Pacific Premier Bancorp’s net income rose in 2020 on the back of strong overall performance, causing the company to approve a new $150 million share repurchase program, the bank announced Jan. 26.
The bank’s net income increased more than 63% from the previous year, going from $41.1 million in the fourth quarter of 2019 to $67.1 million in the same quarter of 2020. Total assets also shot up, from $11.8 billion in December 2019 to $19.7 billion in December 2020, a rise of almost 68%.
“As we begin 2021, we are well-positioned to manage through the impact of the ongoing pandemic and capitalize on the economic recovery,” Steven R. Gardner, the chairman, president and CEO of Pacific Premier Bancorp, said in a news release. “We expect increasing levels of organic growth in our various markets, and we will continue to pursue strategic growth opportunities that can expand and enhance our franchise.”
The company is so confident in its continued growth that while other banks have chosen to increase their provisions for losses, Pacific Premier slashed its loss provisions. The company’s provision for credit losses in the fourth quarter was $1.5 million, a decrease of $2.7 million from the previous quarter and $780,000 less than the fourth quarter of 2019, making the bank’s current loss provision lower than it was before the pandemic.
Pacific Premier Bancorp also announced it is increasing its common stock dividend from 28 cents per share to 30 cents per share. Pacific Premier acquired Heritage Oaks Bancorp in 2017 and has nine locations in San Luis Obispo County and two in Santa Barbara County.