Pacific Premier Announces Securities Portfolio Repositioning [Yahoo! Finance]
Pacific Premier Bancorp Inc (PPBI)
Last pacific premier bancorp inc earnings: 4/28 06:00 am
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Source: Yahoo! Finance
Premier Bank (the "Bank," and together with Pacific Premier, the "Company"), announced the Bank completed an investment securities portfolio repositioning. The Bank sold approximately $1.27 billion of available-for-sale securities consisting primarily of lower-yielding agency and mortgage-backed debt securities with an average yield of 1.34% for an estimated after-tax loss of approximately $182.3 million. The Company expects to deploy the net proceeds during the fourth quarter into a mix of cash and higher-yielding earning assets with an expected average yield of approximately 5.0%. The Company anticipates that the repositioning will contribute an incremental $50.4 million in net interest income on an annualized basis and will be neutral to tangible book value per share. Steven R. Gardner, Chairman, Chief Executive Officer, and President of Pacific Premier, commented, "We elected to proactively reposition our securities portfolio during the fourth quarter, which we anticipate will p
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