Third Quarter 2024 Summary
- Net income of $36.0 million, or $0.37 per diluted
share
- Return on average assets of 0.79%
- Pre-provision net revenue (“PPNR”)(1) to average assets of
1.06%, annualized
- Net interest margin of 3.16%
- Average cost of deposits of 1.84%, and spot cost of deposits
of 1.80%
- Non-maturity deposits(1) to total deposits of
84.30%
- Non-interest bearing deposits totaled 32.0% of total
deposits
- Total delinquency of 0.08% of loans held for
investment
- Nonperforming assets to total assets of 0.22%
- Tangible book value per share(1) increased $0.23 from the
prior quarter to $20.81
- Common equity tier 1 capital ratio of 16.83%, and total
risk-based capital ratio of 20.05%
- Tangible common equity (“TCE”) ratio(1) increased to
11.83%
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or
“Pacific Premier”), the holding company of Pacific Premier Bank
(the “Bank”), reported net income of $36.0 million, or $0.37 per
diluted share, for the third quarter of 2024, compared with net
income of $41.9 million, or $0.43 per diluted share, for the second
quarter of 2024, and net income of $46.0 million, or $0.48 per
diluted share, for the third quarter of 2023.
For the third quarter of 2024, the Company’s return on average
assets (“ROAA”) was 0.79%, return on average equity (“ROAE”) was
4.91%, and return on average tangible common equity (“ROATCE”)(1)
was 7.63%, compared to 0.90%, 5.76%, and 8.92%, respectively, for
the second quarter of 2024, and 0.88%, 6.43%, and 10.08%,
respectively, for the third quarter of 2023. Total assets were
$17.91 billion at September 30, 2024, compared to $18.33 billion at
June 30, 2024, and $20.28 billion at September 30, 2023.
Steven R. Gardner, Chairman, Chief Executive Officer, 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.
“Third quarter asset quality remained strong, as total
delinquencies decreased to 0.08% of loans and non-performing assets
decreased to 0.22% of total assets. This performance positions us
among the strongest in the industry in terms of asset quality.
“Beginning in the second half of 2022, we proactively
prioritized capital accumulation over balance sheet growth in light
of the ongoing macroeconomic uncertainty, while at the same time
continuing to provide best-in-class service to our clients. As a
result, our peer-leading capital ratios have created significant
optionality for our organization to pursue organic and strategic
growth opportunities that can enhance long-term franchise
value.
“As the interest rate outlook has become more favorable, we are
seeing incrementally better demand for new credit and have taken
steps to bolster our loan production, as such, our loan pipeline
has increased and we continue to build momentum heading into the
fourth quarter. We are well-positioned to accelerate new
originations in the coming quarters and we expect to stabilize the
loan portfolio as we move into 2025. Looking ahead, we are focused
on leveraging our collaborative platform to support our commercial
banking teams and their business development activities by
strategically adding bankers to prudently grow new loan and deposit
relationships. I would like to thank our dedicated employees for
their exceptional efforts and to all stakeholders for their ongoing
support. Together, we are well-prepared to continue building on our
successes and capitalize on future opportunities.”
____________________
(1)
Reconciliations of the non–U.S. generally
accepted accounting principles (“GAAP”) measures are set forth at
the end of this press release.
FINANCIAL HIGHLIGHTS
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands, except per share data)
2024
2024
2023
Financial highlights
(unaudited)
Net income
$
35,979
$
41,905
$
46,030
Net interest income
130,898
136,394
149,548
Diluted earnings per share
0.37
0.43
0.48
Common equity dividend per share paid
0.33
0.33
0.33
ROAA
0.79
%
0.90
%
0.88
%
ROAE
4.91
5.76
6.43
ROATCE (1)
7.63
8.92
10.08
Pre-provision net revenue to average
assets (1)
1.06
1.23
1.27
Net interest margin
3.16
3.26
3.12
Cost of deposits
1.84
1.73
1.50
Cost of non-maturity deposits (1)
1.27
1.17
0.89
Efficiency ratio (1)
66.1
61.3
59.0
Noninterest expense as a percent of
average assets
2.23
2.10
1.96
Total assets
$
17,909,643
$
18,332,325
$
20,275,720
Total deposits
14,480,927
14,627,654
16,007,447
Non-maturity deposits (1) as a percent of
total deposits
84.3
%
83.7
%
82.8
%
Noninterest-bearing deposits as a percent
of total deposits
32.0
31.6
36.1
Loan-to-deposit ratio
83.1
85.4
82.9
Nonperforming assets as a percent of total
assets
0.22
0.28
0.13
Delinquency as a percentage of loans held
for investment
0.08
0.14
0.08
Allowance for credit losses to loans held
for investment (2)
1.51
1.47
1.42
Book value per share
$
30.52
$
30.32
$
29.78
Tangible book value per share (1)
20.81
20.58
19.89
Tangible common equity ratio (1)
11.83
%
11.41
%
9.87
%
Common equity tier 1 capital ratio
16.83
15.89
14.87
Total capital ratio
20.05
19.01
17.74
(1)
Reconciliations of the non-GAAP measures
are set forth at the end of this press release.
(2)
At September 30, 2024, 24% of loans held
for investment include a fair value net discount of $35.9 million,
or 0.30% of loans held for investment. At June 30, 2024, 25% of
loans held for investment include a fair value net discount of
$38.6 million, or 0.31% of loans held for investment. At September
30, 2023, 24% of loans held for investment include a fair value net
discount of $46.2 million, or 0.35% of loans held for
investment.
INCOME STATEMENT HIGHLIGHTS
Net Interest Income and Net Interest Margin
Net interest income totaled $130.9 million in the third quarter
of 2024, a decrease of $5.5 million, or 4.0%, from the second
quarter of 2024. The decrease in net interest income was primarily
attributable to lower average loan balances and a higher cost of
funds as borrowers continued deploying excess cash reserves to pay
down and pay off higher-yielding commercial loan balances.
The net interest margin for the third quarter of 2024 decreased
10 basis points to 3.16%, from 3.26% in the prior quarter. The
decrease was primarily due to a higher cost of funds.
Net interest income for the third quarter of 2024 decreased
$18.7 million, or 12.5%, compared to the third quarter of 2023. The
decrease was attributable to lower average interest-earning asset
balances and a higher cost of funds, partially offset by lower
average interest-bearing liabilities balances and higher yields on
average interest-earning assets, all the result of the prolonged
higher interest rate environment in the past twelve months and the
Company's strategy to prioritize capital accumulation.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
AND YIELD DATA
(Unaudited)
Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
(Dollars in
thousands)
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Assets
Cash and cash equivalents
$
1,098,455
$
13,346
4.83
%
$
1,134,736
$
13,666
4.84
%
$
1,695,508
$
21,196
4.96
%
Investment securities
3,145,214
28,871
3.67
2,964,909
26,841
3.62
3,828,766
25,834
2.70
Loans receivable, net (1) (2)
12,247,435
163,409
5.31
12,724,545
167,547
5.30
13,475,194
177,032
5.21
Total interest-earning assets
$
16,491,104
$
205,626
4.96
$
16,824,190
$
208,054
4.97
$
18,999,468
$
224,062
4.68
Liabilities
Interest-bearing deposits
$
9,972,001
$
67,898
2.71
%
$
10,117,571
$
64,229
2.55
%
$
10,542,884
$
62,718
2.36
%
Borrowings
442,403
6,830
6.12
532,251
7,431
5.59
1,131,656
11,796
4.15
Total interest-bearing liabilities
$
10,414,404
$
74,728
2.85
$
10,649,822
$
71,660
2.71
$
11,674,540
$
74,514
2.53
Noninterest-bearing deposits
$
4,683,477
$
4,824,002
$
6,001,033
Net interest income
$
130,898
$
136,394
$
149,548
Net interest margin (3)
3.16
%
3.26
%
3.12
%
Cost of deposits (4)
1.84
1.73
1.50
Cost of funds (5)
1.97
1.86
1.67
Cost of non-maturity deposits (6)
1.27
1.17
0.89
Ratio of interest-earning assets to
interest-bearing liabilities
158.35
157.98
162.74
(1)
Average balance includes loans held for
sale and nonperforming loans and is net of deferred loan
origination fees/costs, discounts/premiums, and the basis
adjustment of certain loans included in fair value hedging
relationships.
(2)
Interest income includes net discount
accretion of $2.6 million, $2.3 million, and $2.2 million for the
three months ended September 30, 2024, June 30, 2024, and September
30, 2023, respectively.
(3)
Represents annualized net interest income
divided by average interest-earning assets.
(4)
Represents annualized interest expense on
deposits divided by the sum of average interest-bearing deposits
and noninterest-bearing deposits.
(5)
Represents annualized total interest
expense divided by the sum of average total interest-bearing
liabilities and noninterest-bearing deposits.
