 million for Q2 2024, reflecting a decrease from $47.0 million in Q1 2024 and $57.6 million in Q2 2023. The decline in quarterly net income was primarily due to an $8.7 million drop in net interest income and a $7.6 million reduction in noninterest income, partially offset by lower noninterest expenses and income tax expenses. For the six months ended June 30, 2024, net income was $88.9 million, down from $120.2 million for the same period in 2023, driven by a $47.2 million decline in net interest income and a slight increase in the provision for credit losses. Key performance metrics for Q2 2024 included a return on average assets (ROAA) of 0.90%, return on average equity (ROAE) of 5.76%, and return on average tangible common equity (ROATCE) of 8.92%. The efficiency ratio stood at 61.3%. The company continues to navigate a challenging economic environment characterized by high interest rates and competitive deposit markets, impacting both revenue and expense dynamics.