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Pacific Premier Bancorp repositions its balance sheet

Pacific Premier Bancorp Inc. (PPBI) said Monday it would take an after-tax loss of $182.3 million on the sale of $1.27 billion of lower-yielding agency and mortgage-backed debt securities, as part of a repositioning of its available-for-sale securities. The repositioning will add about 26 basis points to the bank's net interest margin, the Irvine, Calif., bank said. The wider net interest margin will also increase by about $37.1 million the bank's annual net income in 2024. Pacific Premier Bancorp's stock has fallen by 28% this year, compared to a 17.6% gain by the S&P 500.

-Steve Gelsi

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11-20-23 0830ET

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