(6)
Reconciliations of the non-GAAP measures
are set forth at the end of this press release.
Provision for Credit Losses
For the third quarter of 2024, the Company recorded a $486,000
provision expense, compared to $1.3 million for the second quarter
of 2024, and $3.9 million for the third quarter of 2023. The
decrease in provision for credit losses compared to the second
quarter of 2024 was largely attributable to the decrease in loan
balances and changes in the loan composition, partially offset by
increases associated with economic forecasts.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Provision for credit losses
Provision for loan losses
$
(249
)
$
1,756
$
2,517
Provision for unfunded commitments
760
(505
)
1,386
Provision for held-to-maturity
securities
(25
)
14
15
Total provision for credit losses
$
486
$
1,265
$
3,918
Noninterest Income
Noninterest income for the third quarter of 2024 was $18.9
million, an increase of $645,000 from the second quarter of 2024.
The increase was primarily due to a $748,000 increase in other
income largely attributable to a $1.0 million decrease in Community
Reinvestment Act ("CRA") investment loss.
Noninterest income for the third quarter of 2024 increased
$316,000 compared to the third quarter of 2023. The increase was
primarily due to a $756,000 increase in earnings on bank owned life
insurance, partially offset by a $543,000 decrease in trust
custodial account fees.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Noninterest income
Loan servicing income
$
525
$
510
$
533
Service charges on deposit accounts
2,711
2,710
2,673
Other service fee income
306
309
280
Debit card interchange fee income
876
925
924
Earnings on bank owned life insurance
4,335
4,218
3,579
Net gain from sales of loans
47
65
45
Trust custodial account fees
8,813
8,950
9,356
Escrow and exchange fees
673
702
938
Other income (loss)
581
(167
)
223
Total noninterest income
$
18,867
$
18,222
$
18,551
Noninterest Expense
Noninterest expense totaled $101.6 million for the third quarter
of 2024, an increase of $4.1 million compared to the second quarter
of 2024. The increase was primarily due to a $3.9 million increase
in legal and professional services, driven by the prior quarter's
$4.0 million insurance claim receivable that decreased the expense
during the period.
Noninterest expense for the third quarter of 2024 decreased by
$540,000 compared to the third quarter of 2023. The decrease was
primarily due to an $809,000 decrease in other expense, a $775,000
decrease in marketing expense, and a $668,000 decrease in
compensation and benefits, partially offset by a $1.7 million
increase in deposit expense due to higher deposit administration
service fees and a $737,000 increase in legal and professional
services.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Noninterest expense
Compensation and benefits
$
53,400
$
53,140
$
54,068
Premises and occupancy
10,899
10,480
11,382
Data processing
7,777
7,754
7,517
Other real estate owned operations,
net
1
—
(4
)
FDIC insurance premiums
1,922
1,873
2,324
Legal and professional services
4,980
1,078
4,243
Marketing expense
860
1,724
1,635
Office expense
1,046
1,077
1,079
Loan expense
734
840
476
Deposit expense
12,474
12,289
10,811
Amortization of intangible assets
2,762
2,763
3,055
Other expense
4,790
4,549
5,599
Total noninterest expense
$
101,645
$
97,567
$
102,185
Income Tax
For the third quarter of 2024, income tax expense totaled $11.7
million, resulting in an effective tax rate of 24.5%, compared with
income tax expense of $13.9 million and an effective tax rate of
24.9% for the second quarter of 2024, and income tax expense of
$16.0 million and an effective tax rate of 25.8% for the third
quarter of 2023.
BALANCE SHEET HIGHLIGHTS
Loans
Loans held for investment totaled $12.04 billion at September
30, 2024, a decrease of $454.9 million, or 3.6%, from June 30,
2024, and a decrease of $1.24 billion, or 9.3%, from September 30,
2023. The decrease from June 30, 2024 was primarily due to lower
loan production and fundings, increased prepayments and maturities,
as well as a decrease in credit line draws, reflecting borrowers'
continued preferences to utilize excess cash reserves to reduce
outstanding debt.
New origination activity during the third quarter of 2024
decreased compared to the second quarter of 2024, and increased
compared to the third quarter of 2023. New loan commitments totaled
$104.1 million, and new loan fundings totaled $39.4 million,
compared with $150.7 million in loan commitments and $58.6 million
in new loan fundings for the second quarter of 2024, and $67.8
million in loan commitments and $25.6 million in new loan fundings
for the third quarter of 2023.
At September 30, 2024, the total loan-to-deposit ratio was
83.1%, compared to 85.4% and 82.9% at June 30, 2024 and September
30, 2023, respectively.
The following table presents the primary loan roll-forward
activities for total gross loans, including both loans held for
investment and loans held for sale, during the quarters
indicated:
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Beginning gross loan balance before basis
adjustment
$
12,518,292
$
13,044,395
$
13,665,596
New commitments
104,080
150,666
67,811
Unfunded new commitments
(64,706
)
(92,017
)
(42,185
)
Net new fundings
39,374
58,649
25,626
Amortization/maturities/payoffs
(449,367
)
(447,170
)
(370,044
)
Net draws on existing lines of credit
(50,982
)
(100,302
)
7,180
Loan sales
(3,628
)
(23,750
)
(1,206
)
Charge-offs
(2,439
)
(13,530
)
(7,561
)
Net decrease
(467,042
)
(526,103
)
(346,005
)
Ending gross loan balance before basis
adjustment
$
12,051,250
$
12,518,292
$
13,319,591
Basis adjustment associated with fair
value hedge (1)
(16,153
)
(28,201
)
(48,830
)
Ending gross loan balance
$
12,035,097
$
12,490,091
$
13,270,761
(1)
Represents the basis adjustment associated
with the application of hedge accounting on certain loans.
The following table presents the composition of the loans held
for investment as of the dates indicated:
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Investor loans secured by real
estate
Commercial real estate (“CRE”)
non-owner-occupied
$
2,202,268
$
2,245,474
$
2,514,056
Multifamily
5,388,847
5,473,606
5,719,210
Construction and land
445,146
453,799
444,576
SBA secured by real estate (1)
32,228
33,245
37,754
Total investor loans secured by real
estate
8,068,489
8,206,124
8,715,596
Business loans secured by real estate
(2)
CRE owner-occupied
2,038,583
2,096,485
2,228,802
Franchise real estate secured
264,696
274,645
313,451
SBA secured by real estate (3)
43,943
46,543
53,668
Total business loans secured by real
estate
2,347,222
2,417,673
2,595,921
Commercial loans (4)
Commercial and industrial (“C&I”)
1,316,517
1,554,735
1,588,771
Franchise non-real estate secured
237,702
257,516
335,053
SBA non-real estate secured
8,407
10,346
10,667
Total commercial loans
1,562,626
1,822,597
1,934,491
Retail loans
Single family residential (5)
71,552
70,380
70,984
Consumer
1,361
1,378
1,958
Total retail loans
72,913
71,758
72,942
Loans held for investment before basis
adjustment (6)
12,051,250
12,518,152
13,318,950
Basis adjustment associated with fair
value hedge (7)
(16,153
)
(28,201
)
(48,830
)
Loans held for investment
12,035,097
12,489,951
13,270,120
Allowance for credit losses for loans held
for investment
(181,248
)
(183,803
)
(188,098
)
Loans held for investment, net
$
11,853,849
$
12,306,148
$
13,082,022
Total unfunded loan commitments
$
1,377,190
$
1,601,870
$
2,110,565
Loans held for sale, at lower of cost or
fair value
$
—
$
140
$
641
(1)
SBA loans that are collateralized by
hotel/motel real property.
(2)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(3)
SBA loans that are collateralized by real
property other than hotel/motel real property.
(4)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
(5)
Single family residential includes home
equity lines of credit, as well as second trust deeds.
(6)
Includes net deferred origination costs of
$1.5 million, $1.4 million, and $451,000, and unaccreted fair value
net purchase discounts of $35.9 million, $38.6 million, and $46.2
million as of September 30, 2024, June 30, 2024, and September 30,
2023, respectively.
(7)
Represents the basis adjustment associated
with the application of hedge accounting on certain loans.
The end-of-period weighted average interest rate on loans,
excluding fees and discounts and impact from interest rate swaps
designated as fair value hedges, at September 30, 2024 was 4.82%,
compared to 4.88% at June 30, 2024, and 4.76% at September 30,
2023. The quarter-over-quarter decrease was a result of lower new
loan fundings, customers paying down and paying off higher-rate
loans. The year-over-year increase reflects higher rates on new
originations and the repricing of loans as a result of the
increases in benchmark interest rates.
