Pacific Premier's (PPBI) Securities Repositioning to Drive NII [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
The company intends to invest the proceeds in higher-yielding earning assets. Particularly, the sold securities indicate 35% of the total securities and 66% of AFS securities as of Sep 30, 2023. It consisted primarily of lower-yielding agency and mortgage-backed debt securities, with an average yield of 1.34%. PPBI expects to record an after-tax loss of $182.3 million related to the sale. The company expects to deploy the net proceeds in fourth-quarter 2023 in a mix of cash and higher-yielding earning assets, with an expected average yield of 5%. With this, PPBI expects the repositioning to be incremental to net interest income by $50.4 million and neutral to tangible book value per share in 2024. Management expects the repositioning to increase the net interest margin by 26 basis points and net income by $37.1 million in 2024. Steven R. Gardner, chairman, chief executive officer and president of Pacific Premier, commented, “We elected to proactively reposition our securities po
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