Pacific Premier reports Q3 EPS 37c, consensus 38c

Reports Q3 revenue $149.56M, consensus $139.24M. Reports Q3 tangible book value per share $20.81. Reports Q3 CET1 capital ratio 16.83%. Steven Gardner, chairman, CEO, and president of the company, commented, “We delivered solid results in the third quarter with net income of $36.0 million and diluted earnings per share of $0.37. Our relationship managers and their branch banking colleagues’ consistent efforts to generate new business opportunities while deepening existing client relationships contributed to an increase in non-interest-bearing deposits, which comprised 32% of total deposits at quarter-end. We leveraged these positive core deposit trends to further reduce higher-cost wholesale funding sources by decreasing brokered deposits by $184 million and repaying a $200 million FHLB (‘Federal Home Loan Bank’) term advance.”