Call Start: 12:00 January 1, 0000 12:46 PM ET
Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)
Q1 2022 Earnings Conference Call
April 26, 2022, 12:00 PM ET
Company Participants
Steven R. Gardner – Chairman, President and Chief Executive Officer
Ronald Nicolas – Senior Executive Vice President and Chief Financial Officer
Conference Call Participants
David Feaster – Raymond James
Matthew Clark – Piper Sandler
Christopher McGratty – Keefe, Bruyette & Woods, Inc.
Andrew Terrell – Stephens Inc.
Gary Tenner – D.A. Davidson & Co.
Operator
Pacific Premier First Quarter 2022 Earnings Call. [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, Chairman and CEO, please go ahead.
Steven R. Gardner
Thank you, Operator. Good morning, everyone. I appreciate you joining us today. As you are all aware, earlier this morning, we released our earnings report for the first quarter of 2022. We have also published an updated Investor Presentation that has additional information on our financial performance. If you have not done so already, we would encourage you to visit our Investor Relations website to download a copy of the presentation.
In terms of our call today, I will walk through some of the notable items, Ron Nicolas, our CFO, will review a few of the financial details and then we'll open up the call to questions. I note that in our earnings release and investor presentation, we have our safe harbor statement relative to the forward-looking comments. And I would encourage all of you to read through those carefully. Overall, we delivered solid financial performance in the first quarter, driven by strong loan and deposit production that generated net income of $66.9 million or $0.70 per share.
The quarter's results are reflective of our disciplined approach to growing capabilities of our teams and the benefits of our technology-driven growth strategy. Notwithstanding our hard performance in the past quarter. We are mindful that the macroeconomic dynamics and global geopolitical headwinds introduced a new level of uncertainty that must be managed prudently. Although it's typical to see some level of production seasonality at the beginning of the year, our bankers were able to generate nearly $1.5 billion in new loan commitments.
Essentially the same level as the prior quarter, which reflects our focus on consistent business development that results in new client acquisition and expanding existing relationships that meet our high credit standards. Given the deep and talented teams we have built and the expertise we have developed, we had well-balanced production in the first quarter across all of our lending segments. Commercial line utilization rates increased as our business clients responded to the higher levels of activity they are seeing as the economy expanded and moved beyond the pandemic's impacts.