Pacific Premier Bancorp Inc. (NASDAQ:PPBI) Q1 2023 Results Conference Call April 27, 2023 12:00 PM ET
Company Participants
Steven Gardner - Chairman, President and CEO
Ronald Nicolas - Senior EVP and CFO
Conference Call Participants
Matthew Clark - Piper Sandler
Chris McGratty - KBW
Gary Tenner - D.A. Davidson
Andrew Terrell - Stephens
Operator
Good day, everyone, and welcome to the Pacific Premier Bancorp Q1 2023 Conference Call. [Operator Instructions] Please also note today's event is being recorded.
And at this time, I'd like to turn the floor over to Steve Gardner, Chairman and CEO. Sir, please go ahead.
Steven Gardner
Thank you, Jamie. Good morning, everyone, and I appreciate you joining us today. As you're all aware, we released our earnings report for the first quarter of 2023 earlier this morning. We have also published an updated investor presentation with additional information and disclosures on our financial results. If you've not done so already, we encourage you to visit our Investor Relations website to download a copy of the presentation and related materials. 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 read carefully that statement.
In terms of today's call, I will walk through some of the notable items related to our first quarter performance. Ron Nicolas, our CFO, will also review a few of the details on our financial results, and then we will open up the call to questions. We delivered another quarter of solid financial performance in a challenging operating environment while maintaining a conservative approach to our overall balance sheet strategy.
Our first quarter total revenue was $189.8 million, and we generated earnings per share of $0.66. We continue to produce solid returns with a return on average assets of 1.15% and a return on tangible common equity of 13.9%. Despite the uncertain macroeconomic environment and the impact from 475 basis points of Fed funds rate increases since March of 2022. Our first quarter return on tangible common equity remained relatively consistent when compared to the first quarter of last year.
Our tangible common equity ratio finished the quarter at 9.2%. Our first quarter CET1 and total risk-based capital ratios increased 55 and 80 basis points to 13.54% and 16.33%, respectively. Our quarter end capital levels ranked us in the upper quartile of the KBW Regional Banking Index with respect to our TCE ratio and our regulatory capital ratios.