Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) Q3 2023 Earnings Conference Call October 24, 2023 12:00 PM ET
Company Participants
Steve Gardner - Chairman and CEO
Ron Nicolas - Chief Financial Officer
Conference Call Participants
David Feaster - Raymond James
Matthew Clark - Piper Sandler
Chris McGratty - KBW
Gary Tenner - D.A. Davidson
David Chiaverini - Wedbush Securities
Operator
Good day, everyone. And welcome to the Pacific Premier Bancorp Third Quarter 2023 Conference Call. All participants will be in a 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, Chairman and CEO. Please go ahead, sir.
Steve Gardner
Good morning, everyone. I appreciate you joining us today. As you are all aware, we released our earnings report for the third 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 have 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 carefully read that statement.
On today’s call, I will walk through some of the notable items related to our third quarter performance. Ron Nicolas, our CFO, will also review a few of the details surrounding our financial results and then we will open up the call to questions.
Over the past 18 months, we have been very strategic and cautionary in terms of accelerating capital accumulation, moderating balance sheet growth and maintaining a commitment to disciplined, prudent liquidity and risk management.
As a result, we have been able to maintain a level of flexibility and organizational nimbleness that allows us to act quickly and opportunistically as we navigate a challenging environment, and as I have indicated before, our teams have been highly effective in playing both offense and defense simultaneously.
Looking at our results for the quarter, we generated a return on average assets of 0.88% and a return on average tangible common equity of 10.8%. As we noted in this morning’s earnings release, we had a non-relationship shared national credit placed on non-accrual status that resulted in a $1.7 million interest accrual reversal and a $3.2 million charge-off in the third quarter.