The following table presents the composition of loan commitments
originated during the quarters indicated:
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Investor loans secured by real
estate
CRE non-owner-occupied
$
5,200
$
3,818
$
2,900
Multifamily
8,730
6,026
3,687
Construction and land
1,494
16,820
17,400
Total investor loans secured by real
estate
15,424
26,664
23,987
Business loans secured by real estate
(1)
CRE owner-occupied
13,307
2,623
—
SBA secured by real estate (2)
1,000
—
—
Total business loans secured by real
estate
14,307
2,623
—
Commercial loans (2)
Commercial and industrial
64,267
109,679
40,399
SBA non-real estate secured
—
1,281
406
Total commercial loans
64,267
110,960
40,805
Retail loans
Single family residential (3)
8,945
7,698
3,019
Consumer
1,137
2,721
—
Total retail loans
10,082
10,419
3,019
Total loan commitments
$
104,080
$
150,666
$
67,811
(1)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(2)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
(3)
Single family residential includes home
equity lines of credit, as well as second trust deeds.
The weighted average interest rate on new loan commitments was
8.43% in the third quarter of 2024, compared to 8.58% in the second
quarter of 2024, and 8.01% in the third quarter of 2023.
Allowance for Credit Losses
At September 30, 2024, our allowance for credit losses (“ACL”)
on loans held for investment was $181.2 million, a decrease of $2.6
million from June 30, 2024 and a decrease of $6.9 million from
September 30, 2023. The decreases in the ACL from June 30, 2024 and
September 30, 2023 primarily reflect loan charge-offs during the
respective periods as well as changes in the size and composition
of our loan portfolio.
During the third quarter of 2024, the Company incurred $2.3
million of net charge-offs, compared to $10.3 million during the
second quarter of 2024, and $6.8 million during the third quarter
of 2023.
The following table provides the allocation of the ACL for loans
held for investment as well as the activity in the ACL attributed
to various segments in the loan portfolio as of and for the period
indicated:
Three Months Ended September
30, 2024
(Dollars in
thousands)
Beginning
ACL Balance
Charge-offs
Recoveries
Provision for
Credit
Losses
Ending
ACL Balance
Investor loans secured by real
estate
CRE non-owner-occupied
$
29,738
$
—
$
—
$
(464
)
$
29,274
Multifamily
57,298
—
—
8,667
65,965
Construction and land
10,804
—
—
180
10,984
SBA secured by real estate (1)
2,142
—
—
457
2,599
Business loans secured by real estate
(2)
CRE owner-occupied
28,531
(1,152
)
—
580
27,959
Franchise real estate secured
6,794
—
—
(1,680
)
5,114
SBA secured by real estate (3)
4,134
—
—
(490
)
3,644
Commercial loans (4)
Commercial and industrial
32,257
(1,239
)
2
(6,038
)
24,982
Franchise non-real estate secured
11,130
—
125
(1,357
)
9,898
SBA non-real estate secured
482
—
5
(139
)
348
Retail loans
Single family residential (5)
399
—
—
(11
)
388
Consumer loans
94
(48
)
1
46
93
Totals
$
183,803
$
(2,439
)
$
133
$
(249
)
$
181,248
(1)
SBA loans that are collateralized by
hotel/motel real property.
(2)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(3)
SBA loans that are collateralized by real
property other than hotel/motel real property.
(4)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
(5)
Single family residential includes home
equity lines of credit, as well as second trust deeds.
The ratio of ACL to loans held for investment at September 30,
2024 increased to 1.51%, compared to 1.47% at June 30, 2024, and
1.42% at September 30, 2023. The fair value net discount on loans
acquired through acquisitions was $35.9 million, or 0.30% of total
loans held for investment, as of September 30, 2024, compared to
$38.6 million, or 0.31% of total loans held for investment, as of
June 30, 2024, and $46.2 million, or 0.35% of total loans held for
investment, as of September 30, 2023.
Asset Quality
Nonperforming assets totaled $39.1 million, or 0.22% of total
assets, at September 30, 2024, compared with $52.1 million, or
0.28% of total assets, at June 30, 2024, and $25.9 million, or
0.13% of total assets, at September 30, 2023. Loan delinquencies
were $9.9 million, or 0.08% of loans held for investment, at
September 30, 2024, compared to $17.9 million, or 0.14% of loans
held for investment, at June 30, 2024, and $10.9 million, or 0.08%
of loans held for investment, at September 30, 2023.
Classified loans totaled $120.5 million, or 1.00% of loans held
for investment, at September 30, 2024, compared with $183.8
million, or 1.47% of loans held for investment, at June 30, 2024,
and $149.3 million, or 1.12% of loans held for investment, at
September 30, 2023.
The following table presents the asset quality metrics of the
loan portfolio as of the dates indicated.
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Asset quality
Nonperforming loans
$
39,084
$
52,119
$
25,458
Other real estate owned
—
—
450
Nonperforming assets
$
39,084
$
52,119
$
25,908
Total classified assets (1)
$
120,484
$
183,833
$
149,708
Allowance for credit losses
181,248
183,803
188,098
Allowance for credit losses as a percent
of total nonperforming loans
464
%
353
%
739
%
Nonperforming loans as a percent of loans
held for investment
0.32
0.42
0.19
Nonperforming assets as a percent of total
assets
0.22
0.28
0.13
Classified loans to total loans held for
investment
1.00
1.47
1.12
Classified assets to total assets
0.67
1.00
0.74
Net loan charge-offs for the quarter
ended
$
2,306
$
10,293
$
6,752
Net loan charge-offs for the quarter to
average total loans
0.02
%
0.08
%
0.05
%
Allowance for credit losses to loans held
for investment (2)
1.51
1.47
1.42
Delinquent loans (3)
30 - 59 days
$
2,008
$
4,985
$
2,967
60 - 89 days
715
3,289
475
90+ days
7,143
9,649
7,484
Total delinquency
$
9,866
$
17,923
$
10,926
Delinquency as a percentage of loans held
for investment
0.08
%
0.14
%
0.08
%
(1)
Includes substandard and doubtful loans,
and other real estate owned.
(2)
At September 30, 2024, 24% of loans held
for investment include a fair value net discount of $35.9 million,
or 0.30% of loans held for investment. At June 30, 2024, 25% of
loans held for investment include a fair value net discount of
$38.6 million, or 0.31% of loans held for investment. At September
30, 2023, 24% of loans held for investment include a fair value net
discount of $46.2 million, or 0.35% of loans held for
investment.
(3)
Nonaccrual loans are included in this
aging analysis based on the loan's past due status.
Investment Securities
At September 30, 2024, AFS and held-to-maturity (“HTM”)
investment securities were $1.32 billion and $1.71 billion,
respectively, compared to $1.32 billion and $1.71 billion,
respectively, at June 30, 2024, and $1.91 billion and $1.74
billion, respectively, at September 30, 2023.
In total, investment securities were $3.03 billion at September
30, 2024, a decrease of $70,000 from June 30, 2024, and a decrease
of $622.3 million from September 30, 2023. The decrease in the
third quarter of 2024 compared to the prior quarter was primarily
the result of $123.6 million in principal payments, amortization
and accretion, and redemptions, partially offset by $113.3 million
in purchases, primarily AFS U.S. Treasury securities, as well as an
improvement of $10.2 million in AFS investment securities
mark-to-market unrealized loss.
The decrease in investment securities from September 30, 2023
was the result of $1.52 billion in sales of AFS investment
securities, primarily related to the investment securities
portfolio repositioning during the fourth quarter of 2023, and
$646.8 million in principal payments, amortization and accretion,
and redemptions, partially offset by $1.27 billion in purchases of
AFS and HTM investment securities and a decrease of $277.0 million
in AFS securities mark-to-market unrealized loss.
Deposits
At September 30, 2024, total deposits were $14.48 billion, a
decrease of $146.7 million, or 1.0%, from June 30, 2024, and a
decrease of $1.53 billion, or 9.5%, from September 30, 2023. The
decrease from the prior quarter was primarily driven by reductions
of $184.2 million in brokered certificates of deposit, as well as
$39.1 million in money market and savings, partially offset by an
increase of $66.4 million in retail certificates of deposit and
$23.0 million in noninterest-bearing checking.
The decrease from September 30, 2023 was attributable to
decreases of $1.14 billion in noninterest-bearing checking, $927.2
million in brokered certificates of deposit, and $68.1 million in
money market and savings, partially offset by an increase of $447.0
million in retail certificates of deposit and $164.9 million in
interest-bearing checking.
At September 30, 2024, non-maturity deposits(1) totaled $12.21
billion, or 84.3% of total deposits, a decrease of $29.0 million,
or 0.2%, from June 30, 2024, and a decrease of $1.05 billion, or
7.9%, from September 30, 2023.
The decrease from the third quarter of 2023 was attributable to
clients utilizing their deposits to prepay or pay down loans,
reduced funding needs, as well as redeploying funds into
higher-yielding alternatives due to elevated benchmark interest
rates.
