Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) Q2 2023 Earnings Conference Call July 27, 2023 12:00 PM ET
Company Participants
Steven Gardner - Chairman, President and Chief Executive Officer
Ronald Nicolas - Senior Executive Vice President and Chief Financial Officer
Conference Call Participants
Andrew Leischner - KBW
Matthew Clark - Piper Sandler
Andrew Terrell - Stephens
Operator
Good day, and welcome to the Pacific Premier Bancorp Second Quarter 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.
I would now like to turn the conference over to Steven Gardner, Chairman and CEO. Please go ahead, sir.
Steven Gardner
Thank you, Rocco. Good morning, everyone. I appreciate you joining us today. As you are all aware, we released our earnings report for the second quarter of 2023 earlier this morning. We have also published an updated investor presentation with additional information and disclosures on our financial performance. If you have not done so already, we encourage you to visit our Investor Relations website to download a copy of the presentation.
On today's call, I'll walk through some of the notable items related to our second quarter performance. Ron Nicolas, our CFO, will also review a few of the details surrounding our financial results. And then we'll open up the call to questions. I note that our earnings release and investor presentation include a safe harbor statement relative to the forward-looking comments. I encourage each of you to carefully read through that statement as they apply to our comments today.
We delivered another quarter of solid results in a challenging environment. Our performance reflects our disciplined focus on prudent and proactive risk, liquidity and capital management balanced with profitable growth. Over the years, we have prepared for a wide variety of scenarios to successfully navigate through each point in the economic cycle.
To that end, beginning in early 2022, we strategically prioritized capital and liquidity accumulation by intentionally moderating our growth rates, hedging interest rate risk and positioning our organization to leverage additional sources of liquidity, if needed. This approach is aligned with our long-standing commitment to disciplined risk management.
Specifically, on the capital front, we began curtailing loan production. We strategically increased loan pricing at the onset of rising interest rates in order to manage our balance sheet and capital position. We continued to emphasize our commitment to prudent credit underwriting standards even as other lenders aggressively pursued loan growth that we determined did not present attractive risk-adjusted returns in the prevailing environment.