Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) Q1 2024 Earnings Conference Call April 24, 2024 12:00 PM ET
Company Participants
Steve Gardner - Chairman and CEO
Ron Nicolas - CFO
Conference Call Participants
Chris McGratty - KBW
Matthew Clark - Piper Sandler
Andrew Terrell - Stephens
Gary Tenner - D.A. Davidson
David Feaster - Raymond James
Operator
Good afternoon and good morning, and welcome to the Pacific Premier Bancorp First Quarter 2024 Conference Call. [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.
Steve Gardner
Great. Thank you, Gary. Good morning, everyone. I appreciate you joining us today.
As you are all aware, we released our earnings report for the first quarter of 2024 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 the 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'll 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 surrounding our financial results. And then we'll open up the call to questions. Our team continues to execute at a high level in an evolving banking landscape, navigating challenges and capitalizing on opportunities. During the quarter, we maintained our commitment to prudent risk management and the cultivation of long-lasting client relationships.
Many of the trends in the beginning of 2024 were similar to what we saw throughout 2023. Elevated interest rates, ongoing inflationary pressures, muted loan demand and competitive pricing dynamics. Despite these challenges, we delivered solid quarterly results with net income of $47 million or $0.49 per share. Our net interest margin increased 11 basis points to 3.39%, a direct result of our securities portfolio repositioning last quarter.
We began the year on solid ground, given our commitment to capital accumulation over the past several quarters, contributing to our capital ratios being among the strongest in our industry. In the first quarter, our TCE ratio increased 25 basis points to 10.97%. And our tangible book value per share increased $0.11 to $20.33. Our CET1 ratio came in at 15.20%, and our total risk-based capital ratio was a healthy 18.23%. These ratios consistently place us in the top tier relative to other regional banks and provide us with a high level of optionality.