At September 30, 2024, maturity deposits totaled $2.27 billion,
a decrease of $117.8 million, or 4.9%, from June 30, 2024, and a
decrease of $480.1 million, or 17.4%, from September 30, 2023. The
decrease in the third quarter of 2024 compared to the prior quarter
was primarily driven by the decrease of $184.2 million in brokered
certificates of deposit, a direct result of the planned maturity
and reduction of higher-costing brokered time deposits, partially
offset by an increase of $66.4 million in retail certificates of
deposit. The decrease from September 30, 2023 was primarily driven
by decreases in brokered certificates of deposit, partially offset
by increases of retail certificates of deposit.
The weighted average cost of total deposits for the third
quarter of 2024 was 1.84%, compared to 1.73% for the second quarter
of 2024, and 1.50% for the third quarter of 2023, both increases
principally driven by higher pricing across deposit categories. The
weighted average cost of non-maturity deposits(1) for the third
quarter of 2024 was 1.27%, compared to 1.17% for the second quarter
of 2024, and 0.89% for the third quarter of 2023.
At September 30, 2024, the end-of-period weighted average rate
of total deposits was 1.80%, compared to 1.81% at June 30, 2024,
and 1.52% at September 30, 2023. At September 30, 2024, the
end-of-period weighted average rate of non-maturity deposits was
1.26%, compared to 1.25% at June 30, 2024, and 0.96% at September
30, 2023.
At September 30, 2024, the Company’s FDIC-insured deposits as a
percentage of total deposits was 60%, and the insured and
collateralized deposits comprised 66% of total deposits, relatively
consistent with 61% and 67%, respectively, at June 30, 2024, and
62% and 66%, respectively, at September 30, 2023.
____________________
(1)
Reconciliations of the non–GAAP measures
are set forth at the end of this press release.
The following table presents the composition of deposits as of
the dates indicated.
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Deposit accounts
Noninterest-bearing checking
$
4,639,077
$
4,616,124
$
5,782,305
Interest-bearing:
Checking
2,763,353
2,776,212
2,598,449
Money market/savings
4,805,516
4,844,585
4,873,582
Total non-maturity deposits (1)
12,207,946
12,236,921
13,254,336
Retail certificates of deposit
1,972,962
1,906,552
1,525,919
Wholesale/brokered certificates of
deposit
300,019
484,181
1,227,192
Total maturity deposits
2,272,981
2,390,733
2,753,111
Total deposits
$
14,480,927
$
14,627,654
$
16,007,447
Cost of deposits
1.84
%
1.73
%
1.50
%
Cost of non-maturity deposits (1)
1.27
1.17
0.89
Noninterest-bearing deposits as a percent
of total deposits
32.0
31.6
36.1
Non-maturity deposits (1) as a percent of
total deposits
84.3
83.7
82.8
(1)
Reconciliations of the non–GAAP measures
are set forth at the end of this press release.
Borrowings
At September 30, 2024, total borrowings amounted to $272.3
million, a decrease of $259.8 million from June 30, 2024, and a
decrease of $859.4 million from September 30, 2023. Total
borrowings at September 30, 2024 were comprised of $272.3 million
of subordinated debt. The decrease in borrowings at September 30,
2024 as compared to June 30, 2024 was due to the early redemption
of a $200.0 million FHLB term advance and the maturity of $60.0
million in subordinated debentures during the quarter. The decrease
in borrowings at September 30, 2024 as compared to September 30,
2023 was due to a decrease of $800.0 million in FHLB term advances
and the maturity of $60.0 million in subordinated debentures.
As of September 30, 2024, our unused borrowing capacity was
$8.83 billion, which consists of available lines of credit with
FHLB and other correspondent banks, as well as access through the
Federal Reserve Bank's discount window, which was not utilized
during the third quarter of 2024.
Capital Ratios
At September 30, 2024, our common stockholders' equity was $2.94
billion, or 16.44% of total assets, compared with $2.92 billion, or
15.95%, at June 30, 2024, and $2.86 billion, or 14.08%, at
September 30, 2023. At September 30, 2024, the ratio of tangible
common equity to tangible assets(1) increased 42 and 196 basis
points to 11.83%, compared with 11.41% at June 30, 2024, and 9.87%
at September 30, 2023, respectively. Tangible book value per
share(1) increased $0.23 and $0.92 to $20.81, compared with $20.58
at June 30, 2024, and $19.89 at September 30, 2023,
respectively.
____________________
(1)
Reconciliations of the non–GAAP measures
are set forth at the end of this press release.
The Company implemented the current expected credit losses
(“CECL”) model on January 1, 2020 and elected to phase in the full
effect of CECL on regulatory capital over the five-year transition
period. In the first quarter of 2022, the Company began phasing
into regulatory capital the cumulative adjustments at the end of
the second year of the transition period at 25% per year. At
September 30, 2024, the Company and Bank were in compliance with
the capital conservation buffer requirement and exceeded the
minimum Common Equity Tier 1, Tier 1, and total capital ratios,
inclusive of the fully phased-in capital conservation buffer of
7.0%, 8.5%, and 10.5%, respectively, and the Bank qualified as
“well capitalized” for purposes of the federal bank regulatory
prompt corrective action regulations.
September 30,
June 30,
September 30,
Capital ratios
2024
2024
2023
Pacific Premier Bancorp, Inc.
Consolidated
Tangible common equity ratio (1)
11.83
%
11.41
%
9.87
%
Tier 1 leverage ratio
12.19
11.87
11.13
Common equity tier 1 capital ratio
16.83
15.89
14.87
Tier 1 capital ratio
16.83
15.89
14.87
Total capital ratio
20.05
19.01
17.74
Pacific Premier Bank
Tier 1 leverage ratio
13.45
%
13.42
%
12.42
%
Common equity tier 1 capital ratio
18.56
17.97
16.59
Tier 1 capital ratio
18.56
17.97
16.59
Total capital ratio
19.81
19.22
17.66
Share data
Book value per share
$
30.52
$
30.32
$
29.78
Tangible book value per share (1)
20.81
20.58
19.89
Common equity dividends declared per
share
0.33
0.33
0.33
Closing stock price (2)
25.16
22.97
21.76
Shares issued and outstanding
96,462,767
96,434,047
95,900,847
Market capitalization (2)(3)
$
2,427,003
$
2,215,090
$
2,086,802
(1)
Reconciliations of the non-GAAP measures
are set forth at the end of this press release.
(2)
As of the last trading day prior to period
end.
(3)
Dollars in thousands.
Dividend and Stock Repurchase Program
On October 22, 2024, the Company's Board of Directors declared a
$0.33 per share dividend, payable on November 12, 2024 to
stockholders of record as of November 4, 2024. In January 2021, the
Company’s Board of Directors approved a stock repurchase program,
which authorized the repurchase of up to 4,725,000 shares of its
common stock. During the third quarter of 2024, the Company did not
repurchase any shares of common stock.
Conference Call and Webcast
The Company will host a conference call at 9:00 a.m. PT / 12:00
p.m. ET on October 24, 2024 to discuss its financial results.
Analysts and investors may participate in the question-and-answer
session. A live webcast will be available on the Webcasts page of
the Company's investor relations website. An archived version of
the webcast will be available in the same location shortly after
the live call has ended. The conference call can be accessed by
telephone at (866) 290-5977. Participants should ask to be joined
to the Pacific Premier Bancorp, Inc. call. Additionally, a
telephone replay will be made available through October 31, 2024,
at (877) 344-7529, replay code 5273136.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent
company of Pacific Premier Bank, a California-based commercial bank
focused on serving small, middle-market, and corporate businesses
throughout the western United States in major metropolitan markets
in California, Washington, Oregon, Arizona, and Nevada. Founded in
1983, Pacific Premier Bank has grown to become one of the largest
banks headquartered in the western region of the United States,
with approximately $18 billion in total assets. Pacific Premier
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. Pacific Premier Bank also offers a
wide array of loan products, such as commercial business loans,
lines of credit, SBA loans, commercial real estate loans,
agribusiness loans, franchise lending, home equity lines of credit,
and construction loans. Pacific Premier Bank offers commercial
escrow services and facilitates 1031 Exchange transactions through
its Commerce Escrow division. Pacific Premier Bank offers clients
IRA custodial services through its Pacific Premier Trust division,
which has approximately $18 billion of assets under custody and
32,000 client accounts comprised of self-directed investors,
financial institutions, capital syndicators, and financial
advisors. Additionally, Pacific Premier Bank provides nationwide
customized banking solutions to Homeowners’ Associations and
Property Management companies. Pacific Premier Bank is an Equal
Housing Lender and Member FDIC. For additional information about
Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our
website: www.ppbi.com.
