Page 1

EX - 99.12 ppbi_exx991xearnings - 2021x.htm EX - 99.1 Exhibit 99.1 Pacific Premier Bancorp , Inc. Announces First Quarter 2021 Financial Results and Increases Quarterly Cash Dividend to $ 0.33 per Share First Quarter 2021 Summary • Net income of $ 68.7 million , or $ 0.72 per diluted share • • • • • Return on average assets of 1.37 % , return on average equity of 9.99 % , and return on average tangible common equity of 16.21 % Increases common equity quarterly dividend by $ 0.03 to $ 0.33 per share Net interest margin of 3.55 % and core net interest margin of 3.30 % Cost of deposits of 0.11 % in the first quarter compared with 0.14 % in the prior quarter Non - maturity deposits of $ 15.4 billion , or 91.8 % of total deposits Noninterest - bearing deposits represent 37.7 % of total deposits Nonperforming assets represent 0.19 % of total assets Irvine , Calif . , April 27 , 2021 -- Pacific Premier Bancorp , Inc. ( NASDAQ : PPBI ) ( the “ Company ” or “ Pacific Premier ” ) , the holding company of Pacific Premier Bank ( the “ Bank ” ) , reported net income of $ 68.7 million , or $ 0.72 per diluted share , for the first quarter of 2021 , compared with net income of $ 67.1 million , or $ 0.71 per diluted share , for the fourth quarter of 2020 , and net income of $ 25.7 million , or $ 0.43 per diluted share , for the first quarter of 2020 . For the quarter ended March 31 , 2021 , the Company's return on average assets ( “ ROAA ” ) was 1.37 % , return on average equity ( " ROAE ” ) was 9.99 % , and return on average tangible common equity ( " ROATCE ” ) was 16.21 % , compared to 1.34 % , 9.91 % , and 16.32 % , respectively , for the fourth quarter of 2020 and 0.89 % , 5.05 % , and 9.96 % , respectively , for the first quarter of 2020. Total assets were $ 20.17 billion at March 31 , 2021 , compared to $ 19.74 billion at December 31 , 2020 , and $ 11.98 billion at March 31 , 2020. A reconciliation of the non - U.S . generally accepted accounting principles ( " GAAP ” ) measure of ROATCE to the GAAP measure of common stockholders ' equity is set forth at the end of this press release . Steven R. Gardner , Chairman , President , and Chief Executive Officer of the Company , commented , “ Our first quarter results reflect the strength and discipline of the organization we have built , as our ability to offset a challenging environment by reducing our deposit costs , tightly controlling operating expenses , and maintaining exceptional asset quality helped us to continue generating a high level of profitability . " We were able to largely offset another quarter of significant payoffs and a decline in credit line utilization rates with a record level of new loan production . Despite the first quarter typically being a seasonally low period for the origination of new loans , we generated more than $ 1.15 billion in new loan commitments , an increase of 27 % compared to the prior quarter . Our teams are working very well together and they continue to generate larger and more sophisticated banking relationships . We are seeing stronger loan production across all of our primary lines of business , as well as an overall increase in the average rate on new loan commitments . “ Our loan pipeline continues to build , which should put us in a good position to generate loan growth as we move through the year , favorably remix the balance sheet towards higher yielding earning assets , and drive growth in net interest income . " Given our consistent financial performance and our increasing confidence in the outlook for earnings growth as the economy strengthens , we have increased our common stock dividend to $ 0.33 per share , from $ 0.30 per share in the prior quarter . With our strong capital ratios , we are able to increase the capital returned to our shareholders through the dividend payout , while also being well positioned to support continued organic growth and execute on strategic transactions that we believe would further enhance the value of our franchise , ” said Mr. Gardner . 1