IRVINE, CA—Margaret S. Ohlhaver, the Senior Executive Vice President and Chief Human Resources Officer of Pacific Premier Bancorp Inc. (NASDAQ:PPBI), recently sold shares of the company's common stock. According to a Form 4 filing with the Securities and Exchange Commission, Ohlhaver sold a total of 9,273 shares on November 7, 2024, at a weighted average price of $27.958 per share. The transactions, executed at prices ranging from $27.91 to $28.00, resulted in a total sale value of $259,254.
Following these transactions, Ohlhaver retains ownership of 25,475 shares, which include restricted stock subject to a vesting schedule and potential forfeiture under certain conditions.
In other recent news, Pacific Premier Bancorp reported robust Q3 2024 financial results, posting a net income of $36 million, or $0.37 per share. The bank successfully increased its net interest margin projection for the fourth quarter and expects net interest income to range from $120 million to $125 million. Pacific Premier Bancorp also noted a decrease in higher-cost funding sources and an improvement in its tangible common equity ratio to 11.83%.
The loan portfolio experienced a contraction due to elevated payoffs, but management anticipates a rebound in loan demand. Despite this, non-performing loans remained at a low 0.32% of total loans, indicating strong asset quality. Management also expressed optimism about future growth, particularly in C&I and construction loans.
In terms of future developments, Pacific Premier Bancorp is planning strategic pricing adjustments to drive loan demand in the fourth quarter. The bank is also considering potential loan purchases, focusing on thorough due diligence to meet the company's risk criteria. Finally, Pacific Premier Bancorp is exploring various capital management options, including potential mergers and acquisitions, demonstrating its commitment to strategic focus and growth.
InvestingPro Insights
As Margaret S. Ohlhaver's recent stock sale draws attention to Pacific Premier Bancorp Inc. (NASDAQ:PPBI), it's worth examining some key financial metrics and insights provided by InvestingPro.
Despite the recent insider sale, PPBI has shown a strong performance in the short term. InvestingPro data reveals a significant 10.21% return over the last week and an impressive 14.57% return over the last month. This positive momentum is reflected in an InvestingPro Tip, which highlights the company's "Strong return over the last month."
However, investors should note that PPBI's financial performance has been mixed. The company's revenue for the last twelve months as of Q3 2024 stood at $379.79 million, with a concerning revenue growth decline of -47.91% over the same period. This aligns with another InvestingPro Tip indicating that "7 analysts have revised their earnings downwards for the upcoming period."
On a more positive note, an InvestingPro Tip suggests that "Net income is expected to grow this year," and "Analysts predict the company will be profitable this year." This forward-looking optimism could provide some context for investors evaluating the recent insider sale against the company's future prospects.
For those seeking a deeper understanding of PPBI's financial health and market position, InvestingPro offers 13 additional tips, providing a more comprehensive analysis for informed investment decisions.
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