FORWARD-LOOKING STATEMENTS
The statements contained herein that are not historical facts
are forward-looking statements based on management’s current
expectations and beliefs concerning future developments and their
potential effects on the Company including, without limitation,
plans, strategies and goals, and statements about the Company’s
expectations regarding revenue and asset growth, financial
performance and profitability, loan and deposit growth, yields and
returns, loan diversification and credit management, stockholder
value creation, tax rates, liquidity, and the impact of
acquisitions we have made or may make.
Such statements involve inherent risks and uncertainties, many
of which are difficult to predict and are generally beyond the
control of the Company. There can be no assurance that future
developments affecting the Company will be the same as those
anticipated by management. The Company cautions readers that a
number of important factors could cause actual results to differ
materially from those expressed in, or implied or projected by,
such forward-looking statements. These risks and uncertainties
include, but are not limited to, the following: the strength of the
United States ("U.S.") economy in general and the strength of the
local economies in which we conduct operations; adverse
developments in the banking industry and the potential impact of
such developments on customer confidence, liquidity, and regulatory
responses to these developments; the effects of, and changes in,
trade, monetary, and fiscal policies and laws, including interest
rate policies of the Board of Governors of the Federal Reserve
System; interest rate, liquidity, economic, market, credit,
operational, and inflation risks associated with our business,
including the speed and predictability of changes in these risks;
our ability to attract and retain deposits and access to other
sources of liquidity, particularly in a rising or high interest
rate environment, and the quality and composition of our deposits;
business and economic conditions generally and in the financial
services industry, nationally and within our current and future
geographic markets, including the tight labor market, ineffective
management of the U.S. Federal budget or debt, or turbulence or
uncertainty in domestic or foreign financial markets; the effect of
acquisitions we have made or may make, including, without
limitation, the failure to achieve the expected revenue growth
and/or expense savings from such acquisitions, and/or the failure
to effectively integrate an acquisition target into our operations;
the timely development of competitive new products and services and
the acceptance of these products and services by new and existing
customers; possible impairment charges to goodwill, including any
impairment that may result from increased volatility in our stock
price; the impact of changes in financial services policies, laws,
and regulations, including those concerning taxes, banking,
securities, and insurance, and the application thereof by
regulatory bodies; compliance risks, including any increased costs
of monitoring, testing, and maintaining compliance with complex
laws and regulations; the effectiveness of our risk management
framework and quantitative models; the effect of changes in
accounting policies and practices or accounting standards, as may
be adopted from time-to-time by bank regulatory agencies, the U.S.
Securities and Exchange Commission (“SEC”), the Public Company
Accounting Oversight Board, the Financial Accounting Standards
Board or other accounting standards setters; possible
credit-related impairments of securities held by us; changes in the
level of our nonperforming assets and charge-offs; the impact of
governmental efforts to restructure the U.S. financial regulatory
system; the impact of recent or future changes in the FDIC
insurance assessment rate or the rules and regulations related to
the calculation of the FDIC insurance assessment amount, including
any special assessments; changes in consumer spending, borrowing,
and savings habits; the effects of concentrations in our loan
portfolio, including commercial real estate and the risks of
geographic and industry concentrations; the possibility that we may
reduce or discontinue the payments of dividends on our common
stock; the possibility that we may discontinue, reduce or otherwise
limit the level of repurchases of our common stock we may make from
time to time pursuant to our stock repurchase program; changes in
the financial performance and/or condition of our borrowers;
changes in the competitive environment among financial and bank
holding companies and other financial service providers;
geopolitical conditions, including acts or threats of terrorism,
actions taken by the United States or other governments in response
to acts or threats of terrorism, and/or military conflicts,
including the war between Russia and Ukraine, Israel and Hamas, and
overall tension in the Middle East, and trade tensions, all of
which could impact business and economic conditions in the United
States and abroad; public health crises and pandemics and their
effects on the economic and business environments in which we
operate, including on our credit quality and business operations,
as well as the impact on general economic and financial market
conditions; cybersecurity threats and the cost of defending against
them; climate change, including the enhanced regulatory,
compliance, credit, and reputational risks and costs; natural
disasters, earthquakes, fires, and severe weather; unanticipated
regulatory or legal proceedings; and our ability to manage the
risks involved in the foregoing. Additional factors that could
cause actual results to differ materially from those expressed in
the forward-looking statements are discussed in the Company's 2023
Annual Report on Form 10-K filed with the SEC and available at the
SEC’s Internet site (http://www.sec.gov).
The Company undertakes no obligation to revise or publicly
release any revision or update to these forward-looking statements
to reflect events or circumstances that occur after the date on
which such statements were made.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
(Unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in
thousands)
2024
2024
2024
2023
2023
ASSETS
Cash and cash equivalents
$
982,249
$
899,817
$
1,028,818
$
936,473
$
1,400,276
Interest-bearing time deposits with
financial institutions
1,246
996
995
995
1,242
Investment securities held-to-maturity, at
amortized cost, net of allowance for credit losses
1,713,575
1,710,141
1,720,481
1,729,541
1,737,866
Investment securities available-for-sale,
at fair value
1,316,546
1,320,050
1,154,021
1,140,071
1,914,599
FHLB, FRB, and other stock
97,336
97,037
97,063
99,225
105,505
Loans held for sale, at lower of amortized
cost or fair value
—
140
—
—
641
Loans held for investment
12,035,097
12,489,951
13,012,071
13,289,020
13,270,120
Allowance for credit losses
(181,248
)
(183,803
)
(192,340
)
(192,471
)
(188,098
)
Loans held for investment, net
11,853,849
12,306,148
12,819,731
13,096,549
13,082,022
Accrued interest receivable
64,803
69,629
67,642
68,516
68,131
Other real estate owned
—
—
248
248
450
Premises and equipment, net
49,807
52,137
54,789
56,676
59,396
Deferred income taxes, net
104,564
108,607
111,390
113,580
192,208
Bank owned life insurance
481,309
477,694
474,404
471,178
468,191
Intangible assets
34,924
37,686
40,449
43,285
46,307
Goodwill
901,312
901,312
901,312
901,312
901,312
Other assets
308,123
350,931
341,838
368,996
297,574
Total assets
$
17,909,643
$
18,332,325
$
18,813,181
$
19,026,645
$
20,275,720
LIABILITIES
Deposit accounts:
Noninterest-bearing checking
$
4,639,077
$
4,616,124
$
4,997,636
$
4,932,817
$
5,782,305
Interest-bearing:
Checking
2,763,353
2,776,212
2,785,626
2,899,621
2,598,449
Money market/savings
4,805,516
4,844,585
5,037,636
4,868,442
4,873,582
Retail certificates of deposit
1,972,962
1,906,552
1,794,813
1,684,560
1,525,919
Wholesale/brokered certificates of
deposit
300,019
484,181
572,117
610,186
1,227,192
Total interest-bearing
9,841,850
10,011,530
10,190,192
10,062,809
10,225,142
Total deposits
14,480,927
14,627,654
15,187,828
14,995,626
16,007,447
FHLB advances and other borrowings
—
200,000
200,000
600,000
800,000
Subordinated debentures
272,320
332,160
332,001
331,842
331,682
Accrued expenses and other liabilities
212,459
248,747
190,551
216,596
281,057
Total liabilities
14,965,706
15,408,561
15,910,380
16,144,064
17,420,186
STOCKHOLDERS’ EQUITY
Common stock
942
941
941
938
937
Additional paid-in capital
2,389,767
2,383,615
2,378,171
2,377,131
2,371,941
Retained earnings
633,350
629,341
619,405
604,137
771,285
Accumulated other comprehensive loss
