Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) Q4 2022 Earnings Conference Call January 26, 2023 12:00 PM ET

Company Participants

Steve Gardner - Chairman & Chief Executive Officer

Ron Nicolas - Chief Financial Officer

Conference Call Participants

David Feaster - Raymond James

Matthew Clark - Piper Sandler

Andrew Leischner - KBW

Andrew Terrell - Stephens

Gary Tenner - D.A. Davidson

Operator

Good morning, and welcome to the Pacific Premier Bancorp Fourth Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Steve Gardner. Please go ahead.

Steve Gardner

Thank you, MJ. Good morning, everyone. I appreciate you joining us today. As you are all aware, we released our earnings report for the fourth quarter of 2022 earlier this morning. We have also published an updated investor presentation, with additional information and disclosures on our financial performance. If you've not done so already, we encourage you to visit our Investor Relations website to download a copy of the presentation.

In terms of our call today, I'll walk through some of the notable items related to our performance. Ron Nicolas, our CFO will also review a few of the details on 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 that statement.

We delivered another quarter of solid financial performance, while maintaining a conservative approach to managing our balance sheet to drive long-term shareholder value. We generated a record level of quarterly total revenue of $201.9 million, and our net income increased from the prior quarter to $73.7 million, while earnings per share of $0.77 was consistent with the prior quarter.

We generated an increase in pre-provision net revenue and realized a return on average tangible common equity of nearly 17%. Tangible book value per share grew 3.7% to $19.38 per share, and we ended the year with a TCE ratio of 8.88%, while all of our regulatory capital ratios further strengthened.

Our ability to generate strong financial performance in a challenging environment is attributable to the deep client relationships we have built over several years, as well as our proactive and strategic approach to balance sheet management.