(80,122
)
(90,133
)
(95,716
)
(99,625
)
(288,629
)
Total stockholders' equity
2,943,937
2,923,764
2,902,801
2,882,581
2,855,534
Total liabilities and stockholders'
equity
$
17,909,643
$
18,332,325
$
18,813,181
$
19,026,645
$
20,275,720
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
(Dollars in
thousands, except per share data)
2024
2024
2023
2024
2023
INTEREST INCOME
Loans
$
163,409
$
167,547
$
177,032
$
503,931
$
540,842
Investment securities and other
interest-earning assets
42,217
40,507
47,030
123,180
129,951
Total interest income
205,626
208,054
224,062
627,111
670,793
INTEREST EXPENSE
Deposits
67,898
64,229
62,718
191,633
156,532
FHLB advances and other borrowings
1,511
2,330
7,235
8,078
22,328
Subordinated debentures
5,319
5,101
4,561
14,981
13,683
Total interest expense
74,728
71,660
74,514
214,692
192,543
Net interest income before provision for
credit losses
130,898
136,394
149,548
412,419
478,250
Provision for credit losses
486
1,265
3,918
5,603
8,433
Net interest income after provision for
credit losses
130,412
135,129
145,630
406,816
469,817
NONINTEREST INCOME
Loan servicing income
525
510
533
1,564
1,599
Service charges on deposit accounts
2,711
2,710
2,673
8,109
7,972
Other service fee income
306
309
280
951
891
Debit card interchange fee income
876
925
924
2,566
2,641
Earnings on bank owned life insurance
4,335
4,218
3,579
12,712
10,440
Net gain from sales of loans
47
65
45
112
419
Net gain from sales of investment
securities
—
—
—
—
138
Trust custodial account fees
8,813
8,950
9,356
28,405
29,741
Escrow and exchange fees
673
702
938
2,071
2,920
Other income (loss)
581
(167
)
223
6,373
3,515
Total noninterest income
18,867
18,222
18,551
62,863
60,276
NONINTEREST EXPENSE
Compensation and benefits
53,400
53,140
54,068
160,670
161,785
Premises and occupancy
10,899
10,480
11,382
32,186
34,739
Data processing
7,777
7,754
7,517
23,042
22,270
Other real estate owned operations,
net
1
—
(4
)
47
112
FDIC insurance premiums
1,922
1,873
2,324
6,424
7,106
Legal and professional services
4,980
1,078
4,243
10,201
14,460
Marketing expense
860
1,724
1,635
4,142
5,352
Office expense
1,046
1,077
1,079
3,216
3,591
Loan expense
734
840
476
2,344
1,689
Deposit expense
12,474
12,289
10,811
37,428
28,441
Amortization of intangible assets
2,762
2,763
3,055
8,361
9,281
Other expense
4,790
4,549
5,599
13,784
15,355
Total noninterest expense
101,645
97,567
102,185
301,845
304,181
Net income before income taxes
47,634
55,784
61,996
167,834
225,912
Income tax expense
11,655
13,879
15,966
42,925
59,684
Net income
$
35,979
$
41,905
$
46,030
$
124,909
$
166,228
EARNINGS PER SHARE
Basic
$
0.37
$
0.43
$
0.48
$
1.30
$
1.74
Diluted
$
0.37
$
0.43
$
0.48
$
1.30
$
1.74
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic
94,650,096
94,628,201
94,189,844
94,543,243
94,072,463
Diluted
94,775,927
94,716,205
94,283,008
94,652,583
94,214,846
SELECTED FINANCIAL DATA
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
AND YIELD DATA
(Unaudited)
Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
(Dollars in
thousands)
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Assets
Interest-earning assets:
Cash and cash equivalents
$
1,098,455
$
13,346
4.83
%
$
1,134,736
$
13,666
4.84
%
$
1,695,508
$
21,196
4.96
%
Investment securities
3,145,214
28,871
3.67
2,964,909
26,841
3.62
3,828,766
25,834
2.70
Loans receivable, net (1)(2)
12,247,435
163,409
5.31
12,724,545
167,547
5.30
13,475,194
177,032
5.21
Total interest-earning assets
16,491,104
205,626
4.96
16,824,190
208,054
4.97
18,999,468
224,062
4.68
Noninterest-earning assets
1,751,309
1,771,493
1,806,319
Total assets
$
18,242,413
$
18,595,683
$
20,805,787
Liabilities and equity
Interest-bearing deposits:
Interest checking
$
2,707,440
$
10,848
1.59
%
$
2,747,972
$
10,177
1.49
%
$
2,649,203
$
10,849
1.62
%
Money market
4,607,486
28,118
2.43
4,724,572
26,207
2.23
4,512,740
19,182
1.69
Savings
263,570
246
0.37
271,812
224
0.33
329,684
115
0.14
Retail certificates of deposit
1,944,685
23,202
4.75
1,830,516
21,115
4.64
1,439,531
13,398
3.69
Wholesale/brokered certificates of
deposit
448,820
5,484
4.86
542,699
6,506
4.82
1,611,726
19,174
4.72
Total interest-bearing deposits
9,972,001
67,898
2.71
10,117,571
64,229
2.55
10,542,884
62,718
2.36
FHLB advances and other borrowings
128,413
1,511
4.68
200,154
2,330
4.68
800,049
7,235
3.59
Subordinated debentures
313,990
5,319
6.70
332,097
5,101
6.14
331,607
4,561
5.50
Total borrowings
442,403
6,830
6.12
532,251
7,431
5.59
1,131,656
11,796
4.15
Total interest-bearing liabilities
10,414,404
74,728
2.85
10,649,822
71,660
2.71
11,674,540
74,514
2.53
Noninterest-bearing deposits
4,683,477
4,824,002
6,001,033
Other liabilities
215,372
213,844
268,249
Total liabilities
15,313,253
15,687,668
17,943,822
Stockholders' equity
2,929,160
2,908,015
2,861,965
Total liabilities and equity
$
18,242,413
$
18,595,683
$
20,805,787
Net interest income
$
130,898
$
136,394
$
149,548
Net interest margin (3)
3.16
%
3.26
%
3.12
%
Cost of deposits (4)
1.84
1.73
1.50
Cost of funds (5)
1.97
1.86
1.67
Cost of non-maturity deposits (6)
1.27
1.17
0.89
Ratio of interest-earning assets to
interest-bearing liabilities
158.35
157.98
162.74
(1)
Average balance includes loans held for
sale and nonperforming loans and is net of deferred loan
origination fees/costs, discounts/premiums, and the basis
adjustment of certain loans included in fair value hedging
relationships.
(2)
Interest income includes net discount
accretion of $2.6 million, $2.3 million, and $2.2 million for the
three months ended September 30, 2024, June 30, 2024, and September
30, 2023, respectively.
(3)
Represents annualized net interest income
divided by average interest-earning assets.
(4)
Represents annualized interest expense on
deposits divided by the sum of average interest-bearing deposits
and noninterest-bearing deposits.
(5)
Represents annualized total interest
expense divided by the sum of average total interest-bearing
liabilities and noninterest-bearing deposits.
(6)
Reconciliations of the non-GAAP measures
are set forth at the end of this press release.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
LOAN PORTFOLIO
COMPOSITION
(Unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in
thousands)
2024
2024
2024
2023
2023
Investor loans secured by real
estate
CRE non-owner-occupied
$
2,202,268
$
2,245,474
$
2,309,252
$
2,421,772
$
2,514,056
Multifamily
5,388,847
5,473,606
5,558,966
5,645,310
5,719,210
Construction and land
445,146
453,799
486,734
472,544
444,576
SBA secured by real estate (1)
32,228
33,245
35,206
36,400
37,754
Total investor loans secured by real
estate
8,068,489
8,206,124
8,390,158
8,576,026
8,715,596
Business loans secured by real estate
(2)
CRE owner-occupied
2,038,583
2,096,485
2,149,362
2,191,334
2,228,802
Franchise real estate secured
264,696
274,645
294,938
304,514
313,451
SBA secured by real estate (3)
43,943
46,543
48,426
50,741
53,668
Total business loans secured by real
estate
2,347,222
2,417,673
2,492,726
2,546,589
2,595,921
Commercial loans (4)
Commercial and industrial
1,316,517
1,554,735
1,774,487
1,790,608
1,588,771
Franchise non-real estate secured
237,702
257,516
301,895
319,721
335,053
SBA non-real estate secured
8,407
10,346
10,946
10,926
10,667
Total commercial loans
1,562,626
1,822,597
2,087,328
2,121,255
1,934,491
Retail loans
Single family residential (5)
71,552
70,380
72,353
72,752
70,984
Consumer
1,361
1,378
1,830
1,949
1,958
Total retail loans
72,913
71,758
74,183
74,701
72,942
Loans held for investment before basis
adjustment (6)
12,051,250
12,518,152
13,044,395
13,318,571
13,318,950
Basis adjustment associated with fair
value hedge (7)
(16,153
)
(28,201
)
(32,324
)
(29,551
)
(48,830
)
Loans held for investment
12,035,097
12,489,951
13,012,071
13,289,020
13,270,120
Allowance for credit losses for loans held
for investment
(181,248
)
(183,803
)
(192,340
)
(192,471
)
(188,098
)
Loans held for investment, net
$
11,853,849
$
12,306,148
$
12,819,731
$
13,096,549
$
13,082,022
Loans held for sale, at lower of cost or
fair value
$
—
$
140
$
—
$
—
$
641
(1)
SBA loans that are collateralized by
hotel/motel real property.
(2)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(3)
SBA loans that are collateralized by real
property other than hotel/motel real property.
(4)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
(5)
Single family residential includes home
equity lines of credit, as well as second trust deeds.
(6)
Includes net deferred origination costs
(fees) of $1.5 million, $1.4 million, $797,000, $(74,000), and
$451,000, and unaccreted fair value net purchase discounts of $35.9
million, $38.6 million, $41.2 million, $43.3 million, and $46.2
million as of September 30, 2024, June 30, 2024, March 31, 2024,
December 31, 2023, and September 30, 2023, respectively.
(7)
Represents the basis adjustment associated
with the application of hedge accounting on certain loans.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
ASSET QUALITY
INFORMATION
(Unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in
thousands)
2024
2024
2024
2023
2023
Asset quality
Nonperforming loans
$
39,084
$
52,119
$
63,806
$
24,817
$
25,458
Other real estate owned
—
—
248
248
450
Nonperforming assets
$
39,084
$
52,119
$
64,054
$
25,065
$
25,908
Total classified assets (1)
$
120,484
$
183,833
$
204,937
$
142,210
$
149,708
Allowance for credit losses
181,248
183,803
192,340
192,471
188,098
Allowance for credit losses as a percent
of total nonperforming loans
464
%
353
%
301
%
776
%
739
%
Nonperforming loans as a percent of loans
held for investment
0.32
0.42
0.49
0.19
0.19
Nonperforming assets as a percent of total
assets
0.22
0.28
0.34
0.13
0.13
Classified loans to total loans held for
investment
1.00
1.47
1.57
1.07
1.12
Classified assets to total assets
0.67
1.00
1.09
0.75
0.74
Net loan charge-offs for the quarter
ended
$
2,306
$
10,293
$
6,419
$
3,902
$
6,752
Net loan charge-offs for the quarter to
average total loans
0.02
%
0.08
%
0.05
%
0.03
%
0.05
%
Allowance for credit losses to loans held
for investment (2)
1.51
1.47
1.48
1.45
1.42
Delinquent loans (3)
30 - 59 days
$
2,008
$
4,985
$
1,983
$
2,484
$
2,967
60 - 89 days
715
3,289
974
1,294
475
90+ days
7,143
9,649
9,221
6,276
7,484
Total delinquency
$
9,866
$
17,923
$
12,178
$
10,054
$
10,926
Delinquency as a percent of loans held for
investment
0.08
%
0.14
%
0.09
%
0.08
%
0.08
%
(1)
Includes substandard and doubtful loans,
and other real estate owned.
(2)
At September 30, 2024, 24% of loans held
for investment include a fair value net discount of $35.9 million,
or 0.30% of loans held for investment. At June 30, 2024, 25% of
loans held for investment include a fair value net discount of
$38.6 million, or 0.31% of loans held for investment. At March 31,
2024, 25% of loans held for investment include a fair value net
discount of $41.2 million, or 0.32% of loans held for investment.
At December 31, 2023, 24% of loans held for investment include a
fair value net discount of $43.3 million, or 0.33% of loans held
for investment. At September 30, 2023, 24% of loans held for
investment include a fair value net discount of $46.2 million, or
0.35% of loans held for investment.
(3)
Nonaccrual loans are included in this
aging analysis based on the loan's past due status.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
NONACCRUAL LOANS (1)
(Unaudited)
(Dollars in
thousands)
Collateral
Dependent
Loans
ACL
Non-
Collateral
Dependent
Loans
ACL
Total
Nonaccrual
Loans
Nonaccrual
Loans
With No
ACL
September 30, 2024
Investor loans secured by real
estate
CRE non-owner-occupied
$
19,042
$
—
$
—
$
—
$
19,042
$
19,042
SBA secured by real estate (2)
1,725
559
—
—
1,725
610
Total investor loans secured by real
estate
20,767
559
—
—
20,767
19,652
Business loans secured by real estate
(3)
CRE owner-occupied
4,574
—
—
—
4,574
4,574
Total business loans secured by real
estate
4,574
—
—
—
4,574
4,574
Commercial loans (4)
Commercial and industrial
2,274
193
10,938
—
13,212
13,019
SBA not secured by real estate
531
—
—
—
531
531
Total commercial loans
2,805
193
10,938
—
13,743
13,550
Totals nonaccrual loans
$
28,146
$
752
$
10,938
$
—
$
39,084
$
37,776
(1)
The ACL for nonaccrual loans is determined
based on a discounted cash flow methodology unless the loan is
considered collateral dependent. The ACL for collateral dependent
loans is determined based on the estimated fair value of the
underlying collateral.
(2)
SBA loans that are collateralized by
hotel/motel real property.
(3)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(4)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
PAST DUE STATUS
(Unaudited)
Days Past Due (7)
(Dollars in
thousands)
Current
30-59
60-89
90+
Total
September 30, 2024
Investor loans secured by real
estate
CRE non-owner-occupied
$
2,201,885
$
—
$
—
$
383
$
2,202,268
Multifamily
5,388,847
—
—
—
5,388,847
Construction and land
445,146
—
—
—
445,146
SBA secured by real estate (1)
30,926
1,115
—
187
32,228
Total investor loans secured by real
estate
8,066,804
1,115
—
570
8,068,489
Business loans secured by real
estate (2)
CRE owner-occupied
2,034,009
—
—
4,574
2,038,583
Franchise real estate secured
264,696
—
—
—
264,696
SBA secured by real estate (3)
43,943
—
—
—
43,943
Total business loans secured by real
estate
2,342,648
—
—
4,574
2,347,222
Commercial loans (4)
Commercial and industrial
1,313,441
893
715
1,468
1,316,517
Franchise non-real estate secured
237,702
—
—
—
237,702
SBA not secured by real estate
7,876
—
—
531
8,407
Total commercial loans
1,559,019
893
715
1,999
1,562,626
Retail loans
Single family residential (5)
71,552
—
—
—
71,552
Consumer loans
1,361
—
—
—
1,361
Total retail loans
72,913
—
—
—
72,913
Loans held for investment before basis
adjustment (6)
$
12,041,384
$
2,008
$
715
$
7,143
$
12,051,250
(1)
SBA loans that are collateralized by
hotel/motel real property.
(2)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(3)
SBA loans that are collateralized by real
property other than hotel/motel real property.
(4)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
(5)
Single family residential includes home
equity lines of credit, as well as second trust deeds.
(6)
Excludes the basis adjustment of $16.2
million to the carrying amount of certain loans included in fair
value hedging relationships.
(7)
Nonaccrual loans are included in this
aging analysis based on the loan's past due status.
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
CREDIT RISK GRADES
(Unaudited)
(Dollars in
thousands)
Pass
Special
Mention
Substandard
Doubtful
Total Gross
Loans
September 30, 2024
Investor loans secured by real
estate
CRE non-owner-occupied
$
2,163,159
$
2,471
$
36,638
$
—
$
2,202,268
Multifamily
5,354,137
34,710
—
—
5,388,847
Construction and land
445,146
—
—
—
445,146
SBA secured by real estate (1)
24,901
1,125
6,202
—
32,228
Total investor loans secured by real
estate
7,987,343
38,306
42,840
—
8,068,489
Business loans secured by real
estate (2)
CRE owner-occupied
1,986,919
18,089
33,575
—
2,038,583
Franchise real estate secured
261,626
1,560
1,510
—
264,696
SBA secured by real estate (3)
40,773
—
3,170
—
43,943
Total business loans secured by real
estate
2,289,318
19,649
38,255
—
2,347,222
Commercial loans (4)
Commercial and industrial
1,275,854
12,393
25,385
2,885
1,316,517
Franchise non-real estate secured
226,738
557
10,407
—
237,702
SBA not secured by real estate
7,695
—
712
—
8,407
Total commercial loans
1,510,287
12,950
36,504
2,885
1,562,626
Retail loans
Single family residential (5)
71,552
—
—
—
71,552
Consumer loans
1,361
—
—
—
1,361
Total retail loans
72,913
—
—
—
72,913
Loans held for investment before basis
adjustment (6)
$
11,859,861
$
70,905
$
117,599
$
2,885
$
12,051,250
(1)
SBA loans that are collateralized by
hotel/motel real property.
(2)
Loans to businesses that are
collateralized by real estate where the operating cash flow of the
business is the primary source of repayment.
(3)
SBA loans that are collateralized by real
property other than hotel/motel real property.
(4)
Loans to businesses where the operating
cash flow of the business is the primary source of repayment.
(5)
Single family residential includes home
equity lines of credit, as well as second trust deeds.
(6)
Excludes the basis adjustment of $16.2
million to the carrying amount of certain loans included in fair
value hedging relationships.
GAAP TO NON-GAAP RECONCILIATIONS
PACIFIC PREMIER BANCORP, INC.
AND SUBSIDIARIES
(Unaudited)
The Company uses certain non-GAAP
financial measures to provide meaningful supplemental information
regarding the Company’s operational performance and to enhance
investors’ overall understanding of such financial performance.
However, these non-GAAP financial measures are supplemental and are
not a substitute for an analysis based on GAAP measures. As other
companies may use different calculations for these adjusted
measures, this presentation may not be comparable to other
similarly titled adjusted measures reported by other companies.
For periods presented below, return on
average assets excluding the FDIC special assessment is a non-GAAP
financial measure derived from GAAP based amounts. We calculate
this figure by excluding the FDIC special assessment and the
related tax impact from net income. Management believes that the
exclusion of such nonrecurring items from this financial measure
provides useful information to gain an understanding of the
operating results of our core business and a better comparison of
financial performance.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Net income
$
35,979
$
41,905
$
46,030
Add: FDIC special assessment
(68
)
(161
)
—
Less: tax adjustment (1)
(19
)
(45
)
—
Adjusted net income for average assets
$
35,930
$
41,789
$
46,030
Average assets
$
18,242,413
$
18,595,683
$
20,805,787
ROAA (annualized)
0.79
%
0.90
%
0.88
%
Adjusted ROAA (annualized)
0.79
%
0.90
%
0.88
%
(1)
Adjusted by statutory tax rate.
For periods presented below, return on
average tangible common equity is a non-GAAP financial measure
derived from GAAP-based amounts. We calculate this figure by
excluding amortization of intangible assets expense from net income
and excluding the average intangible assets and average goodwill
from the average stockholders' equity during the periods indicated.
Management believes that the exclusion of such items from this
financial measure provides useful information to gain an
understanding of the operating results of our core business. The
adjusted net income, adjusted return on average equity, and
adjusted return on average tangible common equity further exclude
the nonrecurring items to provide a better comparison to the
financial results of prior periods.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Net income
$
35,979
$
41,905
$
46,030
Plus: amortization of intangible assets
expense
2,762
2,763
3,055
Less: tax adjustment (1)
781
781
868
Net income for average tangible common
equity
$
37,960
$
43,887
$
48,217
Add: FDIC special assessment
(68
)
(161
)
—
Less: tax adjustment (1)
(19
)
(45
)
—
Adjusted net income for average tangible
common equity
$
37,911
$
43,771
$
48,217
Average stockholders' equity
$
2,929,160
$
2,908,015
$
2,861,965
Less: average intangible assets
36,570
39,338
48,150
Less: average goodwill
901,312
901,312
901,312
Adjusted average tangible common
equity
$
1,991,278
$
1,967,365
$
1,912,503
ROAE (annualized)
4.91
%
5.76
%
6.43
%
Adjusted ROAE (annualized)
4.91
%
5.75
%
6.43
%
ROATCE (annualized)
7.63
%
8.92
%
10.08
%
Adjusted ROATCE (annualized)
7.62
%
8.90
%
10.08
%
(1)
Adjusted by statutory tax rate.
Pre-provision net revenue is a non-GAAP
financial measure derived from GAAP-based amounts. We calculate the
pre-provision net revenue by excluding income tax and provision for
credit losses from net income. The adjusted pre-provision net
income further excludes the FDIC special assessment to provide a
better comparison of financial performance. Management believes
that the exclusion of such items from this financial measure
provides useful information to gain an understanding of the
operating results of our core business and a better comparison to
the financial results of prior periods.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Interest income
$
205,626
$
208,054
$
224,062
Interest expense
74,728
71,660
74,514
Net interest income
130,898
136,394
149,548
Noninterest income
18,867
18,222
18,551
Revenue
149,765
154,616
168,099
Noninterest expense
101,645
97,567
102,185
Pre-provision net revenue
48,120
57,049
65,914
Add: FDIC special assessment
(68
)
(161
)
—
Adjusted pre-provision net revenue
$
48,052
$
56,888
$
65,914
Pre-provision net revenue (annualized)
$
192,480
$
228,196
$
263,656
Adjusted pre-provision net revenue
(annualized)
$
192,208
$
227,552
$
263,656
Average assets
$
18,242,413
$
18,595,683
$
20,805,787
Pre-provision net revenue to average
assets
0.26
%
0.31
%
0.32
%
Pre-provision net revenue to average
assets (annualized)
1.06
%
1.23
%
1.27
%
Adjusted pre-provision net revenue on
average assets
0.26
%
0.31
%
0.32
%
Adjusted pre-provision net revenue on
average assets (annualized)
1.05
%
1.22
%
1.27
%
Efficiency ratio is a non-GAAP financial
measure derived from GAAP-based amounts. This figure represents the
ratio of noninterest expense, less amortization of intangible
assets and other real estate owned operations, where applicable, to
the sum of net interest income before provision for credit losses
and total noninterest income less (loss) gain from other real
estate owned and gain from debt extinguishment. The adjusted
efficiency ratio further excludes the FDIC special assessment to
provide a better comparison to the financial results of prior
periods. Management believes that the exclusion of such items from
this financial measure provides useful information to gain an
understanding of the operating results of our core business.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Total noninterest expense
$
101,645
$
97,567
$
102,185
Less: amortization of intangible
assets
2,762
2,763
3,055
Less: other real estate owned operations,
net
1
—
(4
)
Adjusted noninterest expense
98,882
94,804
99,134
Less: FDIC special assessment
(68
)
(161
)
—
Adjusted noninterest expense excluding
FDIC special assessment
$
98,950
$
94,965
$
99,134
Net interest income before provision for
credit losses
$
130,898
$
136,394
$
149,548
Add: total noninterest income
18,867
18,222
18,551
Less: net loss from other real estate
owned
—
(28
)
—
Less: net gain from debt
extinguishment
203
—
—
Adjusted revenue
$
149,562
$
154,644
$
168,099
Efficiency ratio
66.1
%
61.3
%
59.0
%
Adjusted efficiency ratio excluding FDIC
special assessment
66.2
%
61.4
%
59.0
%
Tangible book value per share and tangible
common equity to tangible assets (the “tangible common equity
ratio”) are non-GAAP financial measures derived from GAAP-based
amounts. We calculate tangible book value per share by dividing
tangible common equity by common shares outstanding, as compared to
book value per share, which we calculate by dividing common
stockholders' equity by shares outstanding. We calculate the
tangible common equity ratio by excluding the balance of intangible
assets from common stockholders' equity and dividing by tangible
assets. We believe that this information is consistent with the
treatment by bank regulatory agencies, which excludes intangible
assets from the calculation of risk-based capital ratios.
Accordingly, we believe that these non-GAAP financial measures
provide information that is important to investors and that is
useful in understanding our capital position and ratios.
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in
thousands, except per share data)
2024
2024
2024
2023
2023
Total stockholders' equity
$
2,943,937
$
2,923,764
$
2,902,801
$
2,882,581
$
2,855,534
Less: intangible assets
936,236
938,998
941,761
944,597
947,619
Tangible common equity
$
2,007,701
$
1,984,766
$
1,961,040
$
1,937,984
$
1,907,915
Total assets
$
17,909,643
$
18,332,325
$
18,813,181
$
19,026,645
$
20,275,720
Less: intangible assets
936,236
938,998
941,761
944,597
947,619
Tangible assets
$
16,973,407
$
17,393,327
$
17,871,420
$
18,082,048
$
19,328,101
Tangible common equity ratio
11.83
%
11.41
%
10.97
%
10.72
%
9.87
%
Common shares issued and outstanding
96,462,767
96,434,047
96,459,966
95,860,092
95,900,847
Book value per share
$
30.52
$
30.32
$
30.09
$
30.07
$
29.78
Less: intangible book value per share
9.71
9.74
9.76
9.85
9.88
Tangible book value per share
$
20.81
$
20.58
$
20.33
$
20.22
$
19.89
Cost of non-maturity deposits is a
non-GAAP financial measure derived from GAAP-based amounts. Cost of
non-maturity deposits is calculated as the ratio of non-maturity
deposit interest expense to average non-maturity deposits. We
calculate non-maturity deposit interest expense by excluding
interest expense for all certificates of deposit from total deposit
expense, and we calculate average non-maturity deposits by
excluding all certificates of deposit from total deposits.
Management believes cost of non-maturity deposits is a useful
measure to assess the Company's deposit base, including its
potential volatility.
Three Months Ended
September 30,
June 30,
September 30,
(Dollars in
thousands)
2024
2024
2023
Total deposits interest expense
$
67,898
$
64,229
$
62,718
Less: certificates of deposit interest
expense
23,202
21,115
13,398
Less: brokered certificates of deposit
interest expense
5,484
6,506
19,174
Non-maturity deposit expense
$
39,212
$
36,608
$
30,146
Total average deposits
$
14,655,478
$
14,941,573
$
16,543,917
Less: average certificates of deposit
1,944,685
1,830,516
1,439,531
Less: average brokered certificates of
deposit
448,820
542,699
1,611,726
Average non-maturity deposits
$
12,261,973
$
12,568,358
$
13,492,660
Cost of non-maturity deposits
1.27
%
1.17
%
0.89
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241024034222/en/
Pacific Premier Bancorp, Inc. Steven R. Gardner Chairman, Chief
Executive Officer, and President (949) 864-8000
Ronald J. Nicolas, Jr. Senior Executive Vice President and Chief
Financial Officer (949) 864-8000
Matthew J. Lazzaro Senior Vice President and Director of
Investor Relations (949) 243-1082
Pacific Premier Bancorp (NASDAQ:PPBI)
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